Justice Dept. Shift on White-Collar Crime Is Long Overdue

To understand better what was lost by Mr. Holder’s failure to hold the white-collar criminals on Wall Street accountable for their abysmal behavior in the years leading up to and after the financial crisis, I turned to William K. Black, an associate professor of economics and law at the University of Missouri, in Kansas City, and a former federal regulator during the savings-and-loan crisis of the 1980s. He said that with Ms. Yates’s memo, the Justice Department “is tacitly admitting that its experiment in refusing to prosecute the senior bankers that led to the fraud epidemics that caused our economic crisis failed,” with the result of that failure being “the death of accountability, of justice and of deterrence.” Read more.

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