Incentivizing Injustice
The 2008 Financial Crisis and Prosecutorial Indiscretion
Seiten
2023
Lexington Books (Verlag)
978-1-7936-5449-6 (ISBN)
Lexington Books (Verlag)
978-1-7936-5449-6 (ISBN)
Why did no important banking executives face criminal prosecution for the 2008 financial crisis? This book seeks to answer this question by focusing on the incentives faced by the federal prosecutors who would have been tasked with bringing these cases, but instead settled for safer plea agreements.
In a time of painful economic and legal inequities, we are still plagued by a gnawing question: why did no major bank executive face any meaningful consequences for the 2008 financial crisis? Meanwhile, average Americans lost 8.8 million jobs and $19.2 trillion in household wealth, with the crisis' impacts still reverberating throughout society. Moving beyond the popular narrative that the rich simply play by different rules, this book focuses not on the potential perpetrators, but on the powerful prosecutors deciding who faces charges and who goes home with a fine. In the years leading up to the financial crisis, the Justice Department experienced embarrassing losses and moved a deluge of resources away from everything else to fund post 9/11 counter-terrorism. White-collar federal prosecutors found themselves working in an overly cautious and under-funded institution. At the same time, the lure of defense firms had grown much stronger, offering million-dollar partnerships. Prosecutors had every incentive at this time to improve their image by obtaining big fines with banks through settlements, rather than risking complicated litigation, but at what cost to American justice and trust in the rule of law?
In a time of painful economic and legal inequities, we are still plagued by a gnawing question: why did no major bank executive face any meaningful consequences for the 2008 financial crisis? Meanwhile, average Americans lost 8.8 million jobs and $19.2 trillion in household wealth, with the crisis' impacts still reverberating throughout society. Moving beyond the popular narrative that the rich simply play by different rules, this book focuses not on the potential perpetrators, but on the powerful prosecutors deciding who faces charges and who goes home with a fine. In the years leading up to the financial crisis, the Justice Department experienced embarrassing losses and moved a deluge of resources away from everything else to fund post 9/11 counter-terrorism. White-collar federal prosecutors found themselves working in an overly cautious and under-funded institution. At the same time, the lure of defense firms had grown much stronger, offering million-dollar partnerships. Prosecutors had every incentive at this time to improve their image by obtaining big fines with banks through settlements, rather than risking complicated litigation, but at what cost to American justice and trust in the rule of law?
Sari Krieger Rivera is professor of political science at the University at Albany and the City University of New York.
List of Figures and Tables
Introduction
Chapter 1: A Summary of the Crisis
Chapter 2: Blue Sky and Beyond
Chapter 3: Can a Company Be the Bad Guy?
Chapter 4: Justice Department Embarrassments
Chapter 5: Settling for Safety
Chapter 6: Case Studies from the Crisis: Potential Evidence?
Chapter 7: Prosecutors’ Incentives
Chapter 8: Alternative Explanations: Money in Politics
Chapter 9: Alternative Explanations: Presidential Leadership Style
Chapter 10: Alternative Explanations: Cultural Capture
Conclusion
Bibliography
About the Author
| Erscheinungsdatum | 07.02.2023 |
|---|---|
| Verlagsort | Lanham, MD |
| Sprache | englisch |
| Maße | 157 x 237 mm |
| Gewicht | 372 g |
| Themenwelt | Recht / Steuern ► EU / Internationales Recht |
| Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht | |
| Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung | |
| ISBN-10 | 1-7936-5449-2 / 1793654492 |
| ISBN-13 | 978-1-7936-5449-6 / 9781793654496 |
| Zustand | Neuware |
| Haben Sie eine Frage zum Produkt? |
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