EDITOR NOTE: The CFTC’s top cop, James McDonald,is stepping down from his position after accomplishing, at the ripe old age of 38, what can justifiably be considered a lifetime’s work in bringing JPMorgan Chase & Co to justice for market manipulation. JPMorgan’s near-billion dollar fine was the steepest ever imposed by the CFTC. As market-manipulation and money laundering schemes are just now beginning to get exposed across a wide spectrum of the banking industry, we wonder if the next enforcer stepping into McDonald’s shoes will approach the task with the same level of energy, urgency, and diligence. Or might banks see another decade of illicit profitability, occasionally broken off by a sting of fractional fines.
The chief enforcement watchdog of U.S. derivatives markets is stepping down as his agency wraps up some of its largest investigations.
James McDonald, the Commodity Futures Trading Commission’s enforcement director, will resign from his role next week,
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