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ProPublica – Where Are the Financial Crisis Prosecutions?

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Where Are the Financial Crisis Prosecutions?

by Jesse Eisinger

ProPublica, Dec. 8, 2010, 3 p.m.

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You may have noticed that prosecutors in this country are in something of a white-collar slump lately.

The stock options backdating prosecutions have largely been a bust, not because it wasn’t a true scandal. The Securities and Exchange Commission and the Justice Department investigated more than 100 companies. Over a hundred took accounting restatements. Yet only a handful of executives went to prison, with some high-profile cases fizzling out.

Prosecutors also stumbled in other high priority corporate fraud prosecutions, like the KPMG tax shelter and the stock-exchange specialists cases.

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