Elizabeth Warren says the SEC is failing its core mission by allowing Steven A. Cohen back into the hedge fund business just months after settling with the billionaire for failing to prevent insider trading at his firm.
In a memo to federal prosecutors, the department says it is putting a new emphasis on prosecuting individuals for corporate wrongdoing, instead of just the companies they work for.
Attorney General Eric Holder has instructed U.S. prosecutors to decide within 90 days whether any civil or criminal cases against individuals remain viable for crimes that contributed to the financial crisis.
The ratings giant's agreement with the Justice Department settles allegations that it knowingly understated the risk behind many of the financial instruments that caused the financial crisis.
In the five years since the crisis, government authorities have won nearly $83 billion in credit crisis and mortgage-related settlements from the nation's six largest banks -- while the banks have earned more than $320 billion in profits.
The nation's third largest bank will pay $7 billion to settle a federal investigation into whether it misled investors about the quality of mortgage-related securities that it sold in the run-up to the financial crisis.
Nearly six years since the peak of the financial crisis, U.S. prosecutors are still battling the impression that no single bank is too big to jail. But a pair of recent victories may help reverse that perception.
An SEC trial attorney used a recent retirement speech to criticize the agency for being too "tentative and fearful" in confronting Wall Street following the 2008 financial crisis.
An inspector general's report has called into question the Justice Department's stated commitment to holding people accountable for misconduct that precipitated the financial crisis.
For the first time, a major U.S. bank has been found liable for fraud in the sale of defective mortgages during the lead-up to the 2008 financial crisis.
