Banks Not Just Too Big to Fail But Too Big to Indict?
The New York Times reported that the U.S. Department of Justice is contemplating entering a deferred-prosecution agreement with JPMorgan for the Wall Street bank allegedly turning a blind eye to Bernie Madoff's Ponzi scheme. There is no record of any other investment bank entering such an agreement to resolve criminal charges, The Times also reported.
The consequences of bringing criminal charges against JPMorgan is potential harm to the financial markets. Is JPMorgan not just too big to fail but too big to indict? But U.S. Attorney Preet Bharara argues '"I don’t think anyone is too big to indict — no one is too big to jail,”' The Times also reported.
JPMorgan was Madoff's primary bank.
Lawyer and Legal Journalist
