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August 6, 2012

NYT: S.E.C. Gets Encouragement From Jury That Ruled Against It

“​As Beau Brendler sat in the jury box listening to the government’s case against a former Citigroup midlevel executive, the same question kept entering his mind.

“I wanted to know why the bank’s C.E.O. wasn’t on trial,” said Mr. Brendler, who served as the jury’s foreman. “Citigroup’s behavior was appalling.” “

“In an informal survey of 11 defense lawyers and prosecutors, not one could recall a case when a jury had issued a statement like the one that the Stoker jury did. Dennis M. Kelleher, a former litigator at Skadden, Arps, Slate, Meagher & Flom, said that the jury’s admonition underscored the nation’s prevailing sentiment about the financial services industry.
“These eight ordinary citizens believed what the polls tell us most Americans believe,” said Mr. Kelleher, who now serves as president of Better Markets, a lobbying organization pressing for regulatory reform. “They still would be delighted to see the government hold these banks and some of their executives accountable for misconduct during the financial crisis.” “

Read Petter Lattman’s full New York Times story here.

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