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A serious threat to our national economy that no one seems to have noticed is the Justice Department’s new posture in corporate criminal prosecutions. The lesson of the Arthur Andersen prosecution back in 2002—which left the venerable accounting firm in ruins and 28,000 people jobless—is that a corporate criminal prosecution can be catastrophic. For corporate defendants in regulated industries, a conviction will trigger a loss of license and inability to continue doing business. The larger the corporate defendant, the deeper the impact on the economy at large.

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