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Thu April 9, 2009
UMKC Prof. Sees Endemic Fraud And Cover Up In Financial Crisis
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.