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September 6, 2012

HuffPo: Risky Business Pays Off For Wall Street: Financial Crisis Penalties Pale Compared To Profits

“To listen to bankers tell it, President Barack Obama has been their worst nightmare. But considering how easy banks have actually had it since the financial crisis, Obama seems to be a banker’s dream come true.

The banks can count the Dodd-Frank financial reform act, some $2 billion in penalties, and occasional criticism from the president and other Democrats among the horrors they have had to endure since the crisis. Relative to the profits they made before and after, these don’t even rise to the level of minor inconveniences. And that makes it more likely we’ll see more bank misdeeds in the future.”

“This doesn’t just reward past crime; it incentivizes future crime,” Dennis Kelleher, CEO of the nonprofit group Better Markets, said of the penalties the banks have paid since the crisis. “It’s less than the cost of doing business.”

Read Mark Gongloff’s full article here

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