- The Washington Times - Tuesday, November 17, 2009

The Obama administration announced Tuesday the formation of an interagency task force aimed at preventing and prosecuting financial crimes.

The Financial Fraud Task Force replaces the Corporate Fraud Task Force that was convened in 2002. The new task force does not differ meaningfully from the previous one.

“Mortgage, securities and corporate fraud schemes have eroded the public’s confidence in the nation’s financial markets and have led to a growing sentiment that Wall Street does not play by the same rules as Main Street,” Attorney General Eric H. Holder Jr. said during a news conference.

“Unscrupulous executives, Ponzi scheme operators and common criminals alike have targeted the pocketbooks and retirement accounts of middle-class Americans, and in many cases, devastated entire families futures.

The Justice Department will lead the task force, which also includes the Treasury Department, Securities and Exchange Commission and nearly two dozen other federal agencies.

The first meeting of the task force is expected to take place in the next 30 days.

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