Financial firms on the defensive: A culture of fear

Posted: November 1, 2013 in economy
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Financial firms on the defensive


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



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“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


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