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William Black On Financial Fraud

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William Black on Financial Fraud

FEBRUARY 6, 2012

Hosted by Russ Roberts

William Black of University of Missouri-Kansas City and author of The Best Way to Rob a Bank Is to Own One, talks with EconTalk host Russ Roberts about financial fraud, starting with the Savings and Loan debacle up through the current financial crisis. Black explains how bank executives can use fraudulent loans to inflate the size of their bank in order to justify large compensation packages. He argues that "liar loans" were a major part of the crisis and that policy changes made it easy to generate such loans without criminal repercussions.



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What's interesting is that in the 1980's, 1000 bankers went to jail. In this crisis, no one has, except Madoff.

There are plenty of laws they have definitely violated. Fraud, in saying Goldman Sachs had no exposure when asking for a bailout (Paulson). Trading while insolvent. Pushing toxic waste. Manipulating the market in silver. Tax evasion probably.

Yet no bankers have gone to jail.

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Where's the perp walk?

If Dick Fuld didn't get done for his Repo105s or "Tangelo" Mozilo for the crap that went on in Countrywide then no one was going to jail.

Some choice links:

Too Big To Jail

One Word Explains What Caused the Financial Crisis: Fraud

Who caused the financial collapse, and why aren’t they in jail?

Accountability and Transparency in the World of Big Money: Banks too Big to Fail and too Big to Jail

Why Isn't Wall Street in Jail?

In Financial Crisis, No Prosecutions of Top Figures

Speaker Wright and Secretary Geithner’s Shared Hate for Prosecuting Criminal Contributors

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