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Editorial: fraud, corruption and the financial crisis

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As the UK begins to emerge from one of the worst recessions since the Second World War it would seem many have forgotten some of the causes of it. The sub-prime mortgage sector in the USA has been attributed as a significant contributor to the crisis and the problems in this sector in the USA can be linked to fraud and corruption, as one of the major causes. From applicants fabricating false information to brokers exaggerating their clients prospects without them knowing, to ultimately a system of mortgages which was certainly built upon negligence if not a great deal of fraud1, this all culminated to creating a growth in mortgages, which were doomed for default (Bitner, 2008; Ferguson, 2008). The cost of the Global Financial Crisis of 2008e09 has been estimated at, $11.9 trillion by the International Monetary Fund (IMF), or, in plain terms, one-fifth of annual global world output illustrates the damage not tackling fraud seriously can do (Daily Telegraph, 2009).
Original languageEnglish
Pages (from-to)137-139
Number of pages3
JournalInternational Journal of Law, Crime and Justice
Volume39
Issue number3
DOIs
Publication statusPublished - Sep 2011

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