First, University of Massachusetts-Lowell professor of economics Bill Lazonick joins Sam for part 2 of their discussion on stock buybacks.

Duke professor of History Edward Balleisen joins us to discuss his book “Fraud: An American History from Barnum to Madoff.” What is fraud in a legal sense, and in America specifically. The “caveat emptor” beginnings of America. Markets and the growing problems of asymmetric information. Why private quality control and branding was insufficient for industries like fertilizer. Mail fraud and the falling reputation of business. The Great Depression and the rise of the FTC. The American “disclosure” model of business. The significance of race and class barriers to the legal system. Why the entities committing fraud appear to be getting larger and larger. Enron and 2008 and the rate of amnesia.

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