OBAMA IN HIS STATE OF THE UNION ADDRESS SAID THAT HE WOULD "ESTABLISH A FINANCIAL CRIMES UNIT OF HIGHLY TRAINED INVESTIGATORS TO CRACK DOWN ON LARGE SCALE FRAUD." BILL BLACK, A CHIEF INVESTIGATOR WHO SENT A THOUSAND SAVINGS-AND-LOAN CEO'S IN JAIL IN THE EARLY 90'S, HAD ABOUT 1000 TRAINED INVESTIGATORS. WHEREAS OBAMA'S TEAM COMPRISES ONLY 25 TO 30 MEMBERS TO WEED OUT FINANCIAL CRIMES BY THE BIG BANKS THAT ARE 70 TIMES WORSE! NEADLESS TO SAY NONE OF THE BANKSTERS THAT CRASHED OUR ECONOMY HAS BEEN -- OR WILL BE -- INDICTED.

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February 20, 2012

Is Obama Getting Serious About Bank Fraud?

Bill Black: Are Pres. Obama's new measures effective or window dressing?

Bio

William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri--Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of "control fraud" -- frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management.