Wall St. penalties too light say U.S. Senators

The Washington Post reports two U.S. Senators, one from each side of the aisle, have raised concerns with the Justice Department that recent settlements with misbehaving Wall Street firms don’t do enough to hold them accountable.

According to the report, “Sens. Sherrod Brown (D-Ohio) and Charles E. Grassley (R-Iowa) sent a letter to U.S. Attorney General Eric H. Holder Jr. asking for a detailed explanation of the department’s procedures for going after financial crime. Penalties in settlements have been disproportionately low relative to company profits and the costs imposed on consumers, investors and the market, they said.”

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.