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U.S. Faulted on Failing to Catch Credit-Crunch Bandits'
Key Excerpts from Article on Website of Bloomberg/Businessweek
Posted: May 31st, 2011
http://news.businessweek.com/article.asp?documentKey=1376-LK...
In November 2009, Attorney General Eric Holder vowed before television cameras to prosecute those responsible for the market collapse a year earlier, saying the U.S. would be relentless in pursuing corporate criminals. In the 18 months since, no senior Wall Street executive has been criminally charged. Prosecutions of three categories of crime that could be linked to the causes of the crisis -- corporate, securities and bank fraud -- declined last fiscal year by 39 percent from 2003, the period after the accounting scandals at Enron Corp. and WorldCom Inc., Justice Department records show. You need a massive prosecutorial effort, said Solomon Wisenberg, a white-collar defense attorney at Barnes & Thornburg LLP in Washington and a former federal prosecutor. I don't see evidence that it's happening." The seizing up of credit markets led to the collapse of Bear Stearns and Lehman Brothers Holdings Inc. and sparked the worst economic slump in the U.S. since the Great Depression. Much of the blame belongs to banks that profited from selling products that imploded with the housing market.
Note: For undeniable evidence of fraud at the highest levels of Wall Street, click here.
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