Obama Finale: Administration Assessed $20 Billion in Corporate Fines

Posted: February 28, 2017 by realjdobypr in News

The Obama administration assessed $20 billion in corporate fines and settlements in its final days, according to new data from the nonprofit group Good Jobs First in Washington, D.C.Between 2010 and 2016, the Obama administration racked up more than $320 billion in corporate fines and settlements, Good Jobs First reports.The dollar amounts recorded in the final year of Obama’s term will be more than anything previously posted, said Philip Mattera, the Good Jobs First research director.“The Obama approach has been to seek unprecedented levels of settlements compared to any previous administration,” Mattera told AMI Newswire.President Obama’s final offensive against corporations for financial, environmental, health and other alleged misconduct could mark the high point in terms of penalties levied, Mattera said. President Trump’s emphasis on deregulation may mean business misconduct will now be less of a priority, Mattera said.“We’re assuming that there are going to be fewer such cases, and we’re not going to see these types of settlements,” Mattera said.Recent cases tracked by Good Jobs First include payouts of $7.2 billion from Deutsche Bank, $5.3 billion from Credit Suisse and $4.3 billion from Volkswagen.The level of corporate wrongdoing suggested by the recent settlements and fines should give pause to advocates of deregulation, said Mattera. But other analysts express concerns about how the payouts affect overall economic activity and whether they truly reflect willful, onerous corporate behavior.

Source: Obama Finale: Administration Assessed $20 Billion in Corporate Fines

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