This morning, I am one of the featured speakers at The National Association of Attorneys General annual conference.

My presentation is titled “Follow the Money: How Systemic Bank Fraud
Contributed to the Financial Crisis
.”

Although I don’t really follow the powerpoint I use — its more of a take home for further research — but if you are interested, you can see it here.

Category: Legal

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

23 Responses to “National Association of Attorneys General Keynote Address”

  1. curbyourrisk says:

    Please remind those idiot AG’s what their JOB is.

  2. curbyourrisk says:

    Blocked by Websense!!!! AAgggrrrrr…I hate websense!!!!

  3. Chad says:

    Good luck. At least someone decent gets a chance to influence them.

  4. philipat says:

    Yes, good luck Barry, I gave you my 10 cents in the earlier thread. Perhaps the problem is that they are a part of the same corrupt system and don’t want to lose their key to the “Revolving door”?

  5. dead hobo says:

    I went through your entire powerpoint. It covers all the points clearly and is quite easy to understand. Anyone who read it would have an in depth understanding of many of the problems encountered over the years.

    Overall, it really sucks. Sorry, but this presentation is so 2009-2010. All you do is explain why. You don’t tell the audience they are a part, probably the biggest part, of the problem because they essentially are doing nothing about it. They are, and have been, toothless, barkless, arthritic, deaf, watchdogs who are in need of a good nap.

    The one item clearly missing is a call to action for the law enforcement professionals to act. You explain that laws were broken but you, in no place, ask anyone why they are ignoring it except in token cases. Yes, the foreclosure problems are mentioned and they are having meetings about it. I bet some will even make speeches and originate documents with several points noted.

    Perhaps if you agitated the law enforcement pros and called them silent co-conspirators who successfully get a paid day off, while looking busy and concerned at the same time, you might make one or two uncomfortable enough to indict a banker or two.

    Look, anyone will steal anything if they know there are no consequences. Your presentation is proof of that. Nobody is providing an incentive to stop organized securities fraud and you’re not agitating anyone to even think about it.

    Enjoy your day off.

  6. Milt says:

    Good presentation. Especially like the GDP with and without MEW slide.

    One change I’d make is to about the slide 2, number 4. The banksters could claim they were duped by mortgage originators, when in fact the banksters provided the money to originate the loans and they were 100% aware about mortgage writing standards being a joke. Wall Street really wasn’t sold junk paper, Wall Street and the mortgage originators decided that junk mortgage paper was the only way to keep the securitization business growing.

  7. Transor Z says:

    Barry, you’re at your best when you tell it like it is, with the occasional f-bomb for emphasis. There is no shortage of earnest wonks sharing charts with these guys. Don’t be too polite. Be yourself and call them out. They haven’t earned respect so far so don’t be in awe of them.

  8. AHodge says:

    you go boy
    next you can speak to the top accountant annual meeting.

    step one: you take 8-9 figure bonuses
    step two: company goes broke or needs rescue
    step three: you swear you weren’t broke. you were just illiquid and badly regulated, you get a bailout

    steps one and two happened from time to time the last 200 years
    in spite of the “limited liability corporation” protections (the complete original name)
    the looting crooks went to jail or worse.

    BUT add step three and you retire to cap d’antibes or port royale, where i just saw ken lewis.

  9. dead hobo says:

    BR,

    Why don’t you convert my post above to a power point slide and post it behind you for the entire speech. Please feel free to edit it as you see fit. Then, using it as a back drop, see if you can add your message in your speech and attempt to motivate your audience to do their jobs competently.

  10. Transor Z says:

    @DH:

    I stumbled across a pretty amazing little historic gem:

    Those moderate men, who would not go to extreme lengths, even in the punishment of the guilty, were accused of being accomplices, were exposed to repeated insults and virulent invectives, and devoted, both in anonymous letters and public writings, to the speedy vengeance of an injured people.
    -Charles McKay on the political climate in England in the aftermath of the South Sea Bubble c. 1720.

    http://www.ritholtz.com/blog/2011/04/discouraged-workers-ecbfomc-policies/#comment-542284

  11. Bob A says:

    …and the fraud goes on
    as if nothing ever happened
    same magicians
    different tricks

  12. louis says:

    curb use logmein to go to your home pc or check your proxy settings in the browser.

    BR- didn’t google remove their real estate link in maps? We were told it was because of lack of traffic, right.

  13. Lariat1 says:

    @ TransorZ : An interesting read. Although IMHO, the “injured people” today are too busy buying into whichever is their political dogma to rise up together and demand speedy vengeance. It is sad indeed.

  14. curbyourrisk says:

    Louis….at work…..all of the stuff like that is disabled.

    Will check it out when I get home…ofcourse then it will be too late to comment.

  15. AHodge says:

    Speaking of on point quotes from centuries ago, a novel of the City of London
    The Way We Live Now, Anthony Trollope, London 1875

    “(Melmotte’s ) chief crime laid to his charge was connected with the ruin of some great continental assurance company, … said that he had so managed it as to leave it utterly stranded, with an enormous fortune of his own. It was declared that every shilling which he had brought to England with him had consisted of plunder stolen from the shareholders in the company.”

    THEN LATER— when Melmotte has his credit pulled

    “Of course I have been short of money. I have had enemies whose business it has been for some time past to run down my credit, and, with my credit, HAS FALLEN THE VALUE OF STOCKS…. known that I have been largely interested….. When the time came at which I should pay it, stocks were so depreciated that it was impossible to sell. Very hostile proceedings are threatened against me now. Accusations are made, false as hell,”—Mr Melmotte as he spoke raised his voice and looked round the room “but which at the present crisis may do me most cruel damage. ….if you will undertake to stop proceedings which have been commenced in the City, I will have fifty thousand pounds,—which is the amount due to these two gentlemen,—ready for payment on Friday at noon.”

    SOUND FAMILIAR? HE IS EVEN ACCUSING SHORT SELLERS OF HIS ASSETS, and ILLIQUID MARKETS
    But the difference is..
    There was no step three mentioned earlier. Melmotte later commits suicide, about to be charged and ostracized by Victorian society

  16. Transor Z says:

    @AHodge:

    Clearly today’s financial innovations would be far too sophisticated for 18th or 19th-century folk to understand. Insider trading, bribery, conflict of interest, company directors providing materially incorrect information in connection with the sale of securities, front-running, public-private partnerships to monetize national debt — all of these things were far beyond the ken of our poor simple for-bearers.

    [/snark]

    P.S. Missed this Joe Nocera NYT article from October 2008 the first time around. Leads with a quote from Isaac Newton, who apparently lost a bundle in the South Sea Bubble:

    http://www.nytimes.com/2008/10/11/business/11nocera.html

  17. Gatsby says:

    Go get ‘em Barry, your deck rocks!

  18. AHodge says:

    make that “about to be charged…by the Attorneys General of his day”
    Who apparently could tell the difference between a crook
    and someone pleading illiquid markets, a conspiracy of short sellers, and “opaque” valuations

  19. Transor Z says:

    Is there any thing whereof it may be said, See, this is new? it hath been already of old time, which was before us.

    There is no remembrance of former things; neither shall there be any remembrance of things that are to come with those that shall come after.

    -Ecclesiastes/Qohelet 10-11
    ———-

    Sometimes I forget just how true that is!

  20. RhZ says:

    Hi Barry, I am a little late to the party, but I wonder if I could coax you into providing a link for download of the ppt?

    I ask because I am locked behind the evil great firewall and can’t view scribd docs at all, I am without a good proxy at present.

    I realize you might not be able to provide a link, but if you could I would be most grateful…

  21. wunsacon says:

    Nice presentation, Barry.

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