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Fri Apr 13, 2012, 03:08 PM

U.S. tests rare legal path in financial crisis cases

Source: Reuters

U.S. tests rare legal path in financial crisis cases

By Aruna Viswanatha

WASHINGTON | Fri Apr 13, 2012 9:45am EDT

(Reuters) - An Obama administration task force established to investigate misconduct that fueled the financial crisis is turning to a little-used statute that may make such cases easier to bring, according to people familiar with the matter.

The federal statute, FIRREA, was passed in the wake of the savings-and-loan scandals in the 1980s. It requires a lower burden of proof than criminal charges, has a longer statute of limitations than other financial laws and potentially could bring big fines.

But it has appeared in only a few dozen cases since it was enacted in 1989.

The task force, which is in the Justice Department, used FIRREA earlier this year when it issued more than a dozen civil subpoenas to top financial institutions, including Citigroup, the people familiar with the matter said.

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Read more: http://www.reuters.com/article/2012/04/13/us-doj-firrea-idUSBRE83B1MR20120413

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Reply U.S. tests rare legal path in financial crisis cases (Original post)
Eugene Apr 2012 OP
1StrongBlackMan Apr 2012 #1

Response to Eugene (Original post)

Fri Apr 13, 2012, 03:52 PM

1. Quick ...


Banksters ... purchase more congress critters to repeal FIRREA!

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