New Justice policies to go after executives

CEO, JPMorgan, New York Dimon largely shunned the subprime bets and exotic financial instruments that brought down rivals. As a result, JPMorgan was able to pick up the pieces of Bear Stearns when it imploded in March and later absorb collapsed mortgage lender Washington Mutual. That doesn’t mean JPMorgan is immune to the turmoil. “We are not holding ourselves up as paragons of virtue,” says Dimon. “We were not exceptional in every category. But if you don’t do a good job for the customers, you’re never going to do a good job for the shareholders. That’s the point of a commercial enterprise.”
CEO, JPMorgan, New York
Dimon largely shunned the subprime bets and exotic financial instruments that brought down rivals. As a result, JPMorgan was able to pick up the pieces of Bear Stearns when it imploded in March and later absorb collapsed mortgage lender Washington Mutual. That doesn’t mean JPMorgan is immune to the turmoil. “We are not holding ourselves up as paragons of virtue,” says Dimon. “We were not exceptional in every category. But if you don’t do a good job for the customers, you’re never going to do a good job for the shareholders. That’s the point of a commercial enterprise.”

Hasn’t the statute of limitations already expired on the Wall St. crash?

Stung by years of criticism that it has coddled Wall Street criminals, the Justice Department issued new policies on Wednesday that prioritize the prosecution of individual employees — not just their companies — and put pressure on corporations to turn over evidence against their executives.

The new rules, issued in a memo to federal prosecutors nationwide, represent the first major policy announcement by Attorney General Loretta E. Lynch since she took office in April. The memo is a tacit acknowledgment of criticism that, despite securing record fines from major corporations, the Justice Department under President Obama has punished few executives involved in the housing crisis, the financial meltdown and corporate scandals.

One thought on “New Justice policies to go after executives

  1. Well there goes her next job. Funny how this came only a couple short months after Holder went through his revolving door…

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