The SEC has crafted settlements that require those companies to pay fines that are almost meaningless for a multibillion dollar entity, say former SEC lawyers and other securities law experts.
For banks, meanwhile, the government had crafted settlements "specifically so they could remain in business, be profitable, and everyone keeps their jobs… which is exactly what they don't do for individuals," Taibbi said, referring to the excessive fines, court appearances, and even jail time less-wealthy citizens face after infractions as minor as a broken taillight.
The Assembly did consult with both the attorney general's office and the state comptroller's office as they crafted the settlement, but both of those offices have emphasized that they played a limited role.
But after three years of litigation, the two sides crafted a settlement that would allow publishers to sell books through Google and give libraries and users instant access to huge numbers of books that have long been out of print but are still legally protected.
There his education as an artist began when his mother enrolled him in classes at the Utopia Children's Center, an arts and crafts settlement house where met his first mentor, the artist Charles Alston.
"We are awaiting," he said, "a decision from the state officials who have helped craft the settlement".
By opting for a military rather than a security solution, the government has lost the opportunity to craft a settlement for an orderly transition.
OCC officials said the reviews are separate from an effort by a group of state attorneys general and several federal agencies, including the Department of Justice, to craft a settlement with many of the same banks over foreclosure abuses.
After word came that the deal was done, Patrick Madigan, the assistant Iowa attorney general who had played an integral role in crafting the settlement, waited around with other state officials until 2 45 a.m. to make sure there were no last-minute speed bumps.
Oklahoma's attorney general said he is prepared to break ranks with a coalition that is crafting a settlement with the nation's largest mortgage servicers, underscoring the challenges law enforcement officials face as they try to address widespread problems with foreclosure practices.
