William Black’s Top Ten Ways to Crack Down on Corporate Financial Crime

1.            Create a consumer financial protection agency headed by Harvard Law School professor Elizabeth Warren.

2.            Get rid of too big to fail

                                -they are admittedly “systemically dangerous institutions”

                                –regulate far more intensively and make them recognize their losses (change accounting rules to be honest again)

                                  -executive compensation is cuckoo—rewards accounting fraud—should be based on long-term effective results, with claw back provisions

                                    -get rid of current head of OTS, OCC, Geithner, Summers “wrecking crew” who were architects of the disaster and hate regulation

3.            Get rid of Ben Bernanke as chair of the Fed and replace him with Nobel winner Joseph Stiglitz

4.            Bust up the FBI partnership with the Mortgage Bankers Association

5.            Regulate first

6.            Target the top 100 corporate criminals

7.            Fix executive compensation

9.            Appoint a chief criminologist at each of the financial regulatory agencies

10.          Hire 1,000 FBI agents (support Marcy Kaptur’s bill to do this)

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