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Banks as Felons, or Criminality Lite
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This editorial in the NYT on May 23, 2015, says the country has lost something in the process unfolding at the Justice Department of large settlements during the second term of the Obama administration, a continuation of a singular feature since the first term- a noticeable and serious lack of individual accountability for serious wrongdoing. This lets bank officers move on calling the situation of pleading guilty to criminal charges for currency manipulation nothing more than "an embarrassment," says this NYT editorial.
The U.S. Justice Department and lack of individual accountability in legal settlements continues in 2015, during the second term of the Obama administration
05/22/2015
A singular feature of the first term of the Obama administration was the lack of individual accountability in legal settlements with financial institutions. During the second term larger settlements were the norm, but the situation as it relates to individual accountabiity remained the same, as pointed out in an editorial in the NYT on May 23, 2015, even when banks pleaded guilty to criminal charges for currency manipulation in 2015. This let banks call the situation "an embarrassment" and moving on, with something morally significant lost in the process not just for the public and country, but the banks themselves as future employees lack clarity of direction.
Grouped Articles
Banks as Felons, or Criminality Lite
New York Times 05/22/2015
Wall Street Journal 09/16/2015
Adam Liptak's interview with Judge Rakoff on the Justice Department's failure to prosecute individuals responsible in the 2008-2009 financial crisis
11/28/2011
Liptak's intervew comes as Judge Rakoff outlined his views on moral responsibility and the consequences of not holding responsible the individuals involved. He also speculates on why the Justice Department -including Bauer and Attorney General Holder- has failed to take action. On Holder's argument that this would have done damage to the U.S. economy, Rakoff says this violates the principle of equal responsibility before the law. As a result billions of dollars have been collected from corporations for violations but few individuals have been prosecuted and sentenced who were involved in activities leading to the crisis, and no serious deterrent for individuals established.
Grouped Articles
Stern Words for Wall Streetâs Watchdogs, From a Judge
New York Times 12/16/2013
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
Eric Holder Resigns, Setting Up Fight Over Successor
New York Times 09/25/2014
New York Times 09/29/2014
Banks as Felons, or Criminality Lite
New York Times 05/22/2015
The lack of individual accountability in large legal settlements made by the U.S. Justice Department since 2009
05/22/2015
Linked Articles
Wall Street Journal 09/16/2015
Banks as Felons, or Criminality Lite
New York Times 05/22/2015
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