Tavakoli: Thousands of Bank Execs Should be in Prison

Econintersect:  Financial consultant Janet Tavakoli has issued scathing condemnation of the lack of action against financial fraud, which she says go right to the top of major financial institutions.  Tavakoli is the author of a book “The New Robber Barons” which discusses the details of the financial crisis and criminal activities associated therewith.  Frequent readers at Global Economic Intersection will recognize these problems from the writings of Prof. William K. Black economist and white collar crime criminologist at the University of Missouri Kansas City.  Watch a First Business News interview of Tavakoli after the ‘Read more’ break.

Tavakoli says that, at the very least, top executives are guilty of the felony of signing false financial statements and, at the worst, of willful collusion to commit fraud.  In the following video you will hear her explain all this.  She says we are set up to go through the same thing all over again because fraud unpunished will be repeated.

John Lounsbury

Sources:

• First Business News video

• With Trillions on the Table Nobody Plays Fair, and Everybody Plays for Keeps (Janet Tavakoli, Huffington Post, 21 February 2012)

• Analysis articles by William K. Black

• Opinion articles by William K. Black:

Hat tips to Roger Erickson and Kark Denninger