Tag Archives: Banks

Bill Black’s Top Ten Ways to Crack Down on Corporate Crime

Here are ten logical and necessary steps to warding off another financial crisis which I doubt the Obama Administration will attempt. They are apparently still in thrall to the idea of returning all the pieces on the board to where they were before the meltdown in the fall of 2008. That’s just not going to work, as Michael Moore, Matt Taibbi, and many others know; it will only precipitate another crisis since the ‘bulls’ on Wall Street and the ‘too big to fail’ banks continue to dabble in the same financial foolery and malfeasance they perpetrated that caused the last collapse.

Bill Blacks Top Ten Ways to Crack Down on Corporate Financial Crime
by Corporate Crime Reporter
March 10, 2010

Ninety-five percent of criminologists study blue collar crime.

Five percent study white collar crime.

Of the tiny minority who study white collar crime, ninety five percent focus on the individuals who rip off the corporation.

We are left with a small handful of criminologists think Edwin Sutherland, John Braithwaite, Gil Geis who have studied or are studying corporate crime.

That would be crime by the corporation.

Bill Black is one of the most prominent of those living corporate criminologists.

His specialty control fraud.

Control fraud is when the CEO of a company uses the corporation as a weapon to commit fraud.

Bill Black is a lawyer and former federal bank regulator.

Hes the author of the corporate crime classic The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry (University of Texas Press, 2005.)

Black says there are steps we can take as a society to control corporate crime in particular financial crime.

In an interview with Corporate Crime Reporter last week, Black laid out his top ten.

Number ten: Hire 1,000 FBI agents.

Pass legislation (HR 3995) introduced by Congresswoman Marcy Kaptur that would fund the hiring of 1,000 FBI agents to investigate white collar crime.

Read more

The Tattlesnake Another Scene from the Neocon Paradise Edition

Where Government is Tiny, Everything is Privatized, and the Free Market rules

“Hello, this is the Little Big National Neighborhood Bank that really cares about you! How can I help you?”

“Well, first of all, you could ‘care about me’ by not making me wait through 30 minutes of canned music to talk to a real person.”

“Sorry, sir, but we’re very busy here taking care of all our happy customers!”

“Yeah? Well, I’m not one of them.”

“What can I do to make you one?”

“Last night I took out $60 bucks from one of your ATM’s and I noticed I was charged $1.50 for the withdrawal.”

“That’s right, sir, that’s our standard ATM transaction fee.”

“But fifteen years ago when you converted to the ATM machines, you said it would cut costs for the bank and the savings and convenience would be passed on to the customer. Back then, all transactions at any ATM were free!”

“That’s right, sir. Aren’t the ATM’s so much more convenient than coming into the bank to withdraw cash?”

“But wait a minute here — about eight years ago you said you were going to start charging an ATM transaction fee of a dollar, but only at other banks’ machines; your ATM’s would stay free.”

“Yes, sir what’s the problem with that?”

“Aside from the fact that the fee to use an ATM from any other bank has steadily risen so it’s up to $3.00 a pop, now I’m getting charged $1.50 a transaction from your own ATM’s that used to be free!”

“Yes, sir, well, our fees have to keep up with inflation.”

“But I just read that your bank made a record profit last year! Why not take a little less profit and show how much you ‘care’ about your customers by keeping the ATM transactions free?! I’ve been putting my money in your bank for twenty years!”

“I’m sorry you feel that way, sir. We want to keep you as our customer, but if you’re so dissatisfied with our service, perhaps you can find another bank that does not charge this ATM fee. After all, it’s a free market and that guarantees competitive prices!”

“I’ve already called around to every bank in the area they’re ALL charging $1.50 to use their ATM’s. What do you guys do, get into a room and decide how much you’re going to shear us sheep?”

Read more