N. Chandrababu Naidu Quotes
The government is one entity which can control fraud, both public and private.
Naidu, N. Chandrababu. Quoted in "Government can control fraud." The Hindu, THG Publishing, 13 Feb. 2019.
At the time of this interview there had been a decade of business fraud at many different levels. The regulatory agencies supposedly responsible for the regulation had neither the staff or the political will to even enforce the laws and regulations then in existence and there were many loopholes in those. Many business interests opposed all regulation and strict enforcement as a diminution of the health of the economy. Others, like Greenspan, saw fraud as corrupting the markets themselves and therefore the usual capitalistic economic competitive forces that would control business do not operate with extensive fraud.
Congress had passed special legislation making crimes at the Mint capital crimes.
Barry Bonds was a star professional baseball player whose accomplishments were aided by taking illegal drugs. He lied about his use of drugs, and the Department made a very large effort over years to finally prosecute him. However during that time there were almost no prosecutions of the thousands of bankers and financiers who had lied, cheated, forged legal documents and in the process almost permanently ruined the American economy—the Great Recession of 2008. The Justice Department claimed that white collar cases are very complex and take longer to prepare prosecutions. Critics claimed that there are so many law breakers, that the government does not want to prosecute all the felons, but just go after a few, and this is easier if time has gone by and public anger has receded or been forgotten.
In the economic meltdown of 2008 and the aftermath, there were so many criminal violations of law in the financial industry that even the Democratic administration of Barack Obama chose not to jail the violators but to levy some large token fines albeit ones which were very affordable for the institutions who had to pay them—in many cases paying them with money made as a result of profits on no-interest money they received in bailouts after the 2008 Meltdown.
At this time it was 6 years after the Home Financing Crisis and the Meltdown of 2008 and despite tens of thousands of law violations by the bank, the Justice Department was finally finishing their investigations and requiring some penalties. Other negotiations with other banks were in progress, but no bank executives were going to jail for the millions they handled fraudulently, whereas a burglar who stole household goods would do jail time.
Nara Chandrababu Naidu(listen) is an Indian politician and current leader of opposition in the Andhra Pradesh Legislative Assembly. He is a former Chief Minister of Andhra Pradesh, serving from 2014 to 2019. He was the first Chief Minister of the state after it was divided. Previously, he served as the Chief Minister of Andhra Pradesh from 1995 to 2004, before the state's division, and as the leader of the opposition in the united Andhra Pradesh Legislative Assembly from 2004 to 2014. He is the National President of the Telugu Desam Party (TDP), and the longest-serving Chief Minister (14 years in office) of Andhra Pradesh.
