The New York Times is reporting that criminal cases are being built against some banks and/or employees. Barclay’s heads the list of course, and UBS is said to be the next target with many to follow. And while that sounds like a tasty headline that promises to finally extract some measure of punishment for the many misdeeds of Bankers and their sort, it really isn’t. This sentence, mid-way through the article, tells all:

“The investigation into the global banks is unusually complex and it could continue for years, and ultimately end in settlements rather than indictments, said the officials close to the case.”

The entire article is here.