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]
In 2015, Mark Zuckerberg (who insists that privacy is dead) bought 100 acres of land around his vacation home in Hawaii to ensure that no one could get close enough to spy on him.
In July 2012, professional poker-player Phil Ivey won $4.8M from the baccarat tables at Atlantic City’s Borgata Hotel Casino & Spa in 17 hours; on other occasions, he took a total of $9M out of the Borgata: he did it by asking the house to deal Gemaco Borgata cards, whose backs contained minute asymmetries in […]
The five Volkswagen executives who were criminally charged in the USA for their role in the Dieselgate scandal have been advised not to travel to the USA because they are liable to arrest there: they’ve also been told that leaving Germany is risky because they might be arrested and extradited to the USA.
With countless applications for modern life, artificial intelligence (AI) is one of the most in-demand fields of study in tech. Beyond modelling human decision making processes and learning abilities, AI can be used to analyze massive volumes of data and create complex interactive systems.This Machine Learning & AI for Business Bundle made mastering these concepts possible for […]
Computer hacking isn’t just something happening to the DNC. Major software companies need white-hat hackers to ensure the security of their products and users, and I came across a Computer Hacker Professional Certification Package that conveniently teaches those advanced IT techniques online.This course package will prepare you for various computer security certification exams with over 60 hours […]
One of the best ways to progress a career in project management is through earning recognized certifications. These certifications carry significant clout and don’t require expensive tuition or student loans. This Ultimate Project Management Certification Bundle is a great example of an affordable way to get ahead. It includes training for 9 certifications including PMP, […]