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PBS. Emphasis added. William K. Black thinks President Obama didn’t acknowledge a key component in the financial crisis that the bills before Congress won’t address — fraud. A former regulator who helped crack down on massive fraud during the savings and loan crisis in the 1980s, Black tells Bill Moyers on The Journal that, [...] DJ, in comments here, refers to a TruthOut article Someone forwarded me this link: American Kleptocracy: How Fears of Socialism and Fascism Hide Naked Theft. It suggests that the fascism/socialism hysteria are red herrings to keep us busy while corporations loot the treasury. Funny, I said the same thing a few weeks back. And kleptocracy [...] Testifying at House FinServ hearing Lehman’s story is a story of fraud, their subprime and liar loans operations. They sold it to the world. Regulatory heads blocked reform. We knew for a decade these were frauds. But DC did nothing. When Black was Litigation Director of Federal Home Loan Bank board in the [...] Pt. 5 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.” The leadership of both major parties are deeply entwined with a parasitical Wall Street and crony capitalism. This is about to get much worse because of the Supreme Court decision allowing unlimited corporate [...] 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 [...] Pt. 3 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.” The fraud has been covered up mainly by using accounting scams and tricks to pretend it doesn’t exist. Japan tried this. The result was their “Lost Decade.” Our current scams were done by [...] Pt. 2 of Bill Black interview about control fraud, “fraud controlled from the highest levels of financial institutions and the government.” The US government could have forced financial reforms as a condition of the bailouts. But both Bush and Obama did nothing. Main Street has suffered, while financial institutions have prospered. The finance sector [...] (Bill Black’s stunning 5-part video interview by TheRealNews has been posted widely. However, most sites, including this one, posted all five with not much information. I’m breaking them down, one video a day, with notes. Emphasis added) This stuff is bombshell. Black details how the financial crisis was the result of deliberate, organized, well-planned [...] |  | ||||
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