Wall Street firms dodge a bullet

The Washington Post reports that the Justice Department has decided it will not seek indictments against Wall Street firms, concentrating instead on individuals. So it seems unlikely that we'll see another Arthur Andersen, which was (in)famously dealt the corporate death sentence six years ago in the wake of the Enron scandal. But this certainly doesn't mean prosecutors are going easy. If anything, individuals ought to be more nervous. There will be more resources to take a look at such activity as false and misleading statements and insider dealing. The FBI has opened investigations at no fewer than 26 companies. You can bet that there will be some indictments. You can't have an implosion of this magnitude and not have indictments.

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