Via DealBook (H/T Sharesleuth).
The world was almost brought low by the American banking system, and we are supposed to think that no one did anything wrong?
The most common explanation from lawyers for this bizarre state of affairs is that it’s complicated to make criminal cases in corporate fraud. Getting a case that shows the wrongdoer acted with intent — and proving it to a jury — is difficult.
But, of course, Enron was complicated, too, and prosecutors got the big boys. Ken Lay was found guilty (he died before he served his time). Jeff Skilling is in prison, though the end result was bittersweet for prosecutors when much of his conviction was overturned by the Supreme Court. Bernie Ebbers of WorldCom and Dennis Kozlowski of Tyco are wearing stripes.
Sure, it takes time to investigate complicated cases. Many people think the S.E.C., at the least, will bring charges against top executives at Lehman Brothers. The huge, ground-breaking special examiner’s report on Lehman laid bare problems with its accounting. But that report came out in March — on a bank that blew up more than two years ago. That seems awfully slow.
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