BusinessCompany NewsBush launches corporate fraud taskforce

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.

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