Kansas City, MO – It seems logical that banks caught stuck with billions of dollars in worthless assets got into that mess by mistake.
But, that's not how UMKC law and economics professor Bill Black sees it. Black says an administration hostile to regulation allowed mortgage bankers to write "liars loans," and allowed rating agencies and investment bankers to cash in on the charade. Now, he says the Obama appointees are obscuring a giant mess...one riddled on all levels by a single element: fraud.
Kansas City, MO – At the Finance and Audit Committee meeting Wednesday, chair Deb Hermann looked back wistfully at a line of thinking that was common as the city contemplated building a new downtown arena: "There was going to be room for both Kemper and Sprint. We'd have great events at Kemper and it would keep it going, and in fact having two is better because you create more energy and will have better attendance at both. To everyone's disappointment it has not worked out that way."