Bill Black. Control Fraud crushed Kabul Bank

Bill Black, a regulator during the S&L crisis of the 80’s and author of The Best Way To Rob A Bank Is To Own One, devised the concept of control fraud.

He says

Kabul Bank has been revealed to be a “control fraud.” Control frauds occur when those that control a seemingly legitimate entity use it as a “weapon” to defraud. Control frauds cause greater financial losses than all other forms of property crime – combined. Control frauds can also cause immense damage to a nation because they are run by financial elites that curry favor from political elites. The result is that they are often able to loot “their” banks for years with impunity. They also degrade the integrity of the entire system.

Now US taxpayers are about to bail out this criminal entity. Why is this?

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