Securities and Exchange Commission Chairman Mary Schapiro defended the Obama administration for not prosecuting Wall Street CEOs whose companies fed into the 2008 market collapse, saying the government can’t press charges against bankers when “we don’t think the law and the facts are on our side.” Schapiro said the strategy has been to settle potential cases with cash penalties, since a prosecution could drag on for years and exhaust her agency’s resources. More in Politico here.
