The Art of Tetman Callis

“If federal agents burst into a hotel room and find a kilo of heroin piled in the middle of a table, everybody sitting at that table is going to jail. It isn’t open to any of them to say it had never occurred to them that this activity was illegal, or that their accountants and lawyers had reviewed the heroin and concluded it was lawful and appropriate under governing rules and regulations. Nope. Everybody is going to jail. In a corporate fraud case, the challenge was reversed. At the end of the day, the government would understand the transaction completely. We would know who was sitting at the table and exactly what the deal was. But everybody at the table would say they had absolutely no idea this complicated, mortgage-backed, reverse-repo, foreign-exchange-swap transaction was illegal.” – James Comey, A Higher Loyalty