The exodus of corporate prosecutors continues.
The Justice Department announced on Wednesday that Mythili Raman, an acting assistant attorney general overseeing some of the biggest investigations into Wall Street misdeeds, would soon depart the government. Ms. Raman spent the last year as acting head of the Justice Department’s criminal division, tasked with unearthing financial and other corporate frauds.
“From combating financial and health care fraud, to fighting foreign and domestic corruption, and safeguarding the American people from crime and drug-fueled violence, Mythili’s tenure as head of the criminal division has been defined by extraordinary achievements,†Attorney General Eric H. Holder Jr. said in a statement. He added that Ms. Raman “has done an exemplary job of leading the criminal division during a pivotal time.â€
Ms. Raman, whose departure will cap a nearly two-decade-long Justice Department career, is the latest high-ranking prosecutor to move on this year. Her departure coincides with the exit of Denis J. McInerney, one of Ms. Raman’s top deputies at the Justice Department’s criminal division.
It also comes on the heels of Charles Duross, the prosecutor who oversaw the Justice Department’s investigations into corporate bribery overseas, joining the law firm Morrison & Foerster. Two other tenured fraud prosecutors, Kathleen Hamann and Adam Safwat, also recently joined private firms.
Much of the turnover is natural, if not expected, and new blood is expected to fill the agency soon. Ms. Raman, whose last day will be March 21, agreed to fill the role on an interim basis only. She took over as assistant attorney general for the criminal division in March of last year, when Lanny Breuer left the role.
The White House’s pick for a permanent successor, Leslie Caldwell, is expected to receive the blessing of the Senate Judiciary Committee on Thursday. Other recruits might also join the agency in the coming months.
Even so, the recent departures raise questions about a potential leadership vacuum at a crucial time for the Justice Department’s financial fraud investigations. In the past, the agency has taken heat for not aggressively pursuing cases tied to the 2008 financial crisis.
But in one prominent case that has consumed the banking industry, the Justice Department and other federal authorities have taken aim at big banks suspected of manipulating the global interest rate benchmark for credit cards and other loans. UBS, Barclays and others have collectively paid billions of dollars in fines, while the Justice Department also took the rare step of extracting criminal guilty pleas from subsidiaries of some of the banks.
That investigation, focused on the London interbank offered rate, or Libor, laid the groundwork for another manipulation case that is expected to yield even larger penalties. The latest investigation - which is also being overseen by Ms. Raman â€" into potential manipulation of foreign currencies has already prompted banks to fire or suspend more than 20 traders.
Ms. Raman’s Justice Department tenure traces to 1996, when she joined as a trial attorney in the criminal division. A few years later, she left for the United States Attorney’s Office in Maryland, where she ultimately became appellate chief. She then returned to the criminal division amid the financial crisis, eventually becoming Mr. Breuer’s chief of staff and principal deputy.
“Mythili Raman is an extraordinary prosecutor and public servant, and the country is better and safer for her many years of service in the Department of Justice,†Mr. Breuer said on Wednesday, “She has a keen intellect, terrific judgment, and an unwavering commitment to the cause of justice.â€
