WELCOME Jill E Fisch Fordham University Law drill MODERATOR Hon.

WELCOME

Jill E Fisch

Fordham University Law drill

MODERATOR

Hon. John s Martin, Jr.

Debevoise & Plimpton LLP

PANELISTS

Richard C Breeden

Richard C Breeden & Co

Timothy Coleman

Senior opinion to Deputy Attorney General James Comey

Stephen M Cutler

Securities and Exchange Commission

Celeste Koeleveld

U Attorney's Office, Southern District of of the present day York

Richard H. Walker

Deutsche Bank AG

WELCOME

PROF FISCH: virtuous evening. My name is Jill Fisch.1 I am the Director of the Fordham Center for Corporate, Securities & Financial Law. forward behalf of the Center and the entire Law gymnasium community, I want to welcome you to tonight's program.

For a certain number of of you, this is the first time that you are attending a Corporate Center program. hindrance me take just a leash of minutes to tell you about the Corporate Center

John Feerick2 established the Center four years ago to be subservient to as a focal point for business-law issues at the Law drill Since that time, we have move a variety of programs, public facts policy roundtables, academic conferences, and student-oriented programs. The list of our ends is too extensive to secrete in full, but let me give you just a tie of highlights.

The Center innkeepers two annual public lectures, the A.A. Sommer Jr deliver a lecture to which is sponsored by the firm of Morgan Lewis & Bockius, and the Albert A. DeStefano censure sponsored by the firm of Becker Ros Stone DeStefano & Klein. Past Sommer lecturer have been an incredibly distinguished assign places to This past fall, Richard Ketchum Chief Regulatory Officer of the of the present day York Stock Exchange, delivered the Sommer Lecture3 The DeStefano scolding has been a variety of different deliver a lecture tos as well as some panel discussions, upon market regulation and the hereafter of the self-regulatory organizations. Just last week, this year's DeStefano lesson was delivered by New York State Attorney General Eliot Spitzer.4 I understand that Fordham made The Wall public way Journal as a result,5 which isn't a bad thing.

The Center has armed forceed a number of other programs. In January, we held a roundtable in succession mutual and hedge-fund regulation, which followed prior programs onward the evolving duty of upright faith in corporate directors and the part of lawyers as gatekeepers. nearest Fall we are scheduled to innkeeper an academic conference, the Eugene P and Delia s Murphy Conference on Corporate Law, which will be part of the Fordham Centennial Celebration.

We have introduced scholars to business-law issues through specialized business-law courses, many of which are taught on leaders in the field who, after hours, consign time to serving on our adjunct faculty. We also proffer students informal career guidance and insight into practice issues between the walls of our Business Law Practitioner Series. The Center boasts single of the first clinical programs in securities arbitration in the region and a specialized business-law journal, the Journal of Corporate and Financial Law. You have met a certain number of of our student editors who are here tonight.

The Corporate Center is l by dint of a distinguished Board of Advisors. sum of two units of the advisors have gone above and beyond the call of office in doing virtually all the work in putting together tonight's program. I want to publicly acknowledge and thank Pamela Chepiga6 and justice Loretta Preska7 for all their hard work.

I also want to thank Professors Beth Young8 and Caroline Gentile,9 who have also worked tremendously hard forward tonight's program.

Tonight's program is entitled "Bigger Carrots and Bigger Sticks: Issues and disentanglements in Corporate Sentencing."

The series of corporate scandals revealed athwart the past few years, coupl with a armed force of new regulations aimed at identifying, redressing, and preventing corporate misconduct,10 have dramatically increased the horizontal of enforcement attention directed to U companies. Prosecutors have fresh powers, both in their investigatory tools and in the protoplasts of sanctions they can seek11 At the same time, corporations have become more proactive in instituting internal masterys and initiating internal investigations of potential wrongdoing.

At times, the emphasis upon enforcement can create tension. Today's corporations face substantial crushing to report potential problems to regulators at an early stage. Regulators are increasingly demanding access to corporate information. Sentencing directions impose substantial penalties for corporate failure to cooperate with regulators.12 nevertheless concern about cooperation may impede corporate efforts to investigate and rejoin to potential wrongdoing, particularly if the price of cooperation is a compell waiver of the attorney-client privilege.

Increased remedial authority also raises issues about the greatest in number appropriate way to address corporate misconduct. Regulators are facing public demands that individual wrongdoers be held personally accountable. At the same time, wealth penalties are reaching unprecedented flats Sometimes the penalties seem disproportionate to the public harm, and more [i]or[/i] less have questioned whether corporate-level penalties, penalties that are typically borne through the issuer's current stockholders, are an appropriate answer to misconduct by corporate officials.