• Jennifer Taub is a legal scholar and advocate who’s testified as a banking law expert before Congress and appeared on MSNBC and CNN. 
  • The following is an excerpt from her new book, “BIG DIRTY MONEY: The Shocking Injustice And Unseen Cost of White Collar Crime.”
  • In it, she examines white collar crime, its history, and why these offenders fail to face the consequences that street level criminals do from Congress and the Supreme Court.
  • She explains how the country’s biggest crimes — like the financial crisis in 2008 to the ongoing opioid epidemic — have taken a toll in its citizens on a systematic level and the US can do better moving forward. 
  • Visit Business Insider’s homepage for more stories.

America, we have a big dirty money problem.

The corporate crime, elite impunity, and public corruption disease did not infect us overnight, though. We’ve been exposed now for so very long that we are almost immune. Almost.

If you still get angry when you see prosperous predators get away with it, we still have a chance to fight back. I’m ready to speak up about what’s broken and promote specific, significant, and enduring fixes. At the end of this chapter, following these proposed solutions, I’ll explain why and how you can join this effort.

You don’t need a law degree or a lobbyist’s contact list to exert influence. There are more honest people in America who believe that when we get big money out of politics and when big businesses and the elite are made to obey the law, we are all safer and our society is more just. 

Cover.BIg Dirty Money

“BIG DIRTY MONEY: The Shocking Injustice And Unseen Cost of White Collar Crime,” By Jennifer Taub.

Courtesy of Penguin Random House


In a nutshell, here’s the problem:

The extremely wealthy and

Alok Sharma, business secretary, launched the scheme to help out ailing businesses. Photo: Leon Neal/Pool via Reuters
Alok Sharma, business secretary, launched the scheme to help out ailing businesses. Photo: Leon Neal/Pool via Reuters

The UK’s National Crime Agency has joined other institutions in warning on the risk of emergency taxpayer-backed loans for small business being targeted by criminals.

The agency said there was intelligence that the Bounce Back loan scheme was being exploited by organised crime, according to a report in The Times on Saturday.

This follows warnings from the sate bank in charge of two COVID-19 support programmes that the schemes risked widespread fraud and poor value for money.

Keith Morgan, chief executive of the British Business Bank, twice wrote to business minister Alok Sharma in May raising concerns about the Bounce Back loan scheme and the Future Fund.

Billions has been leant and invested through both programmes. Bounce Back loans provide a 100% state guarantee to lenders offering low-interest loans. The support is capped at £50,000 ($65,000) per small business.

In a letter published on Wednesday, Morgan said the Bounce Back loan scheme was at risk of “very significant fraud.”

An investigation by the Mail on Sunday in August has also found fraudsters and criminals appear to be targeting the programme.

READ MORE: UK warned of ‘very high’ risk of Bounce Back loan fraud

On top of other agencies’ concern, in recent months, the National Audit Office and parliament’s Public Accounts Committee have both launched investigations into the value for money and fraud risk of the Bounce Back loan scheme.

Part of the problem is that in order to transfer the money to businesses at speed, banks have bypassed many of their credit policies. Applicants also self-certify eligibility.

The NCA told The Times it was working with banks and other agencies to clamp down on the scheme.

About £38bn has so far been lent

Syracuse, NY — Former Upstate administrator Sergio Garcia pleaded guilty to a misdemeanor Wednesday, admitting that he submitted a puffed up resume to get his $340,000-a-year job at the taxpayer funded university and hospital.

Garcia’s plea bargain left Upstate’s former Chief of Staff with a criminal record, but spared him a felony conviction. Prosecutor Melanie Carden had sought a felony, accusing Garcia of intentionally lying on his resume as part of a greater plan to defraud the university; Garcia’s lawyer, Joseph Bergh, had argued no crime was committed, saying his client simply exaggerated his resume.

The plea comes after a long-running investigation that began after Garcia quit in 2018 following a controversial speech that included exaggerated remarks about his foreign service. The subsequent investigation uncovered exaggerations on his resume about his work in the U.S. Department of State — he wasn’t “Chief of Staff,” as he claimed — and there were questions about the validity of his college degree.

In court, Garcia admitted to “falsehoods and exaggerations” on his resume.

He would have escaped criminal charges if he’d puffed his resume to work for a private hospital. But because he was hired by then-Upstate President Danielle Laraque-Arena to work at a public institution, his resume was considered an official government document.

That led a grand jury earlier this year to indict Garcia on felony charges of defrauding the government and filing a false instrument. Garcia pleaded guilty to the misdemeanor version of filing a false instrument, admitting that he filed false information with the state-owned hospital, but not that he was intentionally defrauding taxpayers.

The investigation isn’t over. Left undecided after Garcia’s plea is how much money he stole from taxpayers by taking his huge yearly salary in portions of 2017 and 2018.

A judge, Gordon Cuffy, will hear arguments

First responders took personal pictures at the site of a helicopter crash which killed Kobe Bryant. Under a new law signed this week by Gov. Gavin Newsom, such acts are now a crime.

First responders under the new law can be charged with misdemeanor crimes and face penalties of up to $1,000 if convicted of the offense.

Assemblyman Mike Gipson, D-Carson, wrote Assembly Bill 2655 in response to reports that first responders took personal photos of the victims at the scene of the Jan. 26 helicopter crash in Calabasas that killed the former Los Angeles Lakers star and eight others.

“Like many others, I was mortified after I’d heard that first responders captured and shared unauthorized photos from the scene of the helicopter crash that killed Kobe and Gianna Bryant, Payton Chester, Sarah Chester, Alyssa Altobelli, Keri Altobelli, John Altobelli, Christina Mauser, and Ara Zobayan,” Gipson said in a statement after his bill passed on to Newsom’s desk, listing the names of the crash victims. “The actions of the first responders involved were unacceptable, and they highlighted a problem that demands a strong remedy.”

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©2020 The Sacramento Bee (Sacramento, Calif.)

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