Bill Black talks to Bethany McLean and Maria Bartiromo about Goldman Sachs
In the video below, Bill Black argues that the Obama Administration, following in its tradition of not bringing forward criminal prosecutions, decided not to prosecute Goldman Sachs. Bethany McLean argues the other side, that the Justice Department had a weak case. The host, Maria Bartiromo, appears to side with McLean.
My take: Given the declining number of prosecutions in the financial service industry despite an epic financial crisis, Standard Chartered will also escape prosecution. They will settle, paying a large fine without an admission of guilt except in the case of the $14 million which they have already admitted to.