Chicago professor explains debt deal consequences

August 1, 2011 5:46:45 AM PDT
Prof. Bill Kresse of St. Xavier University was a guest on ABC7 News Monday discussing the latest on the debt deal and the economics of it all.

Professor Kresse's bio:

In 2007, Kresse completed an unprecedented study on identity theft that showed the No. 1 source of identity theft is a relative or friend. Performing a kind of financial CSI, Kresse and other University researchers analyzed a sampling of nearly 30,000 "cold cases" of identity theft that occurred between 2000 and 2006, which were provided by the Chicago Police Department.

Kresse helped craft the Graham School of Management's financial fraud examination and management graduate program, which is the country's only classroom-based MBA program in financial fraud examination and identity theft. Kresse is an expert in the areas of financial accounting, financial statement audits and fraud, macroeconomics, Illinois election law and voter fraud, business and occupational fraud, federal civil litigation, insurance, accounting malpractice and attorney malpractice, and Chicago trivia and history. He teaches undergraduate and MBA courses, including cost accounting, managerial accounting, auditing, corporate income tax, individual income tax, business law, financial fraud examination and management, economics, and a course called government, business and society.

Kresse began his career as an auditor for what is now the firm Deloitte & Touche, having audited organizations ranging from Fortune 100 companies to small nonprofits. His work with government agencies during the savings and loans scandals of the 1980s resulted in the closure of numerous S&Ls. After earning his law degree, Kresse clerked for federal Judge Abraham Lincoln Marovitz of the U.S. District Court in Chicago. He later joined several top law firms in Chicago, including Hinshaw & Culbertson and Ross & Hardies to litigate civil cases in state and federal courts, including the Illinois and U.S. Supreme Courts. He came to Saint Xavier University in 1992 as an adjunct professor and has been promoted to assistant professor in the Graham School of Management. He continues his private practice as an attorney, a certified public accountant, a certified fraud examiner and certified forensic accountant, and as a consultant in the areas of tax, probate, real estate, commercial litigation, criminal appeals, estate planning, and small business. He is also an arbitrator with the Circuit Court of the Cook County Arbitration Program, and an election attorney for the Chicago Board of Election Commissioners.

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