Sunday, May 17, 2009

fraud in the financial crisis has been virtually ignored when he contends it was a major factor, and is also overlooked in the regulation of financial

From Naked Capitalism:

"William Black Uses the "F" Word A Lot

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William Black, in a lecture in Iceland, discusses how the role of fraud in the financial crisis has been virtually ignored when he contends it was a major factor, and is also overlooked in the regulation of financial institutions. He also argues that standard econometric models produces the worst possible when a financial bubble is growing.



The lecture comes in two videos, Part 1 and Part 2. Enjoy!


Me:

Don said...

Financial Crises go through different stages, like grief. Right now, we're still at the Stupidity, Complexity, Elmer Fudd, Ostrich, Devil Made Me Do It, Inanimate Causes, Defenses level or stage. The first stage. The actors were idiots and are happy now to say so, having earned millions as experts.

The Fraud, Negligence, Fiduciary Mismanagement, and Collusion, Stage, which I consider as a group the second leading cause of our crisis, takes time, and, more importantly, litigation to develop and uncover. Hang in there. We'll get to it.

Don the libertarian Democrat

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