Bill Black: Financial Regulations In Paralysis
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Bill Black knows banks. As a federal litigator in the late 1980s, Black played a central role in prosecuting the corruption responsible for the savings and loan crisis of the late 1980s. Since then he’s become one of America's top experts on financial fraud, which he see as endemic to the modern financial system. In this interview, Black expresses his lament that the U.S. has descended into a type of crony capitalism that makes continued fraud a virtual certainty while increasingly neutering the safeguards intended to prevent and punish such abuse. This was not the case when Black was a regulator. In the aftermath of the S&L crisis, the U.S. Office of Thrift Supervision brought 3,000 lawsuits against identified perpetrators. In a number of cases, the OTS was able to claw back the funds and profits that the convicted parties had fraudulently obtained. Fast forward to the 2008 financial collapse, in which the losses related to the household sector alone were over 70 times greater than they were during heart of the S&L crisis. The fraud was rampant and fairly obvious. Yet how many criminal referrals did the OTS make? Zero. What happened? Why has the OTS and other regulators allowed the same managements that crashed the mortgage market and dragged down the global financial markets with them to remain unprosecuted and free to continue looting the system? To be sure, some of the fraudulent activity has been exposed, and the top banks have paid numerous fines for bad behavior. There have been a lot of settlements and civil cases, indicating that fraud was rampant. But in finance, you can always make more money. Prosecutions, on the other hand, get everyone’s attention. Yet, Washington has been paralyzed. The U.S. attorney general has not begun a single investigation of criminal behavior by top management at major multinational banks. Seemingly there’s no real punishment for major misbehavior in the financial markets anymore. In this interview, Black names names and highlights the extent of the government's complicity in extending this disgraceful state of affairs.
Comments
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Humanity is clearly completely insane, when people go to jail for pot.
But the greedy Pigs who squander and steel trillions can not be prosecuted.
But no big loss, because the Law of Karma will make them pay back every penny with interest.
And the same law will compensate the victims.
There is nothing hidden...
The Universe is an intelligent being and it sees and knows everything and everyone.
The All seeing eye. -
bill , i've been watching you since 2008.
at 1.15 you say there is 'no response'. no this is simply a lie bill and you know it.
every successive executive government has used the department of justice, the sec and other agencies to help encourage more fraud through racketeering settlements, delayed/deferred prosecution agreements and other 'self reporting' agreements that have allowed all the major banks to pay fines as a means of avoiding all prosecution, civil and criminal.
the government is not looking the other way. the government is complicit in taking money from banks engaged in price fixing and all sorts of frauds in the hierarchy of racketeering. this makes the govenrment complicit in profiteering off price controls and racketeering for private bank profit. worse, the government uses illegal means of covering up this illegal behavior with illegal executive actions that attempt pre-empt the states from taking action by using 'federal, authority' to protect banks.
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