The Best Way to Rob a Bank Is to Own One

William Black talked about his book The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S and L Industry, published by University of Texas Press. In the book he discussed the collapse of companies such as Enron, Tyco and WorldCom. The author details the strategies of corrupt CEOs and how they defeat regulatory restraints. Mr. Black talked about how the savings and loan crisis set the stage for subsequent business fraud. He argues that what he defines as “control fraud,” the looting of a company for personal profit by those in control of it, is a major and growing problem. He talked about how the CEOs suborn the controls in order to defraud creditors and share holders. He also talked about problems in attempts to regulate the problems, including political intervention. He responded to questions from members of the audience. close