Thu Feb 21, 2013, 10:03 AM
marmar (70,152 posts)
Matt Taibbi: Justice Department's New Get-Tough Policy Is, Well, Not
from Rolling Stone:
I don't want to sound like a broken record, but . . . the latest ploy by the government to insist it is "getting tough" on Wall Street is beyond laughable.
The tough new-and-improved regime, as described by the curiously credulous Dealbook, is a policy of extracting criminal guilty pleas from foreign subsidiaries, as opposed to the "usual fines and reforms." This was the path chosen in the recent UBS deal (in which a Japanese subsidiary was charged while the parent company was given a complete walk, a non-prosecution settlement) and in the more recent deal with the Royal Bank of Scotland. Both of those banks were implicated in the LIBOR rate-fixing case, which is only maybe the most egregious and far-reaching financial scandal of our generation. Writes Dealbook:
Criticized for letting Wall Street off the hook after the financial crisis, the Justice Department is building a new model for prosecuting big banks.
The story was accompanied by a preposterous photo of Lanny Breuer angrily wagging a finger, suggesting a new, "get-tough" criminal division of the Department of Justice. ....................(more)
The complete piece is at: http://www.rollingstone.com/politics/blogs/taibblog/justice-departments-new-get-tough-policy-is-well-not-20130220#ixzz2LXvA1vFo
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