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Taibbi A veritable mountain of evidence indicates that when it comes to Wall Street, the justice system not only sucks at punishing financial criminals, it has actually evolved into a highly effective mechanism for protecting financial criminals. This institutional reality has absolutely nothing to do with politics or ideology — it takes place no [...] William Black on the lack of criminal prosecutions by DOJ What has gone so catastrophically wrong with DOJ, and why has it continued so long? The fundamental flaw is that DOJ’s senior leadership cannot conceive of elite bankers as criminals. The feds confuse the bank with the banker. The bankers walk away with personal [...] Bank of America explains how their foreclosures are fine, just fine. Why it was just last week BofA was squawking about how error-free their foreclosure process was, no problems here, thanks for asking. Now that they’ve deigned to actually examine their foreclosures, they now say, oopsie, pesky bookkeeping errors were happening all over the [...] A friend of mine notes the wave of fraudulent foreclosures, foreclosures where firms simply faked the paperwork needed to prove they have standing to foreclose (that they actually own the mortgage.) There have been some moves to stem the fraud, not the least of which is by Florida’s Attorney General Bill McCollum, but those who [...] Bill Black, a regulator during the S&L crisis of the 80′s and author of The Best Way To Rob A Bank Is To Own One, devised the concept of control fraud. He says Kabul Bank has been revealed to be a “control fraud.” Control frauds occur when those that control a seemingly legitimate [...] “Why every president from Reagan through Obama has put Wall Street before Main Street“, by Michael Hirsch. For the last thirty years, it has been the mantra of Washington, Wall Street, and economic academia: The fastest way to economic growth is to make financial markets happy. The few economists and government watchdogs who took [...] Barclays PLC agreed to pay $298 million to settle charges by U.S. and New York prosecutors that the U.K. bank altered financial records for more than a decade to hide hundreds of millions of dollars in payments flowing into the U.S. from Cuba, Libya, Iran and other sanctioned countries. There are, of course, no [...] Guan Jianzhong, chairman of Dagong Global Credit Rating to Financial Times “The western rating agencies are politicised and highly ideological and they do not adhere to objective standards.” “The financial crisis was caused because rating agencies didn’t properly disclose risk and this brought the entire US financial system to the verge of collapse, causing huge [...] 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 [...] |  | ||||
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