TD Bank, by pleading guilty to money laundering violations and facing an unprecedented $3 billion in fines, exemplifies the ongoing trend of lax accountability for banking executives, a pattern seen since the 2008 financial crisis.
As noted by Vanderbilt Law professor Yesha Yadav, 'It has been noted by commentators that bank executives have largely avoided jail time following the financial crisis, even where the bank faced significant criminal liability.' This exemplifies a systemic issue regarding the treatment of financial executives.
Garland emphasized an ongoing inquiry into TD Bank's practices, stating, 'We do expect to see more prosecutions,' which raises hopes for future accountability; however, without specifics, ambiguity surrounds which individuals may face charges.
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