There could be a mole in Wall Street’s midst…
The SEC and other federal agencies have been running into some trouble putting together cases against Wall Street investment banks over their roles in the housing bubble and subsequent crisis in 2008.
Former White House bailout chief Neil Barofsky opined that the SEC’s recent failure to bring charges against Goldman Sachs was “a stark reminder that no individual or institution has been held meaningfully accountable for their role in the financial crisis.”
The Consumer Financial Protection Bureau – which was just formed last summer – is looking to change all of that by switching up its approach to handling cases against banks and other financial institutions like credit card companies.
The agency is looking to hire “private investigators,” according to the Washington Times (emphasis added):
“As needed,” one recent recruitment ad stated to potential investigators, “establish and conduct surveillance activity to develop both intelligence and evidence to further investigations. utilise surveillance activities to identify subjects, their activities and their associates, corroborate source information and collect evidence.”
The bureau also said that investigators, who would earn $98,000 to $149,000 per year, may have to arrange for and oversee contracts with private investigators. These private investigators “may know the players, culture, history in a specific geographic area in which a case is centered,” according to the advertisements, which outline a host of other responsibilities.
The recruitment effort also makes clear that while working under enforcement lawyers, investigators would be assigned to “delicate matters, issues and investigative problems for which there are few, if any, established criteria.”