Dwight Corcoran

Dwight Corcoran is the chairman of the Bank of the Five Boroughs and Adam Schiff's friend for 40 years after law school.

Background

Dwight began his political career together with Adam Schiff and Schiff eventually ran his campaign for Governor and successfully got Corcoran elected. After Corcoran served four years as governor, Schiff left to run for DA and Corcoran lost the position in the next election. In the 50's he left politics behind to go into the banking industry. In the early 70's he served as the head of Tyler & Jones' international department and as the chairman of the Bank of Five Boroughs. While working there, Corcoran met Marshall McFadden, their biggest client and formed a plan with him to make bad loans to companies acquired by McFadden and Corcoran would collect the profits from writing off these loans. To facilitate this McFadden set up the Ann McFadden Cancer Foundation to launder the profits and Corcoran was named the trustee of the foundation.

McFadden acquired a company called Evans & Black, which hadn't shown a profit in ten years, and starting setting the company up to fall. McFadden had the president of the Union, Edward Palmieri, roll back the salaries of the employees to Corcoran's bank. McFadden then took their health care, pension plans and housing developments and invested them all in junk bonds to bankrupt the company. When one of the employees, Simon Vilanis, reported this, the Justice Department started an investigation. Corcoran got a tip - that McFadden was being indicted for eight counts of bank fraud - from Kevin Morehead, whose father was Corcoran's law partner in the 50s. To cover his tracks Corcoran has the lead prosecutor, William Cousins, fired and planned to have McFadden killed before the indictment comes down. To this end he bribed Edward with $100,000 from the Ann McFadden Cancer Foundation to have McFadden killed. Eddie then had his cousin, Joey Palmieri, break into Vilanis' apartment to steal his gun in preparation to frame him for the crime.

The Working Stiff

Joey used Vilanis' gun to shot McFadden once in the back of the head in his office. When the police started investigating the murder, Schiff invited him to lunch and they reminisce on the early days of Corcoran's career and his shift into banking. Corcoran tells Schiff the banking industry are the generals of industry and he is an officer in name only. Schiff asks him if there is anything he needs to know about his bank and Corcoran says if there was, he'd be the first to know. When Corcoran's involvement in ordering the hit is discovered, the DA's office accepts plea deals from Joey and Edward to testify against Corcoran. After Corcoran is convicted, Schiff helps him avoid the press and Corcoran tries to use their friendship to let him off the hook, but Schiff rebukes him and Corcoran is imprisoned for murder-for-hire.