William K. Black

William K. Black is an Associate Professor of Law and Economics at the University of Missouri-Kansas City and a former senior financial regulator. He is a white-collar criminologist. He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. He was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and General Counsel of the Federal Home Loan Bank of San Francisco, and Senior Deputy Chief Counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. He is the author of the book The Best Way to Rob a Bank is to Own One (University of Texas Press 2005). Black developed the concept “control fraud” – frauds in which the leader uses the entity as a “weapon.” Control frauds cause greater financial losses than all other forms of property crime combined and kill and maim thousands. He helped the World Bank develop anti-corruption initiatives, served as an expert for OFHEO in its enforcement action against Fannie Mae’s CEO, assisted Icelandic and French leaders responding to their financial crises, and addressed members of the UN General Assembly on policies needed to reduce the risk of future financial crises. Black has testified before Congress five times about the financial crisis.

Regulatory Capture is Not “Inevitable”

“Capture” has become a self-fulfilling prophecy of economists who turn their students into sure-to-fail regulators. A Wall Street Journal editorial asserted the “inevitability” of...

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