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Excerpt: "It would be the Wall Street equivalent of a parole violation: Just two years after avoiding prosecution for a variety of crimes, some of the world's biggest banks are suspected of having broken their promises to behave."

From left, Benjamin M. Lawsky, New York State's banking regulator, is taking a fresh look at old cases and negotiating new settlements, as are the federal prosecutor Leslie R. Caldwell in Washington and Cyrus R. Vance Jr., district attorney in Manhattan. (photos: Hiroko Masuike/NYT, Pablo Martinez Monsivais/AP, Justin Lane/European Pressphoto Agency)
From left, Benjamin M. Lawsky, New York State's banking regulator, is taking a fresh look at old cases and negotiating new settlements, as are the federal prosecutor Leslie R. Caldwell in Washington and Cyrus R. Vance Jr., district attorney in Manhattan. (photos: Hiroko Masuike/NYT, Pablo Martinez Monsivais/AP, Justin Lane/European Pressphoto Agency)


Prosecutors Suspect Repeat Offenses on Wall Street

By Ben Protess and Jessica Silver-Greenberg, The New York Times

30 October 14

 

t would be the Wall Street equivalent of a parole violation: Just two years after avoiding prosecution for a variety of crimes, some of the world’s biggest banks are suspected of having broken their promises to behave.

A mixture of new issues and lingering problems could violate earlier settlements that imposed new practices and fines on the banks but stopped short of criminal charges, according to lawyers briefed on the cases. Prosecutors are exploring whether to strengthen the earlier deals, the lawyers said, or scrap them altogether and force the banks to plead guilty to a crime.

That effort, unfolding separately from a number of well-known investigations into Wall Street, has ensnared several giant banks and consulting firms that until now were thought to be in the clear.

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