"We knew this was three-card Monte. ALL of the major regulatory agencies were COMPLICIT by fai
House Financial Services Committee hearing on the 2008 LEHMAN BROTHERS FAILURE. Scathing AND EXTREMELY-WELL-INFORMED rebuke by William Black, Professor of Law and Economics, Univ. of MO Kansas City School of Law and former federal prosecutor of white-collar crime most notably averting a worse disaster of the Savings & Loans crisis in 1991.
"It is CRITICAL NOT TO CONTINUE with "business as usual."
All this spoken with authority and credulity almost A DECADE AGO??!!! C'mon people! We MUST HAVE OUR PROSECUTORS AND JUDICIARY serving the well-being of the People; or the People have every right to cry a loud "FOUL" and "Dereliction of Duty!"
https://youtu.be/J8CqaHTygSc (8 min.)
"Lehman's story in large part is a story of FRAUD. LEHMAN was the leading purveyor of 'Liars Loans' in the world for most of this decade.... Studies of liar's loans have shown incident of fraud to 90%. Lehman sold this to the world with reps and warranties that there was no such fraud. If you want to know why we have a global crisis, in large part, it is before you." ~ 2008 House Financial Services Committee on Lehman Brothers' failure.
"Liars loans will lose money. The only way to make money is to deceive others by selling bad paper.... WE HAVE KNOWN FOR A DECADE THAT THIS IS FRAUD AND WE HAVE KNOWN HOW TO STOP IT. ... All of the major regulatory agencies were COMPLICIT by failing to stop it."
'HOW TO ROB A BANK," TedX talk by Prof. Bill Black (19 min.): https://youtu.be/-JBYPcgtnGE