William Black on Bill Moyers discussing corporate fraud

PBS has the video and a full transcript. Here’s an excerpt.

Bill Moyers: Bill, are you describing a political culture, that is criminogenic?

William K. Black: It’s deeply criminogenic. And this ideology that both parties are dominated by that says, “No, big corporations wouldn’t cheat. Fraud can’t happen. Market’s automatically excluded,” is insane. We now have the entitlement generation as CEOs. They just plain feel entitled to being wealthy as Croesus with no responsibility, no accountability. They have become literal sociopaths. So one of the things is, you clean up business schools, which right now are fraud factories at the senior levels, right?

They create the new monsters that take control and destroy massive enterprises and cause global economic crises, cause the great recession. And very, very close to causing the second Great Depression. We just barely missed that. And there’s no assurance that we’ve missed it five years out.

Bill Moyers: This brings us back to what the president said this week. He said the crisis was born of a failure of responsibility from Wall Street to Washington. You’ve just described that. That brought down many of the world’s largest financial firms and nearly dragged our economy into a second Great Depression. But he didn’t name names. He doesn’t say who specifically was responsible. You have. But the president doesn’t name names.

William K. Black: No, and one of the most important things a president has is the bully pulpit. We have not heard speeches by the president demanding that the frauds go to prison. We have not heard speeches from the attorney general of the United States of America, Eric Holder. Indeed, we haven’t heard anything. It’s like Sherlock Holmes, the dog that didn’t bark. And that’s the dog that is supposed to be our guard dog. It must bark. And it must have teeth, not just bark.

Obama doesn’t even bark.But then, lap dogs seldom do.


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