In Bribery Law, a New Tool to Scrutinize Wall Street
ByIf you want to succeed on Wall Street, you have to build relationships. So firms will do almost anything to please clients, catering to their wishes in the hope of winning the next underwriting assignment or new assets to manage.
Bank of New York Mellon has now learned that helping a client can get you tangled up in the Foreign Corrupt Practices Act as it settled charges that it gave something of value to keep a large investment with the bank. That law prohibits giving “anything of value” to a foreign official to obtain or retain business with a government entity.
The settlement shows Wall Street that its business practices are being put under the uncomfortable glare of the Securities and Exchange Commissionand the Justice Department, which are using the law aggressively to police practices that many might consider standard fare for financial firms trying to win business…
In Bribery Law, a New Tool to Scrutinize Wall Street
