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Saturday, February 05, 2011

Wall Street Slow To Develop Despite Cries For Justice - Full News

NEW YORK -- After the last major banking crisis, some two decades ago, roughly 3,800 bankers were prosecuted and sentenced to prison terms, by the Justice Department's count.

The politically divided Financial Crisis Inquiry Commission is likely to detail the referrals on Thursday in releasing its final report, based on testimony from more than 700 people in coast-to-coast hearings and a review of millions of pages of documents.

"There are some who, despite this track record, have expressed disappointment that we have not yet criminally prosecuted the leading financial institutions or their principals for conduct that may have helped lead to the financial crisis," Breuer said Nov. 4 in New York. "Though I can certainly understand the impulse and desire to hold someone accountable, I also want to stress an equally important principle - that we can, and will, only bring charges when the facts and the law convince us that we can prove a crime beyond a reasonable doubt."

However, The New York Times reported late Tuesday that it had obtained a copy of the 576-page report, which it said concluded that the financial disaster was "avoidable" and laid blame on a range of factors from federal regulatory failures to shoddy mortgage lending and reckless risk-taking.

Commission spokesman Tucker Warren said the report will be released Thursday and declined to comment further.

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