Theft of a Nation

Gregg Barak is professor of criminal justice and criminology at Eastern Michigan University. He is author or coauthor of several books, including Class, Race, Gender, and Crime: The Social Realities of Justice in America, now in its third edition.

While many factors contributed to the recent financial crisis and subsequent great recession (e.g., repeal of the Glass-Steagall Act, increasingly complex derivatives), Barak (criminal justice, Eastern Michigan Univ.) lays the blame squarely on Wall Street leaders. He asserts their unethical and illegal behavior was aided by the incompetence of regulators and the lack of criminal prosecution of any fraud committed by the largest banks and their managers. Not one senior executive from a major financial institution has yet to be criminally prosecuted, and civil cases were settled without participants admitting guilt. According to Barak, these "finance capitalists who have great wealth, prestige, and access to politicos at the highest level of government were afforded ample opportunities to make, break, and neutralize, if not capture, the laws of regulation." For example, the Troubled Asset Relief Program funneled millions for bonuses to individuals responsible for the crisis and the loss of trillions of dollars by homeowners, municipalities, and pension plans. Barak suggests that recent regulations (e.g., the Dodd-Frank Act) will not improve the financial environment without enforcement. A glossary, extensive footnotes, and an index add to the book's usefulness. Summing Up: Recommended.

• Introduction Chapter 1. Law, Power, and Wealth: On the Rhetoric and Reality of Fighting Financial AbuseChapter 2. Bernie Madoff’s Ponzi Scheme and Wall Street’s Financial Meltdown: A Primer on Investment Fraud and VictimizationChapter 3. Unenlightened Self Interest, Unregulated Financial Markets, and Unfettered Victimization: From the Savings and Loan Bailouts to Too Big to FailChapter 4. Theories of White Collar Illegalities and the Crimes of the Powerful: A Reciprocal Approach to the Political Economy of Wall Street Looting and Federal Regulatory ColludingChapter 5. Financial Looting, Victimization, and Legal Intervention: On Criminal Prosecution and Civil Law EnforcementChapter 6. Consuming Victims and Victimless Identities: On the Social Construction of Victimization and the Re-emergence of Public VictimsChapter 7. The Wall Street Financial Reform and Consumer Protection Act of 2010: A Synopsis of Dodd-Frank and the Re-regulation of Financial AbuseConclusion