US SEC official slams agency over special deal struck with RBS

WASHINGTON, April 28 Mon Apr 28, 2014 4:08pm EDT

WASHINGTON, April 28 (Reuters) - A top U.S. regulator on Monday slammed her agency for failing to revoke certain regulatory privileges afforded to the Royal Bank of Scotland Group Plc following a criminal plea deal by one of its units over manipulation of the Libor benchmark interest rate.

In a scathing statement, U.S. Securities and Exchange Commission member Kara Stein lambasted the regulator for routinely permitting publicly traded companies that break the law to keep taking advantage of regulatory benefits that help them more easily raise capital. (Reporting by Sarah N. Lynch)