Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
FBI Warns Sequestration Will Hamper All Their Hard-Hitting Wall Street Investigations
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
http://www.huffingtonpost.com/2013/03/04/fbi-sequestration-wall-street_n_2807338.html
FBI Warns Sequestration Will Hamper All Their Hard-Hitting Wall Street Investigations
WASHINGTON -- More than four years after the financial crisis, not a single Wall Street executive has been jailed for playing a role in the creation of the toxic financial products that fueled the real-estate bubble, which were in some cases designed simply to fail.
That track record may make it difficult for the Department of Justice to earn the sympathy of the public as it warns that spending cuts will hamper its ability to investigate Wall Street fraud. The Federal Bureau of Investigations told lawmakers in a recent letter that across-the-board cuts resulting from sequestration "will cause current financial crimes investigations to slow as workload is spread among a reduced workforce. In some instances, such delays could affect the timely interviews of witnesses and collection of evidence."
(snip)
Former Rep. Brad Miller (D-N.C.), a Wall Street critic who was considered to lead that unit before being passed over, was unpersuaded by the DOJ complaint. "Are they worried that because of sequestration the FBI will interview critical witnesses three years after the statute of limitations has expired instead of just one year? Financial fraud investigations were already under a 'do not resuscitate' order and unresponsive to deep stimulation," Miller told HuffPost. "It's hard for me to worry that DOJ will now be less 'aggressive.'"
WASHINGTON -- More than four years after the financial crisis, not a single Wall Street executive has been jailed for playing a role in the creation of the toxic financial products that fueled the real-estate bubble, which were in some cases designed simply to fail.
That track record may make it difficult for the Department of Justice to earn the sympathy of the public as it warns that spending cuts will hamper its ability to investigate Wall Street fraud. The Federal Bureau of Investigations told lawmakers in a recent letter that across-the-board cuts resulting from sequestration "will cause current financial crimes investigations to slow as workload is spread among a reduced workforce. In some instances, such delays could affect the timely interviews of witnesses and collection of evidence."
(snip)
Former Rep. Brad Miller (D-N.C.), a Wall Street critic who was considered to lead that unit before being passed over, was unpersuaded by the DOJ complaint. "Are they worried that because of sequestration the FBI will interview critical witnesses three years after the statute of limitations has expired instead of just one year? Financial fraud investigations were already under a 'do not resuscitate' order and unresponsive to deep stimulation," Miller told HuffPost. "It's hard for me to worry that DOJ will now be less 'aggressive.'"
5 replies
= new reply since forum marked as read
= new reply since forum marked as read
