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The Best Way to Rob a Bank is to Own One
April 10, 2009 by Lynn Shepherd CFP
Filed under Money and Meaning, Videos
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Loading ...The best way to rob a bank? Own one.
This according to William Black, author of the book The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S&L Industry
Bill Moyers Interview with William Black
Currently an Associate Professor teaching Economics and Law at the University of Missouri, his book paints a picture of the fraud that occurred during the 1980’s Savings &Loan crisis from his front row seat as a senior regulator.
William Black calls it as he sees it.
Our current financial meltdown a “moral crisis” and one of calculated dishonesty.
“A single bank, IndyMac, lost more money than the entire savings and loan crisis.”
The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, “We now know what happens when you destroy regulation. You get the biggest financial calamity of anybody under the age of 80.”
What is so important to understand that the checks and balances, the regulations meant to protect our fiinancial system, vanished once again. Will we never learn?
Watch the April 3rd Bill Moyers’ PBS video interview to hear William Black’s insight and full analysis. (opens in a new window) Please share your thoughts.
