SEC Commissioner Issues Scathing Dissent From Ruling, Elizabeth Warren Echoes Concern

Securities and Exchange Commissioner Kara Stein on Monday denounced the regulator's decision to continue providing special benefits to a big bank after its conviction for manipulating interest rates. The SEC spared Royal Bank of Scotland Group from losing its regulatory status as a well-known seasoned issuer on Friday. The bank was criminally convicted earlier this year for manipulating the Libor benchmark interest rate. The bank's crimes, Stein said Monday in a dissent to the SEC decision, harm...