According to the Wall Street Journal: "Federal prosecutors unveiled criminal charges against three former Credit Suisse Group AG employees, providing a window into the way traders allegedly invented inflated values for mortgage bonds during the financial crisis. Two of the three men pleaded guilty to criminal charges of conspiracy, admitting they attempted to conceal the scheme from managers in a bid to boost their bonuses.
The guilty pleas mark the first successful criminal case against Wall Street in relation to the financial meltdown. The case is a 'tale of greed run amok piggybacking on one of the worst economic dislocations our nation has ever experienced,' said Manhattan U.S. Attorney Preet Bharara. 'While the residential housing market was in free fall, and shock waves were reverberating throughout the economy, these defendants decided they were above the rules.'"
With these guilty pleas, the government has for the first time held parties accountable for some of the recklessness and fraud that permeated Wall Street during the run-up to the financial market crisis.