Legal News

Obama Administration Regains Conscience over Financial Frauds Leading to Recession
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

After dragging its feet for years on probes over financial misconduct leading to the horrible recession, election year has reawakened the conscience of the Obama administration to the plight of the public. Of a sudden, the federal government has decided to add five financial analysts and 10 new federal prosecutors across the country to probe into the allegations of financial misconduct that precipitated the U.S. recession.

Critics are calling it a publicity gimmick, or just another way to jeopardize chosen targets with cases prior to November elections, since, for so long, the U.S. Justice Department has brought few cases against high profile targets.

In fact, the department had closed all criminal investigations without bringing charges against firms closely linked with the 2008 crash, including firms like Countrywide and AIG.

  
What
Where


After the Justice Department lost its case against two former Bear Stearns hedge fund managers in 2009, pursuing complaints against individual Wall Street players and prosecution was stopped. Enforcement authorities preached the virtue of patience explaining that most behavior that looked bad doesn’t always mean fraud.

The task force created by Barrack Obama in January has raised itself from slumber and expected to remain active until November. In January, while launching the task force to look into financial misdeeds, the president had said the force would “help turn the page on an era of recklessness that hurt so many Americans.” After that everyone went happily to sleep to wake up now ahead of the elections.

According to the job advertisements, the department is looking for attorneys to help investigate “and pursue those responsible for misconduct in the packaging, selling, and valuing of residential mortgage-backed securities and similar financial instruments.” The department is also looking for someone who can “handle matters in court persuasively on behalf of the United States.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Sources report that the task force is trying to use a federal statute called the FIRREA, which might make the prosecution of relevant cases easier.

Well, better late than never.





 

RELEVANT JOBS

Senior Counsel

USA-TX-Dallas

Senior Counsel    About Us The Buried Alive Project is a non-profit criminal just...

Apply now

Associate Aviation Attorney

USA-TN-Nashville

Qualifications Private Pilot Certification (Required) Full Job Descr...

Apply now

Legal Assistant

USA-NV-Reno

Description      An AV-rated Civil Litigation Firm, specializing in real property,...

Apply now

Associate Attorney- Litigation

USA-MT-Missoula

About the Job: Established AV-rated Missoula law firm is seeking an articulate and ambitious asso...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Junior to Mid-level Cybersecurity, Privacy and Technology Associate Attorney

USA-NY-Garden City

Garden City office of a BCG Attorney Search Top Ranked Law Firm seeks a junior to mid-level cybersec...

Apply Now

Patent Prosecution Attorney

USA-WI-Milwaukee

Milwaukee office of a BCG Attorney Search Top Ranked Law Firm seeks patent prosecution attorney with...

Apply Now

Junior/Mid-level Trust and Estate Litigation Associate Attorney

USA-CA-San Diego

San Diego office of a BCG Attorney Search Top Ranked Law Firm seeks junior/mid-level trust and estat...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top