Cherchez la Verite: A FEW YEARS BACK EUROPEAN BANKS WON A COMPETITION IN REGULATORY LAXITY WITH THE UNITED STATES, RESULTING IN THEIR HAVING ROUGHLY TWICE AS MUCH DEBT COMPARED TO EQUITY AS THE U.S. BANKS. CONSEQUENTLY ESSENTIALLY ALL THE BIG BANKS IN EUROPE FAILED AND HAD TO BE BAILED OUT BY THE PEOPLE OF EUROPE. IF THERE HAD BEEN REGULATORS REGULATING, THE CRISIS COULD HAVE BEEN PREVENTED. BUT THE CRISIS IS NOT OVER YET ...AND UK CONSERVATIVES BELIEVE THE SOLUTION TO BE *LESS* REGULATION. HOWEVER, "WITHOUT REGULATORY COPS ON THE BEAT, CHEATERS PROSPER." -- BILL BLACK

Thursday, September 06, 2012

A FEW YEARS BACK EUROPEAN BANKS WON A COMPETITION IN REGULATORY LAXITY WITH THE UNITED STATES, RESULTING IN THEIR HAVING ROUGHLY TWICE AS MUCH DEBT COMPARED TO EQUITY AS THE U.S. BANKS. CONSEQUENTLY ESSENTIALLY ALL THE BIG BANKS IN EUROPE FAILED AND HAD TO BE BAILED OUT BY THE PEOPLE OF EUROPE. IF THERE HAD BEEN REGULATORS REGULATING, THE CRISIS COULD HAVE BEEN PREVENTED. BUT THE CRISIS IS NOT OVER YET ...AND UK CONSERVATIVES BELIEVE THE SOLUTION TO BE LESS REGULATION. HOWEVER, "WITHOUT REGULATORY COPS ON THE BEAT, CHEATERS PROSPER." -- BILL BLACK

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September 6, 2012

Race to the Regulatory Bottom: Bill Black

Wall St. wants to compete with London for lack of financial regulation
Watch full multipart The Black Financial and Fraud Report:

Bio

William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri -- Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of "control fraud" -- frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management.