William Black - one of the very few left in America you can trust to tell the truth.the level of fraud in the banking system and Wall Street is mind blowing The financial industry brought the economy to its knees,.Unknown to the US public - mortgage backed securities were packaged as AAA+ mini-bonds sold to the Asian public through local banks. Mas and pas bought them for their retirements. When Lehaman Bros went down under, the mini-bonds also went up in smoke. The holders (earning a paltry 4%) sued the banks; in the end they paid up - 50cents to the initial $. Not only the banks were making off with the people in the US, they also scammed the people in the world. I hope they will catch up with them.
William Kurt Black (born 6 September 1951) is an American lawyer, academic, author, and a former bank regulator. Black's expertise is in white-collar crime, public finance, regulation, and other topics in law and economics. He developed the concept of "control fraud", in which a business or national executive uses the entity he or she controls as a "weapon" to commit fraud.
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