Nothing gets prosecutors worked up quite like financial scandals. So far, we've seen sporadic action only--notably charges against two Bear Stearns hedge fund executives for misleading investors. A big Enron-like enforcement action has yet to be filed. But Lehman Brothers may be a good bet. Bloomberg reports that the bankrupt firm is the target of three grand jury investigations, and has received at least 12 subpoenas. It's unclear what prosecutors are thinking. Would they try to nail some executives for misleading the public? You can imagine the defense: hey, what we reported was true, but short sellers didn't believe us. They tanked out the company. You can bet that prosecutors are going over every email sent by every executive. There's also a massive amount of private suits underway, which may bubble up some interesting accusations.

For more:
- here's the Bloomberg article 
- The New York Post says CEO Richard Fuld has been subpoenaed. Article

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