Finally, to help the FSA do its job, we need a formal process of plea bargaining in a financial court. Our prosecutors\’ record on white collar crime is so dismal because we tie one hand behind their backs.
In the face of potential financial ruin there is often little incentive other than to plead not guilty and fight. A formal system of plea bargaining would allow a defendant to cut a judicial deal, knowing that in return for a guilty plea his lawyers will be able to negotiate a punishment. It works in the US. It\’s time it worked here.
The way it "works" in the US is that people get charged with everything, from mail and wire fraud through dodgy accounting to torturing kittens. Faced with millions, if not tens of millions, in defense costs and the prospect of decades injail, they thn negotiate down to the wire fraud, at which point they still get ruined by civil suits. Launched, of course, on the back of the fact that they are now convicted criminals.
Prosecutorial abuse is widespread in the US. No, let\’s not import that system into Britain, shall we? Not everything American is better than what we already have and their legal system is one of them.