According to the New York Times:
The Federal Bureau of Investigation is struggling to find enough agents and resources to investigate criminal wrongdoing tied to the country’s economic crisis…Since 2004, F.B.I. officials have warned that mortgage fraud posed a looming threat, and the bureau has repeatedly asked the Bush administration for more money to replenish the ranks of agents handling nonterrorism investigations, according to records and interviews. But each year, the requests have been denied, with no new agents approved for financial crimes.
In the past, financial crimes have been perceived as vitimless crimes or crimes where those who suffered could well afford to take the hit. Witness the number of SFO cases that have failed and recent commentary suggesting the future of the SFO is under threat. I suspect that threat has receded sharply in the wake of recent events.
Even so, it is difficult to imagine from where the new class of investigators will be drawn. As I’ve said before, the skills necessary to understand, let alone unravel derivative transactions simply doesn’t exist among the ranks of audit staff.
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