It is a fraud to borrow what we are unable to pay.

Publilius Syrus

Any informed borrower is simply less vulnerable to fraud and abuse.

Alan Greenspan

Great Article on the S&L debacle an it’s implications today by Bill Black on Ritholtz’s The Big Picture.  The conclusion:

Geithner is not simply wrong about fraud playing no significant role in prior crises.  His senior staff is also wrong, or unwilling to speak truth to power.  Geithner is not slightly wrong, he is grotesquely wrong.  The fact that he is so wrong a quarter-century after the facts on fraud were made public would be disturbing for any official, but for the U.S. Treasury Secretary who has just seen the global economy crushed by an orgy of accounting control fraud by the world’s most elite bankers it is terrifying.

Geithner channels Greenspan

At a time when we're having to take such difficult decisions about how to cut back without damaging the things that matter the most, we should strain every sinew to cut error, waste and fraud.

David Cameron