The only thing missing from Preet Bharara’s press conference was the blaring of trumpets.

It was Tuesday, and the U.S. attorney in Manhattan was proudly unveiling a lawsuit against Deutsche Bank that his office had filed that morning. As he took reporters through the legal complaint, Bharara spoke sternly about how the bank had defrauded the Federal Housing Administration, which had insured hundreds of millions of dollars’ worth of bad loans that the bank then sold to investors, reaping handsome fees.

Listening to Bharara, one could easily think that prosecutors were finally — finally! — getting tough on the bad behavior that helped bring about the financial crisis. Alas, it was mainly an illusion.

Upon closer inspection, it turns out that the main target of Bharara’s wrath was MortgageIT, a smallish division that Deutsche Bank bought in 2007 — eight years into an alleged fraud that ended in 2009. In the complaint itself, not one MortgageIT executive was singled out as a wrongdoer; it was as if this faceless corporation had somehow defrauded the government without human help.

Most stunningly, despite concluding that MortgageIT executives had “knowingly, wantonly and recklessly” lied to federal officials, Bharara’s office had decided that none of them deserved jail time. It had brought a civil, not a criminal, case, meaning the only punishment prosecutors could seek was money — more than $1 billion in this instance. That sounds like a lot until you realize that Deutsche Bank’s 2010 revenues were more than $42 billion. In other words, a tap on the wrist.