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Don't expect Wall Street to give up their tasseled loafers and French cuff dress shirts for orange jumpsuits anytime soon.

The Justice Department just abandoned its criminal probe against AIG, which means that executive Joseph Cassano, who once led the firm's troubled financial products division, won't face any charges.

Prosecutors have also yet to take any action against Lehman Brothers or other key players in the financial crisis despite pleas from some members of Congress for federal law enforcement officials to investigate the questionable accounting practices at Lehman leading up to its collapse.

At this point, the likelihood that bankers could face formal criminal charges, much less a conviction, is growing bleaker by the day, according to legal experts.

Legal experts unanimously agree however, that despite all the pressure top banks are facing these days, none of the firms themselves are likely to face formal criminal charges.

With securities firms so heavily reliant on client relationships, a criminal charge could very well lead to financial ruin for a top Wall Street bank, notes Rochdale Securities analyst Richard Bove.

"The punishment would be far more than the crime," he said. "The punishment would be excessive."

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