File this one under:
How convenient for the wealthy class/banksters responsible for the Crash.
Time is running out for U.S. securities regulators to file civil charges for alleged wrongdoing during the financial crisis.
Federal laws under which the Securities and Exchange Commission usually goes after alleged fraud and other misdeeds have a five-year statute of limitations. The five-year limit is causing SEC officials to race to file lawsuits in some cases and ask lawyers representing the targets of certain investigations to give the agency more time, according to people close to the investigation.
The SEC intends to file charges against firms and people involved in the creation of a $1.6 billion mortgage-bond deal called Delphinus CDO 2007-1, people close to the investigation said. The collateralized debt obligation—which is a pool of subprime mortgages or other loans, slices of which are sold to investors—imploded within months.
Among those likely facing civil charges are Mizuho Financial Group Inc.
An SEC spokesman said the agency's crisis-related track record is "unmatched" by any other law-enforcement organization, citing charges against 104 firms and individuals, as well as financial sanctions of $2 billion.$2 Billion?? that's it? We lost Trillions in the Crash. $2 Billion is nothing to crow about.
Is there some reason(s) the SEC is turtle sloooooooooooow on actually enforcing the law?
and wow, impressive they are going after a Japanese company. that should be some comfort to Goldman Sachs and the rest.