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In reply to the discussion: HEADS-UP! Larry Summers Whitewashed Bankster Bailout [View all]Octafish
(55,745 posts)36. Two Things Black Says Every American Needs to Know About the Great Bankster Bailout
The Two Documents Everyone Should Read to Better Understand the Crisis
As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional. The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.1 When the person that controls a seemingly legitimate business or government agency uses it as a "weapon" to defraud we categorize it as a "control fraud" ("The Organization as 'Weapon' in White Collar Crime." Wheeler & Rothman 1982; The Best Way to Rob a Bank is to Own One. Black 2005). Financial control frauds' "weapon of choice" is accounting. Control frauds cause greater financial losses than all other forms of property crime -- combined. Control fraud epidemics can arise when financial deregulation and desupervision and perverse compensation systems create a "criminogenic environment" (Big Money Crime. Calavita, Pontell & Tillman 1997.)
CONTINUED...
http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html
Control Fraud
As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional. The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.1 When the person that controls a seemingly legitimate business or government agency uses it as a "weapon" to defraud we categorize it as a "control fraud" ("The Organization as 'Weapon' in White Collar Crime." Wheeler & Rothman 1982; The Best Way to Rob a Bank is to Own One. Black 2005). Financial control frauds' "weapon of choice" is accounting. Control frauds cause greater financial losses than all other forms of property crime -- combined. Control fraud epidemics can arise when financial deregulation and desupervision and perverse compensation systems create a "criminogenic environment" (Big Money Crime. Calavita, Pontell & Tillman 1997.)
CONTINUED...
http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html
Control Fraud
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Right after 9/11, President Bush diverted 500 FBI agents from white collar crime to Terrorism.
mick063
Jul 2013
#7
Don't forget Brooksley Borne who warned back during the Clinton admin what would happen
sabrina 1
Jul 2013
#15
True that. I bet he thinks Neil Bush should've gone to jail for that measly billion.
Octafish
Jul 2013
#4
But there is criminal activity and criminal activity. What we consider criminal activity doesnt
rhett o rick
Jul 2013
#25
Obama's choice of sleazebags like Summers and Pritzker shows whose side he's on.
forestpath
Jul 2013
#9
He didn't just ignore her warning, he helped drive her from her job. Summers is an unethical,
sabrina 1
Jul 2013
#16
All considered great qualities for the 1%. Do you think Pres Obama shares Summers vision or
rhett o rick
Jul 2013
#31
Funny how a jury will throw out the photoshopped bush/obama pic, which is more an editorial
jtuck004
Jul 2013
#14
I am convinced that the presidency has become a figure-head position. Whether
rhett o rick
Jul 2013
#28
"..the same "players" like Clapper, Mueller, Comey, Alexander, Bernanke, Summers, etc, etc, will
chimpymustgo
Jul 2013
#40
Two Things Black Says Every American Needs to Know About the Great Bankster Bailout
Octafish
Jul 2013
#36
"deregulation and desupervision"? Odd term for regulators falling down on the job
GiaGiovanni
Jul 2013
#43