Benjamin Lawsky Shows The Limeys How It’s Done


Let a financial wrongdoer off scot-free? That wouldn’t be good for New York Financial Services Superintendent Benjamin Lawsky’s future political career, and so it is not how New York Financial Services Superintendent Benjamin Lawsky operates. Now, unlike certain lazy, weak-willed, tea-drinking regulators, Benjamin Lawsky can’t put anyone in jail. But that doesn’t mean he’s going to let any Wall Street scofflaw escape responsibility, even if it is the easy way out.

New York's financial regulator wants some Commerzbank AG employees to be fired as part of a settlement over allegations the German lender improperly processed transactions with Iran and other countries facing U.S. sanctions….

The department directed the bank to take steps to terminate a handful of employees who engaged in misconduct, one source said….

It is also unclear whether the employees will be dismissed or be disciplined in other ways, sources said, in part due to Germany's strong labor laws and how long ago the alleged misdeeds took place.

Exclusive: NY targets Commerzbank employees in sanctions accord – sources [Reuters]


Commerzbank To Have Cake, Eat It, Too

Appreciative as it is for the €21 German taxpayers threw it, Commerzbank has had quite enough of living under the government's thumb. So it's going to finish paying back those taxpayer loans by conveniently diluting its shares such that the German government can't tell it what to do anymore.