⚉|⚇|⚉ Bathroom Stall Prophets

The Stalls of Higher Thought

U.S. Financial Collapse Caused By Massive Fraud. Plain and Simple.

leave a comment »

moyerblack

Bill Moyers – PBS: 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.

And while there is no law against liars’ loans, Black points out that there are, “many laws against fraud, and liars’ loans are fraudulent. […] They involve deceit, which is the essence of fraud.”

bspcommentHow anyone sane person could have watched Friday’s edition of Bill Moyer’s Journal without a real sense that taxpayers the free world over are being taken for a ride like never before in human history is completely beyond me. Mr. Moyer’s quiet and respectful demeanor almost soften the severity and scale of the fraud that continues to be perpetrated on the free markets and citizens of the world.

Advertisements

Written by mattliving

April 6, 2009 at 7:28 am

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: