Want Accountability? Don't Cut the Budget: Bharara

Your next video will start in

Recommended Videos

  • Info

  • Comments


Sept. 24 (Bloomberg) -- Manhattan U.S. Attorney Preet Bharara said issues with the U.S. budget may affect his office. He speaks at the Bloomberg Markets Top 50 Summit. (Source: Bloomberg)

Problem for people.

People cannot get to all the work they want to do.

There will come a time when there are certain cases that we cannot ring.

You asked a question before about what is it like?

We consider ourselves to be great.

Often times it is the case we are outspent and outnumbered, but seldom the case we are outmatched.

It is the case at some point you will have a situation where no matter how many resources we are able to bring to bear on something, it is difficult to match up an institution that comes to court with armies and armies of lawyers and armies of people back at the firm better paying attention and providing support.

We have 2-3 guys that go to court.

That has been fine because we have the law on our side and have done a great job.

We have done a great job going up against people that are powerful no matter how connected and powerful they are intent to prevail.

At some point, if we are not able to hire and not able to replenish our budgets and not able to keep pace, you will not see the same level of result that we have seen so far, fortunately.

You do not have financial engineers, and that is what banks are so good at.

Should the markets be simplified?

Though the nature of business they are in, you cannot have his monkey business?

You had a lot of guests of the conference today, including mary jo white and others to figure out how to simplify markets.

The prosecutor's job is a very blunt one.

Looking at institutions and individuals and proves the on a reasonable doubt that people went way beyond the line and broke the law, then we prosecute and hopefully convict because that is the right thing to have happened.

Would it be the case that if things were simpler or more transparency, would it make our job easier?

Certainly, yes.

Would it be easier to follow the trails of money easier?

Fixturing -- figure out which transactions in an easier way.

It is a little bit out of my lane to talk about how financial institutions and markets should be simplified.

Do you think since the financial crisis of 2008 enough of the bad actors have been gone after?

I can tell you since the financial crisis, a lot of places have extended -- expanded a lot of resources in investigating and pursuing and a case that is able to be brought.

I understand there is frustration on the part of people about whether or not some people have been brought before the bar of the court.

I can share that frustration to.

I am a citizen of the country and i have a family and my family suffered also during the financial crisis like the families of those at my office and the staff and paralegals.

No one has a greater incentive to make sure everyone who is able to be brought to account is brought to account.

We are still working on things and have civil cases going on.

We established a civil fraud unit to go after the bad conduct that contributed to the financial crisis.

We have criminal investigation still ongoing.

We will bring the cases when they are available.

A mid-level guy at goldman sachs, and if you know the way things operate, he would never have the opportunity to be a decision-maker.

Are we going after the wrong people?

Should we say as an institution, there is serious wrongdoing?

I do not think is either or.

I think prosecutors need to look at the facts of the law and the evidence.

And when appropriate, to go after individuals.

They also should not have to be careful about going after institutions.

I think it is important a message cannot be sent to other institutions not to follow in the footsteps of the pervasively corrupt institution.

Sometimes you have to think about going after an institution as a whole.

We brought a number of civil suits against financial institutions and other financial organizations.

Sometimes it is criminal as evidenced by the case you mentioned at the beginning.

I do think it is the case that prosecutors all around the country should think of little bit more about institutions, not just individuals, because sometimes that is how justice is ultimately done.

When you do that, you have to think about whether or not you are overdoing it because people look back at the example of arthur andersen and some people think that lesson has been over learned.

It is possible it has been over learned and the pendulum can swing back and forth and can sometimes swing too far the other way.

I think you will see more of this, and you have seen some of it out of my office in recent times.

That we should think about entering a more serious era of institutional accountability not just individual is on stability.

The you think there are things that are institutionally corrupt?

I think in a lot of places, not just true of banks.

It can be true of legislatures as well.

You get parts of the institutions.

People are not really doing their job.

People are not paying attention to what is right and cute about coming up to the line.

That exist over the line.

Regulators get on them and people say there is a pile on when people say what is happening is they go where the smoke is.

That is where they see their

This text has been automatically generated. It may not be 100% accurate.


BTV Channel Finder


ZIP is required for U.S. locations

Bloomberg Television in   change