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Vance the Philanthropist

Cy Vance is not only New York’s top prosecutor; he’s also quietly become the city’s biggest philanthropist. That’s thanks to the massive $800 million in forfeiture funds that his office has collected from corporate wrongdoers, mostly banks found to have violated U.S. sanctions. The forfeiture deals are controversial: corporate investigation targets are allowed to avoid prosecution by paying hefty fines, a deal out of reach for lesser defendants. Vance critic James Yates, a former state supreme court judge and legislative counsel, calls the deals “little more than outright bribery.” They’re controversial as well since the D.A. gets to decide how the funds are spent with little public scrutiny. “Given that these are essentially public dollars, more transparency and accountability is warranted,” the city’s Independent Budget Office said in