U.S. identifying individuals to prosecute for role in mortgage crisis

[mfcorey1]

WASHINGTON (Reuters) - Attorney General Eric Holder said on Tuesday that he has given U.S. Attorneys a 90-day deadline to evaluate whether they can bring cases against any individuals for their role in the 2008 financial crisis.

Federal prosecutors who previously brought charges against institutions for inappropriately marketing residential mortgage-backed securities will investigate individual employees for potential criminal or civil charges, Holder said in a public appearance at the National Press Club on Tuesday.

Holder said he asked the prosecutors to report back to him in 90 days "over whether they think they are going to successfully bring criminal or civil cases against those individuals."

http://www.msn.com/en-us/news/us/us-identifying-individuals-to-prosecute-for-role-in-mortgage-crisis/ar-BBhGpy7

[Octafish]

1. It would be great, if everything were to work out.

Because Holder is expected to leave office soon, he said that the decision to prosecute would ultimately be up to Loretta Lynch, the administration's nominee to replace him if and when she is confirmed by the Senate.

But, then, there's that six years of foaming the runway for the banks.

[rhett o rick]

2. What? Now? Why not 6 years ago? This smells to high heaven (if I believed in heaven). nm

[gladium et scutum]

3. Spot on

This should have started 6 years back. Some of those people should have already serve 5 years on their 20 year sentences.

[joshcryer]

9. It took five years to prosecute Ken Lay.

They'd be going to trial around now, maybe signing plea deals.

[bvar22]

4. Now?

NOW he decides that there are criminals on Wall Street who should be prosecuted???????



He is leaving office, and this smells like legacy protection.
"Well I TRIED!!

Wall Street will get away with massive wave of criminality of 2008 - Statute of Limitations
In a setback for the government’s ability to prosecute crimes tied to the 2008 financial crisis, the Supreme Court ruled Wednesday that the Securities and Exchange Commission can’t extend the time limit for seeking penalties in civil fraud cases.

The unanimous decision largely ensures no new civil fraud charges will come out of the crisis, now that five-year statute of limitations for such cases has nearly expired.

http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/supreme-court-ruling-a-blow-for-future-financial-crisis-cases/

[joshcryer]

8. If it was so "easy" to prosecute, wouldn't 90 days be enough time?

[bvar22]

10. I don't believe anyone said it would be "easy".

You used quotation marks on "easy".
Can you post the source for your quote?
The word does not appear in MY post.


Building Strawmen again?
You have been here long enough to know better.

[joshcryer]

12. I was told that a few days ago that it was.

Not sure if the word "easy" was used. I'll find the post when I get off my phone. I've been saying it was going to be difficult for years, it is nice to finally see people admit reality.

Would it be that Obama got the ball rolling sooner, but at least the policy will be in place.

[bigwillq]

5. Better late than never?

Interesting to see what becomes of this.

[winter is coming]

6. 90 days, huh? I guess the whitewash is on backorder. n/t

[joshcryer]

7. Haha! I hear every day here how they should be prosecuted!

Now it's too late???

You people crack me up.

Seriously.

[DisgustipatedinCA]

11. You people? Thanks for the re-confirmation. nt

[joshcryer]

13. ???

[Duppers]

16. my thoughts too.

[Hekate]

18. GMTA

[Takket]

14. i'm not holding my breath

[joshcryer]

15. Ian McCarthy, Jimmy Cayne and Angelo Mozilo can probably be prosecuted.

Add Kathleen Corbet to that list, too. There are still many others, but prosecution would be very difficult if not impossible. David Lereah, Dick Fuld, Joe Cassano.

The biggest hit would be Chris Cox, former SEC chair. That'd rustle some feathers.

Ian McCarthy is at the top of the list and I'd be surprised if at least one name wasn't mentioned in the 90 day report. Whether they expend the effort to spend $100 million and nearly a decade getting the conviction, however, is anyones guess.

[Hekate]

17. Looks to me like Holder is going to go right on working while Loretta Lynch's nomination...

....is languishing. The man's got a job to do, and it looks like some of those white collar criminals will be looking at prison terms.

It also is just one more confirmation that Obama's last two years in office have more in store than we thought the morning after the midterms. Where's that gif of Obama showing that he has No More Fucks to Give?

[joshcryer]

19. Holder has done a decent job.

I don't agree with everything he's done (or "not done&quot but at least he's getting stuff done. There are still 4 years to prosecute the worst offenders if I recall correctly. Even if Holder provides a list of "potential names" that's an excellent job. It hands the duty to prosecute off to the next administration if it doesn't happen under Loretta Lynch.

Frankly, I think she'll pull the trigger on at least one of them. People will of course find fault with that, why not prosecute every single one responsible, but the prosecution is a decade long $100 million dollar affair.

And no one will give a shit 5-10 years from now when it's "settled." It'd be a byline in a newspaper when it should be front page news...