The following is an excerpt of my much longer roundup of the many covert ways the government is bailing out the giant banks.Fraud As a Business ModelIf you stop and think for a moment, it is obvious that failing to prosecute fraud is a bailout.Nobel p…
Posts Tagged ‘William K. Black’
Virtually All Independent Financial Experts Say that the Size of the Big Banks Is Hurting the Economy
January 11th, 2011 |
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Here’s my updated list of top financial experts saying that the giant banks are too big, and that their very size is hurting the economy:Nobel prize-winning economist, Joseph StiglitzNobel prize-winning economist, Ed Prescott Nobel prize-winning econom…
Congressman Miller Joins Economists and Financial Experts In Demanding a Stop to Mortgage Servicer Fraud — a Significant Cause of Foreclosures
December 22nd, 2010 |
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As Yves Smith notes:As we have written, and as experts and foreclosure defense lawyers have reported in Congressional testimony, and as pending lawsuits by attorneys general in Arizona and Nevada allege, servicer abuses are a significant cause of for…
Instead of Actually Stabilizing the Economy By Reining In the Giant Banks, Governments Just Launching More Faux Stress Tests as a P.R. Stunt
November 30th, 2010 |
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The big banks caused the financial crisis, and are continuing to drag the world economy down the into a black hole. So what are the governments of the world doing to address this core problem? Breaking up the giant banks? Nationalizing them? Holding …
We Can Fix America If We Focus on What ALL Americans – Liberals AND Conservatives – Want
November 19th, 2010 |
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While there are some things that liberals and conservatives will never agree about, there are many things that we already all agree on. Knowing the many things we agree to empowers us, because it helps get us away from the distractions so that we can …
Why Did Banks Give Home Loans to People Who They KNEW Couldn’t Pay?
October 27th, 2010 |
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William K. Black – professor of economics and law, and the senior regulator during the S & L crisis – explained last month before to the Financial Crisis Inquiry Commission why banks gave home loans to people who they knew couldn’t repay. The whol…
How Did the Banks Get Away With Pledging Mortgages to Multiple Buyers?
October 26th, 2010 |
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I’ve repeatedly documented that mortgages were pledged multiple times to different buyers. See this, this and this.In response, some people (including one of the country’s top bankruptcy lawyers) have told me they don’t buy it.Specifically, they a…
The Giant Banks, Federal Reserve and Treasury Have All Blackmailed America
May 22nd, 2010 |
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As I wrote last October: Congressmen Brad Sherman and Paul Kanjorski and Senator James Inhofe all say that the government warned of martial law if Tarp wasn’t passed. And Rahm Emanuel famously said: Never let a serious crisis go to waste. What I…
The Responses to the Gulf Oil Spill and to the Financial Crisis Are Remarkably Similar … And Have Made Both Crises Much Worse
May 18th, 2010 |
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The Gulf oil spill and the financial crisis were both caused by excessive risk-taking by industry giants and the “capture” of politicians and regulators by the corporate behemoths.Moreover, the response to the Gulf oil spill and the financial crisis ar…
If We Broke Up Standard Oil, We Can Break Up the Giant Banks
May 1st, 2010 |
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If we broke up standard oil, we can break up the giant banks.Says who?Senator Ted Kaufman (interviewed recently by The American Prospect’s Tim Fernholz): You and Senator Sherrod Brown have proposed an amendment that would cap the size of the largest ba…
Banking Industry Insiders Call for Breaking Up Giant Banks
April 7th, 2010 |
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Virtually all independent financial experts are demanding that the too big to fail banks be broken up, including:Nobel prize-winning economist, Joseph StiglitzNobel prize-winning economist, Ed PrescottFormer Secretary of Labor, Robert Reich Chairman of…
Dodd’s Financial “Reform” Bill Is Nothing but a Placebo for a Very Sick Economy
March 30th, 2010 |
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On March 3rd, Richard Fisher – President of the Federal Reserve Bank of Dallas – told the Council on Foreign Relations:A truly effective restructuring of our regulatory regime will have to neutralize what I consider to be the greatest threat to our fin…
Broken Incentives: “People See What They’re Incentivized to See. If You Pay Someone Not to See the Truth, They Won’t See the Truth.â€
March 15th, 2010 |
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Upton Sinclair said:It is difficult to get a man to understand something, when his salary depends upon his not understanding it.Bestselling financial writer Michael Lewis is now saying the same thing. In an interview with 60 Minutes, Lewis said:Wall St…
Ridicule of Conspiracy Theories Focuses On Diffusing Criticism of the Powerful
February 10th, 2010 |
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The label “conspiracy theory” is commonly used to try to discredit criticism of the powerful in government or business.For example, just this week – after Tony Blair was confronted by the Iraq Inquiry with evidence that he had used lies to sell the Ira…
Yes, America is Still in an Official State of Emergency
February 10th, 2010 |
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A reader asked whether the U.S. is still in an official state of emergency, and if so, what that means.The answer is yes, we are still in a state of emergency.Specifically:On September 11, 2001, the government declared a state of emergency. That decl…
Make AIG’s Emails Public
December 23rd, 2009 |
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Call or write your Congressional and Senate representatives and tell them that you’re joining the following people in demanding that all of AIG’s emails to be made public, so that we can gain insight into what really caused the financial crisis:William…
Economists Are Trained to Ignore the Real World
December 21st, 2009 |
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As I have repeatedly noted, mainstream economists and financial advisors have been using faulty and unrealistic models for years. See this, this, this, this, this and this.And I have pointed out numerous times that economists and advisors have a finan…