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Welcome to the concentrated boiling up of economic graph-o-rama absurdity and horror in number form. Every week, economic data pours in and some damning statistics go flying by with nary a nod.
Syracuse University, through their Transactional Records Access Clearinghouse, analyzed Justice department data. They found the number of prosecutions for financial fraud is dramatically down, 28.6%, from just five years ago.
Federal prosecutions for financial institution fraud have continued their downward slide despite the financial troubles reported in this sector. The latest available data from the Justice Department show that during the first eleven months of FY 2011 the government reported 1,251 new prosecutions were filed. If this activity continues at the same pace, the annual total of prosecutions will be 1,365 for this fiscal year, down 28.6 percent from their numbers of just five years ago and less than half the level prevalent a decade ago.
Think about it, this is the time of the housing bubble, mortgage fraud, bail outs and bank failures, yet actual criminal prosecutions of financial related crime dropped? Whose yer daddy now.
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