US architect of record bank fines to stand down

Eric Holder, the man responsible for upping the stakes on the bank fines, is standing down as Attorney General after six years.

Eric Holder is stepping down as attorney-general spirit of america

The first black Attorney General, Eric Holder became extremely visible as he pursued Bank of America, JP Morgan Chase and others, negotiating record fines and settlements for mis-selling and other regulatory misdemeanours. Formerly a judge and prosecutor, he also worked hard on minorities and race relations issues. He was heavily involved in Bank of America’s agreement to pay what he called when he announced it in August ‘the largest civil settlement with a single entity in American history’. The bank paid out US$16.65b. Source: State Journal and ABA

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