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September 14, 2010

Ex-federal agent: Barclays, banks get "wrist slaps" for violating trade sanctions, but individuals should be held responsible

Atlantic Yards Report

Last month, I wrote how Barclays Bank PLC, has committed, as part of deferred prosecution agreements, "to forfeit $298 million... in connection with violations of the International Emergency Economic Powers Act and the Trading with the Enemy Act."

Barclays voluntarily disclosed its long-running violations only eight months before the Atlantic Yards naming rights deal was announced. While the settlement was approved by U.S. District Judge Emmet Sullivan, it came after Sullivan a day earlier criticized it as "a sweetheart deal."

Who's responsible?

Today, former federal agent Robert Mazur, takes aim at the deal in a New York Times op-ed headlined Follow the Dirty Money. His point? Individuals should be held responsible.

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Posted by eric at September 14, 2010 9:36 AM