Maybe Too Big To Jail, But Never Too Small
The jury is still out on whether the Department of Justice will follow through on its recent pledge to amp up its crackdown on corporate fraudsters. Too big to jail is not in our playbook, the agency has taken pains to assure us. Going after the top-dogs is our number one priority the agency has trumpeted in its newly minted policy of holding the high-ups accountable for the sins of their company.
However, with DOJ’s continued failure to bring criminal charges against any executives involved in the financial crisis, many are questioning whether it is just business as usual in Washington and the C-suite. The recent $2.6 billion payout by Morgan Stanley for its massive mortgage machinations is just the latest example. Heavy monetary fines for sure. Just a cost of doing business. But no jail time for this latest colossal cheat on consumers. It is the big Wall Street hustle all over again.
But a closer look at what our chief regulator has been up to over the past year tells a very different enforcement story. . . . Click here to read the full article.