Sally Yates Quotes
As I've seen over and over again during my career, the best way to deter individual conduct is the threat of going to jail. That's what truly changes behavior. That's what changes the calculus as employees and executives decide whether to participate in an illegal scheme.
Yates, Sally Q. "Deputy Attorney General Sally Quillian Yates Delivers Remarks at New York University School of Law Announcing New Policy on Individual Liability in Matters of Corporate Wrongdoing." United States Department of Justice, 10 Sept. 2015.
In 2005 Hurricane Katrina caused immense damage and much of the damaged property was insured. But the insurance companies, faced with large potential losses, placed every legal technicality in the way of paying claims and even came up with new interpretations of their contracts and refused to pay many claims even for people who were told that they were fully insured. See {590850}.
1st Marquees of Halifax. Even in the 18th century, it was realized that capital punishment was not a particularly good deterrent. Savile and others observed that there was a significant vengeance motive for state execution.
Actually a few minor characters were prosecuted for financial crimes committed during that period but none were prosecuted whose behavior caused or accelerated the meltdown, and no bank officers were prosecuted despite the FBI reporting that hundreds of thousands of Mortgage Foreclosure involved perjury by bank officers in a pattern that was used by most of the large major banks. The Obama administration was in the dilemma of either choosing one or two bank officers of whom to make an example or if all those who had committed serious crimes were prosecutors, it would involve thousands of the officers of almost every major bank and tens of thousands of officials and mortgage related firms. These were among the wealthiest and most influential people in the country, and there would be few left to build the American Banking System back up when that was one of our most important national priorities. They were also amongst the largest political contributors to both political parties. So the government bailed the bankers out financially, allowed them to maintain million dollar of more salaries and bonuses, and gave the entire batch of people who broke the law a de facto immunity from criminal prosecution. A further complicating factor was that many of the most egregious, greedy, and publicly harmful were not illegal as a result of much change in the law as a part of financial deregulation or were new schemes that the financial industry had successfully lobbied to prevent regulation as with Derivatives.
Marcopolos had discovered the Bernie Madoff Ponzi Scheme Fraud 9 years before the government discovered the largest consumer fraud ($68 billion) in American financial history. He repeatedly sent warnings and explanations to the SEC investigators, most of which turned out to be exactly right. They ignored all of it I an era of deregulation, and never even investigated Madoff to see if there might be anything amiss.
The Senator asked Justice Department officials if the reason that there had been no prosecutions of any major financial figures associated with the Meltdown of 2008 and the Great Recession is that they were “too big to jail.” This appears to be the first public official to use this phrase. See {637991} for the Attorney General’s sad but truthful reply.
Sally Quillian Yates (born Sally Caroline Quillian; 1960) is an American lawyer. From 2010 to 2015, she was United States Attorney for the Northern District of Georgia. In 2015, she was appointed United States Deputy Attorney General by President Barack Obama. Following the inauguration of President Donald Trump and the departure of Attorney General Loretta Lynch on January 20, 2017, Yates served as Acting Attorney General for 10 days.
