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.