PDA

View Full Version : Finance Reform



James48843
05-23-2010, 06:33 AM
Amazing video --where a guy who helped clean up the Savings and Loan crisis back in the 1980's, came out with this testimony about what is happening now - testimony regarding Lehman Brothers.

This is testimony from William K. Black, who was a litigator back in the 1980's, tells the Senate Committee what really happened. See Black's bio here: http://en.wikipedia.org/wiki/William_K._Black

"”Black asserted that the banking crisis in the United States that started in late 2008 is essentially a big Ponzi scheme; that the "liar loans" and other financial tricks were essentially illegal frauds; and that the triple-A ratings given to these loans was part of a criminal cover-up.“



3-HTylLzXu8

KevinD
05-23-2010, 06:39 AM
"and that the triple-A ratings given to these loans was part of a criminal cover-up.“

I was wondering when somebody was going to say that. I hadn't heard it up to this point.

If the ratings agencies got it that bad, why would anybody trust the ratings these agencies issue ever again? :confused:

crws
05-23-2010, 10:32 AM
I seem to remember him being an aggressive investigator.