Cooking Libor. Money laundering. What are the big banks doing?
Where are the regulators?
I’ve been scratching my head about some of the things banks have been doing lately, such as manipulating Libor. Other people have long been blaming banks and other financiers as the primary cause of the 2008 financial crisis. I am definitely not in that camp, but that’s a topic for another day and a dozen posts. HSBC is setting a $1.5 billion reserve for possible fines related to money laundering, since they apparently allowed $7 billion to move from Mexico to the US in violation of US law.
In the midst of that head scratching, many people are wondering, where were the regulators? In the Libor issue at least, they were well aware of what was going on.
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On the other hand, you cannot say banks are underregulatedRead More »