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Eric Holder Vows ‘Significant’ Financial Crisis Prosecutions Against Banks
Eric Holder Vows ‘Significant’ Financial Crisis Prosecutions Against Banks
Wall Street should brace for “significant” civil or criminal charges from the Department of Justice (DOJ), according to Attorney General Eric Holder. The promise comes amid intensifying criticism of the DOJ’s financial enforcement decisions.
In an interview with the Wall Street Journal on Tuesday, the nation’s top law enforcement official refused to give specifics about what sort of charges his department will be filing and would not discuss the number or type of cases he expects to pursue. He has announced that he will step down before the end of the year, meaning the charges could be one of his last major actions. “I expect to be here to announce a series of significant matters that we’ll be bringing,” Holder told the newspaper, and warned the finance world against “the belief that they are out of the woods because of the passage of time.”
Recent reports have suggested some government financial enforcers will fail to file significant charges in time to avoid the five-year statute of limitations for many financial misdeeds in the 2008 crisis. Holder himself has recently been shown to have greatly exaggerated his office’s prosecutorial achievements relating to mortgage market abuses.
Holder did not specify if the charges he expects to bring this fall will be civil or criminal. But if reports are correct, his Criminal Division is poised to get a new chief prosecutor, Leslie Caldwell, six months after the departure of longtime Wall Street defender Lanny Breuer. Whereas Breuer had spent his career working on behalf of the banks he declined to prosecute while heading the Criminal Division and returned to the Wall Street defense firm Covington & Burling after stepping down, Caldwell headed the government’s Enron Task Force from 2002 to 2004 and was a prosecutor specializing in white collar crime prior to that.
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Full article here: http://thinkprogress.org/economy/2013/08/21/2502501/eric-holder-vows-significant-financial-crisis-prosecutions-this-fall/
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