In September 2007, the collapse of the United States (US) sub-prime mortgage market resulted in the global meltdown of the financial markets. This resulted in the collapse of many international financial institutions including Northern Rock, Bradford and Bingley, American Insurance Group, Freddy Mac, Fannie Mae and Lehman Brothers. The G20 countries responded with a plethora of financial stimulus packages aimed at combating the largest global financial problem since the Wall Street Crash in October 1929 and the Great Depression. Many commentators, regulatory agencies and politicians have argued that the ‘Credit Crunch’ was the result of the ‘Casino’ banking activities of financial institutions. This resulted in nation states, including the US and the UK, introducing a raft of legislative measures to protect their economies. However, the purpose of this edited collection is to highlight the impact of another, perhaps an even more significant, trigger event, financial crime. There is an increasing amount of evidence from the Federal Bureau of Investigation (FBI), the Securities and Exchange Commission (SEC), the Financial Services Authority (FSA) and the Serious Fraud Office (SFO) which highlights the increase in financial crime. Examples include the ‘Ponzi’ fraud schemes by Bernard Madoff and Alan Stanford, the unlawful transactions of Jérôme Kerviel (Société Générale) and Kweku Adoboli (UBS), a record increase in mortgage fraud in the US to $10bn per year and an increase in the extent of fraud to £73bn in the UK. Therefore, the aim of this edited collection is to provide a unique commentary on the relationship between the ‘Credit Crunch’ and ‘financial crime. This edited collection to contribute to this vast area of law by providing a unique review from a wide range of experts from academia and practice.
Ryder, N., Turksen, U., & Hassler, S. (2014). Fighting Financial Crime in the Global Economic Crisis: Policy, Trends and Sanctions. Routledge Cavendish