TV News LIES

Saturday, Jan 31st

Last update06:55:48 AM GMT

You are here News Economy Prosecutors: Bank executives not easy to charge

Prosecutors: Bank executives not easy to charge

E-mail Print PDF

Money launderingBank executives rarely face money laundering charges because investigators don't usually uncover the kind of decisive evidence needed to convict them, prosecutors said Monday at an international conference in Florida.

"You don't find the smoking gun email where an executive says, 'I know it's drug money, but go do it anyway,'" said Evan Weitz, a New York federal prosecutor, during a panel discussion at the annual anti-money laundering conference.

Instead, prosecutors usually target the bank or financial institution itself. Adam Kaufmann, chief of the investigative division of the Manhattan district attorney's office, said even then the preferred practice is to work out a settlement - known as a deferred prosecution agreement - rather than indicting the institution.

"An indictment can be a death sentence for a financial institution," said Kaufmann, adding that ruining large banks or other institutions can trigger unforeseen economic ripple effects.

Major banks investigated for doing business with countries facing U.S. economic sanctions have reached agreements four times since January 2009. In those settlements, the institutions pay large fines and agree to meet certain requirements, but no executives face jail time. Last year, U.S. District Judge Emmett Sullivan of Washington labeled one such settlement a "sweetheart deal." In that settlement, Barclays Bank paid $298 million in penalties but faced no charges.

More...


Most Recent Related Stories...


Richest 1 percent to own more than rest combined: report

One percent own everythingThe income gap between the richest 1 percent and the rest of America widened to a...

Food stamp benefit cut may force a million people into 'serious hardship'

Food stamp cutsFood stamp eligibility rules are tightening in states across the country, causing up to one million...

More Than Half Of American Schoolchildren Now Live In Poverty

Children living in povertyFor the first time, more than half of U.S. public school students live in low-income households,...

How the states are redistributing wealth from middle class to 1%

wealth in americaIn 2008, then-candidate Barack Obama was lambasted for supposedly endorsing policies of wealth redistribution. The right...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!