The Department of Justice is proud of the fact that it has secured guilty pleas from five big banks.
Better Markets CEO Dennis Kelleher — not so much.
“The settlement charade continues where it talks tough, but winks at Wall Street’s too-big-to-fail banks’ criminal conduct, structuring sweetheart deals to minimize the impact on the criminals,” Kelleher said.
“That doesn’t punish past crime or deter future crime at these global too-big-to-fail banks. In fact, as the repeated illegal conduct by these banks prove, the Department’s parade of pretend-punishment actually rewards and incentives more crime.”