NEW FRAUD TASKFORCE

Reuters is reporting that Attorney General Eric Holder is thinking about forming a financial fraud task force to take a comprehensive view of the causes behind the economic crisis. He said in an interview that both state and local authorities should be involved in financial fraud investigations and expected investigations to cover more than just the current rash of mortgage frauds.

At the same time, a bill in the US Senate would give the Justice Department $165 million a year for 2010 and 2011 to hire investigators and prosecutors to fight fraud. Extra funds would also be made available to the SEC, the Postal Inspection Service and other agencies fighting fraud.