Federal Trade Commission Quotes



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.


The Commission is not a law enforcement agency in the sense that it can initiate or prosecute a civil or criminal lawsuit against a party that is breaking the law. The Commission however, can refer cases to the Justice Department and turn over their findings with a recommendation to prosecute. However, under George W. Bush, the policy was not to even do that. Chairman Majoras actually persuaded the Bush Justice Department to terminate efforts to prosecute Intel and other companies that previous Commissions had recommended prosecuting.