American Banker-
In February, federal prosecutors began a 90-day examination to determine whether to bring cases against individuals for their role in the 2008 financial crisis.
The deadline for that inquiry passed last month, with the Justice Department failing to hold any individuals accountable for their crimes. Instead, the DOJ announced that it would allow five megabanks to plead guilty to felony fraud charges related to rigging of the foreign currency exchange market — but would not prosecute a single individual for wrongdoing.
I recently expressed frustration following this announcement against the five banks. Given that I’ve spent my career advocating against harsh penalties and mandatory minimums suffered by many in the African American and Latino communities, I find these sweetheart deals unjust and outrageous.
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