This may be the biggest accounting fraud in history

[*bfine32*]

Is how the WSJ Editorial Broad described the Obama's administration' s decision to eliminate the role of private lenders in the federal student lending market.

https://www.goldismoney2.com/threads/obama-administration-commit-the-biggest-accounting-fraud-in-history-with-student-loans.298522/

I can see the rationale of the Board's Op-Ed (Sorta made the government a publicly funded Enron) 

Quote:When the Obama administration “got rid of the guarantee program with the private sector out of the process and made it a direct federal loan, they got rid of all underwriting,” Holtz-Eakin noted.

“And so they recreated the worst aspects of the subprime mortgage lending crisis,” he stated. “They gave anyone who walked up a loan, without any notion of their capacity to repay.”

But I think intent would be required before anyone should be charged with a crime. This may have simply been a case of incompetence.