300:. His testimony was that "Lehman's failure is a story in large part of fraud. And it is fraud that begins at the absolute latest in 2001, and that is with their subprime and liars' loan operations." As explained in his prepared statement, his reference was to Aurora Loan Services, Inc., which was a subsidiary of Lehman: "Lehman's principal source of (fictional) income and real losses was making (and selling) what the trade accurately called 'liar's loans' through its subsidiary, Aurora. (The bland euphemism for liar's loans was '
317:
dated
September 16, 2008, the day after Lehman filed for bankruptcy. The article reported on the uncertain fate of Aurora Loan Services, which was based nearby, and quoted Lehman's chief financial officer as saying the previous week that, "The majority of our write-downs were in Alt-A driven by an
31:
275:
was engaged in a cover-up, and that the administration did not want people to understand what went wrong or how bad the banking situation was. On April 23, 2010, Black was again interviewed by Moyers to update the public's understanding of the
318:
increase in.. . delinquencies and loss expectations." The article also said that Lehman was "among the first of its peers to originate home loans and securitize them for sale across the globe, and it fueled the growth of the Alt-A loan."
195:
The former
Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, it was Black who accused then-house speaker
1055:
134:
289:
208:, of doing favors for the S&L's in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers,
1050:
304:.') Liar's loans are 'criminogenic' (they create epidemics of mortgage fraud) because they create strong incentives to provide false information on loan applications."
1045:
212:— after whom the senate's so-called "Keating Five" were named — he sent a memo that read, in part, 'get Black — kill him dead.' Metaphorically, of course. Of course.
255:" and other financial tricks were essentially illegal frauds; and that the triple-A ratings given to these loans was part of a criminal cover-up. He said that the "
830:
157:
1060:
326:
Black was invited to testify before the Irish parliament's banking inquiry in
February 2015. In his testimony, he described the broad September 2008
955:
161:
600:
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267:. Black also stated that trying to hide how bad the situation is will simply prolong the problem, as happened in Japan and resulted in Japan's
379:
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in a hearing titled "Public Policy Issues Raised by the Report of the Lehman
Bankruptcy Examiner." He testified about the role that
122:
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184:
meeting that were later published in the press, and brought the event to national attention and a congressional investigation.
277:
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240:
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479:"The Savings and Loan Debacle of the 1980's: White-Collar Crime or Risky Business?" (with K. Calavita & H. Pontell)
256:
165:
153:
138:
101:(born September 6, 1951) is an American lawyer, academic, author, and a former bank regulator. Black's expertise is in
948:
236:
137:. He was the executive director of the Institute for Fraud Prevention from 2005 to 2007 and previously taught at the
666:
960:
943:
776:"Serial No. 111-124 (House Hearing) - Public Policy Issues Raised by the Report of the Lehman Bankruptcy Examiner"
494:
Black, William K. (March 2009). "Those Who Forget the
Regulatory Successes of the Past are Condemned to Failure".
1025:
113:", in which a business or national executive uses the entity he or she controls as a "weapon" to commit fraud.
371:
The Best Way to Rob a Bank is to Own One: How
Corporate Executives and Politicians Looted the S&L Industry
430:"Control Fraud as an Explanation for White-Collar Crime Waves: The Case of the Savings & Loan Debacle",
260:
177:
1030:
775:
146:
82:
899:
339:"The U.S. Banking Industry in Transition in Real World Banking", eds. Dan Fireside & Amy Gluckman (
674:
1010:
996:"Adam Smith Was Right About Corporate CEO's Incentives Absent Effective Regulation" ... William Black
608:
346:"When Fragile Become Friable: Endemic Control Fraud as a Cause of Economic Stagnation and Collapse",
516:
536:
398:"'Control frauds' as financial super-predators: How 'pathogens' make financial markets inefficient"
268:
231:
142:
670:
308:
252:
102:
62:
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mortgages, what he called "liars' loans," on residential real estate played in the downfall of
900:"The bank guarantee 'was the most destructive own goal in history that sunk an entire nation'"
838:
Committee
Hearing: Public Policy Issues Raised by the Report of the Lehman Bankruptcy Examiner
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451:"Beware of Geeks Bearing Gifts: Enron Uses Its High Tech Information System to Defraud",
106:
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350:, K. Naga Srivalli, ed., Hyderabad, India, The Icfai University Press (2007: 162–178)
110:
70:
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109:, regulation, and other topics in law and economics. He developed the concept of "
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205:
188:
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William K. Black
Criticizes the Bailout Plan—Might Destroy the Obama Presidency
444:"The Imperium Strikes Back: The Need to Teach Socioeconomics to Law Students",
30:
937:
201:
197:
77:
486:'"Ending Our Forebearers' Forbearances: FIRREA and Supervisory Goodwill",
176:
Black was a central figure in exposing
Congressional corruption during the
975:
66:
517:"The Two Documents Everyone Should Read to Better Understand the Crisis"
129:. Black is currently an Associate Professor of Economics and Law at the
961:
2013 TED talk at TEDxUMKC: How to rob a bank (from the inside, that is)
928:
458:"Re-examining the Law & Economics Theory of Corporate Governance",
932:
995:
806:"Transcript & Video: Bill Black Testimony on Lehman Bankruptcy"
301:
293:
537:"How the Servant Became a Predator: Finance's Five Fatal Flaws"
437:"The Dango Tango: Why Corruption Blocks Real Reform in Japan",
284:
Testimony before
Congress on the bankruptcy of Lehman Brothers
160:(FSLIC) in 1987, and Senior VP and the General Counsel of the
164:
from 1987 to 1989, which regulated some of the largest
701:
Unsung Heroes: Federal Execucrats Making a Difference
76:
42:
37:
21:
357:, Henry Pontell & G. Geis eds. (Springer 2007)
156:(FHLBB) from 1984 to 1986, deputy director of the
330:, as "the most destructive own goal in history".
782:. U.S. Government Printing Office. 20 April 2010
711:
709:
474:Journal of Criminal Justice and Popular Culture
374:(Updated ed.). University of Texas Press.
743:"Transcript, April 23, 2010: William K. Black"
288:On April 20, 2010, Black testified before the
263:mandated that ailing banks should be put into
158:Federal Savings and Loan Insurance Corporation
717:"Transcript, April 3, 2009: William K. Black"
467:Kravis Leadership Institute Leadership Review
8:
355:International Handbook of White-Collar Crime
844:. April 20, 2010. p. 5. Archived from
1056:University of Missouri–Kansas City faculty
29:
18:
988:"Americans can do anything,..." Black in
770:
768:
766:
764:
1051:University of Michigan Law School alumni
831:"Prepared Testimony of William K. Black"
239:and provided critical commentary on the
1046:University of California, Irvine alumni
560:
162:Federal Home Loan Bank of San Francisco
133:in the Department of Economics and the
842:United States House of Representatives
569:"University of Missouri - Kansas City"
322:Testimony before Irish Banking Inquiry
152:Black was litigation director for the
16:Professor of law and economics at UMKC
956:"Dollars and Sense, several articles"
872:"Local Lehman arm led in Alt-A loans"
667:"William K. Black: Faculty Directory"
311:Black referenced an article from the
7:
898:O'Connell, Hugh (February 5, 2015).
870:Griffin, Greg (September 16, 2008).
229:On April 3, 2009, Black appeared on
396:Black, William K. (December 2005).
971:"William Black on Financial Fraud"
535:Black, William K. (May 25, 2011).
515:Black, William K. (May 25, 2011).
360:"Control fraud v. the protocols",
290:House Financial Services Committee
131:University of Missouri-Kansas City
14:
472:"Why do the Non-Heathens Rage?",
123:University of Michigan Law School
83:University of Michigan, Ann Arbor
1061:21st-century American economists
981:Library of Economics and Liberty
488:Stanford Law & Policy Review
247:was essentially caused by a big
200:and five US Senators, including
127:University of California, Irvine
87:University of California, Irvine
496:Economic & Political Weekly
462:46(2) (March/April 2003: 22–40)
453:CISIC 2003 Conference Symposium
180:. He took the notes during the
703:; Georgetown University Press.
448:, No. 1 (Winter 2004: 231–256)
362:Crime, Law & Social Change
1:
441:14(4) (October 2004: 602–623)
364:, 45(3) (April 2006: 241–258)
348:White Collar Crimes: a Debate
121:Black earned a J.D. from the
432:Crime, Law and Social Change
257:Prompt Corrective Action Law
154:Federal Home Loan Bank Board
139:LBJ School of Public Affairs
949:The Young Turks (talk show)
483:17(1) (January 1995: 23–55)
434:43(1) (February 2005: 1-29)
417:10.1016/j.socec.2005.07.026
1082:
1016:Economists from California
405:Journal of Socio-Economics
368:Black, William K. (2013).
278:2007–2008 financial crisis
245:2007–2008 financial crisis
243:. Black asserted that the
241:2007–2008 financial crisis
217:2007–2008 financial crisis
1021:American business writers
439:Business Ethics Quarterly
92:
28:
1041:Subprime mortgage crisis
465:"A Tale of Two Crises",
307:On the same page in his
172:Savings and loan scandal
1066:American criminologists
1036:Savings and loan crisis
599:Smith, Lars Christian.
261:Savings and loan crisis
178:Savings and Loan Crisis
673:. 2017. Archived from
640:. UMKC. Archived from
476:, 8(3) (2001: 225–276)
214:
147:Santa Clara University
851:on September 19, 2014
193:
125:and a Ph.D. from the
969:(February 6, 2012).
605:Conservation Finance
446:San Diego Law Review
353:"Corruption Kills",
328:Irish bank guarantee
271:. Black stated that
747:Bill Moyers Journal
721:Bill Moyers Journal
341:Dollars & Sense
259:" passed after the
232:Bill Moyers Journal
223:Bill Moyers Journal
143:University of Texas
804:(April 20, 2010).
671:UMKC School of Law
647:on 16 October 2011
631:"WILLIAM K. BLACK"
455:(McGraw-Hill 2003)
309:prepared testimony
168:banks in the U.S.
103:white-collar crime
99:William Kurt Black
47:William Kurt Black
697:Norma M. Riccucci
490:102 (Spring 1990)
381:978-0-292-75418-8
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57:September 6, 1951
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611:on 23 April 2009
607:. Archived from
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38:Personal details
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1026:Corporate crime
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853:. Retrieved
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642:the original
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265:receivership
251:; that the "
249:Ponzi scheme
230:
228:
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194:
186:
182:Keating Five
175:
151:
120:
98:
97:
1011:1951 births
929:Appearances
877:Denver Post
810:FireDogLake
780:GovInfo.gov
469:, fall 2002
314:Denver Post
269:lost decade
225:appearances
206:John McCain
189:Bill Moyers
1005:Categories
911:August 17,
585:2009-04-05
556:References
253:liar loans
202:John Glenn
198:Jim Wright
117:Background
78:Alma mater
53:1951-09-06
883:April 25,
815:April 25,
695:also see
460:Challenge
145:, and at
990:Huffpost
976:EconTalk
699:(1995).
541:HuffPost
521:HuffPost
67:Michigan
63:Dearborn
944:YouTube
786:29 June
681:May 13,
508:1536531
141:at the
933:C-SPAN
753:11 May
727:11 May
651:11 May
615:11 May
546:11 May
526:11 May
506:
422:11 May
387:11 May
378:
166:thrift
849:(PDF)
834:(PDF)
749:. PBS
723:. PBS
645:(PDF)
634:(PDF)
579:(PDF)
572:(PDF)
401:(PDF)
343:2008)
334:Works
302:Alt-A
294:Alt-A
913:2016
885:2010
857:2014
817:2010
788:2023
755:2021
729:2021
683:2017
653:2021
617:2021
548:2021
528:2021
504:SSRN
500:XLIV
424:2021
389:2021
376:ISBN
204:and
71:U.S.
43:Born
942:on
931:on
413:doi
237:PBS
235:on
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