Room for Debate,
The New York Times invites knowledgeable outside contributors to discuss news events and other timely issues. In the article titled "Holding Bankers Accountable," the following question was proposed:
Can more be done to hold bankers accountable for the financial crisis or is there a good reason the Justice Department has reached settlements without prosecuting individuals?
For the full version of the article, please visit The New York Times webpage here.
Labaton Sucharow's Jordan A. Thomas responded:
Having served in senior positions at both the Securities and Exchange Commission and the Department of Justice, I know that the many settlements with banks arising out of the financial crisis are not mere "spankings," but critical, hard-fought victories. But real change requires charging individuals, and not just balance sheets. And to take down the truly bad actors, law enforcement and regulatory authorities need whistle-blowers.
For the full version of Jordan's portion of the discussion, please visit The New York Times webpage here.