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"The fact that the company is now suing the auditors, when the board was completely involved in every one of the problematic transactions, is ludicrous," she said.
HSR review is a process borne out of the fact that the original law that prohibits anticompetitive mergers (the Clayton Act of 1914) failed to include a mechanism for detecting problematic transactions before they took place.
Investigators discovered that Banamex USA assigned only two people to review the thousands of suspicious transactions, even when employees raised questions with supervisors about the problematic transactions.
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Providing few specifics, he promised no new foreign deals and said the company would adopt new internal systems to scrutinize potentially problematic domestic transactions.
But hacks in the cryptocurrency space are problematic since transactions are irreversible.
"There are problematic aspects of transactions and wealth taxes that would need serious consideration," said Larry Summers, former Treasury Secretary to President Bill Clinton and economic adviser to President Obama.
In the opaque world of investment banking and federal regulation, these reports shed light on the difficulty of determining where to draw the line between routine complex financial transactions and problematic conflict of interest and favoritism.
There should be a proper European minimum level to counter a problematic pattern of abusive transactions, but that level does not have to be very high.
This is not easy because there is no non-problematic account of fair transactions.
Risk committees should have the power to block large transactions considered too problematic, the report said.
These kinds of transactions are "always problematic," said Charles M. Elson, the director of the Center for Corporate Governance at the University of Delaware.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com