Alan Greenspan: The Banks Robbed You in [Market-Ticker]
"There are two fundamental reforms we need - to get adequate capital and, two, to get far higher levels of enforcements of statutes of fraud statutes, existing ones. I'm not even talking about new ones. Things were being done which were certainly illegal and fairly criminal in certain cases. Fraud, fraud is a fact. Fraud creates very considerable instability in competitive markets. If you cannot trust your counterparties, it won't work. And indeed, we saw that it didn't."

Finally, Mr. Greenspan, now that he is out of power and a borderline laughing stock, admits that he CAN recognize reality once in a while. Fraud is no longer a prosecutable offense in this country apparently so I don't hold out any hope. But wait a minute. Wasn't he IN CHARGE of the banks as Fed Chairman???

via The Agonist.