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  February 21, 2016

Subprime Mortgage Whistleblowers Warn Bigger Crash on Its Way


Whistleblowers Richard Bowen and Michael Winston, along with UMKC's Bill Black, discuss the rampant fraud at Countrywide and Citigroup and how today's high foreclosure rates in states like Nevada could be a sign of what's to come
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biography

William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. Black was a central figure in exposing Congressional corruption during the Savings and Loan Crisis.

Richard Bowen was a former Business Chief Underwriter for Citigroup, where he monitored the credit quality of over $90 billion annually of purchased residential mortgage loans which were put into mortgage backed securities. Beginning in 2006, he repeatedly warned management about the potential losses and ultimately warned Citi's board of directors, requesting an outside investigation. Richard testified before the SEC, with his testimony before the Financial Crisis Inquiry Commission being nationally televised. He story has been reported by all of the major media, and his 60 Minutes story, "Prosecuting Wall Street" has been re-aired eight times.

Michael Winston had a career of distinction in executive positions for over three decades in five Fortune 100 companies across three industries. He served as global head of leadership and organization strategy at Motorola, Merrill Lynch, McDonnell Douglas, Lockheed and Countrywide, and was hailed eight times by Leadership Excellence Journal as one of the "100 Most Influential Thinkers on Leadership in the World."
Pulitzer Prize winning journalist Gretchen Morgenson of the NY Times profiled Michael Winston's courage and integrity in an article entitled, "How A Whistleblower Conquered Countrywide" and Salon Magazine's David Dayen profiled Winston's story in a piece called "Wall-Street's Greatest Enemy: The Man Who Knows Too Much."
Winston authored the recently published book World-Class Performance, endorsed by key business executives, leading academics and famed Olympians. See http://worldclassperformancebook.com/


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