Wilmington Trust criminal trial closing arguments
Source: Philly.com News
Is it a crime — should bosses go to prison — when bankers wreck government-insured banks and impoverish their own shareholders by making lots of risky loans that don’t get paid back?
Or is banking failure, at worst, a question for the civil courts, settled (if at all) by using a slice of a bank’s remaining assets to pay partial damages to disappointed investors — who, after all, take a risk when they buy public companies?
One of the few federal criminal cases to arise out of the financial collapse of the late 2000s reached closing arguments in Wilmington on Monday, as Assistant U.S. Attorney Robert Kravetz spent more than four hours summarizing five weeks of testimony in the case against four top executives of the former Wilmington Trust Corp.
The government has not filed a case against the bank’s former chairman and chief executive officer, Ted T. Cecala. Prosecutors would say only that their investigation has not concluded, even as the main case reached trial.
Read more: http://www.philly.com/philly/blogs/inq-phillydeals/wilmington-trust-criminal-trial-closing-arguments-20180423.html?mobi=true
As the article concludes, it details the fact that Ted T. Decals was represented by Delaware's former federal prosecutor Colm F. Connolly (who Trump has nominated for federal judgeship).
Mr. Connolly has a history of keeping major executives from being 8nvestigated or prosecuted; one need only ask Mitt Romney or Goldman Sachs.
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See my letter to Senate in effort to block Colm Connolly
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