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Hope and Change
Businesses and executives may be in for increased scrutiny under President Obama. The Department of Justice (DOJ) under President Bush abandoned the focus on white-collar crime prosecution inherited from the Clinton DOJ, especially financial fraud, antitrust enforcement and environmental protection. Despite the economic meltdown and a perceived explosion of corporate misbehavior during the Bush years ' typified by Enron and WorldCom ' white-collar crime enforcement was down 27% from 2000-2007, according to data from the Transactional Records Access Clearinghouse at Syracuse University. Environmental enforcement also faltered, plunging 28% in the same time period. Candidate Obama condemned the politicization of the DOJ and criticized the Bush administration's weak record on financial crimes. At minimum, an Obama administration promises to increase enforcement of financial crimes, antitrust and environmental offenses.
A record number of companies reached settlements in the final weeks of the Bush administration, perhaps a sign that many businesses and defense attorneys forecast a less friendly regulatory and enforcement environment. The Justice Department announced 19 resolutions with companies from November through the end of 2008, up from five in the same months of 2006 and 16 in 2007, according to The Washington Post.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.