TV News LIES

Saturday, Oct 25th

Last update03:25:33 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...


Yellen says US experiencing widening inequality

Janet YellenFederal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most...

German downturn casts shadow over world economy

German economy turns downwardAs if the global economy didn't have enough troubles, it looks like Germany, Europe's traditional growth...

Banks accept derivatives rule change to end 'too big to fail' scenario

London financial districtThe $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to...

Hewlett-Packard to split into two public companies, lay off 5,000

hewlett packardHewlett-Packard Co (HPQ.N) said it would split into two listed companies, separating its computer and printer...
 
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!