Judge Criticizes Government Over Barclays, But Approves Deal

A Federal Judge, Emmet G. Sullivan on Wednesday launched a vehement disapproval over the way Government has treated its major global banks that are facing accusation of breaching the U. S. laws.

He claimed that the administration has been very lenient towards them and allowed them to go easily without conducting any strict action against them.

The argument over the Barclays deal has witnessed Sullivan as the latest federal judge to stand against Obama administration, accusing it for offering a lenient behavior with the giant banks.

Sullivan has widely castigated the use of deferred prosecution agreements used to reconcile criminal accusation imposed against those who have openly breached tow trading acts namely-- Trading With the Enemy Act and the International Economic Powers Act.

However, as per the $298 settlement, the government will postpone prosecution of Barclays for a period of two years, but the charges imposed will be removed only if the bank is successful in fulfilling obligations, including training employees.

"This serious conduct has now resulted in a serious sanction -- forfeiture of $298 million, a public admission of its illegal acts, and the implementation of stringent compliance measures", Assistant Attorney General, Lanny A. Breuer was quoted as saying.