Bank fraud shows failure of controls, says fraud expert

Posted on July 27, 2017 by | 1 Comment

NEP’s Bill Black appears on ABS-CBN news discussing bank fraud and specifically Metrobank loan fraud involving one of its executives.

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One response to “Bank fraud shows failure of controls, says fraud expert”

  1. Andrew Anderson | July 28, 2017 at 7:15 am |

    If banks weren’t privileged* by the government, they’d need far less regulation. They’d also be far less able to loot the poorer, the less so-called credit worthy, on behalf of the banks themselves and on behalf of the richer, the more so-called credit worthy.

    Bill, maybe you should write a book titled “The best way to rob is WITH A BANK.”

    *e.g. government insurance of private liabilities, including privately created liabilities (“Bank loans create bank deposits”), instead of the allowance of all citizens to have intrinsically risk-free accounts at the central bank itself.

    *e.g. positive yields on inherently risk-free sovereign debt including positive interest on bank account balances at the central bank (IOR).