Since 2007, the U.S. Securities and Exchange Commission has granted the five banks that signed criminal plea deals last week at least 19 waivers to continue normal operations despite their misconduct, with at least seven of them going to UBS AG. And the latest round of waivers last week sparked a deepening dissent at the SEC.
Before the banks agreed to plead guilty last Wednesday, they made sure they had in place waivers from the SEC to keep them from being automatically disqualified from operating normally.
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