Treasury Secretary Tim Geithner's Public-Private Investment Program (PPIP) is the "greatest boondoggle in the history of the world," says William Black, a former bank regulator, who was counsel to the Federal Home Loan Bank Board during the S&L crisis. Says Black, an Associate Professor of Economics and Law at the University of Missouri - Kansas City, as occurred during the S&L era, the PPIP will allow banks to exchange "trash for cash" and turn "real losses into faulty gains." If the goal of Tim Geithner and other regulators was "to rip off the American taxpayer for the benefit of the least-deserving wealthiest people you can imagine, well - mission accomplished," Black says.
Black's interview on Yahoo! can be seen here:
About Me
- Pat Fleck
- Pat has nearly 30 years of experience as a financial executive. He is a CPA and holds an MBA from MIT's Sloan School of Management, where he was a Sloan Fellow. Pat's research interests include investments, financial markets, leadership and ethics, innovation and business sustainability, I.T. strategy, corporate governance, economics, politics, and globalization.