Alan Greenspan in 1996: Don't Have Laws For Fraud Or It Will Hurt Business

(Photo from google.com) Meet the lady who tried to stop this mess we are in now

Via the legendary Digby and her usual assiduous effort, you won't believe this Wapo profile on the woman, named Brooksley Born, who tried to stop all the deregulation destruction that took place in our financial markets, leading to a future recession that we are in now. She tried to warn us all, especially one Alan Greenspan.

But here's what Green Greeny told her way back a decade ago:

Greenspan had an unusual take on market fraud, Born recounted: "He explained there wasn't a need for a law against fraud because if a floor broker was committing fraud, the customer would figure it out and stop doing business with him."

There shouldn't be a law to stop this wrongdoing is what Greenspan basically said. Hmm?

At guess we should have no laws then at all, based on his crooked thinking.

Digby may have went far on this next line, but it still resonates with me:

Andrea Mitchell should resign in shame.

Mitchell is Greenspan's wife, for those who don't know.