Enforcement Priorities in the Wake of the Financial Crisis: Insights From Acting U.S. Attorney Terrence Berg
In the wake of the U.S. credit-market meltdown and the resulting financial crisis, public outcry to punish those responsible has intensified. From cable news networks publicly naming the “Top 10 Culprits of the Collapse” to the anger of everyday investors and taxpayers, a boiling point has been reached, and experts predict a surge of indictments in response.
Even before the unprecedented $700 billion government bailout, the U.S. Department of Justice and U.S. Attorneys Offices around the country had already ramped up their enforcement efforts. The Director of the FBI recently informed Congress that 24 large financial firms are under investigation, including AIG, Bear Sterns, Fannie Mae, Freddie Mac, and Lehman Brothers. These investigations are probing such issues as insider trading, misrepresentation of asset values and financial statement treatment of assets, disclosures by mortgage lenders, and more. While many of these large investigations are centered in New York, similar and related issues involving regional financial institutions, brokers, real estate agents, and buyers are being pursued in districts across the country, including Eastern Michigan.
During this Foley Executive Briefing Series program Terrence Berg, Acting U.S. Attorney for the Eastern District of Michigan, discussed his office’s enforcement priorities in the wake of the financial crisis, including the district’s mortgage fraud initiative. Joining Mr. Berg were Foley attorneys Daniel S. Reinberg, Scott T. Seabolt and Brandi Walkowiak who offered an overview of the investigative process and compliance implications for businesses within the financial industry.
For more information, please contact Kristen La Buda at 312.832.4725 or [email protected].
Enforcement Priorities in the Wake of the Financial Crisis: Insights From Acting U.S. Attorney Terrence Berg is part of the Foley Executive Briefing Series. Learn more about upcoming programs in the series at Foley.com/FEBS.