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The Black Financial and Fraud Report


Once a Poster Child for Austerity, Latvia Becomes a Hotbed of Corruption
Austerity didn't produce recovery in Latvia, it produced the semblance of recovery, says white-collar criminologist Bill Black. It also led to rampant criminal activity in the banking sector, such as money laundering, taking bribes, and violating sanctions against North Korea

  February 21, 2018

Federal Government Abdicates Responsibility for Investigating Massive Equifax Data Theft
The Consumer Finance Protection Bureau had initiated an investigation into the data of theft of data of 143 million US citizens, but now the CFPB abandoned the investigation under Trump's budget director Mulvaney. Bill Black explains the consequences

  February 12, 2018

Apple: The Biggest Tax Cheaters in History Repatriate Profits Under Trump's Tax Bill
What Apple did was outright illegal according to the European Union, but instead of taking legal action against Apple for tax evasion, the Trump tax bill will reward them says white-collar criminologist Bill Black

  January 22, 2018

Consumer Protection Moves to Throw the Weakest Under the Bus
In one of his first moves as director of the Consumer Financial Protection Board, Mick Mulvaney scrapped a rule regulating payday lenders. "This has everything to do with facilitating fraud and predation," says white-collar criminologist Bill Black

  January 21, 2018

IRS Private Debt-Collection Program is 'Indefensible'
Using private debt-collection firms to collect debt from low-income Americans is not only morally reprehensible, but it's also terrible business, says white-collar criminologist Bill Black

  January 18, 2018

Warren Buffett Wins $1 Million Bet That Hedge Funds Are a Rip-Off
Billionaire investor Warren Buffett bet that hedge funds were a bad investment. Ten years later, Buffett's wager proved that hedge funds earn only one third of what a stock index investment does. Economist Bill Black explains the numbers

  January 5, 2018

Trump, GOP Pull Off Their Tax Heist
Congressional Republicans have approved their tax bill, a massive upward transfer of wealth that fulfills a decades-long right-wing goal of permanent tax cuts for corporations. We speak to professor and author Bill Black

  December 20, 2017

Children's Health Insurance Program to Expire Under GOP Tax Bill
Nine million children will go without health insurance under the new GOP tax bill, says Bill Black, white-collar criminologist and former regulator

  December 7, 2017

Trump's CFPB Pick Will Likely Spell Bad News for Consumers
The good news is that President Trump has been slow to nominate heads for regulatory agencies, says white-collar criminologist Bill Black. The bad news is that Trump will pick someone eventually to replace Richard Cordray

  November 17, 2017

Trump's Would-Be Drug Czar Helped the Drug Profiteers
Rep. Tom Marino has withdrawn his nomination as President Trump's new drug czar after revelations he pushed through a measure that worsened the U.S. opioid epidemic. White-collar criminologist Bill Black says Marino and other lawmakers have been bought off by pharmaceutical companies he says have acted as "illicit, criminal, drug dealers"

  October 20, 2017

Media Downplays Wells Fargo's Latest Scandals
Bill Black says the real scandal isn't just the 20,000 people who wrongfully lost their cars, but that fraudulent financial products are allowed to be sold in the first place

  August 14, 2017

GOP and Democrats Push Trump on Tax Reform
Former financial regulator Bill Black says the Democrats' demands are the result of bad economics and bad politics, while Trump's vision is "the type of thing that comes from ingesting too much peyote"

  August 6, 2017

Subprime Auto Loan Defaults on the Rise
White collar criminologist Bill Black says it's a very severe problem for consumers who are going to lose not only their cars, but also their credit ratings

  July 31, 2017

New Rules for Banks: 'Honest Bankers Please Step Forward'
Former financial regulator Bill Black offers bankers a challenge: Step forward if you support the new rule issued by The Consumer Financial Protection Bureau allowing consumers to bring about class-action litigation against banks who defraud them

  July 14, 2017

Barclays and Its Executives Are Charged With Conspiracy to Commit Fraud
Bill Black, author of The Best Way to Rob a Bank is to Own One says don't expect much - sadly, the British Serious 'Farce' Office that brought about the charges may not have the wits to carry out the prosecution

  June 22, 2017

Roll-Back of Financial Regulations Has Nothing to do with Complexity or Boosting the Economy
Former financial regulator Bill Black explains that the Republicans' effort to eliminate Dodd-Frank Act financial regulations serves the interests of the big financial institutions and has nothing to do with rules' complexity or impact on the economy

  June 14, 2017

GOP Policies Hurt Trump Voters, But Will Democrats Fill the Void?
White-collar criminologist Bill Black says that President Donald Trump's stumbles and the GOP's policies give Democrats an opportunity to win over voters, if they can offer a meaningful alternative.

  May 25, 2017

FBI Investigations Are Conducted at the Discretion of its Director
White Collar criminologist Bill Black explains the history and dynamics of FBI investigations, which show that they are not as unstoppable or unimpeachable as they are being made out to be

  May 22, 2017

Lawyer with Responsibility for Mortgage Crisis Appointed to Take Care of Mortgage Banks
Trump appointed Craig S. Phillips, who contributed to the 2008 financial crisis at Morgan Stanley, to take care of FannieMae and FreddieMac, explains white collar criminologist Bill Black

  May 12, 2017

Wells Fargo's Board Investigation of Itself Amounts to a Farce
Bill Black explains how the Wells Fargo scandal is emblematic of the bank's corporate culture and that the fined executives are only scapegoats

  April 13, 2017

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