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September 10, 2015

Justice Department Puts Wall St. Execs on Notice

“The Justice Department is placing more emphasis on seeking out and punishing individuals when institutions go bad, responding to years of gripes that the government has taken a soft approach toward bad actors and elsewhere in the business world.The department sent out a memo outlining the new policies, which, according to The New York Times, instructs civil and criminal investigators to focus on individual wrongdoing from the start of a probe.

“The shift marks one of the most prominent steps taken so far under new Attorney General Loretta Lynch, who took over for Eric Holder as the government’s top cop in April.”

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“The Wall Street reform advocacy group Better Markets took an extremely cautious tone towards the directive.

“Based on their past abysmal record on Wall Street, no one should believe what DOJ says until they see actual, concrete and repeated prosecution of supervisors and executives at Wall Street’s biggest, wealthiest and most politically connected too big to fail banks,” said Dennis Kelleher, the group’s president and CEO.”

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Read the full ‘The Hill’ aticle by Peter Schroeder here.

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