Monday, January 24, 2011

Report: Financial Crisis Inquiry Commission has referred multiple cases for possible prosecution

by Bill McBride on 1/24/2011 08:42:00 PM

Note: The Financial Crisis Inquiry Commission will release its report on the causes of the financial and economic crisis on Thursday, January 27, 2011, in Washington, D.C. at 10 AM ET.

From Shahien Nasiripour at the HuffPo: Financial Crisis Commission Finds Cause For Prosecution Of Wall Street

The bipartisan panel appointed by Congress to investigate the financial crisis has concluded that several financial industry figures appear to have broken the law and has referred multiple cases to state or federal authorities for potential prosecution ...

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.

The commission's decision to refer conduct for prosecution underscores the severity of the activities it has uncovered and plans to detail in its widely anticipated final report, the sources said.
I haven't had high expectations for this commission - we already know the dissenting reports are a joke - but I'll still read the report on Thursday.