Rent-seeking, Instability and Fraud

Challenges for Financial Reform
Tuesday February 26, 2013

This seminar will explore how financial sector innovation and regulatory structures affect inequality, macroeconomic fragility and white collar crime.


Questions to be addressed include:

  • What role does the financial sector play in a modern day economy?

  • How does financial innovation fit into traditional boom-and-bust accounts of the business cycle?

  • What role did fraud play in the global financial crisis?

  • How can financial reform effectively reduce the prevalence of rent-seeking, instability and fraud?



William K. Black

Associate Professor of Law and Economics
University of Missouri-Kansas City

William K. Black, J.D. Ph.D. is an Associate Professor of Law and Economics at the University of Missouri-Kansas City and former Executive Director of the Institute for Fraud Prevention. He is a veteran financial regulator, previously serving as 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 of the Office of Thrift Supervision. He was also Deputy Director of the National Commission on Financial Institution Reform, Recovery and Enforcement. He the author of The Best Way to Rob a Bank is to Own One (University of Texas Press 2005), and has testified before numerous Congressional Committees on financial regulation, executive compensation and fraud in the lead-up to the financial crisis. Dr. Black was also a central figure in exposing Congressional corruption during the 1980’s Savings and Loan Crisis. He contributes regularly to the Huffington Post and also blogs at New Economic Perspectives.

Michael Norman

Economist and veteran trader

Michael Norman, B.A. M.A. is an independent broker-dealer and investment banking firm on Wall Street, and the former Chief Economist and John Thomas Financial. His trading career spans over 30 years and includes positions at Merrill Lynch and Credit Suisse. He has floor experience on four U.S. futures exchanges (NYFE, NYMEX, COMEX, CME) and is responsible for creating a unique indicator called the Fiscal Liquidity Index that looks at government spending and its impact on the financial markets. The Index is published daily and is carried on the Bloomberg system. Mr. Norman is a former economics radio show host and sought after TV commentator and has been seen regularly on CNBC, Bloomberg and Fox News. He also runs his own blog.

Lynn E. Turner

Managing Director Focusing on Forensic Accounting

Lynn E. Turner, B.A. M.A. C.P.A. is a former Professor of Accounting at Colorado State University and currently serves as Managing Director at LitiNomics, where he focuses on forensic accounting. Mr. Turner is a noted expert on financial reporting requirements, corporate governance standards, and economic risk. He has more than 30 years of business, regulatory, corporate board, and academic experience, including 20 years with Coopers & Lybrand (now PricewaterhouseCoopers), where he was a national SEC review partner and head of its national high technology audit practice. Mr. Turner was actively involved in the legislative process leading up to passage of the Sarbanes-Oxley Act, and in 2007 was appointed by Treasury Secretary Paulson to the Treasury Committee on the Auditing Profession. Prior to this, Mr. Turner served as the Chief Accountant of the Securities and Exchange Commission (SEC) from July 1998 to August 2001.


Harvey J. Goldschmid

Harvey J. Goldschmid is Dwight Professor of Law at Columbia Law School, where he has served on faculty since 1970. From 2002-05, Professor Goldschmid served as a Commissioner of the United States Securities and Exchange Commission. Professor Goldschmid has also served as Special Senior Advisor to SEC Chairman Arthur Levitt, and prior to that served as the SEC’s General Counsel. He now serves as a Public Governor and Chair of the Regulatory Policy Committee of the Financial Industry Regulatory Authority (FINRA), as a Trustee of the International Financial Reporting Standards (IFRS) Foundation, as a Director of the National Center on Philanthropy and the Law, as a Director of Transparency International-USA, on the Governing Board (and Vice Chair) of the Center for Audit Quality, and as a member of the Systemic Risk Council.




William K. Black

Lynn E. Turner

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