Some 40 states are probing a dozen Wall Street firms. Will the investigations result in an effective crackdown or a logistical mess? Among their major hurdles:
LACK OF EXPERTISE
Few state officials know much about Wall Street. They head commissions designed to prosecute small-time stock fraud.
Organizing the probe, which involves millions of documents, will be a huge logistical task.
Each state has its own agenda and its own view of what's wrong with Wall Street. That could make it tough to agree on the scope of the probe and on appropriate penalties.