U.S. Sets 50 Bank Probes

[cory777]

Source: WSJ

The Federal Deposit Insurance Corp. is conducting about 50 criminal investigations of former executives, directors and employees at U.S. banks that have failed since the start of the financial crisis.

The agency responsible for dealing with bank failures is stepping up its effort to punish alleged recklessness, fraud and other criminal behavior, as U.S. officials did in the wake of the savings-and-loan crisis a generation ago. More than 300 banks and savings institutions have failed since the start of 2008, but just a few have led to criminal charges being filed against bank officials.

In an interview, Fred W. Gibson, deputy inspector general at the FDIC, which works with the Federal Bureau of Investigation to investigate crime at financial institutions, said the probes involve failed banks of all sizes in cities across the U.S. The FDIC is also ramping up civil claims to recover money from former bankers at busted lenders. He declined to identify any of the people or banks under investigation.

"We anticipate results from our investigations, although we cannot predict when a particular case will reach a stage at which disclosure of specifics would be appropriate," Mr. Gibson said.

Read more: http://online.wsj.com/article/SB10001424052748703628204575619000289073686.html?mod=WSJ_hp_LEFTTopStories

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[aquart]

1. And here I am more interested in the ones that didn't fail.

[McCamy Taylor]

2. One down and 9 to go. Go executive branch!

http://journals.democraticunderground.com/McCamy%20Taylor/556

[Angry Dragon]

3. Just put all the bankers, wall street, hedge funds etc. in jail

Let then sit in jail until we sort it all out........................

[JackRiddler]

7. That's the counterterrorism policy, isn't it?

[Joanne98]

4. FDIC Conducting 50 Investigations at Failed Banks

Source: Reuters

(Reuters) - The Federal Deposit Insurance Corp (FDIC) is conducting about 50 criminal investigations at U.S. banks that have failed since the start of the financial crisis, the Wall Street Journal said.

The FDIC, which is responsible for dealing with bank failures, is probing former executives, directors and employees at failed U.S. banks and is taking efforts to punish alleged recklessness, fraud and other criminal behavior, the Journal said.

Fred Gibson, deputy inspector general at the FDIC, told the Journal in an interview that the probes involve failed banks of all sizes in cities across the U.S.



Read more: http://abcnews.go.com/Business/wireStory?id=12167983

[Maineman]

5. Good

I hope it is done seriously.

[dmosh42]

6. Probably a good stern note will be enough punishment! n/t