Next Administration Should Probe, Maybe Jail Wall Street Bankers

Massachusetts Senator Elizabeth Warren is marking the eighth anniversary of Lehman Brothers’ bankruptcy with a new push to investigate—and potentially jail—more than two dozen individuals and corporations who were referred to the Justice Department for possible criminal prosecution in 2011 by the Financial Crisis Inquiry Commission, a government-appointed group that investigated the roots of the 2008 financial crisis. None was ever prosecuted. The names of the referrals—including former Treasury Secretary Robert E. Rubin, who held a top job at Citigroup, and Citigroup’s former CEO, Charles Prince—became public earlier this year when the National Archives released new documents.
In a letter to the Justice Department’s inspector general, Warren calls the lack of prosecutions “outrageous and baffling” and asks the inspector general, Michael Horowitz, to investigate why no charges were brought. “[T]he DOJ record of action on these individuals, nearly six years after DOJ received the referrals, is abysmal,” she writes.