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Bill Black on Andrew Ross Sorkin and the Failure to Prosecute Big Bank Executives

“Sorkin is wrong about incentives and quite wonderfully wrong,” Black told Corporate Crime Reporter in an interview last week. “The Financial Crisis Inquiry Commission emphasizes that the belief in self correcting markets was prevalent throughout the regulatory agencies. They believe that fraud was impossible, because markets were self correcting. Fraud might exist for a short period of time, but it couldn’t be serious because markets were so incredibly effective in eliminating fraud. If it was here today, it would be gone tomorrow.”

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