Administration to announce financial fraud task force
By Zachary Goldfarb
The Obama administration is set to announce a new task force on Tuesday of the nation's top regulatory officials to investigate financial fraud.
Top officials including Treasury Secretary Timothy F. Geithner and Attorney General Eric Holder Jr. are holding a press conference to announce the task force, which will investigate wrongdoing linked to the financial crisis, today at noon.
The government has been trying to rebuild its investigative abilities in the financial area after many years of atrophy. Numerous probes are under way into potential illegal activity that contributed to the financial crisis, but major cases have been rare and federal authorities were dealt a blow last week when a jury acquitted two Bear Stearns hedge fund managers of violating securities laws in one of the most prominent federal cases linked to the crisis.
The Securities and Exchange Commission has not kept pace with the growth of the financial markets, and only recently have the Department of Justice and FBI begun reassigning investigators back to the financial crime arena, after years when resources were focused on counterterrorism initiatives.
Web Politics Editor
November 17, 2009; 11:18 AM ET
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