'The Best Way to Rob a Bank is to Own One'
Good old Bill Black. Another person (beside Martin Weiss) who is fully qualified to explain what the banksters are doing to our country and how they got away with it.
Huffington Post blogger Mike Frick asked:
"When will Americans wake up and hold the real criminals - Banksters - accountable for their actions, and pressure the government to enact systemic changes to prevent future abuses?"
How many more banks are going to be asking for tax subsidies and collecting huge bonus's while they watch the 'little people' lose their jobs, homes, etc?
I would like to see the taxpayers show up on the steps of the White House and ask our elected officials WHY we are being taxed without representation. Some bankers are complaining about populist rage. Too bad. They need a wake up call. They need to understand that it is NOT up to the taxpayers to pick up the tab for greedy fat cats who reward themselves when they fail.
Economist: US collapse driven by 'fraud'; Geithner covering up bank insolvency
Stephen C. Webster
April 4, 2009
In an explosive interview on PBS' Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called "liars loans" could receive AAA ratings and zero oversight, amounting to a massive "fraud" at the epicenter of US finance.
Black's most recent published work, "The Best Way to Rob a Bank is to Own One," released in 2005, was hailed by Nobel-winning economist George A. Akerlof as "extraordinary."
"A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis," reported PBS. "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.'"
That financial calamity, he explained, was brought about not by mishap or accident, but only after a concerted effort to undermine and remove all regulations, allowing a creditor free-for-all that hinged on fraudulent risk ratings for bad loans.
Geithner's Stress Test "A Complete Sham," Former Federal Bank Regulator Says
Apr 06, 2009 by Aaron Task
The bank stress tests currently underway are “a complete sham,” says William Black, a former senior bank regulator and S&L prosecutor, and currently an Associate Professor of Economics and Law at the University of Missouri - Kansas City. “It’s a Potemkin model. Built to fool people.” Like many others, Black believes the “worst case scenario” used in the stress test don’t go far enough.
He detailed these and related concerns in a recent interview with Naked Capitalism. But Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis, says the program's failings go way beyond such technical issues. “There is no real purpose [of the stress test] other than to fool us. To make us chumps,” Black says.
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