Bank fraud shows failure of controls, says fraud expert

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

One Response to Bank fraud shows failure of controls, says fraud expert

  1. Andrew Anderson

    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).