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Did you know five of the 10 largest federal criminal fines levied against corporations—ever—were meted out in 2012? They ranged from Barclays Bank’s $450 million settlement over the LIBOR manipulation scandal to GlaxoSmithKline’s $3 billion settlement in connection with off-label marketing and other charges. All of which goes to show that skimping on compliance can be “pennywise, but pound foolish,” says Gibson, Dunn & Crutcher’s Michael Li-Ming Wong, himself a former federal prosecutor. CorpCounsel.com listened in on the firm’s recent ninth-annual webcast, entitled “Challenges in Compliance and Corporate Governance.” Here’s what we learned—and what you can start putting to work in the new year:

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