Bill Pascrell: “Now, these arrangements were so problematic that they prompted the Department of Justice--we have selective memory--to…”

“Now, these arrangements were so problematic that they prompted the Department of Justice--we have selective memory--to issue a new guidance limiting prosecutors' discretion in reaching such agreements, and the Judiciary Committee held an oversight hearing in 2009. When Democrats tried to highlight the issue of using a public office to funnel large legal fees to cronies who then turned around and bankrolled campaigns, those on the other side said they did not see it for what it was--crony capitalism. They have heard the term before. Rather, they bent over backward to praise Mr. Christie and accused Democrats of grasping for ways to embarrass a ``rising Republican star.'' Now that time has passed and a different administration is in charge, we are now hearing a different story, but very real issues with these practices still remain. I agree that we need reforms, my friend from Georgia. I agree. I hope that my colleagues will take a look at the deferred prosecution agreements reform legislation that I, Mr. Pallone, and Mr. Cohen have introduced. The issue here is not the government forcing companies to use deferred prosecution agreements to potentially divert funds away from helping victims when it comes to corporate malfeasance. The more egregious issue is that firms have avoided prosecution to begin with. The little guy gets it in the neck, and the banks and the corporations are never held accountable. The other side knows.…”