Comment on Open thread for night owls: Federal enforcer wants Wall Street bankers to police themselves

Open thread for night owls: Federal enforcer wants Wall Street bankers to police themselves

David Dayen at Vice writes—The Feds Actually Expect Wall Street Bankers to Police Themselves: Nobody would look at how the government handled white-collar fraud cases after the financial crisis, when big bankers who sent the economy into chaos escaped criminal charges and often got promoted, and see some kind of model. Nobody, that is, except for James McDonald, the new enforcement chief at the Commodity Futures Trading Commission (CFTC), an obscure US agency that oversees the $483 trillion derivatives market. In a Monday night speech in New York City, McDonald announced a new initiative to provide significant benefits to financial institutions that "self-report" crimes and cooperate with investigators.

 

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