Roasting the DOJ's Morgan Stanley Fraud Settlement - Bill Black

``Delery claims DOJ "will take appropriately aggressive action against financial institutions that knowingly engage" in fraud. A "financial institution," cannot "knowingly engage" in fraud except through vicarious liability for the actions of its officers. Delery is admitting that Morgan Stanley's officers "knowingly engage[d]" in fraud and became wealthy by doing so, but DOJ took no "action against" those officers, much less "aggressive" prosecutions.''