The Obama Department of Justice has been attacked from both sides for its post-financial crisis approach. Some, like the senator Elizabeth Warren, believe it was insufficiently aggressive and followed a “too big to jail” policy. Others, including many in the banking industry, believe it acted wrongly in extorting huge penalties from banks for relatively venal sins.
Because of DoJ independence, my work in the White House gave me no window into specific cases. I have tended to sympathise with the department given the contradictory nature of the critics’ attacks and the complexity of the issues involved. Read more