Who did he pay off?
Scapegoat, maybe. I find it hard to believe that he could have pulled this off by himself, without others (e.g. Greenberg) being the least bit curious as to what he was up to. And the total lack of oversight stinks to high heaven. From the OTS to the SEC to Congress. I’m not talking about the absence of regulation as much as the literal absence of any effort to monitor or enforce the regulations that were in place. They all dropped the ball.
I actually think it goes a lot deeper than that, but until I have more proof I’ll remain silent and avoid being labeled a tin-foiler. ;-)