Justice tightens rules against white collar criminals

The Department of Justice has released a memo outlining a vigorous new commitment to combating white collar crime.

Implicitly conceding its image problem in its handling of financial crime, Deputy Attorney General Sally Yates outlined a set of seven new rules for federal prosecutors to adhere to, in her memo, "Individual Accountability For Corporate Wrongdoing." The memo was reported by the New York Times.

Yates affirmed that "fighting corporate fraud and other misconduct is a top priority" and "our nation's economy depends on effective enforcement of the civil and criminal laws that protect our financial system and, by extension, all our citizens."

Yates then shifted from the philosophical to the literal: "One of the most effective ways to combat corporate misconduct is by seeking accountability from the individuals who perpetrated the wrongdoing," a shock signal no doubt meant for bankers on Wall Street.

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