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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ggersh who wrote (110052)9/30/2014 11:40:14 AM
From: John Vosilla  Read Replies (1) of 110194
 
The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry

Bill Black shows how internal control fraud by leaders of the saving and loan companies worked, and how they fooled or co-opted the regulators, big accounting firms and politicians. I found it an exciting story as the battle for accountability ebbed and flowed, and the courage of the 'few' against the established way of doing things is rare, astonishing and uplifting.
Then he explains how we have learned little and done nothing to protect ourselves against more frauds after that crisis was somewhat resolved. Instead, we encouraged more criminality by leaving most of the loopholes in place, deregulating still further in the name of blind ideologies, and refusing to seek out and punish the individuals responsible. Which brings us to the present ongoing rolling disaster. The criminals are still in charge, but now they are applauded and supported at the highest levels, there have been few prosecutions, and the vast scale of the looting has hollowed out our economy. The pathetic fines levied by the 'regulators' are just now a cost of doing business, just another expense to write off against taxes. No individuals are held to account, and the corporations they work for have now become 'people', with the added benefit of being immortal sociopaths.
This book is well worth reading if you are interested in understanding how we came to our present situation. Bill Black and his team brought the S & L crisis under control, and the same methods could bring the present crisis under control---if there was the political will. Well written by the leading insider.

amazon.com
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