Lanny Breuer’s Theory of Chatting Accountability for CEOs

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This whole video is worth watching. Eliot Spitzer, former US Attorney Mary Jo White, and Assistant Attorney General Lanny Breuer discuss financial crimes, with SIGTARP head Neil Barofsky moderating. I was fairly troubled, in general, of the hesitations White and Breuer expressed over actually prosecuting financial crime.

But I found the passage just after 46:00, where Lanny Breuer argues you don’t need prosecutions for deterrence among CEOs, to be stunning.

Look, I want to be clear, I don’t want to suggest for a moment that we don’t–and we will–aggressively pursue cases criminally but, I guess both as a defense lawyer, which I was for many years, a white collar defense lawyer and now as AAG, I don’t think we should completely discount the deterrent effect when we investigate cases even if we don’t bring them.

If a CEO or CFO of a major institution feels that he or she is subject to criminal liability, when we interview them or put them in the grand jury, they have lawyers and this is hanging over their head for years and years. It may be at the end we decide not to prosecute the company or the individual but I think it’s really inaccurate to suggest that that doesn’t have a very strong effect. I’m not sure CEOs on Wall Street right now feel as if they can do what they want and there’s no deterrence.

He returns to a discussion of “going in and out” between corporate representation and DOJ after 52:00 and he avoids talking about robo-signing at 1:00.

As you read that, think about what has happened with Lloyd Blankfein. He bullshitted Carl Levin’s investigatory committee back in April 2010. Levin released a report last year stating he had lied, and referred his investigation to DOJ.

And Lloyd Blankfein, who almost two years ago didn’t take Congress sufficiently seriously to tell the truth, is still running around free profiting off of European countries’ debts.

Does Breuer really think seeing Blankfein treat Congress and regulators with utter disdain served as a deterrent to anyone? On the contrary, what appears to have been Lanny’s Chatting Accountability for CEOs only serves to show that these MOTUs are above the law.

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Emptywheel Twitterverse
emptywheel @barryeisler Nope. Just noting it on twitter and elsewhere. Glad you wrote it up.
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emptywheel @adambonin Wait. David Brooks? Can I get my tuition back? @NateSilver538 @AmherstCollege
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emptywheel @adambonin Wait what?!?! I'd say got to Brunos but I understand ... sadly ... @NateSilver538 @AmherstCollege
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emptywheel Fat Evil Parallel Gore RT @twolf10: Snow sticking to ground in mid April, 2 days after almost hit 80. I blame evil parallel universe Al Gore
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bmaz That said Olivia Wilde was one light year closer to Suzy Miller than Chris Hemsworth was to the real James Hunt who I actually knew a little
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bmaz I was fortunate enough to meet Suzy Miller back in the day, and Olivia Wilde looks nothing at all like her.
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emptywheel @adamgoldmanwp Lots of reasons to imagine why it might remain suppressed, most innocuous of which is investigation in key stage.
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emptywheel @adamgoldmanwp It may not be in there--but it is in HHSAC report. Prosecutors won't let Dhokhar's team see it either.
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emptywheel RT @gregorydjohnsen: That last tweet was in jest - the only reason this unit was closed was the work of @adamgoldmanwp and @mattapuzzo - ht…
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emptywheel @adamgoldmanwp The language on that in the IG report--assuming it exists--is all classified.
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emptywheel @SarahKnuckey Or did someone give them bad intel .... again?
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JimWhiteGNV RT @jaraparilla: Saudi Arabia sacks intelligence chief Prince Bandar bin Sultan http://t.co/xG2W1PT0Hn #AboutTime #Interesting
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