Excellent Interview – A Brief History of Corporate Immunity

sentinelblog

Source: Liberty Blitzkrieg, by Michael Krieger

Like so many other cases of egregious financial fraud over the past several years, regulators used softball tactics to go easy on the banks. No bank was even forced to admit wrongdoing in the orders by the US Commodity Futures Trading Commission and the Office of the Comptroller of the Currency. Regulators avoided court and settled for cash, which the traders won’t pay – the bank’s shareholders will. Officials presented a minimal amount of evidence, lacking the full details of the traders’ misconduct. They sought no judicial review.

In short, banks got away with their crimes for a pittance; their stocks even rose on the news of the settlements because the market believes the trouble is over. 

The DoJ has increasingly used a relatively new and declawed method to deal with the aftermath of the financial crisis: the deferred prosecution agreement (DPA). 

No one goes to jail and…

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