Politico’s Morning Money tip sheet:
INDUSTRY MIND-MELD – Morning Money spoke with a number of bank executives about the concept of a $20 billion “global settlement” of state and federal mortgage servicer abuse probes. The executives view the idea as a naked shakedown by regulators, especially at the CFPB. There is little enthusiasm for signing on to it. They also view it as a direct contradiction of the administration’s attempt to take a “pro-business” stance. “How can they be business- friendly and sign-off on something like this?” one executive said, noting that he did not believe the OCC was in favor of the deal. [Emphasis added]
Law enforcement based on consensus between cop and perp hasn’t caught on broadly, but seems to be how it works when Wall Street is the perp. For example, I don’t think Bradley Manning has much enthusiasm for being left naked in his cell at Quantico. But his level of enthusiasm probably isn’t something that is determinative of how he is treated.