How to rob a bank (from the inside, that is) | William Black
Why Hacker News recommends it
Mentioned in threads about financial fraud as support for the claim that outright fraud, not just bad luck, caused the Great Recession.
What it is
Former bank regulator William Black explains how fraud, including liar's loans, was committed from inside banks and drove the 2008 financial crisis.
Recommended by 1 HN commenters across 1 different months, 2015 to 2023.
What Hacker News said
Recommends pktgen · 2015-12 · on “The Fed’s imminent interest-rate decision – Is America ready for lift-off?”
The far more significant cause of the Great Recession was outright fraud. Watch [this video] and other videos featuring William Black (a former bank regulator from the S&L crisis days).
Cites dools · 2022-11 · on “FTX tapped into customer accounts to fund risky bets, setting up its downfall”
> It is indeed wrong, but nobody here has made such a statement Really? The very first comment I replied to was: "banks at least tell you they are loaning your deposits out" My response: "Side not but that’s not really how banking works. Banks create deposits when they originate loans and separately look for the assets they need in order to satisfy any regulatory requirements and net flows of funds for inter bank settlements." Your initial response: "No, when you take a loan out of a bank, the bank doesn't "create deposits" that it loans to you. The bank loans you existing deposits" Are you saying there's a distinction between "banks loan you existing deposits" and "banks lend out reserves"?
Cites throwoutway · 2023-03 · on “Show HN: Notclick.in – summarize YouTube videos with ChatGPT”
Great idea! I tested on this random video from my bookmarks (one that I have not got around to watching): [this video] The summary works great! But I was hoping for a bit more, perhaps if the speaker made 5 points, I'd like to know what those 5 points were. It would be great if your site could have a "tell me more" button to expand to include more detail each time you click it. Bookmarked this for the future, thanks!