Instead of raising fares and proposing to charge riders a fee when they have to purchase a new Metro Card, the MTA should be looking to recoup millions of dollars that the big banks may have improperly charged them.
Standard Chartered Bank has agreed to settle charges that it engaged in as much as $250 billion of illicit banking transactions on behalf of Iran in recent years. But this is not the end of its troubles. It's just the beginning.
With 16 banks, including Barclays, being investigated for Libor manipulation and fraud, outrage is entirely appropriate. But when I first read this story, I had a somewhat different reaction due to my own personal Barclays story.