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Wednesday, November 18, 2009

(Another) Corporate Crime Initiative -- But What About Bailout Fraud?

In case you missed it the Obama Administration has announced a new task force to combat corporate fraud and crime. This replaces the Bush Administration Corporate Fraud Task Force formed after the Enron implosion. One comment: the announcement referred to the increase in corporate crime. Is this really true? Aren't we just discovering all the crimes and schemes that have been running for years? This means the increase in crime was during the boom. Crime occurring now should be down; after all, how can you rip people off when they're broke?

While we're at it, why aren't the "best and the brightest" at Main Justice investigating the bailout fraud that's occurring pursuant to TARP, TALF, cash-for-clunkers and all these other giveaways.   These programs violate the Crime, Politics and Policy principle, which when boiled down to its essentials shows the cause and effect chain as follows:

Public money > private benefit > federal criminal indictment.

Do we have to wait for states' Attorneys General to get involved for investigations and serious deterrence of malfeasance?

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