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What the Subprime Crisis Could Mean for Your Company
The continuing economic crisis, driven in large measure by the subprime mortgage meltdown, is affecting major segments of the economy. Not a day goes by that there is not something in the press regarding the effects of billions of dollars of mortgage failures. Criminal investigations into all industries involved in the process are underway. The Department of Justice is considering creating a task force, much in the same way the Bush Administration created the Corporate Fraud Task Force in the aftermath of the Enron failure. Indeed, in a recent Business Week article, investigators stated that probes are looking at the 'full gamut' of participants in the process of originating and securitizing subprime mortgages. The FBI has predicted a landslide of mortgage fraud cases.
Citing the opportunities for fraud created by the increasing reliance on third-party brokers, it consolidated all of its mortgage fraud programs within its Financial Institution Fraud Unit in fiscal year 2006. Local regulators and prosecutors have issued subpoenas to probe allegations of malfeasance and deception. These potentially sweeping and wide-ranging investigations will likely include probes into the lending industry, including mortgage lenders, brokers, and bankers, as well as a thorough look at the securitization side, which includes investment banks, broker-dealers, and ratings agencies. Accounting firms and law firms will be scrutinized as well.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.