William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri � Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of “control fraud” � frauds in which the CEO or head of state uses the entity as a “weapon.” Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management.
PAUL JAY, SENIOR EDITOR, TRNN: Welcome back to The Real News Network. I’m Paul Jay in Baltimore.
The balance between QE and Treasury supply will begin to shift in July. The underlying bid it has provided for stocks and Treasuries will begin to fade.
This report tells why, and what to look for in the data and the markets. GO TO THE POST
And now’s time for the Bill Black Financial and Fraud Report for this week. Bill now joins us. Bill is a professor, associate professor of economics and law at the University of Missouri–Kansas City, a white-collar criminologist, a former financial regulator, and author of the book The Best Way to Rob a Bank Is to Own One. Thanks for joining us again, Bill.
BILL BLACK, ASSOC. PROF. ECONOMICS AND LAW, UMKC: Thank you.
JAY: So what have you got for us this week?
BLACK: Well, Lanny Breuer, who is head of the U.S. criminal division at the Justice Department, gave a speech to the New York bar—in other words, the primarily defense lawyers up there—in which he gave them a roadmap of how they should pitch him when they’re representing a large corporation and they don’t want him to indict. But he gave his audience a stern warning: he said that when they made this pitch about how they had to protect innocent workers from losing their jobs, if this—you know, the place was indicted, he said you won’t always be successful.
JAY: I’m sure they were heartbroken. So what induces him to do this?
Source: The Black Financial and Fraud Report.