Paul Solman from PBS “NewsHour” recently interviewed former bank regulator Bill Black about his opinion regarding the effects of deregulation of financial products.
Bill Black talks about the way that bad practices have been ignored by bank regulators and notes that, “In the savings and loan crisis, where the national commission finds that the typical large failure fraud was invariably present, we had over 1,000 convictions of senior insiders, what the FBI referred to as priority cases. At this stage among the subprime lending specialists, we have zero convictions. We have zero indictments.”