Jul 12, 2012
Federal laws require the SEC to file official charges within five years of the alleged crimes due to a statute of limitations. Officials at SEC, according to the Wall Street Journal, are now scrambling to file lawsuits before the five-year time limit runs out.
In one example, experts believe that the SEC should file a civil lawsuit against bankers involved in the high profile 'Delphinus deal' no later than next Thursday. Delphinus, a $1.6 billion deal, was a subprime mortgage scam which collapsed within months during 2007 and was a major player in the widespread financial collapse.
A criminal investigation into that deal began months ago; however, prosecutors have yet to file charges.
The failure of the SEC to file charges and allow these crimes to go unchallenged "feeds the public sense of cynicism," Arthur Wilmarth, a law professor at George Washington University and consultant to the Financial Crisis Inquiry Commission, told the Journal.
An Unconstitutional Rampage
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
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Federal laws require the SEC to file official charges within five years of the alleged crimes due to a statute of limitations. Officials at SEC, according to the Wall Street Journal, are now scrambling to file lawsuits before the five-year time limit runs out.
In one example, experts believe that the SEC should file a civil lawsuit against bankers involved in the high profile 'Delphinus deal' no later than next Thursday. Delphinus, a $1.6 billion deal, was a subprime mortgage scam which collapsed within months during 2007 and was a major player in the widespread financial collapse.
A criminal investigation into that deal began months ago; however, prosecutors have yet to file charges.
The failure of the SEC to file charges and allow these crimes to go unchallenged "feeds the public sense of cynicism," Arthur Wilmarth, a law professor at George Washington University and consultant to the Financial Crisis Inquiry Commission, told the Journal.
Federal laws require the SEC to file official charges within five years of the alleged crimes due to a statute of limitations. Officials at SEC, according to the Wall Street Journal, are now scrambling to file lawsuits before the five-year time limit runs out.
In one example, experts believe that the SEC should file a civil lawsuit against bankers involved in the high profile 'Delphinus deal' no later than next Thursday. Delphinus, a $1.6 billion deal, was a subprime mortgage scam which collapsed within months during 2007 and was a major player in the widespread financial collapse.
A criminal investigation into that deal began months ago; however, prosecutors have yet to file charges.
The failure of the SEC to file charges and allow these crimes to go unchallenged "feeds the public sense of cynicism," Arthur Wilmarth, a law professor at George Washington University and consultant to the Financial Crisis Inquiry Commission, told the Journal.
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