Summary of How to Rob a Bank (from the Inside, That Is)

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In this informative lecture that draws on his experience as a financial regulator, economics professor William Black relates how US supervisors and policy makers could have taken the air out of the pre-2008 housing bubble by applying what they’d learned during the 1980s savings and loan crisis. Because the current political system remains powerless to effect change, Black believes individuals must learn the “recipe for accounting control fraud” to protect themselves from the institutions that engage in deceitful practices. getAbstract recommends Black’s oration to economists, politicians, bankers and anyone with a stake in the health of the financial industry.

In this summary, you will learn

  • What the US savings and loan crisis of the 1980s taught regulators about “control fraud”;
  • Why bankers, supervisors and policy makers ignored known signs of deception leading up to the 2008 financial crisis; and
  • Why the public must pressure executives and legislators to reduce control fraud.
 

About the Speaker

William Black, an economics professor, is a white-collar-crime expert and a former banking regulator.

 

Summary

Waves of “control fraud” – deceit perpetrated by financial executives in control of an entity – are identifiable and preventable, if the American public pays attention. The 2008 financial crisis cost the US $11 trillion and 10 million jobs, despite exhibiting known warning signs. An analytical postmortem...

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    John donovan 3 years ago
    I heard this man on the Moyers show, and we should all become clear about what he's saying before the next crisis hits (this time WITHOUT bailouts).