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.
William K. Black | Posted 05.25.2011
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.
William K. Black | Posted 05.25.2011
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.
Robert L. Borosage | Posted 05.25.2011
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.
William K. Black | Posted 05.25.2011
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.
William K. Black | Posted 05.25.2011