The Justice Department just announced criminal charges against Credit Suisse and BNP Paribas, two of Europe’s largest banks. In trumpeting the government’s aggressive stance, US Attorney Eric Holder emphasized that no company or individual is too big to jail, stressing that “a company’s size will never be a shield from prosecution or penalty.” This is in sharp contrast to the government’s former approach of declining to criminally prosecute big banks for fear of destabilizing them. The government has taken a lot of criticism over its failure to criminally prosecute banks and bank executives that commit financial fraud. Remember the harsh words of the Honorable Jed Rakoff, who said that failing to criminally prosecute banks and bank executives is “one of the more egregious failures of the criminal justice system in many years.”
So what do you think? Is the government changing its tune?
Please let us know why in the comment section below.
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