Obama Creates Multi-Agency Financial Fraud Task Force


The Obama administration today created a new task force vowing to crack down on financial fraud after a rise in mortgage scams and high-profile Wall Street trading scandals, Reuters reports. The stakes are high for the administration, with a weak economy, anger about huge Wall Street bonuses and outrage that securities regulators missed the Bernard Madoff $65 billion Ponzi scheme.

“We will be relentless in our investigation of corporate and financial wrongdoing and we will not hesitate to bring charges, where appropriate, for criminal misconduct on the part of businesses and business executives,” said Attorney General Eric Holder. The task force will be chaired by Holder and will include the Justice, Treasury, and Housing and Urban Development departments and the Securities and Exchange Commission, among other government agencies.

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