Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

 

8,300 Unique Visitors In The Past Day

 

Powered by Squarespace

 

Most Recent Comments
Cartoons & Photos
SEARCH
ReturnReturn to Article

Recommend William Black: "The de facto policy right now is elite frauds go free if they're in banking because the whole sector is too fragile; That is significantly insane" (Email)

This action will generate an email recommending this article to the recipient of your choice. Note that your email address and your recipient's email address are not logged by this system.

EmailEmail Article Link

The email sent will contain a link to this article, the article title, and an article excerpt (if available). For security reasons, your IP address will also be included in the sent email.

Article Excerpt:

Video - Bill Black on banking fraud - April 24, 2011

Source - Tech Ticker

William Black blames policymakers.

It's a matter of "unofficial" policy, he claims. "The de facto policy right now is elite frauds go free if they're in banking because the whole sector is too fragile. That is significantly insane. It will produce the next crisis." Essentially he's saying officials think it's more important for the banking sector to make money than it is for them to follow the law.

In the accompanying interview with Aaron Task, he notes that Treasury or White House officials are fully aware of the fraud, citing FBI testimony as far back as 2004 about rampant fraud in the mortgage market. In fact, Black says the problems banks are now facing with foreclosure paperwork are simply a result of the foreclosure frauds that were never addressed. "Every time you fail to root out the frauds, the fraud simply migrates. It migrates from the lending process to the foreclosure and servicing process."


Article Link:
Your Name:
Your Email:
Recipient Email:
Message: