Worth a re-read from 2017, cited in today’s @newyorktimes
This solicitous attitude toward corporations was part of a larger cultural shift in the business and legal world. Defending executives became an increasingly lucrative practice for elite law firms, which recruited star prosecutors from the Justice Department. Corporations accused of misconduct lawyered up, offering extensive internal investigations but erecting imposing defenses around individual executives. Banks cultivated plausible deniability, their internal oversight systems too feeble to pin responsibility on any individual; Goldman executives used the abbreviation LDL — “let’s discuss live” — to hide their traces.
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