And until that happens , banks will continue to behave as if they have the upper hand . the Federal Reserve has been fined nearly $ 9 billion in fines for violations of Iran sanctions . European authorities criticized the fine as excessive and disproportionate . Author Yves Smith says fines such as this have only limited impact on the banks . Banks will not change until top executives face punishment , Yves Smith writes .
the Federal Reserve has been fined nearly $ 9 billion in fines for violations of Iran sanctions . European authorities criticized the fine as excessive and disproportionate . Author Yves Smith says fines such as this have only limited impact on the banks . Banks will not change until top executives face punishment , Yves Smith writes .