Cash crunch could result in more corruption cases
“We’ve seen the high-water mark for [Foreign Corrupt Practices Act] cases,” said Steven Tyrrell, chief of the Justice Department’s fraud section, speaking at a Securities Industry and Financial Markets Association conference today. “[But] I believe we have yet to reach the crest of the wave.”
While the current credit crisis, and the lawsuits and prosecutions related to it, may produce a crop of additional FCPA cases, Mr. Tyrrell noted the recent boom of sovereign wealth funds is an area of particular interest to the Justice Department, though it has not yet garnered any definitive cases.
Desperate men will do desperate things.