Big banks are in a battle over new trading rules now being considered in Washington, and they’re in a tough spot. Not only are the banks deeply unpopular, they are also up against a regulator who knows how to sling an effective sound bite.
One of the serious misjudgments by Barclays CEO Bob Diamond in the Libor scandal was his belief that regulators’ praise for the bank’s cooperation during the investigation would shield it from criticism. It did not. Diamond should have learned from Ken Lewis that you can’t count on regulators’ goodwill to protect you when things get […]