The Hurdles for Banks After Guilty Pleas

Exemptions sought from the Labor Dept. over restrictions on pension fund management.

, The National Law Journal


In the elite world of multibillion-dollar Wall Street banks, the U.S. Department of Labor rarely looms large. That changed this week. The agency will play a key role in determining whether five megabanks that pleaded guilty to criminal charges can effectively participate in the $7 trillion pension fund market.

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What's being said

  • Sue

    The echo is ‘no individuals‘ are accountable - they ALL are issued ‘Get Out of Jail Free Cards‘ and no one cares! Since a Fiduciary can‘t be a criminal Felon the Labor Dept has been too accommodating in these matters. Starting bank in 1999, Bankers Trust Company, BT Alex Brown and Deutsche Bank AG needed exemptions for ERISA funds following the federal felonies (SDNY - 99-cr-250). They were ‘rubber stamped‘ out no problem! Sen Warren and Cong. Walter should hold full hearings and expose this Racket!

  • Tex

    This whole thing is a joke, as no individuals are being held accountable. People should be in prison, not debating whether there is enough "distance" between different parts of a bank‘s departmental operations. Put the bad actors in prison, then there WILL be enough distance between different parts of a bank‘s departmental operations.

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