William C. Dudley photo via Vimeo
Well sure, Wells Fargo and HSBC may have settled lawsuits for insurance overcharging. And maybe a Citigroup affiliate may have violated the Bank Secrecy Act through money laundering. Perhaps JPMorgan settled for $400 million with Syncora over mortgage-backed securities fraud, and it was not even close to their largest financial crisis settlement. And it may be true that these acts have all come within two weeks of one another.
However, does the recent rash of litigation on Wall Street mean that the whole system is broken? According to one prominent regulator, that indeed is the case.