Dudley Issues High Noon Warning to Banks: Follow Law or Break Up

William C. Dudley, president and chief executive officer of the New York Federal Reserve, the most influential big bank regulator, delivered a message to big bank executives yesterday behind closed doors that sounded like a Sherriff in the Wild West giving a warning to a gang of thugs: either follow the law or get out of town.

To Dudley the real story on Wall Street is obvious just as it is to hedge fund manager Paul Singer, who earlier this year described the situation as lawless and operating without restriction, as reported in ValueWalk.