13-12-11 US Banking: Volcker Rule - Who are they kidding? No criminal accountability for bank managers?

US Media, as usual, tell the false story. The Canadian Globe and Mail gets to the bottom of it: No criminal accountability for bank managers, who break the rule...  So, if they don't get caught, they make a hefty gain, if they get caught, it's a slap on the wrist, maybe... After all, we know these regulators, and they are all corrupt.

And it took years to negotiate this breakthrough rule...

jz

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1) NPR All Things Considered

Volcker Rule Sets Tough Standards, High Regulatory Expectations

http://www.wnyc.org/story/volcker-rule-sets-tough-standards-high-regulatory-expectations/

2) Canadian Globe and Mail 

Volcker Rule’s success hinges on regulators

"Lack of oversight would be akin to criminal negligence. Except that contrary to the Sarbanes-Oxley Act by which a CEO and a chief financial officer must certify the accuracy of financial information, there are no million-dollar fines or prison terms for the misleading bankers. There will only be a labyrinth of regulators out to catch the speculators."

http://www.theglobeandmail.com/report-on-business/volcker-rules-success-hinges-on-regulators/article15857451/