POLITICS

Lunch with the FT: Jed Rakoff - FT.com

“The message that is sent by such cases where they go after the companies is, ‘Don’t worry. If you get caught, we’re not going to prosecute you, we’re going to demand a lot of money from the employer and we’re going to say do better compliance.’ This, in my view, is a misguided theory of changing culture.

“During the 16 years I was a criminal defence lawyer, I represented mostly high-level executives,” he says, warming to his theme. “I guarantee you the only thing they feared was the prospect of spending a day in jail. That was totally abominable, whereas being fined, they couldn’t care less.”

Read more on Financial Times