SEC Commissioner Stein Says Overlooking Bank Criminal Activity Will Lead To Further Criminal Activity

Laws and regulations are only as effective as the enforcement efforts associated with them. Securities and Exchange Commissioner Kara Stein, when looking at recent waivers given to the largest banks for criminal violations in a foreign exchange manipulation scheme, says that action taken is “largely symbolic” and could lead to further illegal behavior. Stein: Ignoring pattern of misbehavior “poses risks to investors and the American public” It’s not just that the banks violated the law once, she argued yesterday, it is that a pattern of behavior is being ignored. “Allowing these institutions to continue business as usual, after multiple and serious…