Jimmy Gurule was quoted in the USA Today article Five banks plead guilty, pay more than $5B in FX penalties on May 20.
Abstract
Jimmy Gurule was quoted in the USA Today article Five banks plead guilty, pay more than $5B in FX penalties on May 20.
Jimmy Gurulé a former assistant attorney general and Treasury official, questioned whether the criminal pleas and massive fines would produce meaningful change in banks' activities.
"Once again the actual perpetrators and criminal architects of the fraud scheme will avoid criminal liability," said Gurulé, now a University of Notre Dame law professor. "While the payment of these large fines may help to reduce the federal deficit, such penalties will do little to change the pervasive culture of corruption that currently exists in the banking sector. Real change will only occur when corrupt bank officials are indicted, convicted and sent to prison for their crimes."