Blogollapalooza: This blog is not about an American music festival, but rather an ongoing, personal event that discusses everything from my family and friends to pop culture, business and technology. Consider it a worldly tour inside my reality. Enjoy!
Sunday, April 05, 2009
US financial system..a giant "ponzi scheme"
William K. Black, a professor of economics and law with the University of Missouri:..."there was nobody looking, during the Bush years. So finally, only a year ago, we started to have a Congressional investigation of some of these rating agencies, and it's scandalous what came out. What we know now is that the rating agencies never looked at a single loan file. When they finally did look, after the markets had completely collapsed, they found, and I'm quoting Fitch, the smallest of the rating agencies, "the results were disconcerting, in that there was the appearance of fraud in nearly every file we examined."
Author: Stephen C. Webster
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