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U.S. Attorney General Eric Holder, on behalf of the Department of Justice, pledged to usher in a new era of accountability in big finance: "We will be relentless in our investigation of corporate and financial wrongdoing, and will not hesitate to bring charges, where appropriate, for criminal misconduct on the part of businesses and business executives."
Those "relentless" efforts are yielding fewer and fewer results. According to the Transactional Records Access Clearinghouse at Syracuse University, federal prosecutions for fraud in the financial sector are down to one-third of what they were a decade ago-even in the aftermath of one of the largest financial collapses in U.S. history.
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