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More Defendants Wanted
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Lack of individual accountability has been a defining feature of large U.S. Justice Department legal settlements with banks and other corporate entities since 2009. This WSJ editorial says establishing individual accountability where wrongdoing has happened is something it has consistently called for since 2009, especially as establishing this would reduce the unnecessary burden imposed on shareholders and employees who may have had nothing do to with the wrongdoing.
The U.S. Justice Department's new effort to get individual prosecutions for wrongdoing in 2015
09/16/2015
This editorial says individual prosecutions for wrongdoing and penalties would also help reduce the burden on shareholders and employees who are carrying a large part of the burden today, with legal settlements since 2009 which do not hold individuals accountable just corporate entities.
Grouped Articles
Wall Street Journal 09/16/2015
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
How the U.S. Justice Department used the 1989 Financial Institutions Recovery, Reform and Enforcement Act of 1989 to collect $37 billion from banks for improper packaging of mortgage securities
12/19/2014
The improper packaging of mortgage securities led to the 2008 financial crisis which exacerbated income disparities in the U.S., led to millions of home foreclosures, major auto bankruptcies and a global crisis. For five years till 2013 no major settlements were made and Democrats in Congress pushed for action from the Obama administration. In 2013 the U.S. Justice Department after a year of preparation used the Firrea Act of 1989 designed to address the S&L crisis as a way to get the banks to settle. Firrea had provisions for damage to financial institutions with huge penalties and an extended time period into the future. A memo at JP Morgan by staff warning about the dangers of the securties caught the eye of a prosecutor in the Fresno office, leading to it being taken up in Justice Department meetings, and ending with instructions from Mr. West to use this as a focus of investigations for all banks. investigations.
Grouped Articles
How a Memo Cost Big Banks $37 Billion
Wall Street Journal 12/19/2014
Wall Street Journal 04/10/2015
Wall Street Journal 09/16/2015
U.S. Justice Department's collection of $24 billion in legal settlements in 2014
11/20/2014
Grouped Articles
Justice Department Collected Record $24 Billion in Fiscal 2014
Wall Street Journal 11/20/2014
Wall Street Journal 09/16/2015
Close links and revolving door between large banks and regulators in Europe and the U.S.
05/04/2009
Mark Branson, heads the division in charge of supervising banks at the Swiss financial regulatory authority, FINMA. He headed the Japan operations of UBS at the time when UBS traders in Japan were engaging in manipulation of the LIBOR rate. This has raised questions in the Swiss parliament about the integrity of the Swiss regulator.
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
A Conflict in Geithner's New Job- Not Exactly
New York Times 11/18/2013
Doubts Greet Plan for Euro Zone Bank Regulator
New York Times 07/01/2012
New York Fed Chairman's Ties to Goldman Raise Questions
Wall Street Journal 05/04/2009
In Turnabout Former Regulators Assail Wall St. Watchdogs
New York Times 10/22/2014
The Project on Government Oversight Report in 2013 and weak enforcement at the S.E.C.
05/04/2009
The revolving door of lawyers for major financial companies working at the S.E.C. has weakend enforcement at the agency, according to this government oversight report.
Grouped Articles
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
Inside the End of the U.S. Bid to Punish Lehmann Executives
New York Times 09/08/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
SEC-Citi Pact Rejected by Judge Rakoff
Wall Street Journal 11/28/2011
S.E.C. Tension As It Examined Mortgage Cases
New York Times 12/19/2013
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
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
The lack of individual accountability of bank management in the U.S. and Britain 2009-2015
06/13/2015
Linked Articles
Wall Street Journal 09/16/2015
Economist 06/13/2015
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