On Monday, a single, ringing court decision gave hope that Wall Street will finally be held to account for its role in causing the financial crisis. Federal District Court Judge Jed Rakoff’s opinion may soon force the SEC, the federal government’s investment regulator, to take big banks to court, rather than continuing to come to terms with them in out-of-court settlements. Millions of Americans are no doubt looking forward to the prospect that deep-pocketed bankers will soon be receiving their comeuppance in open court.
But it’s an entirely open question whether the decision will amount to anything more than a symbolic victory.
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