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UMKC Professor says Fraud at Center of Banking Crisis April 10, 2009

Posted by kbianews in KCUR.
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UMKC Associate Professor of Economics and Law Bill Black

UMKC Associate Professor of Economics and Law Bill Black

Bill Black’s Conversation with Frank Morris

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. In Kansas City, Frank Morris spoke with Black who says an administration hostile to regulation allowed mortgage bankers to write “liars loans,” which they knew were based on bad information and allowed rating agencies and investment bankers to cash in on the charade. Now, Black says the Obama administration is helping to obscure the enormous mess, one riddled on all levels by a single element – fraud.

Click here for more on the story from Bill Moyers at PBS.

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