One of my lines in recent years has been “Fraud is the fastest growing business in America.”
I am clearly behind the times. It appears that the many years of rapid growth had led to the inevitable result, namely, that fraud is the biggest business in America.
Below is a page from the agenda for the fall 2015 conference for the Council for Institutional Investors (hat tip jx3). From its About Us:
The Council of Institutional Investors (CII) is a nonprofit, nonpartisan association of corporate, public and union employee benefit funds and endowments with a focused policy mission: to be the leading voice for effective corporate governance practices for U.S. companies and strong shareowner rights and protections.
You can see the full agenda here. See who is the lunch speaker (the 12:15-1:30 slot). Bear in mind that this is the only presentation on the state of the economy during the entire conference.CII_fall_2015_agenda_web
This is David Chaves’ bio:
Supervisory Special Agent David A. Chaves is a senior FBI Agent assigned to the New York division. He serves as the securities fraud program manager for the most visible securities cases prosecuted over the last decade. He is widely recognized as the chief strategist in coordinating these complex white collar investigations and for infiltrating corrupt participants in the hedge fund industry through the use of sophisticated techniques, undercover operations, and wire taps.
He is a securities fraud subject matter expert and lectures to audiences in both the public and private sector on securities fraud cases including Madoff, Galleon, and Perfect Hedge investigations. Prior to joining the FBI he was a civil litigation attorney in Boston, MA.
And not only that, but as you saw, CII is composed of long-term investors like pension funds. Their choice of Chaves as a speaker suggests that the CII is bullish on fraud, as in they expect it to continue to be a top performer in the US.