Sunday, April 5, 2009

Won't be fooled again...


William K. Black suspects that it was more than greed and incompetence that brought down the U.S. financial sector and plunged the economy in recession — it was fraud. And he would know. When it comes to financial shenanigans, William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s, has seen pretty much everything. Now an Associate Professor of Economics and Law at the University of Missouri, William K. Black tells Bill Moyers on the JOURNAL that the tool at the very center of mortgage collapse, creating triple-A rated bonds out of "liars' loans" — loans issued without verifying income, assets or employment — was a fraud, and the banks knew it.
Bill Moyers Journal . William K. Black: CSI Bailout | PBS via pbs.org http://www.pbs.org/moyers/journal/04032009/watch.html

... Break up the Big Banks, Big Pharma, Big Oil, Big Cars. Repay the debt you have caused for our country. Then we'll start reducing Big Government.

Posted via web from numbone's posterous

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