The Department of Justice has come under sharp criticism—from Congress, the courts and commentators—for failing to prosecute high-level individuals for serious financial crimes. Hillary Clinton recently joined the fray, arguing in an op-ed that “executives need to be held more accountable” and “[n]o one should be too big to jail.”1
The controversy over prosecuting individuals is linked to a broader controversy over the resolution of high-profile corporate investigations since the financial crisis—specifically, the government’s reliance on corporate deferred prosecution agreements (DPAs), often without charges being brought against any individuals.2 In a DPA, the government files criminal charges against the company in court but then defers and ultimately seeks dismissal of the case when the company takes agreed-upon remedial measures, such as the payment of fines and the adoption of compliance programs.3
