USA Today reports this morning that "Federal prosecution of serious financial crime plummeted as the nation headed toward one of the worst economic meltdowns in U.S. history." The story then goes on to note that, according to government records, between 2003 and 2009 "the number of federal corporate fraud cases plunged 55%; securities fraud charges dropped 17%; and bankruptcy fraud cases fell by 44%." This, of course, on the heels of prior reports that the SEC had investigated Bernie Madoff and instead of prosecuting him ended up inviting him in for tea and crumpets and a little consultation when he was in town. The mind boggles.
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