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Davidowitz: Credit Crisis ‘A Gigantic Ponzi Scheme, Lies And Fraud’

Below is a very entertaining interview with Howard Davidowitz on financial reform and the credit crisis with Aaron Task and Henry Blodget of Tech Ticker (hat tip Scott).

Davidowitz says don’t expect any substantive changes, especially when the underlying problem from the credit crisis was "a massive fraud" and nothing is being done about it.

Take a look.

Davidowitz also talks about the anti-regulatory bona fides of current top policy makers and the incestuous world of the financial services industry and its regulators. He sees this as part of the problem. For more in-depth coverage on these issuesregarding Bear Stearns and AIG, also see:

• In U.S. Bailout of A.I.G., Forgiveness for Big Banks – NYTimes.com
• Fed Made Taxpayers Junk-Bond Buyers Without Congress Knowing – Bloomberg.com

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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• The year in review at Credit Writedowns: Crisis Solutions 28 Dec 2009
• A few comments on this blog’s harsher tone about the credit crisis 8 Mar 2010
• The UK is ground zero in the credit crisis 2 May 2008
• The Europeanisation of the Credit Crisis 5 Oct 2008
• Credit Crisis Timeline 11 May 2008