Financial Crisis Commission Finds Cause For Prosecution Of Wall Street

[ProSense]

Shahien Nasiripour

Financial Crisis Commission Finds Cause For Prosecution Of Wall Street

The bipartisan panel appointed by Congress to investigate the financial crisis has concluded that several financial industry figures appear to have broken the law and has referred multiple cases to state or federal authorities for potential prosecution, according to two sources directly involved in the deliberations.

The sources, who spoke on condition they not be named, declined to identify the people implicated or the names of their institutions. But they characterized the panel's decision to make referrals to prosecutors as a significant escalation in the government's response to the financial crisis. The panel plans to release its final report in Washington on Thursday morning.

In the three years since major lenders teetered on the brink of collapse, prompting huge taxpayer rescues and amplifying an already painful recession into the most punishing downturn since the Depression, public indignation has swelled while few people who played prominent roles in the crisis have faced legal consequences.

That may be about to change. According to the law that created the Financial Crisis Inquiry Commission, the panel has a responsibility to refer for prosecution any evidence of lawbreaking. The offices that have received the referrals -- the Justice Department, state attorneys general, and perhaps both -- must now determine whether to prosecute cases and, if so, whether to pursue criminal or civil charges.

more

[ProSense]

1. No comment?

Should be an interesting report.

[Diamonique]

2. I will definitely follow this story.

They need jail time... LOTS of it!

[snot]

3. And someone unrec'd this--sorry, can't resist mentioning; it's just too darn odd.

[hulka38]

4. Nudge me when somebody does something significant

about this epic crime.

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[PoliticAverse]

6. Wake me when there's been an arrest... n/t

[SpartanDem]

7. Now let's see whether they can build a case

[Jefferson23]

8. K&R ...here's hoping and looking forward to the final report this

Thursday.

[golfguru]

9. They are all friends of Geithner & Bernanke

Nobody is going to jail. Don't get your hopes up.

[vaberella]

10. Working associates makes them friends?! Wow...wow...n/t

[golfguru]

11. My best friends were usually those

with whom I spent 40+ hours per week for 50 weeks every year.
So yes, the people one gets to know the best and become friends
with are those with whom one spends the most time and makes a
living together.