Wednesday, January 25, 2012

Obama announces new financial crimes unit

From The Hill:
President Obama announced a new unit devoted to major financial crimes as he offered tough words for Wall Street during his State of the Union address.
The unit will be staffed by "highly trained investigators" and charged with tracking "large-scale fraud." Obama argued Tuesday night that financial firms currently have little to fear for violating the law, and pressed Congress to beef up penalties for financial wrongdoing.
. . . 
The president also announced that Attorney General Eric Holder has been charge with establishing a special team of federal prosecutors and state attorneys general devoted to investigating abusive mortgage lending and the packaging of risky mortgages that contributed to the financial crisis.
My two cents: what has taken them so long.  But of course one wonders if the Government itself will reform its responsiveness to whistleblower complaints.  It's no secret that the DoJ and other agencies (e.g., HHS-OIG, DCIS, etc.) are woefully understaffed. 

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