White has been on the job for only six months, but the tone she’s set can already be felt across Washington. Following her lead, other agencies and federal prosecutors are also demanding guilty pleas and enormous fines. On Oct. 16, JPMorgan Chase (JPM) agreed to pay $100 million to the U.S. Commodity Futures Trading Commission to settle an investigation of the London Whale trades. On top of the fine, the bank was required to admit that its traders acted recklessly as they tried to limit the damage from the firm’s disastrous, money-losing position in a credit-default index….
White isn’t the first person inside or outside government to suggest that regulators should extract such admissions, “but she’s certainly pushed it further,” says Peter Henning, a professor of securities law at Wayne State University. “She has made this more of a focal point.”
‘Enforcement 40’ for 2020
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