Obama signs executive order establishing new unit to combat financial fraud News
Obama signs executive order establishing new unit to combat financial fraud

[JURIST] US President Barack Obama signed an executive order [text] Tuesday creating a Financial Fraud Enforcement Task Force [press release] to be headed by the Department of Justice (DOJ) [official website] as lead agency. The task force, which continues the work of and replaces the federal government's Corporate Fraud Task Force (CFTC) [official website], is charged with building on "efforts already underway to combat mortgage, securities and corporate fraud by increasing coordination and fully utilizing the resources and expertise of the government's law enforcement and regulatory apparatus." Treasury Secretary Timothy Geithner and Attorney General Eric Holder [official profiles] say the group will act aggressively to combat fraud and and prevent another economic meltdown. Holder will convene the first meeting of the task force within 30 days.

This latest effort to battle corporate fraud is part of a wide-ranging plan of financial reform [JURIST news archives] that includes new Senate legislation and executive proposals [JURIST reports] intending to strengthen legislation and limit loopholes. Members of the Obama administration have proposed strengthened regulations and increasing restrictions on financial institutions [JURIST report] in response to the current crisis.

THIS DAY @ LAW

38 Santee Sioux hanged by US for rebellion

On December 26, 1862, 38 Santee Sioux men were hanged in a mass execution for their roles in a rebellion against US authorities in Minnesota which left hundreds dead and made refugees of some 40,000 white settlers. Government annuities promised under a treaty with the Sioux had failed to arrive on schedule and credit for purchases was not advanced in the meantime, threatening the tribe with starvation. The Santee Sioux Tribe's members were deported first to South Dakota and ultimately to Nebraska, where they remain today. Learn more about the 1862 Minnesota Sioux Rebellion.

Louis XVI put on trial during French Revolution

On December 26, 1792, Romain de Sèze, a defense attorney for deposed King Louis XVI, presented a defense of his client. The former King was on trial before a French Revolutionary court on thirty-three charges, including treason and other crimes against the state. He was convicted on January 15, 1793 executed by guillotine on the following January 21.