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AG Holder expected to announce financial fraud crackdown at Forum Club speech

by George Bennett | January 8th, 2010

Holder

Holder

After two weeks of bad publicity over its handling of a Nigerian jihadist’s attempt to blow up a Detroit-bound plane on Christmas Day, the Obama administration will try to shift the focus to the economy today, Politico’s Mike Allen reports.

Toward that end, U.S. Attorney General Eric Holder’s lunchtime speech today to the Forum Club of the Palm Beaches is expected to lay out an administration initiative to “prevent, prosecute, and punish financial fraud.”

After the massive Ponzi schemes of South Floridians Bernie Madoff and Scott Rothstein, West Palm Beach is a natural backdrop for Holder’s announcement.

From Politico.com, here are some advance excerpts of Holder’s speech:

In times of recession, when every dollar counts and each dollar is counted, financial wrongdoing comes to light. Unbalanced books are revealed. Pyramid schemes collapse. We need a bold strategy equal to the challenge – a comprehensive, coordinated plan of action that strikes at the core of financial fraud schemes wherever they may be found.

This is precisely what our new, national effort will accomplish. The Department of Justice, working in concert with the White House and a network of government agencies, will use every tool at our disposal – including new resources, advanced technologies and communications capabilities, and the very best talent we have – to prevent, prosecute, and punish financial fraud.

The cornerstone of this work is a new, interagency Financial Fraud Enforcement Task Force. This Task Force was established by Executive Order of the President. It was launched in December and is led by the Department of Justice. At the core of the Task Force’s mission is a more robust and strategic law enforcement effort. Through this effort, critical information will be shared in real time across the federal government – and with our state and local law enforcement partners – so that we can stop fraud schemes in their tracks.

We will focus on four key types of financial crime: Mortgage fraud — from the simplest of ‘flip’ schemes to systematic lending fraud in our nationwide housing market; Securities fraud – from traditional insider trading, to Ponzi schemes, to accounting fraud, to misrepresentations to investors; Recovery Act and rescue fraud – including the theft of federal stimulus funds and the illegal use of taxpayer dollars intended to shore up our financial institutions; and Financial discrimination – including predatory lending practices in minority communities and the sale of financial products that exploit the elderly and disadvantaged.

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3 Responses to “AG Holder expected to announce financial fraud crackdown at Forum Club speech”

  1. Crist Corruption Says:

    Mr. Holder, I’m sure the Feds are also looking into the checks Rothstein provided to Crist and especially the checks that corelate with the Judge’s appointments made by Charlie Crist. Not only these but many other now obvisouly corrupt connections including those of Harry Sargent the Iraq oil supplier friend of Crist.

  2. Marsha Longfellow Says:

    Hey, This is a terrific thread. I found you on bing. Keep up the work.

  3. savant Says:

    Passenger trains are a black hole which devours taxpayers hard earned money as long as they run.It would be cheaper to give folks a free bus or airline ticket than to subsidize a train ticket.

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