“We have never hesitated to investigate and prosecute any individual, institution or organization that attempted to exploit our markets and take advantage of the American people,” Attorney General Eric H. Holder Jr. proclaimed this month when the Justice Department announced that Standard & Poor’s, the ratings agency, had agreed to pay $1.375 billion to settle civil charges that it inflated ratings on mortgage-backed securities at the heart of the financial crisis.
And this week, he pledged a renewed effort to bring cases against individuals responsible for financial fraud, calling on federal prosecutors to “try to develop cases against individuals and to report back in 90 days.”
Forgive me if I don’t hold my breath.
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