Tuesday, April 14, 2009

Organized Crime – Way Bigger Than the Mob

The Best Way to Rob a Bank is to Own One

This is the title to William K. Black's new book. The former senior regulator (during the savings and loan crisis of the 1980's) explains; “Financial control frauds cause greater financial losses than all other forms of property crime – combined.” and … “The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.”

If you want to understand what happened with these corrupt banks (and our just as corrupt government), PLEASE CLICK HERE to watch William K. Black's interview on PBS's Bill Moyers. This is the best explanation of the financial collapse I have seen so far. It is not only conclusive, it warns us that the worst is yet to come. Nothing has really been fixed. And they will be back for more money – again and again, until we stop them... or they push our economy over the edge.

William K. Black is not alone. Eliot Spitzer has written (in Slate); “Washington had the power to regulate misbehaving banks. It just refused to use it.” As Governor of New York, he tried to stop predatory lending. As a likely consequence, the Federal Government “investigated” him until they could arrest him for something.

In Eliot Spitzer's same Slate article, The Regulatory Charade, he writes; "Financial-services companies have been given multiple blank checks, worth hundreds of billions, yet there have been virtually no mandated changes in management, behavior, or lending practices."

In Eliot Spitzer's article The Real AIG Scandal, he writes; “Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?”

In another of Eliot Spitzers' articles, he writes; “It is time the government realizes it has two simple options: tightly regulate entities that are too big to fail or break them up so they aren't.

This crisis has the potential to destroy the Obama Presidency.

Matt Taibbi has written in Rolling Stone; “what you see is a colossal power grab that threatens to turn the federal government into a kind of giant Enron — a huge, impenetrable black box filled with self-dealing insiders whose scheme is the securing of individual profits at the expense of an ocean of unwitting involuntary shareholders, previously known as taxpayers.”


Check out A New Way Forward

Sign a petition at Democrats.com

also: goldmansachs666.com

The Two Documents Everyone Should Read

Predatory Lender's Partner In Crime

No comments: