Obama to Create "Financial Crisis Task Force" in the "PCAOB" Fashion (LMFAO)

Wednesday, November 18, 2009 , , , 0 Comments

LA Times:

President Obama is taking a page out of his predecessor's playbook by creating a multi-agency task force to pursue criminals who bilked investors and consumers during the financial crisis.

The task force of top federal officials will work with state and local authorities to pursue financial fraud cases stemming from the crash of the housing market and the Wall Street meltdown, administration officials said Tuesday.

"Mortgages, securities and corporate fraud schemes have eroded the public's confidence in the nation's financial markets and have led to a growing sentiment that Wall Street does not play by the same rules as Main Street," Atty. Gen. Eric H. Holder Jr. said.

The Financial Fraud Enforcement Task Force will attack what Holder called "unscrupulous executives, Ponzi scheme operators and common criminals" in much the same way that a similar task force created in 2002 by former President George W. Bush went after corporate malfeasance following the accounting scandals at Enron Corp. and WorldCom Inc.

Christ, tell me they will adjust the playbook a little bit at least.

Didn't we have a task force already called the Securities and Exchange Commission that was supposed to hold Ponzi scheme operators and common criminals liable?

Sort of like we had an "independent" accounting rule setting body that demanded financial statements be held to some level of "authority" on their own merit? Yeah, no, not here.

FFETF? Lame.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.