SEC Refusing to Settle "London Whale" Case Without Admission of Wrongoing

A blog about business and economics.
Aug. 9 2013 9:44 AM

Mary Jo White Refusing to Settle "London Whale" Case Without Admission of Wrongoing

Finger waggin'

Photo by SAUL LOEB/AFP/GettyImages

The haters won't admit it, but we continue to see evidence of a more rigorous effort at financial regulation from the Obama administration in the second term as settlements talks with JP Morgan are being held up by the Securities and Exchange Commission insisting on an admission of wrongdoing in the London Whale matter. Mary Joe White, the new SEC chief appointed at the beginning of the year, has vowed to put an end to settlements in which the perpetrators "neither admit nor deny" that they've done anything wrong, and we see her sticking to her guns.

As I said at the time, this strikes me as an important change of posture in terms of institutional culture. There's a difference between a regulatory agency that sees itself as as prosecuting wrongdoers versus one that sees itself as doing a kind of fussy checkbox compliance. White, a former criminal prosecutor, is trying to make it more the former.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.


Medical Examiner

The Most Terrifying Thing About Ebola 

The disease threatens humanity by preying on humanity.

I Bought the Huge iPhone. I’m Already Thinking of Returning It.

Scotland Is Just the Beginning. Expect More Political Earthquakes in Europe.

Students Aren’t Going to College Football Games as Much Anymore

And schools are getting worried.

Two Damn Good, Very Different Movies About Soldiers Returning From War

The XX Factor

Lifetime Didn’t Think the Steubenville Rape Case Was Dramatic Enough

So they added a little self-immolation.


Blacks Don’t Have a Corporal Punishment Problem

Americans do. But when blacks exhibit the same behaviors as others, it becomes part of a greater black pathology. 

Why a Sketch of Chelsea Manning Is Stirring Up Controversy

How Worried Should Poland, the Baltic States, and Georgia Be About a Russian Invasion?

Trending News Channel
Sept. 19 2014 1:11 PM Watch Flashes of Lightning Created in a Lab  
  News & Politics
Sept. 20 2014 11:13 AM -30-
Business Insider
Sept. 20 2014 6:30 AM The Man Making Bill Gates Richer
Sept. 20 2014 7:27 AM How Do Plants Grow Aboard the International Space Station?
  Double X
The XX Factor
Sept. 19 2014 4:58 PM Steubenville Gets the Lifetime Treatment (And a Cheerleader Erupts Into Flames)
  Slate Plus
Slate Picks
Sept. 19 2014 12:00 PM What Happened at Slate This Week? The Slatest editor tells us to read well-informed skepticism, media criticism, and more.
Brow Beat
Sept. 20 2014 3:21 PM “The More You Know (About Black People)” Uses Very Funny PSAs to Condemn Black Stereotypes
Future Tense
Sept. 19 2014 6:31 PM The One Big Problem With the Enormous New iPhone
  Health & Science
Bad Astronomy
Sept. 21 2014 8:00 AM An Astronaut’s Guided Video Tour of Earth
Sports Nut
Sept. 18 2014 11:42 AM Grandmaster Clash One of the most amazing feats in chess history just happened, and no one noticed.