FCIC May Recommend Prosecutions

January 25th, 2011
in econ_news

perp walk.bmp Econintersect:  Nearly a year ago hedge fund manager Jim Chanos had a widely quoted interview with the New York Observer that included the question by the interviewer :  "Where are the perp walks."  The answer may be coming soon.  The Huffington Post reported today that the FCIC (Financial Crisis Inquiry Commission) has forwarded information to state and federal authorities for possible prosecution.

Follow up:

Details and specifics from those with knowledge in this matter say that FCIC security is tight and no details will likely leak before the FCIC report is released Janaury 27.  From The Huffington Post article by Shahien Nasiripour:

In the three years since major lenders teetered on the brink of collapse, prompting huge taxpayer rescues and amplifying an already painful recession into the most punishing downturn since the Depression, public indignation has swelled while few people who played prominent roles in the crisis have faced legal consequences.

That may be about to change. According to the law that created the Financial Crisis Inquiry Commission, the panel has a responsibility to refer for prosecution any evidence of lawbreaking. The offices that have received the referrals -- the Justice Department, state attorneys general, and perhaps both -- must now determine whether to prosecute cases and, if so, whether to pursue criminal or civil charges.

Though civil charges appear a more likely outcome should prosecution result, one source familiar with the panel's deliberations said criminal charges should not be ruled out.

Maybe the long awaited perp walks will be starting soon.

Sources: The New York Observer and The Huffington Post

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