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Geithner: will prosecute Wall Street infractions
October 14, 2011 / 6:18 PM / 6 years ago

Geithner: will prosecute Wall Street infractions

Treasury Secretary Timothy Geithner speaks at a Senate Banking Committee hearing about the Financial Stability Oversight Council, on Capitol Hill in Washington October 6, 2011. REUTERS/Jonathan Ernst

- PARIS (Reuters) - Treasury Secretary Timothy Geithner said on Friday that Americans should “stay tuned” for more prosecutions of Wall Street financiers who break the law.

The U.S. Treasury chief rejected a suggestion, during a CNBC television interview, that anti-Wall Street protests were fueled by anger over a lack of prosecution against those who helped caused the 2007-2009 financial crisis.

“That’s not true,” he said.

“You’ve seen very, very dramatic enforcement actions already ... across the U.S. government and I‘m sure you’re going to see more to come. You should stay tuned for that,” Geithner added without elaborating.

He said there was “a lot of resistance” to government efforts to put in place more stringent rules to try to prevent recurrences of the severe crisis that drove the U.S. economy into recession from which it is only slowly recovering.

However, the government was determined to implement reforms that will offer more protection for consumers, he said.

Earlier this week, hedge-fund tycoon Raj Rajaratnam was ordered to serve 11 years in prison, the longest sentence ever in an insider-trading case.

Geithner said the Occupy Wall Street protests, which have swollen in size and spread to other cities, reflect “a general sense across the country of concern that the U.S. economy is not growing faster.”

He said the Obama administration was focused on working with Congress to try to get measures passed that will spur growth and hiring while also bringing budget deficits down over time.

Reporting by Glenn Somerville, editing by Mike Peacock

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