William K Black on how to fix the financial crime wave

[autorank]

CORPORATE CRIME REPORTER

William K. Black: Obama’s Financial Regulation Plan Doomed to Fail
23 Corporate Crime Reporter 26(13), July 1, 2009

President Obama’s financial regulation proposal is doomed to fail.

Why?

Because it was developed by people who don’t believe in regulation.

(What would Black do?)

Implant at every financial regulator an office of the chief criminologist.

"If you look at the largest single area of losses in banks – it has been control fraud,"Black told Corporate Crime Reporter last week. "But of course, institutionally, none of these financial regulatory agencies are set up well to even spot or stop these kinds of fraud. They don’t have the training, they don’t have the background, they don’t have institutional structures that focus on the criminality."

"So, you would institutionalize. You put in place someone who knows about fraud, the literature about crime and criminology. They need to think, before they deregulate, whether they are producing what we refer to as a criminogenic environment – an environment that is going to produce widespread crime."

More

Also see William K. Black in the News

[glitch]

1. Excellent resources, K & R nt

[Wednesdays]

2. K&R

:kick:

[bertman]

3. Excellent. Isn't this the guy who was on Bill Moyers' show??

Recommend.

[Octafish]

4. ''The Best Way to Rob a Bank Is to Own One''

Thanks for the heads-up, autorank. Mr. Black brings light. He should be Secretary of the Treasury.

Know your BFEE: Goldmine Sacked or the Best Way to Rob a Bank Is to Own One