William Black: Weapons of Mass Destruction
on Monday, February 9, 2015William Black Money Quotation saying controllers are usually seen as harmless bean counters, when they are often dangerous financial criminals. William Black said:
“Control fraud is what happens when the people who control, typically a CEO, a seemingly legitimate entity, use it as a weapon to defraud, and these are the weapons of mass destruction in the financial world — William Black
In this quote, William Black is referring to a type of fraud known as “control fraud”, where the people who control major institutions use them to carry out large-scale deception.
He argues that when the leaders of large corporations like banks or insurers engage in fraudulent behavior for their own benefit, it can have massive damaging effects akin to weapons of mass destruction.
By using their control over an organization as the means to defraud others for profit, these executives turn the entities under their command into “weapons” that can cause immense financial harm.
Black sees control fraud as one of the primary ways that systemic crises emerge in the financial sector, as the heads of major companies abuse their positions of trust to engage in corrupt acts that put the stability of the entire system at risk.
Birthday: July 10, 1723 – Death: February 14, 1780