In Financial Crisis, No Prosecutions of Top Figures

It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted?

Brendan McDermid/Reuters

In late 2010, then-Attorney General Andrew Cuomo sued the accounting firm Ernst & Young, accusing it of helping Lehman Brothers “engage in massive accounting fraud.”

Andrew Harrer/Bloomberg News

William Black, an official in the S.& L. cleanup, said this crisis’s investigation was less robust.

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Answering such a question — the equivalent of determining why a dog did not bark — is anything but simple. But a private meeting in mid-October 2008 between Timothy F. Geithner, then-president of the Federal Reserve Bank of New York, and Andrew M. Cuomo, New York’s attorney general at the time, illustrates the complexities of pursuing legal cases in a time of panic.  Read More.

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