Community | December 28, 2010 | 4 comments

The year in Wall Street investigations

source: http://www.commondreams.org/headline/2010/12/28-1

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It's been over three years since credit markets started shaking with the early tremors of the subprime crisis, and two years since that spread into a marketwide collapse. Prosecutors, regulators, Congress and journalists have spent the year uncovering the financial shenanigans that brought the market to its knees. It's been marked by a few blockbuster settlements and more revealing investigations -- as well as by some noticeable inaction in the reckoning.

Despite revelations coming up and down the financial spectrum, there have been no major criminal charges and almost no civil charges against executives. And while the SEC and some government prosecutors have been active, federal bank regulators have so far been quiet.

This all comes as Congress passed the Dodd-Frank financial reform bill this summer, seeking to overhaul the oversight of everything from mortgage securities to how banks make bets with their own money. As regulators hammer out the rules of the reforms, the devil may lie in the hotly contested details.
  1. groups:
    Community,   News and Politics,   Politics,   Banking
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    Economy,  Obama,  Finance,  Crime,  9 more
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4 comments // The year in Wall Street investigations

  • Dejan_Croatia
  • oppressed1
  • FoosMaster
    • +2
      FoosMaster  

    • And the Republicans and Libertarians want LESS Regulation.
      Other countries have already put into place substantial regulations on the financial industry but the US is FAR behind. I fear that the US is going to have Another Major meltdown of the financial industry and this time we will be alone to deal with it. Other countries will use the collapse as a way to buy up Many US properties and businesses, (as if they have not already done so, China comes to mind), and we will ALL be in debt to other countries without ANY laws to protect the common US citizen.
      The FIRST thing that should have been done is to Break-up the Big Banks, (If the banks are “Too Big to fail”, then they are TOO BIG)!

    • 1 year ago
  • timetide
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