During Obama's speech last night he referred to the idea that dealing with the financial sector, specifically AIG, is kind of like dealing with someone who has a bomb strapped to their chest. He said we have to deal with them cautiously. I found this statement fascinating and telling. William Black has written extensively about "control fraud" in which the executive of a large institution uses this fraud to manipulate markets and steal money. He says that 80% of these loans contained accounting fraud. So how is the accounting fraud in my mortgage and the mortgages of others, connected to what Obama describes as a "terrorist" like event? Let me tell you.
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