As promised Economic Warrior invites Bill Black back for a second interview. To discuss the collapse of Iceland, which the U.S. media forgot to cover. Black has been retained by the government of Iceland as a consultant in regards to their banking and financial collapse. U.S. banks were providing warehouse lines of credit to Iceland, and Moody’s, whose major shareholder is Warren Buffett, gave the country AA ratings. If you think bank leverage is bad in the U.S., buckle your seat belt and listen. Some great (and quite scary information) in this interview.
Topics Covered; Iceland, Basel II, Glacier Bonds, IceSave and the current state of banking.
Bill Black is off to Europe, to speak to financial authorities at France’s Congress about bank problems in June 2010.