Eliot Spitzer: ‘We’ve turned a corner’ — Wall Street should expect criminal cases in 2013
“Viewpoint” host Eliot Spitzer reviews the year in Wall Street headlines and looks ahead to 2013 in this Web exclusive video. Spitzer argues that “it has not been a great year for Wall Street,” citing the Libor scandal, JPMorgan’s “London whale” and various insider trading allegations. But the big banks may not be “too big to indict” much longer.
“I think the Justice Department finally has awakened to the reality that simple money damages and money penalties aren’t enough. And there are going to a lot more criminal cases brought against institutions. And that will shake up the inner sanctum of senior management as they come to grips with the reality of the obligation to plead guilty — not individually, perhaps, but at a corporate level,” Spitzer says.