First JPMorgan -- Now Rabobank Versus The United States: Taking One For The Team?

October 30, 2013  |  The Insider: White Collar Defense and Securities Enforcement

2013 marks the five-year anniversary of the financial crisis of 2008.  I noted in January that this would play a significant role in white-collar enforcement and regulation in 2013, forcing the government either to act or to abandon forever certain investigations related to the crisis because of the five-year statute of limitations for enforcement actions. In addition to the looming deadline, the government has had to deal with repeated criticism of its overall response to the financial crisis, specifically what some perceive as its poor track record in obtaining criminal convictions.  The government’s money laundering case against British bank HSBC serves as an example – the $1.9 billion settlement and deferred prosecution agreement (DPA) elicited cries that banks and financial institutions were perceived as “too big to jail” and prompted Congressional hearings on the subject. [...]

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