Bill Black: Obama Is Not Getting Serious About Bank Fraud

February 21st, 2012
in econ_news

Econintersect:  Prof. William K. Black says that President Obama is doing far less than required to investigate and prosecute bank fraud.  In an bank-robbing-patronsSMALLinterview with The Real News, Black says that even with the latest announcements about new fraud investigation efforts the resources identified so far would have to be increased more than 1,000 fold (Econintersect math) to be of the same relative scale as the Savings & Loan crisis in the late 1980s to early 1990s.  The math?  This crisis is more than 70 times larger in inflation adjusted money terms and the number of investigators in the new task force is less than 1/20 of the number in the Savings and Loan investigation.  The product, 20 x 70 (1,400) is a first order estimate of the present shortfall.  The video follows the “Read more” break.  (Click on cartoon for larger view.)

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