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The recent banking crisis along with Bernard Madoff’s multi-billion dollar Ponzi scheme has heightened awareness of the potential of fraud in financial services. That was the topic of William Black’s lecture to students at AIER’s 53rd year of the Summer Fellowship Program.
 Black, an associate professor of economics and law at the University of Missouri - Kansas City, is a former senior bank regulator best known for his efforts to prosecute Charles Keating. Keating was eventually convicted of fraud, racketeering, and conspiracy following the savings and loan debacles of the late 1980s. Black’s book The Best Way to Rob a Bank Is to Own One describes the strategies Keating and hundreds of others used to defraud the S & Ls. The speaker, pictured at left, was one of several distinguished presenters at this year’s Summer Fellowship Program. He spoke with Walker Todd, director of the program, shortly after his presentation. Click here to listen to an interview with William Black that followed his talk, Identifying Fraud in Financial Services. (10 minutes).
About the Summer Fellowship Program AIER’s Summer Fellowship Program is designed for graduating college seniors who plan to enter doctoral programs in economics or affiliated fields, and those enrolled in such programs for no longer than two years. Admission is awarded based on academic achievement, interest in current economic problems, plans for future study, and potential for success. We are particularly interested in students who aspire to teaching or other careers where they will have an impact on popular economic understanding.
During their four weeks in residence, student fellows participate in intensive seminars on property rights, scientific procedures of inquiry, sound money, and other topics. Assigned readings in these areas provide the basis for written assignments and seminar discussions. Seminar sessions are not conducted as formal lectures, but rather are structured to encourage a disciplined exchange of views.
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