Jenner & Block

Barofsky Discusses Government’s Investigation of “Too-Big-To-Fail” Banks

Jenner & Block Partner Neil M. Barofsky joined a panel discussion on Bloomberg TV that examined implications of the U.S. government possibly charging Credit Suisse Group and BNP Paribas on a range of criminal complaints.  The former special inspector general of the historic Troubled Asset Relief Program, Neil observes that the Department of Justice in the past has been criticized for “going easy” on “too-big-to-fail” banks in similar cases.  In contrast, the government now appears poised to charge the holding companies of Credit Suisse and BNP, “which would be a major, major shift.”  Neil speculates that the government will try to limit the impact that charges could have on the economy but notes that this is “unchartered territory.”