U. S. implementing policy to shift costs of corporate crimes to pockets of executives
2023.03.02 10:45
U. S. implementing policy to shift costs of corporate crimes to pockets of executives
By Ray Johnson
Budrigannews.com – The latest in a series of changes implemented by President Joe Biden at the Justice Department is a new policy aimed at shifting the burden of corporate crime onto executives’ pockets.
At a conference on Thursday, Deputy Attorney General Lisa Monaco said that the agency’s criminal division will reduce fines for businesses trying to get back money from corporate wrongdoers. In order for a business to resolve a U.S. investigation, it will also need to implement a strategy that includes compliance goals in bonuses and compensation.
“Our objective is clear: “to shift the burden of corporate wrongdoing away from shareholders, who frequently play no role in it, and onto those directly responsible,” Monaco stated at a conference hosted by the American Bar Association in Miami.
In order to settle investigations into wrongdoing, businesses frequently pay fines to U.S. authorities, a practice that, according to some, further harms shareholders but spares executives.
Additionally, Monaco provided a strategy with implications for national security to increase resources devoted to corporate crime.
More than 25 new prosecutors will be hired by the Justice Department to look into sanctions evasion, export control violations, and other similar economic crimes. The agency’s national security division will also create a new position of chief counsel for corporate enforcement.
