Why Prosecutors Dont Target Thieving CEOs
Key Excerpts from Article on Website of Time
Posted: February 7th, 2016
Massachusetts Senator Elizabeth Warren issued a stinging broadside against federal prosecutors on Friday, charging U.S. courts with throwing the book at mixed-up teenagers, while letting wealthy corporate executives who commit much larger and sometimes deadly crimes off with essentially no chance of punishment. In a new report, Sen. Warrens office makes the case that CEOs and other top executives simply dont face the same legal consequences as ordinary Americans, releasing a list of what it claims are 20 examples of corporate criminal and civil cases that prosecutors failed to pursue to the full extent of the law last year. Among the cases: scandals ranging from General Motors years long cover up of ignition switch problems to currency manipulation by large banks (including Citigroup and J.P. Morgan), to a mine explosion that killed 29 people - the only instance of misconduct which led to a conviction of a corporate executive. Such selective application of the law undermines the governments moral authority: If justice means a prison sentence for a teenager who steals a car, but it means nothing more than a sideways glance at a CEO who quietly engineers the theft of billions of dollars, then the promise of equal justice under the law has turned into a lie, Warren charges in the report. Its not just a problem in the U.S. This week, U.K. prosecutors, after winning an initial conviction in their quest to prosecute bankers accused of fixing LIBOR - a key benchmark central to financial markets - failed to secure any further wins.
Note: Senator Elizabeth Warren was called "the champion of Main Street versus Wall Street" by the Boston Globe in 2014. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the corporate world.