Warren asks DOJ to investigate Bank of America over money laundering violations
The $1.21 billion fine is a big number until you remember Bank of America's annual profit runs well into the tens of billions. That is the heart of Warren's argument: a penalty that large still reads as a cost of doing business, not a real consequence. I think she has a point, though I'd want to know far more about what the bank actually did before deciding whether criminal charges fit.
On the other side, prosecutors usually reserve criminal money laundering cases for intentional concealment, not just weak compliance systems. If the failures were mostly administrative, a criminal case could be a stretch, and the DOJ has to weigh whether it can prove intent. That is a genuine question, not a dodge.
What matters here is whether regulators and prosecutors are sending a consistent message. Fines get headlines, but banks keep paying them. If Warren's letter pushes the DOJ to at least look seriously, that is a useful check. The risk is that the whole thing becomes political theater, whichever way it lands.