During that period those who listened to Congressional testimony, heard Senators and Congressman yelling and screaming and sounding like something was really getting done.
Of course, the only thing getting done was bad guys writing lots of checks for campaign contributions because, indeed, they got to keep all the cash. The more our Congressional representatives made noise, the more checks were written, and no efforts were made to get our money back. Watching the Congressional testimony on Enron brings back Yogi Berra, “It’s déjà vu all over again.”
Of course, the only thing getting done was bad guys writing lots of checks for campaign contributions because, indeed, they got to keep all the cash. The more our Congressional representatives made noise, the more checks were written, and no efforts were made to get our money back. Watching the Congressional testimony on Enron brings back Yogi Berra, “It’s déjà vu all over again.”
It helps to compare high stakes financial fraud to baseball. The key to winning is to keep your eyes on the ball.
The ball in high stakes financial fraud is cash. The winner is the guy who ends up with the cash. Forget about doing anything to “make sure it can not happen again.” If the criminals get to keep the cash this time, it will happen again. When crime pays, the criminals play. That includes buying up our media, our Congress, our banks, our land, our mortgages, our credit card receivables and our companies.
The ball in high stakes financial fraud is cash. The winner is the guy who ends up with the cash. Forget about doing anything to “make sure it can not happen again.” If the criminals get to keep the cash this time, it will happen again. When crime pays, the criminals play. That includes buying up our media, our Congress, our banks, our land, our mortgages, our credit card receivables and our companies.
All financial fraud investigation and enforcement actions organize around two fundamental principles:
- assert control of the data and documentation about how the money works; and
- use that control to then assert control of the money and assets.
In the case of Enron, the Department of Justice and federal investigators have a perfect record. They have failed to take any one of the seven steps which are the basis of an effective investigation and enforcement effort.
- assert control of the data and documentation about how the money works; and
- use that control to then assert control of the money and assets.
In the case of Enron, the Department of Justice and federal investigators have a perfect record. They have failed to take any one of the seven steps which are the basis of an effective investigation and enforcement effort.