At Speech in West Palm Beach, Attorney General Eric Holder Touts Fraud Task Force
The feds have circulated Holder's prepared remarks. Let's skip to the part about this so-called Financial Fraud Enforcement Task Force, recently launched by executive order of the Obama administration and administered by the Justice Department. Said Holder:
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:That sounds swell, but unless the Justice Department starts shipping investigators and prosecutors, there's too much of all of the above down here.
- 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.