Reply #1: Bingo. The LAST thing you'd want to do is let them know they might be prosecuted.

[The Velveteen Ocelot]

They still have a lot of influence, and they'd be stirring up the Republican base, putting pressure on people, and destroying any evidence they might not have already destroyed. It seems to me that the better strategy would be to let them think they are off the hook. In the meantime Obama can work on repairing the economy and building up political support, while any preliminary investigation is done completely under the radar. There will be a good time to come after these guys, but it will occur a bit down the road, I think.