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Bank Consultants See Tough Regulatory Regime, Prosecutions, Lawsuits After Bailout

By Kieran Beer

Financial institutions can expect prosecutions, litigation and a changed regulatory regime in the wake of the economic crisis that pushed Congress to pass the Emergency Economic Stabilization Act of 2008, according to consultants. "Congress gave a pint of blood to pass it and will want a pound of flesh when they come back," said Micah Green, a lawyer at Patton Boggs, LLP in Washington, D.C. at a forum sponsored by the law firm last week in New York. The bill, passed October 3 in an effort to stanch U.S. economic hemorrhaging, is unusual that in that it comes just 30-days...

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