Monday, April 13, 2009

Bill Moyers interviews William K. Black

This will make you feel pretty sick IMO. It is a little long but you need to hear the whole thing.

"Now Black is focused on an even greater scandal, and he spares no one — not even the President he worked hard to elect, Barack Obama. But his main targets are the Wall Street barons, heirs of an earlier generation whose scandalous rip-offs of wealth back in the 1930s earned them comparison to Al Capone and the mob, and the nickname "banksters." "

My favorite exerpt -

BILL MOYERS: Yeah, and this week in New York, at this conference, you described this as more than a financial crisis. You called it a moral crisis.
WILLIAM K. BLACK: Because it is a fundamental lack of integrity. But also because, if you look back at crises, an economist who is also a presidential appointee, as a regulator in the Savings and Loan industry, right here in New York, Larry White, wrote a book about the Savings and Loan crisis. And he said, you know, one of the most interesting questions is why so few people engaged in fraud? Because objectively, you could have gotten away with it. But only about ten percent of the CEOs, engaged in fraud. So, 90 percent of them were restrained by ethics and integrity. So, far more than law or by F.B.I. agents, it's our integrity that often prevents the greatest abuses. And what we had in this crisis, instead of the Savings and Loan, is the most elite institutions in America engaging or facilitating fraud.


  1. Here some REAL stuff. Banks Stress test is meaningless:

    Roll-over dammit.

  2. Just got thru reading that when you added it. GS earnings scare the hell out of me. This rigged shell game will crumble, but not likely till P3 (where daneric has it crumbling with me). I'm adding cal risk to my blogroll.

    This rise is such BS. Go to go with the mo though.

  3. Maybe today's doji will put an end to this stupidity.


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