A video by William Black on what caused the global financial crisis—and why it is a ticking time bomb just waiting to go off again.
by Robert Coutinho
Professor Black teaches at University of Missouri, Kansas City. He was one of the regulators who investigated the Savings and Loan crisis of 1984, and he also helped to eliminate similar fraud back in 1990-1991. He talks about how the top executives set up a bank to fail, getting their compensation up front before the failure.
http://tedxtalks.ted.com/video/How-to-rob-a-bank-William-Black
This video is a must-watch of 19 minutes for anyone who wants to know what happened and why it is still happening. A telling statement is made by him near the end when he mentions how many executives his agency prosecuted for the SNL crisis, verses how many were prosecuted for the GFC which was at least 70 times larger.
If you happen to have the capacity (and stomach) to become the CEO of a bank; the video is also an excellent “how to” on robbing your bank. The astounding part of it all is that the exact, same methods used by the Savings and Loan corporations were used by the banks (and are being used again!)
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Robert Coutinho is a disabled pharmaceutical chemist living in Massachusetts. He has been learning about life, the universe, and everything since he was born in 1963. He has had little else to do since his disability began in 1997. He has written a fictional novel, Their Last Best Hope, which is currently available at Tate Publishing, Amazon and book stores.
graphic via shutterstock.com