By now, the war on Wall St. is well and truly over.
The financial sector is back to business as usual, and the only thing that’s changed is that it’s not as fun anymore.
Here’s what we know so far: 1.
It’s all over the map The US Securities and Exchange Commission (SEC) is still investigating the scandal that led to the suspension of many of the world’s biggest banks, but the biggest banks are still getting away with fraud.
The SEC announced that it has opened a case against Citigroup, JP Morgan Chase, Goldman Sachs and Bank of America.
It has become almost impossible to tell the difference between fraud and collusion There are still hundreds of billions of dollars of money laundered through banks in the US and abroad.
This is not a new phenomenon.
In fact, the SEC is just one of many regulatory agencies that has been forced to make a difficult choice: Is there enough evidence to prosecute?
Or is it too risky to prosecute, especially given the fact that the SEC itself has been accused of “laundering” billions of billions in funds through its own investigations?
The agency’s head, Mary Jo White, has admitted that she had “serious misgivings” about prosecuting criminal conduct and has admitted the “vast complexity” of the investigation.
But that’s not stopping her from continuing to pursue it. 5.
Wall Street won’t go away For a while, the entire banking sector will just sit there and suffer the consequences of the SEC’s investigation.
The fact that so many people are still invested in Wall Street makes it hard to say whether the investigation will lead to any concrete changes, but it’s clear that the banks have enough political leverage to keep it alive.
For example, Goldman is trying to force the SEC to reopen the investigation of its actions, and JP Morgan is suing to have the case dismissed.
This case will likely end up before the Supreme Court, which has said that the financial sector has “no constitutional right to profit from crimes.”
It’s also unlikely that the courts will rule in the banks’ favor.
As the SEC investigates more and more financial institutions, it will be interesting to see whether the agency’s investigation is a failure or whether it’s an effective tool to deter other fraudsters and to bring financial institutions under more control.
The most important question that the investigations have raised is this: Will the government just keep pursuing criminals or will it actually help bring them to justice?
Watch: The best and worst of Wall Street in 5 seconds: