How much of the current economic crisis is simply about fraud? On the next Your Call, we'll have a conversation with William Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. He says the financial industry has brought the economy to its knees. So how did they get away with it? You can join us by calling in or by email at feedback@yourcallradio.org. What will it take to bring the banks out of the shadows? It's Your Call, with Rose Aguilar and you.
Guests:
William Black, former senior bank regulator, best known for his thwarted but later vindicated efforts to prosecute S&L crisis fraudster Charles Keating. He is currently an Associate Professor of Economics and Law at the University of Missouri in Kansas City.
Click to Listen: How much of the economic crisis is simply about fraud?
Curious about how much of the default credit swaps were also part of the fraud, e.g., those companies that bundled the loans knew that they were bad, took out default swaps to cover themselves (a good investment) then sold the underlying debt, kept the default swaps and even issued their own default swaps at higher rates.
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