other98 on Feb 13, 2014
If a corporation continually breaks the law, they need to be put in prison. And believe it or not, there are at least TWO regulators in the United States who are not afraid to do that. The first is the Federal Energy Regulator Commission. And the second is New York’s Department of Financial Services, run by Benjamin Lawsky.
When JPMorgan interfered with an investigation into market manipulation (manipulation that cost California over $120 million), FERC *banned* them from the electricity markets for six months (http://bit.ly/emanipulate).
And when the auditor Deloitte covered up money laundering conducted by the British bank Standard Chartered, NY’s DFS banned them from doing business with NY-chartered banks for A YEAR (http://bit.ly/deloitteban).
And since it’s never too late for New Year’s Resolution, let’s ask all of our regulators to make one: Stop treating corporations with kid gloves. Especially the OCC (@USOCC), and the Federal Reserve—who seem to have forgotten they can subpoena the banks, or take away their banking charter if they misbehave.
If a corporation breaks the law, they should be put in corporate prison. Regulators, get tough on corporations in 2014!