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Submitted by Janet Tavakoli
The IMF invited me to present my views on the global financial crisis as detailed in my book, Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street on Monday, September 21. Among other recommendations, I will suggest Congress approve more funding for investigations that should lead to felony indictments of financial professionals involved in the largest Ponzi scheme in the history of the capital markets. Predatory securitizations of fraudulent loans, the credit derivatives that referenced them, and fraudulent accounting enabled former investment banks and some legacy banks to raise money from new investors to pay back old investors (themselves and mortgage lenders) in what was known to be an unsustainable and fraud riddled business model.
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