Bill Black: Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make it Worse

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Bill Black: Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make it Worse

Bill Black: Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make it Worse

New Economic Perspectives-

FBI Director Robert Mueller is taking his victory lap as he steps down after 12 years of service. I have done three articles in a series that explains how the Mortgage Bankers Association (MBA) conned the FBI into adopting the Tea Party’s mythology about the causes of the crisis – virginal banks beset by ultra-sophisticated fraudulent hairdressers. The MBA created a faux definition of mortgage fraud under which the bank and its senior officers were always the victims instead of the perpetrators.

Mueller’s description of his tenure reveals that his obsession with one of the FBI’s tasks, anti-terrorism caused the FBI to fail catastrophically in many other tasks. The FBI is essential in a wide range of fields. We have, for example, roughly one million Americans employed in our criminal justice system. Only the 2,300 FBI white-collar specialists, however, investigate elite white-collar crimes and we have over 1,300 industries (not firms). We have over 500 fewer FBI agents working white-collar crime cases because Mueller transferred over 500 of them to national security tasks after 9/11. (Mueller sought to move the best 500-800 of those white-collar agents by permanently or temporarily reassigning them to national security, so the true loss of capacity against sophisticated financial frauds was far greater than the bare numbers suggest.) We can all understand that action, which was part of a transfer of over 2,000 FBI agents to national security that Mueller ordered in response to 9/11.

[NEW ECONOMIC PERSPECTIVES]

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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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4 Responses to “Bill Black: Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make it Worse”

  1. Economic terrorism is one of the worst kinds of terrorism. No excuses from the FBI are acceptable to me.

  2. project_wolverine says:

    So while the FBI turns it focus on terrorism after 911 the TBTF banks take that opportunity to rape the United States citizens of all their financial wealth. Makes you wonder who was really responsible for 911?
    Either way they took advantage of the situation to fraudulently enrich themselves during a time of high alert. Perhaps the FBI should look into this now as a possibility.

  3. Sarah says:

    The FBI has a colorful history. A diversion of resources, groups conspiring together – this is an awful legacy. Indeed, we needed protection from “terrorists”.

  4. Charles Reed says:

    I think we all get it but I am after years of listening to Prof Black trying to understand with all his knowledge is like so what, if your not able to change anything. It the same thing in every message as what was done in the S&L ordeal but were is he on actions now?

    Al Qaeda won because they were attacking New York because they wanted to attack financial system, and they did in more than one way!

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