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The best way to rob a bank is to own one

Posted in Bailout, Banksters, PBS by radiodujour on April 4, 2009

profile_pic1William K. Black: CSI Bailout

PBS | Bill Moyers Journal

April 3, 2009

William K. Black suspects that it was more than greed and incompetence that brought down the U.S. financial sector and plunged the economy in recession — it was fraud. And he would know. When it comes to financial shenanigans, William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s, has seen pretty much everything.

Now an Associate Professor of Economics and Law at the University of Missouri, William K. Black tells Bill Moyers on the JOURNAL that the tool at the very center of mortgage collapse, creating triple-A rated bonds out of “liars’ loans” — loans issued without verifying income, assets or employment — was a fraud, and the banks knew it.

And while there is no law against liars’ loans, Black points out that there are, “many laws against fraud, and liars’ loans are fraudulent. [...] They involve deceit, which is the essence of fraud.”

Only the scale of the scandal is new. A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis. The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, “We now know what happens when you destroy regulation. You get the biggest financial calamity of anybody under the age of 80.”

Watch Interview Here:

http://www.pbs.org/moyers/journal/04032009/watch.html

———– Additional Resources ———–

Kucinich on Fox Merrill Lynch Bonuses

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Friday, April 10, 2009 08:35 EDT – Salon.com

Alex Jones interviews William Black

speaker_icon

20090410_alexjones_williamblack.mp3

45:00 7.8MB

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Saturday April 4, 2009 08:35 EDT – Salon.com

Larry Summers, Tim Geithner and Wall Street’s ownership of government

http://www.salon.com/opinion/greenwald/2009/04/04/summers/

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May 2009 – The Atlantic Monthly

The Quiet Coup

The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time

http://www.theatlantic.com/doc/200905/imf-advice

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March 24, 2009

More Mortgages Than Houses?  (audio)

“Geithner leads the American Public into a toxic waste dump of worthless paper risking the entire economy to bailout Wall Street and the Banks” – Dennis Bernstein

http://edwardrynearson.wordpress.com/2009/03/27/more-mortgages-than-houses/

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