Tue, 05/08/2012 - 9:00am - 10:00am
Professor William Black speaks on "Banks, Fraud & Looting"
William Black - Banks, Fraud & Looting (lecture)
Bankers brought the world's economy to the brink of collapse and then as the Occupy slogan says, “We got sold out, they got bailed out.” In many ways Goldman Sachs, one of the largest and most important investment banks, epitomizes all that is wrong with the economic system. Its CEO modestly announced that they were doing “God's work.” There was a big brouhaha when Greg Smith, an executive director at Goldman Sachs, quit the firm with a blistering “New York Times” op-ed. Smith, said it had become “morally bankrupt” and he decried the "toxic and destructive" environment at the bank that put profits ahead of ethics. "It makes me ill,” he said, how callously people [at the bank] talk about ripping their clients off.