Attention Wall Street:  Federal prosecutors are on the warpath and they're looking to make an example of someone.  Perhaps that someone is Credit Suisse and its 7 indicted private bankers (7/22 www).

The Justice Department has stumbled in some high-profile embarrassments as of late.  First, the perjury trial of Roger Clemens was declared a mistrial on Day 2 after prosecutors presented evidence that had already been ruled inadmissible.  Presiding District Judge Reggie Walton called the mistake something a "first-year law student" could have avoided.

The DOJ also is fighting to keep a conviction won against Lindsey Manufacturing Co. of California that was the first successful corporate conviction at trial under the Foreign Corrupt Practices Act.  The landmark win is in jeopardy after prosecutors failed to shared documents with the defense.

What Prosecutors Stand to Lose.   There's more at stake than individual prosecutions, says Loyola Law Professor Laurie Levenson.  Each misstep encourages judges to scour other cases for new errors. 

"The judges are riding the DOJ pretty hard lately, but these are self-inflicted wounds.  It's really crucial that the DOJ regain its credibility." 

Two years after a call by Attorney General Eric Holder for improved quality of DOJ prosecutions, these and other flubs have got to sting. With that in mind, one would have to expect that the DOJ is going to use the next big case they come across to send a message, which is something three Credit Suisse bankers might already be experiencing.   [WSJournal, 7/22/11]