Too bad there are no Bill Blacks in today's Treasury or the SEC.
Tim Geithner is still parroting the lie that "stupdity" mixed with "greed" caused the financial crisis. Never mind that most of Geithner's alleged "stupids" are still in charge at their Too Bigger To Fail Wall Street banks, and whatever that portends for future crises.... What Black can't fathom is how Obama's regulators dismiss, a priori, the possibility of fraud as a cause of the crisis.
After the S&L debacle, a much less costly financial crisis for America, Black was partly responsible for referring 1,100 cases of fraud to prosecutors. 800 people ended up in jail. This time, not one senior executive has even been charged with a crime. That's a crime in itself.
By Bill Black
May 2, 2012 | Capitalism Without Failure