He 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 Re

He 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.