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Five Years Later, No Criminals?



by Bernstein Litowitz Berger Grossmann LLP - New York Office

July 24, 2014

Previously published on Summer 2014

Judge Jed S. Rakoff recently delivered a powerful speech at the New York City Bar Association addressing corporate accountability after the 2008 financial crisis. The number of high-level executives criminally prosecuted for fraud related to the crisis is zero. Even though the U.S. federal government has widely attributed the crisis to fraudulent activity at big banks, the lack of criminal charges suggests that not a single Wall Street CEO will go to jail over the biggest economic catastrophe since the Great Depression. A federal investigation into Angelo Mozilo, the chief executive of Countrywide Financial, was dropped without any criminal charges being filed. Similarly, no criminal charges were ever brought against CEOs such as Hank Greenberg of AIG, Charles Prince of Citigroup, or Dick Fuld of Lehman Brothers.


 

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