Bush launches corporate fraud taskforce
In his presidential address to the nation yesterday, George W. Bush announced the creation of a corporate fraud taskforce.
The taskforce, based at the Justice Department – the government agency responsible for probing Enron, Andersen and WorldCom – will oversee all investigation into business wrongdoing.
It will be headed by Larry Thompson, second in command at the Justice Department. Bush said the unit would behave as a ‘financial crime Swat team’.
During his speech the president also called for jail sentences for business executives convicted of fraud to be extended to the maximum term of 10 years.