(Not) Prosecuting Wall Street

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60 Minutes did a show Sunday called “Prosecuting Wall Street” that’s quite good. It focuses on the frauds at Countrywide and Citibank and the complete lack of Department of Justice prosecutions that have come out of them. (Countrywide merged with Bank of America.)

The MF Global collapse is a more recent case of criminal misconduct, in my opinion. Let’s see whether the DOJ investigates and prosecutes. And almost as bad has been the behavior of the Chicago Mercantile Exchange (CME). It has broken its bond and promises with its customers in an incredible way that totally undermines the integrity of its futures markets.

2:35 pm on December 6, 2011