William Black | What if the SEC investigated Banks the way it is investigating Mutual Funds?
What if the SEC investigated Banks the way it is investigating Mutual Funds?
The Wall Street Journal ran a story today (12/27/11) entitled “SEC Ups Its Game to Identify Rogue Firms.”
“Rogue” is an interesting word with a range of definitions. When it is used as an adjective its meaning is: “a playfully mischievous person; scamp.” The trivialization of the most destructive elite frauds is one of the most common forms of what criminologists call “neutralization” of the moral content of wrong doing. Neutralization increases crime.
The actual story makes it clear that the criminals that the SEC was identifying were not “rogues.” They were the CEOs of seemingly legitimate firms. The SEC is identifying “accounting control frauds” – the frauds that cause greater financial losses than all other forms of property crime combined. The SEC is not identifying a few rotten apples, but roughly 100 hedge funds likely to have engaged in accounting fraud. The WSJ describes the SEC’s identification system:
Check out the rest here…
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4closureFraud.org
Related posts:
- William K. Black | 2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud
- William Black – Let’s Set the Record Straight on Bank of America: Open the Books!
- MBS – Lisa Epstein of Foreclosure Hamlet on with Dylan Ratigan and William Black
- William Black – Lenders Put the Lies in Liar’s Loans
- William Black | Lenders Put the Lies in Liar’s Loans and Bear the Principal Moral Culpability
HA!!! THEY DO NOTHING UNLESS IT IS FOR THE BENEFIT OF THEIR COHORTS AND MINIONS….
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