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The Pitfalls and Prospects of Bank Prosecutions
The past two years have seen the largest number of bank failures in recent U.S. history, with 157 in 2010 alone, as a result of the collapse of the housing and subprime mortgage markets (as of Dec. 22, 2010, FDIC Failed Bank List, http://www.fdic.gov/bank/individual/failed/banklist.html). These failures led to the Federal Deposit Insurance Corporation's (FDIC) November 2010 announcement of 50 criminal investigations into the activities of former executives, directors and employees of failed banks. Jean Eaglesham, U.S. Sets Fifty Bank Probes, Wall St. J., Nov. 17, 2010. The DOJ Criminal Division also has announced the creation of its Money Laundering and Bank Integrity Unit, which reiterated that financial crimes, and financial institution matters, remain top priorities.
Notwithstanding these announcements, other considerations suggest that a dramatic increase in criminal prosecutions of financial institution directors and officers is not likely.
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.
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.
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.