Some Wall St. Execs May Be Referred for Prosecution for Roles in Financial Crisis
January 25, 2011
(ChattahBox U.S. News)—The Financial Crisis Inquire Commission, a bipartisan panel charged with investigating the financial crisis, has referred several people to authorities for potential prosecution for their roles in the financial meltdown, the Huffington Post reports. Sources indicate that the commission’s final report will be released on Thursday, but don’t indicate which figures or firms will be implicated.
The ten-member panel initially aimed to focus on the root causes of the crisis and noted when the commission was formed in 2009 that it had no intention of prosecuting those they were investigating, but that appears to have changed, the Huffington Post notes. The commission legally has a responsibility to refer any evidence of illegal activity to the Justice department, state offices, or both, and those entities will decide whether to file criminal or civil charges.
Over the past year, the commission has interviewed over 700 witnesses and reviewed millions of pages in documents related to the financial crisis, determined to find out how dubious mortgage applications were approved and sold, the Huffington Post reports.