Financial firms on the defensive: A culture of fear

Posted: November 1, 2013 in economy
Tags: , ,

UK Only Article: 
standard article

Issue: 

Go on, bet the farm

Fly Title: 

Financial firms on the defensive

Rubric: 

Banks must pay and comply, even if it isn’t clear why or with what

Location: 

LONDON AND NEW YORK

Main image: 

20131102_FND001_0.jpg

“IT WOULD be suicidal to fight them,” says the chairman of a big international bank, speaking of America’s regulators and prosecutors. A week of settlements, fines and provisions by big banks in Europe and America underscores just how ready authorities are to raise the whip hand and how quick banks are to pay up rather than go to court. Lost in the flurry of payouts is any clear adjudication of what banks have done wrong, and therefore any guidance for setting things right.
JPMorgan Chase agreed to the biggest of these settlements, of $5.1 billion (with perhaps billions more to come) related to mortgages that it, and banks it later acquired, had sold to two government-backed firms, …

via Economic Crisis http://www.economist.com/news/finance-and-economics/21588928-banks-must-pay-and-comply-even-if-it-isnt-clear-why-or-what-culture-fear?fsrc=rss

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s