The plan must still be approved by Judge Beckloff, who could putprovisions into the custody order designed to prevent a repeat of this month's incidents.
The Bush administration, on its last day in office, issued regulations to put those provisions into place--regulations that the Obama administration withdrew.
Santander should rightfully take its bow alongside its regulators, who closed off the capital benefits of building up big off-balance-sheet positions and required Spanish banks to put aside provisions during the upswing.