>If you want to think like an economist about fraud You don't. Thinking like an economist about control fraud is the exact mistake Alan Greenspan made when he

>If you want to think like an economist about fraud You don't. Thinking like an economist about control fraud is the exact mistake Alan Greenspan made when he denied that fraud could exist because an efficient market wouldn't allow it: http://www.dailykos.com/story/2010/11/7/918589/- http://www.dailykos.com/story/2010/11/7/918589/- His fatal assumption was also that reputational risk was enough to prevent it from ever happening.