Bank elites and control fraud

William Black on the lack of criminal prosecutions by DOJ

What has gone so catastrophically wrong with DOJ, and why has it continued so long? The fundamental flaw is that DOJ’s senior leadership cannot conceive of elite bankers as criminals.

The feds confuse the bank with the banker. The bankers walk away with personal fortunes. They don’t care if their actions cratered the bank. That’s what control fraud is, the looting of a corporation by rigging accounting rules so elites can pay themselves huge amounts based on phony profits.

Another possibility would be that DOJ’s senior leadership has been corrupted, except that could never happen here, right?

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