Tag Archives: Great Financial Crisis

Warren Mosler’s interview on INETeconomics

Posted on July 22, 2013 by Devin Smith | 14 comments

Marshall Auerback interviews Warren Mosler for the Institute for New Economic Thinking.

14 Comments

Posted in Marshall Auerback, warren mosler

Tagged Great Financial Crisis, MMT, warren mosler

The Fraud Shotgun: The Overlapping Fields of Fraudulent Fire that Drove the Crisis

Posted on July 17, 2013 by Devin Smith | 5 comments

By William K. Black

I have written a series of articles recently that focus on appraisal fraud.

I did so because appraisal fraud allows such “clean” tests of what (and who) drove the financial crisis and how many different private and public sector actors could have easily prevented the crisis had they acted against the fraud epidemics.

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5 Comments

Posted in William K. Black

Tagged accounting control fraud, appraisal, appraisers, Control Fraud, Great Financial Crisis

Why did the Fed Refuse to Heed the Appraisers, Prosecutors, and Industry’s Fraud Warnings?

Posted on July 15, 2013 by Devin Smith | 10 comments

By William K. Black

The Appraisers’ Warning of the Lenders’ Fraud Epidemic

Two of my recent columns have explained the effort by a very large number of appraisers to combat the “Gresham’s” dynamic that home lenders and their agents were deliberately generating by extorting appraisers to inflate appraisals. A “Gresham’s” dynamics perverts market forces. When cheaters prosper the markets drive honest firms and professionals out of business. Honest appraisers tried to block this dynamic.

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10 Comments

Posted in William K. Black

Tagged accounting control fraud, Control Fraud, Great Financial Crisis, gresham's dynamic, MARI

Heeding the Appraisers’ Fraud Warnings Would have Prevented the Crisis

Posted on July 11, 2013 by Devin Smith | 34 comments

By William K. Black

On July 9, 2013 I participated in a radio interview with a lobbyist for the 100 largest financial firms. The San Francisco radio program host asked me what question I would ask the lobbyist and I said that any discussion should begin with allowing him to state his view of what caused the crisis. In the course of his explanation, he bemoaned the fact that there was no warning about the crisis.

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34 Comments

Posted in William K. Black

Tagged accounting control fraud, appraisal, appraisers, Control Fraud, criminogenic, Great Financial Crisis

The SEC embraces irony – its enforcement “inflection” “point”

Posted on March 18, 2013 by Devin Smith | 5 comments

By William K. Black

Many readers doubtless shared my doubt that the SEC was capable of exercising the critical self-examination and sense of humor about itself as a flawed institution that would make it capable of deliberate irony. When I accessed the Wall Street Journal’s home page I found the most delicious example of SEC (and WSJ) irony. The WSJ synopsis of its article on the SEC reads: “The SEC is filing significantly fewer civil fraud cases this year, as its efforts to punish misconduct related to the financial crisis start to ebb.”

“Start to ebb?” Is it only me, or have other readers missed the tidal bore of SEC enforcement cases “punishing” the “misconduct” of the most culpable, elite perpetrators of what, even conservative, finance scholars describe as “pervasive” accounting control fraud by our “most reputable banks”? Continue reading →

5 Comments

Posted in William K. Black

Tagged accounting control fraud, banksters, Control Fraud, enforcement, Great Financial Crisis, SEC

Too Big To Jail

Posted on September 10, 2012 by Devin Smith | Comments Off

In a recent article (9/8) at Huffington Post, NEP’s William Black provides support as to why Wall Street executives should face criminal charges relating to the financial crisis.

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Posted in William K. Black

Tagged accounting control fraud, criminogenic, Great Financial Crisis

Brad DeLong: We’re All Minskians Now!

Posted on June 30, 2012 by Mitch Green | 19 comments

By L. Randall Wray
(Cross-posted from Great Leap Forward)

Earlier this week I noted, tongue-firmly-in-cheek, that we’re all MMTers now, following Paul McCulley’s recommendation that we just declare victory. And be nice about it.

Well here is a strange post from Brad DeLong: He proclaims that essentially anyone who is anyone is a Minskian. And apparently always was. That is why mainstream economists like “Paul Krugman, Paul Romer, Gary Gorton, Carmen Reinhart, Ken Rogoff, Raghuram Rajan, Larry Summers, Barry Eichengreen, Olivier Blanchard, and their peers” ought to be trusted. Continue reading →