Why So Few Criminal Prosecutions from the Financial Crisis of 2007-2009

February 2015

• Not Too-Big-To-Jail?: “BNP chiefs lose bonuses after $8.9 bn fine” (FT, 2/6/15)
• Too-Big-To-Jail?: [TOP TEN]“Talking tough with the banks” (NYT, 2/21/15)

September 2014

• Why No Prosecution of Bank Executives?: [TOP TEN]“The hole in Holder’s legacy” (NYT, 9/30/14)

August 2014

• Why No Prosecution of Bank Executives?:
  • [TOP TEN]“Lessons not learned” (NYT, 8/23/14)
  • “Prosecuting individuals is a viable regulatory deterrent” (FT, 8/5/14)

July 2014

• DoJ’s Changing Approach to Deterrence of Corporate Fraud: [TOP TEN] “Prosecutors change tune on prevention” (WSJ, 7/17/14)
  
• Not Too-Big-to-Jail?: 
  • “US punishment of foreign banks’ sins could backfire” (FT, 7/8/14)
  • “Steering clear of sanctions” (WSJ, 7/8/14)
  • [TOP TEN] “The cost of doing banking” (WSJ, 7/2/14)
  • [TOP TEN] “Bank’s guilty plea is latest big settlement to bolster state’s fiscal position” (NYT, 7/2/14)
  • “BNP got off easy” (WSJ, 7/2/14)
  • “BNP relief rally should end here” (WSJ, 7/2/14)
  • “BNP plays down impact of US penalties” (WSJ, 7/2/14)
  • “BNP fine sparks calls for cultural change” (FT, 7/2/14)
  • “BNP relief at calm client reaction to $8.9bn fine” (FT, 7/2/14)
  • “In BNP Case, an Example of How might the dollar is” (NYT, 7/2/14)
  • “BNP Paribas is confident it can absorb the blow of a record fine” (NYT, 7/2/14)
  • [TOP TEN] “Grieving father pulls a thread that unravels illegal bank deals” (NYT, 7/1/14)
  • [TOP TEN] “BNP ‘Tour de Fraud’ draws record fine” (WSJ, 7/1/14)
  • [TOP TEN] “BNP bankers face pay cuts in $8.9bn US punishment” (FT, 7/1/14)
  • [TOP TEN] “BNP Admits guilt and agrees to pay $8.9 billion fine to US” (NYT, 7/1/14)
  • “US blow leaves BNP fearing for reputation” (FT, 7/1/14)
  • “BNP Paribas fine is a warning” (LAT, 7/1/14)

June 2014

• Not Too-Big-to-Jail?: 
  • [TOP TEN]“Big banks’ $9 billion blunder” (WSJ, 6/30/14)
  • “BNP to cut payout, sell debt” (WSJ, 6/28/14)
  • “Rivals sweat over BNP” (WSJ, 6/25/14)
  • [TOP TEN] “BNP and US cross the t’s and dot the i’s” (FT, 6/24/14)
  • “US wants more than a BNP show” (WSJ, 6/24/14)
  • [TOP TEN] “BNP nears settling for up to $9 billion” (WSJ, 6/23/14)
  • [TOP TEN] “Two Standards of Justice, maybe, but both of them weak” (NYT, 6/19/14)
  • “Tehran’s French bankers” (WSJ, 6/16/14)
  • “BNP Paribas executive leaves as trade investigation grows” (NYT, 6/13/14)
  • “Official at BNP Paribas to exit” (WSJ, 6/13/14)
  • “BNP top executive Chodron de Courcel to retire amid US probe” (FT, 6/13/14)
  • “BNP bows to request for ouster of advisor” (WSJ, 6/12/14)
  • “Europe’s bank executives brace for BNP Paribas verdict” (FT, 6/10/14)
  • “BNP Paribas executive may leave in deal with regulator” (NYT, 6/6/14)
  • “America prosecutes its interests and persecutes BNP” (FT, 6/6/14)
  • “BNP eyes shake-up as hefty US fine looms” (FT, 6/6/14)
  • “Tensions increase at top of BNP” (WSJ, 6/5/14)
  • “British bank regulators pine to win a big case” (NYT, 6/5/14)
  • “BNP faces battle to shore up reputation” (FT, 6/5/14)
  • “Europe-US tussle over BNP escalates” (FT, 6/5/14)
  • [TOP TEN]“In BNP case and beyond, regulators search for penalties to fit the crimes” (NYT, 6/4/14)
  • [TOP TEN]“BNP pinned its hopes on a memo, but in vain” (NYT, 6/4/14)
  • [TOP TEN] “French officials twist US Arms in bank inquiry” (NYT, 6/3/14)

May 2014

• British Criminal Prosecution of Libor Manipulators (3 Barclays Executives): “Ex-Barclays traders in court on Libor charges” (FT, 5/28/14)
• Individual “Too Important To Jail” (Jobs)?: [TOP TEN]“Defying convention and maybe the law” (NYT, 5/3/14)
• Not Too-Big-to-Jail?:  
  • [TOP TEN]“US wants firings at France’s BNP” (WSJ, 5/31/14)
  • “BNP must pay to play in the US” (WSJ, 5/31/14)
  • [TOP TEN] “US seeks $10 billion penalty from BNP” (WSJ, 5/30/14)
  • “Looking forward, moving backward” (Barron’s, 5/26/14)
  • “Top French Banker backs BNP” (WSJ, 5/24/14)
  • [TOP TEN] “Credit Suisse gets off easy” (NYT, 5/24/14)
  • [TOP TEN] “From Virginia, chasing down a global bank” (NYT, 5/23/14)
  • [TOP TEN] “Question of Justice in Bank settlement” (NYT, 5/22/14)
  • “Bank Conduct” (FT, 5/22/14)
  • “Credit Suisse must offer an honorable resignation” (FT, 5/22/14)
  • [TOP TEN]“Credit Suisse undone by ‘brazen’ misconduct” (FT, 5/21/14)
  • [TOP TEN]“Credit Suisse woes go beyond $2.6 bn fine” (FT, 5/21/14)
  • “Dougan says no plan to quit Credit Suisse after fine” (FT, 5/21/14)
  • “The cost of guilt for Credit Suisse” (FT, 5/21/14)
  • [TOP TEN]“Credit Suisse investors shrug off tax plea” (NYT, 5/21/14)
  • “Credit Suisse weighed CEO’s exit” (WSJ, 5/21/14)
  • “Holder convicts Switzerland” (WSJ, 5/21/14)
  • [TOP TEN] “Big Swiss bank pleads guilty in felony case” (NYT, 5/20/14)
  • [TOP TEN] “Big bank pleads guilty in criminal tax case” (WSJ, 5/20/14)
  • [TOP TEN] “In tax case, Credit Suisse is denied milder penalty” (NYT, 5/20/14)
  • “A CEO called the ‘Teflon’ man” (NYT, 5/20/14)
  • “Credit Suisse pleads guilty in tax case” (LAT, 5/20/14)
  • “Goldman and ties that bind” (WSJ, 5/17/14)
  • [TOP TEN] “Banks stay in business as felons” (NYT, 5/16/14)
  • [TOP TEN] “Credit Suisse to pay $2.5 billion in pact” (WSJ, 5/16/14)
  • “Credit Suisse, US near deal” (LAT, 5/16/14)
  • “BNP Paribas, US far apart on pact” (WSJ, 5/15/14)
  • [TOP TEN] “$3.5bn BNP Paribas fine sought” (FT, 5/14/14)
  • [TOP TEN] “Holder makes last run at banks” (WSJ, 5/13/14)
  • [TOP TEN]“2 banking giants implore US authorities to go easy” (NYT, 5/12/14)
  • [TOP TEN]“Why US is pushing for guilty plea in BNP Paribas sanctions probe” (WSJ, 5/10/14)
  • “BNP trade-finance unit at center of probe” (WSJ, 5/8/14)
  • [TOP TEN] “Seeking tough justice, but settling for empty promises” (NYT, 5/8/14)
  • “How big is too big?: Too big to be indicted is one reason for dismemberment” (5/5/14, Barons)
  • “Bank nears record tax plea” (WSJ, 5/6/14)
  • [TOP TEN] “BNP Paribas says US penalties may top the $1.1 billion it set aside” (NYT, 5/1/14)
  • [TOP TEN] “Tension mounts in bank probes” (WSJ, 5/1/14)

April 2014

• Criminal Case Outcomes and Wealth:
  • “Who goes to jail? Matt Taibbi on American justice gap from Wall Street to Main Street” (Democracy Now, 4/15/14)
  • “The justice gap” (NYT, 4/13/14)
• DOJ Revolving Door:  [TOP TEN] “Key US Prosecutor is latest to join law firm” (NYT, 4/28/14)
• Lack of Criminal Prosecution: [TOP TEN]“Why only one top banker went to jail for the financial crisis” (NYT, 4/31/14)
• Not Too-Big-to-Jail?:  
  • [TOP TEN] “Two giant banks, seen as immune become targets” (NYT, 4/30/14)
  • [TOP TEN] “US plans to charge BNP over sanctions” (WSJ, 4/30/14)

March 2014

• DOJ Inspector General Report on Lack of Priority Given to Mortgage Fraud Investigations:
  • [TOP TEN]“Haste clouds long-term effort on mortgage fraud” (NYT, 3/17/14)
  • [TOP TEN]“A fraud war that’s short on combat” (NYT, 3/16/14)
  • “Audit of the Department of Justice’s Efforts to Address Mortgage Fraud” (Report of the Inspector General of the Justice Dept., March 2014)
  • [TOP TEN] “US actions said to belie its mortgage fraud vows” (NYT, 3/14/14)
• One of the Only Individual Criminal Prosecutions of 2007-2008 Financial Crisis (Farkas):  [TOP TEN] “A Prison Life: Ex-Banker Struggles” (WSJ, 3/19/14)

January 2014

• Lack of Criminal Prosecution:
  • [TOP TEN]“Firms are penalized but workers aren’t” (WSJ, 1/17/14)
  • “Why bankers have gotten a pass” (NYT, 1/10/14)
  • [TOP TEN] “Why execs, not companies, should face prosecution” (LAT, 1/2/14)
  • [TOP TEN] “Stern words for Wall Street, from a Judge” (NYT, 1/2/14)
  • [TOP TEN] “The Financial Crisis: Why have no high-level executives been prosecuted” (New York Review of Books, 1/9/14)
• Too-Big-To-Indict Banks?: [TOP TEN]“Holder says more cases are coming against Wall St.” (LAT, 1/25/14)

December 2013

• Criminal Prosecution of Iceland Bank Executives: “Icelandic bank pair jailed for five years” (FT, 12/13/13)
• JP Morgan Possible Madoff Settlement: [TOP TEN] “Criminal Action is expected for JP Morgan in Madoff case” (NYT, 12/12/13)
• Possible Criminal Investigation Cases in 2014: [TOP TEN] “New fraud cases” (NYT, 12/31/13)
• Possible Criminal Charges Against JP Morgan: [TOP TEN] “Prosecution deferred, justice denied” (NYT, 12/14/13)

November 2013

• Credit Suisse MBS Banker Gets 2 1/2 Year Prison Term:
  • “When good people do bad things” (NYT, 11/26/13)
  • [TOP TEN]“Ex-Credit Suisse executive sentenced in mortgage bond case” (NYT, 11/23/13)
  • [TOP TEN]“Former Credit Suisse investment banker sentenced in financial crisis case” (WSJ, 11/23/13)
• DOJ Deferred Prosecution Agreements: [TOP TEN]“Top judge criticizes DoJ for not holding individuals accountable” (FT, 11/13/13)

October 2013

• Possible Criminal Charges Against JP Morgan:
  • “JP Morgan criminal case may trigger OCC action” (WSJ, 10/25/13)
  • [TOP TEN]“JP Morgan’s Dimon put in a rough spot” (LAT, 10/25/13)

September 2013

• Collapse of Lehman: Why No Criminal or SEC Prosecution 5 Years Later:
  • [TOP TEN]“Inside the end of the US bid to get Lehman” (NYT, 9/9/13)
  • “Inside the end of the US bid to punish Lehman” (NYT, 9/9/13)
• FBI Criminal Referrals: “FBI refers fewer white-collar cases” (LAT, 9/25/13)

August 2013

• Merrill Lynch and Bank of America: “Merrill Lynch set to be folded into Bank of America” (WSJ, 8/17/13)
• Criminal Cases by DOJ: [TOP TEN]“Holder to bring new cases” (WSJ, 8/21/13)

March 2013

• Criminal Prosecutions: 
  • [TOP TEN] “After Financial Crisis, prosecutors navigate tricky waters” (NYT, 3/13/13)
  • “Banks may be too big to prosecute, US says” (LAT, 3/8/13)
  • [TOP TEN] “Breuer reflects on prosecutions that were and weren’t” (NYT, 3/1/13)
•  [TOP TEN]New York US Attorney Preet Bhara: “Wall St. sheriff racks up arrests” (LAT, 3/30/13)
• [TOP TEN]Prosecuting Big Banks: “Realities behind prosecuting big banks” (NYT, 3/12/13)

February 2013

• Criminal Prosecutions: “US attorney defends approach” (LA Daily Journal, 2/7/13)
• S&P $5bn Lawsuit: “Execs off the hook at S&P” (LAT, 2/10/13)

January 2013

• Criminal Prosecution of Corporations: “Getting tough on crimes by firms” (LAT, 1/6/13)

December 2012

• Criminal Prosecutions of Individuals:
  • [TOP TEN] “Looking ahead at civil and criminal cases to come” (NYT, 12/31/12)
  • [TOP TEN] “Federal regulators stay on the full-court press” (NYT, 12/12/12)
• Libor Manipulation: Criminal Prosecution of UBS ($1.5 Bn Penalty, Japanese UBS Subsidiary Guilty Plea):
  • “Another questionable bank settlement” (NYT, 12/21/12)
  • “Critics says that Swiss banks were let off too easily” (WSJ, 12/21/12)
  • “Role of brokers in UBS scandal draws scrutiny” (WSJ, 12/21/12)
  • “Profile: Mark Branson” (FT, 12/21/12)
  • “Record fine unlikely to be the the end” (FT, 12/21/12)
  • “Trader linked to brokers at 4 banks” (FT, 12/21/12)
  • “Failure to reform costs UBS dear” (FT, 12/21/12)
  • [TOP TEN] “Daily fix that spiraled out of control” (FT, 12/20/12)
  • [TOP TEN] “Leniency denied, UBS unit admits guilt in rate case” (NYT, 12/20/12)
  • “Ambitious UBS dogged by series of disasters” (FT, 12/20/12)
  • “Bank’s Japanese unit satisfies regulators over improved processes” (FT, 12/20/12)
  • “Quotes from emails” (FT, 12/20/12)
  • “‘Lowball’ tenders aimed to paint rosy pictures of health” (FT, 12/20/12)
  • “Case hints at direction of other probes” (FT, 12/20/12)
  • “Big banks must reinvigorate their moral mojos” (FT, 12/20/12)
  • [TOP TEN] “UBS admits rigging rates in ‘epic’ plot” (WSJ, 12/20/12)
  • [TOP TEN] “Documents may boost civil suits” (WSJ, 12/20/12)
  • “Former UBS official, now regulator, in spotlight” (WSJ, 12/20/12)
  • “US charges star trader” (WSJ, 12/20/12)
  • “The Libor hammer: Regulators come down hard on UBS, give themselves a pass” (WSJ, 12/20/12)
  • “$1.5Bn Libor penalty rocks UBS” (FT, 12/20/12)
  • “UK-US extradidtion fight in prospect” (FT, 12/20/12)
  • “The rising cost of the Libor scandal” (FT, 12/20/12)
  • “UBS never took enough interest in its own risk” (FT, 12/20/12)
  • “UBS to settle Libor case” (LAT, 12/20/12)

November 2012

• Criminal Foreclosure Fraud Case (DocX): “Guilty pleas in foreclosure fraud cases” (NYT, 11/21/12)
• Criminal Prosecutions of Individuals:
  • “Where are the criminals?” (WSJ, 11/26/12)
  • “Jailed banker is rare prize for US” (WSJ, 11/11/12)

October 2012

• Interview of Preet Bhara: “I don’t eat green things” (FT, 10/13/12)
• DOJ Hiring Freeze: “DoJ recruits unpaid prosecutors as defense against hiring freeze” (FT, 10/24/12)
• [TOP TEN]Criminal Prosecutions of Individuals:“After the gold rush” (FT, 10/30/12)

September 2012

• Criminal Prosecutions of Individuals: “Phil Angelides urges tougher criminal probe into financial crisis” (LAT, 9/5/12)

August 2012

• Criminal Prosecutions of Individuals: “Corporate Fraud cases often spare individuals” (NYT, 8/8/12)
• No Criminal Prosecution of Goldman Sachs: 
  • [TOP TEN] “Is that it for financial crisis cases?” (NYT, 8/13/12)
  • [TOP TEN] “US Goldman disclosure a rare break in secrecy” (NYT, 8/10/12)
  • “SEC abandons subprime probe” (FT, 8/10/12)
  • “No charges in Goldman” (WSJ, 8/10/12)
  • “Two Investigations of Goldman Sachs end” (NYT, 8/10/12)
  • “US not seeking Goldman charges” (WSJ, 8/10/12)
• Revolving Door of Federal Prosecutors/FBI Agents:
  • “FBI official joins private sector” (WSJ, 8/16/12)
  • “Job churn hits insider probe” (WSJ, 8/11/12)
  • “Study questions  risk of SEC revolving door” (NYT, 8/6/12)

June 2012

• Gupta Conviction: “Gupta case adds to resolve to clean up Wall Street” (FT, 6/18/12)

May 2012

• “Dim Prospects for Financial Crisis Prosecutions” (NYT, 5/29/12)
• ”Obama’s New MBS Working Group: “Finance Cops Seek More Fire Power” (WSJ 5/25/12)
• “Financial Crisis Conviction: “Missing: Stats on Crisis Convictions” (WSJ 5/13/12)