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Tue Dec 27, 2011, 10:05 PM

 

Banking System Rotten to the Core

Banking System Rotten to the Core
By William K Black PhD

In the Savings and Loans crisis, which was 1/70th the size of this crisis, our agency made over 10,000 criminal referrals that resulted in the conviction on felony grounds of over 1,000 elites in what were designated as major cases. And to pick up on what’s just been said, this is not just some sidelight to economics, this is why we have recurrent intensifying crises, is these epidemics of fraud from the C-Street—from the CEOs and CFOs.

In the Savings and Loans crisis, the inevitable National Commission said that fraud was invariably present at the typical large failure. In the Enron era, always frauds from the very top of the organization, and in this crisis the frauds came from the very top of the organization again. But what’s different in this crisis? In this crisis, the same agency that I worked with that made over 10,000 criminal referrals in a tinier crisis made zero criminal referrals. They got rid of the entire function. And so there are zero convictions of anybody in the elite ranks of Wall Street. And if they can defraud us with impunity they will cause crisis after crisis and they will produce maximum inequality.

more at link
http://www.financialsense.com/node/6983

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Reply Banking System Rotten to the Core (Original post)
FreakinDJ Dec 2011 OP
orpupilofnature57 Dec 2011 #1
unkachuck Dec 2011 #4
customerserviceguy Dec 2011 #2
xchrom Dec 2011 #3


Response to orpupilofnature57 (Reply #1)

Tue Dec 27, 2011, 11:26 PM

4. old Tom hit the nail on the head....

 

"...until their children wake-up homeless on the continent their fathers conquered."

....every morning they're waking up homeless around here....

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Response to FreakinDJ (Original post)

Tue Dec 27, 2011, 10:22 PM

2. The difference between the two scandals?

In the S&L crisis, all of the players were small-time institutions that didn't shovel massive amounts of lobbying money to lawmakers. With the recent bailout, too big to fail was also too big to arrest.

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Response to FreakinDJ (Original post)

Tue Dec 27, 2011, 11:20 PM

3. The 'Serious People' assure us they didn't actually do

Any thing illegal.

For the S&L debacle they hired something like 1,000 people to investigate & prosecute the bastards.

'Serious People' can blow me.

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