Thought for Today – 09.18.11

New Economic Perspectives: William Black: Why Nobody Went to Jail During the Credit Crisis

We have known for centuries, that if you don’t underwrite loans, or if you don’t underwrite insurance, you’ll get something called “adverse selection”.

This interview answers the question of why nobody went to jail for our recent financial crisis.

For this underwriter, it’s all about prudent underwriting and strong internal controls.

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