Ben Lawsky Gains ‘Rogue Regulator’ Moniker After Standard Chartered; Hedge Funds’ Fight Over Madoff Claims: Roundup
Rogue bank or rogue regulator? That was the subject of some debate yesterday, after New York’s top banking regulator, Ben “long-arm-of-the” Lawsky, filed an order alleging that Standard Chartered Bank had conducted $250 billion in off-limits business with Iranian banks. According to The New York Times, the Department of Justice, Federal Reserve and the Treasury, among other authorities, had been debating the extent of Standard Chartered’s wrongdoing. In April, Mr. Lawsky’s deputies told federal authorities that DFS planned to move forward with the case, but it wasn’t until Monday morning that the state agency alerted the Feds that it was about to file the explosive order. Read More
