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News Link • Crony Capitalism

Nothing SOx-y About SEC’s JP Morgan “Whale” Settlement by: Francine McKenna

Why are so few financial fraud cases brought, especially against individuals? George Packer interviewed the US Attorney for the Southern District of New York, Preet Bharara, in a New Yorker profile in June of 2011 and they discussed the obstacles to civil and criminal enforcement of fraud and securities laws since the 2008 financial crisis. Instead of Bharara using clear evidence of the short staffing and even shorter funds that have plagued the Justice Department since before the financial crisis, Bharara repeats the “it’s really hard” excuse.

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