The Best Way to Rob a Bank is to Own One

The Best Way to Rob a Bank is to Own One

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In this expert insidera€™s account of the savings and loan debacle of the 1980s, William Black lays bare the strategies that corrupt CEOs and CFOsa€”in collusion with those who have regulatory oversight of their industriesa€”use to defraud companies for their personal gain. Recounting the investigations he conducted as Director of Litigation for the Federal Home Loan Bank Board, Black fully reveals how Charles Keating and hundreds of other SaL owners took advantage of a weak regulatory environment to perpetrate accounting fraud on a massive scale. In the new afterword, he also authoritatively links the SaL crash to the business failures of 2008 and beyond, showing how CEOs then and now are using the same tactics to defeat regulatory restraints and commit the same types of destructive fraud. Black uses the latest advances in criminology and economics to develop a theory of why a€œcontrol frauda€a€”looting a company for personal profita€”tends to occur in waves that make financial markets deeply inefficient. He also explains how to prevent such waves. Throughout the book, Black drives home the larger point that control fraud is a major, ongoing threat in business that requires active, independent regulators to contain it. His book is a wake-up call for everyone who believes that market forces alone will keep companies and their owners honest.Telling them that they were geniuses and paying them far more than graduates of top schools at rival banks and Saamp;Ls ... with over 60 semester hours ofeconomics, and the University ofMichigan accepted me into its PhD program in economics.

Title:The Best Way to Rob a Bank is to Own One
Author:William K. Black
Publisher:University of Texas Press - 2013-12-06


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