Janet Tavakoli on the Foreclosure Crisis and Systemic Fraud Issues
I found this video by David Fry with Janet Tavakoli as guest very enlightening. Tavakoli takes the same view that I have regarding how fraud is toxic for any banking system and must be rooted out. However, her most compelling statement had more to do with the rule of law, when she says "you just can’t show up in court with phony evidence and get what you want from the court." That’s the big picture. The real issues here regarding the foreclosure crisis are the corruption and perversion of the American financial and legal systems.
The video runs about 20-odd minutes. Hat tip to Barry Ritholtz as I first saw it on his site.
Factual correction: At some point, Tavakoli incorrectly stated that Laura Tyson had been on Ambac’s Board. She is on the Boards of Morgan Stanley, AT&T, and Eastman Kodak.