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Control Fraud

SEC Omitted Evidence Damaging to JPMorgan's Jamie Dimon

Janet Tavakoli | Posted 02.24.2014 | Business
Janet Tavakoli

It's a serious matter to demonstrate lack of good faith in statements to investors and to the public. It's particularly cavalier five years after the United States bailed out TBTF banks with hundreds of billions in cash and trillions in ongoing subsidies, guarantees, and funding.

2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud

William K. Black | Posted 05.25.2011 | Business
William K. Black

The FBI and the DOJ remain unlikely to prosecute the elite bank officers that ran the enormous "accounting control frauds" that drove the financial crisis.

Why Cash Incentives for Whistleblowers Are So Useful Against Control Frauds

William K. Black | Posted 05.25.2011 | Business
William K. Black

If control fraud were rare then the proposed financial incentives for whistleblowers would be more dubious. But the current epidemic of accounting control frauds has caused massively greater damage than did their S&L counterparts.

Capitalism Would Have Killed the Chilean Miners: A Reply to Mr. Henninger

William K. Black | Posted 05.25.2011 | Politics
William K. Black

Once the mine shaft collapsed in Chile, the private mining company declared that it not only could not pay to rescue the miners -- it could not even pay their wages. The private company threatened to file for bankruptcy.

Was Bernie Madoff the Exception or the Rule?

Robert L. Borosage | Posted 05.25.2011 | Business
Robert L. Borosage

Were the big banks all knowingly running Ponzi schemes? That's the question that arises from the stunning hearings held this week by the Senate Permanent Committee on Investigations, chaired by Senator Carl Levin, on the collapse of Washington Mutual, the largest thrift failure in the U.S. Faced with looking like fools or knaves, the barons of the big banks -- from Robert Rubin to Lloyd Blankfein to WaMu's Kerry Killinger -- have chosen, not surprisingly, the fool.

The Two Documents Everyone Should Read to Better Understand the Crisis

William K. Black | Posted 05.25.2011 | Business
William K. Black

The FBI identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.