Tag: banks

In the June 2 issue of the New York Law Journal, Robert J. Anello and Richard F. Albert argue that “criminal law concepts designed to punish human beings—bad boys and girls—are ill-suited to corporate beings.”  They point out that corporations convicted of crime are rarely required to live with the kind of collateral consequences that result in loss of livelihood and social stigma for individuals (“Convicted Corporations Aren’t Really Bad Boys“).   They describe how the government recently made “significant efforts to blunt the effects” of conviction on four major international banks that pleaded guilty to manipulation of foreign exchange rates, so that none of them ended up subject to “rules that would have restricted [their] ability to continue doing business in the United States.”  The banks are currently seeking a waiver of Labor Department rules that would otherwise bar them from dealing with pension and retirement plans, and the government has postponed sentencing pending the outcome of these efforts.   Read more