Pt. 4 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.”
The Obama campaign had him do an video slamming McCain on Keating Five and failure to learn the lesson. But after Obama got elected, no one with actual and proven expertise in handling such crises, as Black did the in S&L debacle of the 90’s, have been contacted or asked for input. None. He checked around.
Bill Black’s steps to reform the finance sector. Obama could do all of them without Congress.
- Create a consumer protection agency headed by Harvard Law School professor Elizabeth Warren.
- Get rid of too big to fail. Don’t let them grow any more. Instead, shrink them. With much more regulation.
- Get rid of Bernanke as chair of the Fed. To change the Fed, change who is running it.
- Bust up the FBI partnership with the Mortgage Bankers Association.
- Regulate first.
- Target the top 100 corporate criminals.
- Fix executive compensation.
- Appoint a chief criminologist at each financial regulatory agency.
- Hire 1,000 FBI agents.
Seems obvious enough, doesn’t it? Yet D.C. persists in doing nothing. Golly, now why would that be?