On March 11, Bankers Trust and the U.S. Attorney’s Office in Manhattan announced that the bank had pled guilty to three felonies and agreed to pay a criminal fine of $60 million dollars. Under ERISA, the Investment Company Act of 1940 and various other statutes, companies and individuals convicted of felonies are barred from holding fiduciary positions in covered pension plans or corporations or conducting affected transactions. So does Bankers Trust go out of business, as E.F. Hutton eventually did in the 1980s after pleading guilty to more than 2,000 counts of wire fraud?

No. But they’re not off the hook either.

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