[h=1]Holder says bank fines better than ?making examples of people?[/h]
By
Francine McKenna
Published: July 6, 2015 10:46 a.m. ET
Former U.S. Attorney General Eric Holder plans to return to private law practice at Covington & Burling,
telling the Financial Times on Monday that record fines imposed on banks were a better solution to chronic fraud cases than ?trying to make examples of people.? The U.S. Department of Justice levied record fines against banks during his tenure, including multiple multibillion-dollar sanctions against a significant Covington & Burling client, J.P. Morgan Chase
JPM, +1.26% .
During Holder?s tenure, the U.S. did not indict any chief executive over the financial crisis. Holder separately told
the National Law Journal that some of the firms may not want to work with him.
The law firm and its Washington D.C. office that Holder returns to?he previously worked there for seven years?specializes in defending financial services firms and their executives as well as general white collar defense, including defending the former CEO of IndyMac against an SEC securities fraud case and FDIC lawsuit that sought to hold him liable for one of the largest and most high-profile bank failures of the recent financial crisis.
?I think the cultures have changed, ? Holder told the Financial Times.
