Federal authorities have announced that they are opening an investigation into the collapse of Washington Mutual, the largest bank failure in America. This step is long overdue, and should be the start of a much broader investigation of potential criminal behavior throughout the financial system.
I have been calling for such an investigation since the financial crisis broke publicly. It is heartening to see at least two U.S. Attorneys, as well as the Attorney General of New York, take their responsibilities seriously.
