BLB&G Real-Time Speaker Series: Control Fraud And The Imperial CEO - A Conversation with Professor Bill Black
February 11, 2016
An expert on white-collar crime, former federal bank regulator, advisor to governments worldwide, and frequent commentator on fraud in America's financial markets, Professor Black has spent decades exposing the destructive forces of corporate misconduct and regulatory languor.
Professor Black is the author of numerous essential texts on elite corporate fraud, including his book The Best Way to Rob a Bank is to Own One. This instant classic recounts Black's early experience during the Savings & Loan Crisis, when he was such an effective regulator that notorious fraudster Charles Keating wrote a memo demanding "get Black - kill him dead." Black explains the theory of "control fraud" (frauds led by those that control a seemingly legitimate entity and use it as a "weapon" to defraud) and how the firm is often the victim. Black's book has garnered praise from Paul Volcker and Nobel Laureate George Akerlof, and this comment from Dr. Vincent Kaminski, the former top risk officer at Enron: "There is one particular book I wish I had read in the early days of my business career, which would have saved me and the firms I worked for a lot of money."
Dr. Black's primary appointment is in economics with a joint appointment in law at the University of Missouri-Kansas City. He is the Distinguished Scholar in Residence for Financial Regulation at the University of Minnesota's Law School. He is also the Editor-in-Chief of New Economic Perspectives (www.neweconomicperspectives.org), an online forum which offers policy advice and economic analysis from a group of professional economists, legal scholars, and financial market practitioners. His work and career are profiled in the February 2016 edition of the American Bar Association's Journal.
On February 11, 2016, prominent securities litigators Blair Nicholas and Brandon Marsh of BLB&G hosted Professor Black for a discussion of his work and current topics in corporate governance. The discussion focused on control fraud, the rise of "the Imperial CEO" in America, and what investors can do to reign in managerial excesses. Beginning at 2:00 pm EST, the discussion ran approximately 30 minutes, followed by a Q&A. Audience participation was strongly encouraged.
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