4 ms·
I know that Black is an expert. But he was also there to sell his book. He didn't explain the mechanics of the problem, instead the interviewer kept stressing w
by Rod 18y ago
I know that Black is an expert. But he was also there to sell his book. He didn't explain the mechanics of the problem, instead the interviewer kept stressing words like "fraud" as to dramatize the discussion. I am not putting Black's expertise in question, only the way the interview was carried out.
- rjurney 18y agoHe explained that the problem was not just one of lifting regulations, but that under the Bush administration and Clinton before him, the SEC and the Federal Reserve did not regulate. Like, whatsoever. When combined with the rise of enormous cash bonuses for executive in the last decade, the incentive for management was to knowingly tank their companies by creating enormous short term profits writing bad loans. That is what he means by fraud: they knew. Apparently I read too much into your comment, but I thought he was in-depth and informative. The interviewer kept making him explain and justify 'fraud' and other such terms because they're revelation. If you search on William Black, he has more technical explanations elsewhere.