Shaw Capital Management: Obama Vows To Fight Financial Fraud In US DOJ Budget Plan

Written by admin on November 6th, 2011

Article by Shaw Financial

By Maya Jackson Randall, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- U.S. President Barack Obama’s fiscal 2012 budget plan proposes a 2% jump in U.S. Justice

Department funding, as the administration vows to crackdown on financial fraud and foreclosure violations.The proposal would provide the department $ 28.2 billion, representing a 2% increase above 2010 levels.Under the plan unveiled Monday morning, $ 3 billion would go toward the department’s litigation efforts, including those aimed at helping the U.S. attorney general’s financial fraud task forces.In wake of the financial crisis, the U.S. government has faced pressure to penalize companies that prey on investors and consumers. Obama set up an interagency task force in November 2009 to investigate financial fraud and root out scam artists and Ponzi-scheme operators.In December 2010, U.S. officials announced that they had charged more than 500 people in what they described as a massive nationwide sweep of scam artists. The officials said the schemes harmed more than 120,000 victims throughout the country.

The losses from the criminal cases total more than $ 8 billion, while losses from the civil cases amount to $ 2.1 billion.”Financial crimes such as these not only threaten the financial stability of families, but also the stability of our entire

economy and our continued recovery,” the budget report says.The budget blueprint also includes funding for more specialists who can enforce U.S. intellectual property interests.

In addition, the budget plan would increase funding for the Justice Department’s national security programs to fight the threat of terrorism, strengthen state and local criminal justice programs and maintain funding for investigations and attorneys needed to address the BP PLC oil spill.

Shaw capital Management Financial News

At Shaw Capital Management, we give you the information and insight you need to make the right investment choices. We look forward to working with you and being the open architects of your financial well being.Our goal is to provide consistent quality investment advice to our clients.Although the stock market provides many facets of opportunity for today’s investor, there are always just a few stellar markets or niche companies at any given time. It is true that in a healthy market, investments yield favourable returns in a given growth area. The key is to pick those investments that are driving the trends and will become tomorrow’s brightest stars.

One problem is proper allocation of research resources. It is true there is power in numbers, and teams of researchers will generally spot and confirm trends that the individual investor would miss. But on the other hand, too broad of an effort will squander research resources and loose sight of those special investments in an overwhelming sea. Every investor will achieve better long-term risk-adjusted results by working with a true open architecture advisor.

By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687, maya.jackson

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