The Chickenshit Club

Why the Justice Department Fails to Prosecute ExecutivesWhite Collar Criminals

By: Jesse Eisinger

Narrated by: Jonathan Todd Ross

Winner of the 2018 Excellence in Financial Journalism Award

From Pulitzer Prize–winning journalist Jesse Eisinger, “a fast moving, fly-on-the-wall, disheartening look at the deterioration of the Justice Department and the Securities and Exchange Commission…It is a book of superheroes” (San Francisco Review of Books).

Why were no bankers put in prison after the financial crisis of 2008? Why do CEOs seem to commit wrongdoing with impunity? The problem goes beyond banks deemed “Too Big to Fail” to almost every large corporation in America—to pharmaceutical companies and auto manufacturers and beyond. The Chickenshit Club—an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs—explains why in “an absorbing financial history, a monumental work of journalism…a first-rate study of the federal bureaucracy” (Bloomberg Businessweek).

Jesse Eisinger begins the story in the 1970s, when the government pioneered the notion that top corporate executives, not just seedy crooks, could commit heinous crimes and go to prison. He brings us to trading desks on Wall Street, to corporate boardrooms and the offices of prosecutors and FBI agents. These revealing looks provide context for the evolution of the Justice Department’s approach to pursuing corporate criminals through the early 2000s and into the Justice Department of today, including the prosecutorial fiascos, corporate lobbying, trial losses, and culture shifts that have stripped the government of the will and ability to prosecute top corporate executives.

“Brave and elegant…a fearless reporter…Eisinger’s important and profound book takes no prisoners” (The Washington Post). Exposing one of the most important scandals of our time, The Chickenshit Club provides a clear, detailed explanation as to how our Justice Department has come to avoid, bungle, and mismanage the fight to bring these alleged criminals to justice. “This book is a wakeup call…a chilling read, and a needed one” (NPR.org).

Nice attempt to tell complicated legal challenges

Very intricate, and intertwined. Like a legal version of Catch-22. Goes back and forth in time, and explores the developments in the Justice Department, Southern District of New York, the courts, and the SEC.

Get ready to become really pissed off

I dare anyone to read this book and come out of it thinking our criminal justice system isn't full of shit. A truly infuriating read.

Great listen for attorneys in white collar crime

I thoroughly enjoyed this book but I think it would be boring for someone who was not already somewhat familiar with the subject matter. This is a detailed report on the AUSA and SEC investigation and prosecutions of white collar criminals and the key players in that arena for the last 50 or so years. I found the story fascinating and engaging, because I work in this area of the legal profession and I was close to many of the events covered in the book, but I don't think my non-lawyer family and friends would enjoy it. I also disagreed with some of the author's opinions and conclusions, but that doesn't matter - the book was extremely well researched and well written. The story proceeds at a fast pace and includes dozens of interesting characters from white collar criminals to prominent prosecutors and defense attorneys. It's a great read for people in the legal profession.

Makes Perfect Sense to Me

The book asks one question: why won't anyone in the Department of Justice go after the dirty so-and-sos who destroy companies and harm the public for their personal gain? My background in ethology tells me that as primates, we do not like to challenge authorities. The higher on the food chain, the less prone a person should be to prosecution.

This book looks at how such a power structure gets enforced. It looks at how CEOs and owners have used their positions within corporations to influence and rewrite the laws so that they now protect the corporations and their executives from their victims rather than protecting the people from power grabs and greed. It explores the systematic and brutal treatment of members of task forces who have tried to prosecute the most egregious cases and the appointment of judges who favour the companies.

Thank you, Mr. Eisinger, for putting these pieces together so that even someone like me, who is unskilled in economics and the law, can understand this history of the dismantling of our protections and the transfer of power to an ever-shrinking oligarchy.

Very thorough

Would you say that listening to this book was time well-spent? Why or why not?

On the fence on this one. It had some interesting pieces, but it was like auditing a law school course.

What was the most interesting aspect of this story? The least interesting?

Paul Pelletier and Jed Rakoff were the heros. Interesting characters.

Do you think The Chickenshit Club needs a follow-up book? Why or why not?

It needs an abridged version. Way too long.