James K. Galbraith: Without the rule of law, the financial sector is no use to anyone except those who own it and the politicians they own

8:37 am in Uncategorized by selise

"Law Books"

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Posted below, with kind permission of the author, is the transcript (see note below) of James K. Galbraith’s talk on financial fraud at the 20th annual Levy Institute Hyman Minsky conference at the Ford Foundation in New York City on April 15, 2011.

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In the past month I’ve attended two meetings as a non-speaker: one at the IMF and the other last weekend at Bretton Woods.

At both I asked the same question, from the floor. How is it possible to have these somber and well-informed discussions of financial supervision, replete with experts and high officials, and not one mention of the word “fraud?”

I received no real answer on either occasion. I trust, in fact that the issue already has been aired at this conference but I wasn’t able to be here before today so I don’t know for sure.

What is fraud? Read the rest of this entry →