Image by ivers via Flickr
Professor William K Black led the investigations of the Savings and Loan Crisis of the 1980′s and early 1990′s. and put 1000 executive crooks in jail. Here’s a recent video of Professor Black explaining that fraud typically underlies virtually all major financial failures.
His speech is powerful, compelling, and suggests that most financial collapses are caused by fraud (criminal activity) rather than mismanagement or accident.
If Professor Black is correct, and if this country is headed for an economic collapse, the fundamental cause for that collapse will not excess unemployment, inflation, or too much debt–the fundamental cause will be a financial system that is dominated by a bunch of crooks.
video 00:15:56
http://www.youtube.com/watch?feature=player_embedded&v=N_AuvLTJNh0#!
