The doctrine under former AG Eric Holder (documented in Matt Taibbi's brilliant The Divide) was to allow executives to pay fines that were less than the profits from their crimes.
Holder said that he was protecting the innocent employees, suppliers, customers and shareholders of these criminal enterprises by allowing companies to continue operating and financing the US government by taxing some of the wealth generated by their crimes. Curiously, he never used his prosecutorial power to bargain for the breakup of too-big-to-jail enterprises into smaller ones whose C-suite could be led out of their offices in handcuffs without creating systemic risk.
Eric Holder is back in private practice today at Covington & Burling, the corporate law-firm whose clients avoided prison thanks to his strategy of using fines instead of jail for high-ranking corporate criminals.
The new rules, issued in a memo to federal prosecutors nationwide, are the first major policy announcement by Attorney General Loretta E. Lynch since she took office in April. The memo is a tacit acknowledgment of criticism that despite securing record fines from major corporations, the Justice Department under President Obama has punished few executives involved in the housing crisis, the financial meltdown and corporate scandals.
“Corporations can only commit crimes through flesh-and-blood people,” Sally Q. Yates, the deputy attorney general and the author of the memo, said in an interview on Wednesday. “It’s only fair that the people who are responsible for committing those crimes be held accountable. The public needs to have confidence that there is one system of justice and it applies equally regardless of whether that crime occurs on a street corner or in a boardroom.”
Justice Department Sets Sights on Wall Street Executives [Matt Apuzzo and Ben Protess/NYT]
Shenzhen Gwelltimes Technology Co., Ltd is the white-label vendor behind a whole constellation of Internet of Things networked home cameras sold as security cameras, baby monitors, pet monitors, and similar technologies; these cameras are designed to be monitored by their owners using an app, and because of farcically bad default passwords ("123") and other foolish […]
A group of elite Google Cloud engineers simply refused to put any work into an airgap system designed to let the company bid on sensitive military contracts, which undermined the company's ability to seek military work.
The largest, wealthiest cities in America are filling up with tent cities -- especially on the west coast, where East Coast style right-to-shelter laws are rare -- and if the spectacle of human misery doesn't alarm you, perhaps you should be thinking about communicable disease epidemics.
While it’s fun to watch Hollywood action heroes hack into cameras to spy on their targets, the thought of an actual cybercriminal using our own security devices against us is chilling for most. That’s what makes the iPM World HD 360 Degree 1080p Wireless IP Camera essential for anyone looking to deter digital and physical intruders […]
Spring came and went, but we’re not here to judge if you didn’t get around to cleaning up your living space. After all, taking the time to vacuum your floors can stretch out into a lengthy task when you’re constantly switching between power outlets and trying to jam your machine into those tight corners. With […]
Projects big and small always go smoother when the whole team is collaborating, but members tend to get lost once the conference call ends. Timelinr is a project management solution that helps keep your stakeholders, team, and clients in the loop with high-level project roadmaps and granular task boards. Subscriptions are available today for $49.99. […]