BS: Bill Moyers and William K Black

Subject: BS: Bill Moyers and William K Black
From: CarolC
Date: 04 Apr 09 - 01:19 PM

Interesting discussion about the finance industry in this interview...


"The financial industry brought the economy to its knees, but how did they get away with it? With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout..."

http://www.pbs.org/moyers/journal/04032009/watch.html

"William K. Black suspects that it was more than greed and incompetence that brought down the U.S. financial sector and plunged the economy in recession — it was fraud. And he would know. When it comes to financial shenanigans, William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s, has seen pretty much everything.

Now an Associate Professor of Economics and Law at the University of Missouri, William K. Black tells Bill Moyers on the JOURNAL that the tool at the very center of mortgage collapse, creating triple-A rated bonds out of 'liars' loans' — loans issued without verifying income, assets or employment — was a fraud, and the banks knew it.

And while there is no law against liars' loans, Black points out that there are, 'many laws against fraud, and liars' loans are fraudulent. [...] They involve deceit, which is the essence of fraud.'

Only the scale of the scandal is new. A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis. The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, 'We now know what happens when you destroy regulation. You get the biggest financial calamity of anybody under the age of 80.'"

Subject: RE: BS: Bill Moyers and William K Black
From: Mark Ross
Date: 04 Apr 09 - 05:11 PM

Watched the show last night, wonderful. Also, the next segment with Amy Goodman was great!

Mark Ross

Subject: RE: BS: Bill Moyers and William K Black
From: GUEST,pattyClink
Date: 04 Apr 09 - 09:02 PM

This was a powerful piece. I've been following the crisis intently and this guy really knows what is going on, from the point of view of somebody who helped clean up the prior S&L mess. And wants some people to go to Leavenworth for the frauds nobody wants to talk about.

link

Subject: RE: BS: Bill Moyers and William K Black
From: number 6
Date: 04 Apr 09 - 09:19 PM

I saw this ... wow, it was certainly informing. Makes one really wonder about Tiny Tim (Timothy Geithner)

I agree with Mark, the segment with Amy Goodman laid it all down concerning the the reporting media.

biLL

Subject: RE: BS: Bill Moyers and William K Black
From: Stilly River Sage
Date: 04 Apr 09 - 10:58 PM

I also watched it. This stuff is very depressing. I hope someone taped it for Obama to watch when he gets back home.

SRS

Subject: RE: BS: Bill Moyers and William K Black
From: Riginslinger
Date: 04 Apr 09 - 11:03 PM

I watched the entire Moyers interview. That Black guy is very convincing--I don't doubt him for a minute. Where do we go from here?

Subject: RE: BS: Bill Moyers and William K Black
From: number 6
Date: 04 Apr 09 - 11:09 PM

"Where do we go from here?"

good question .... very good question Rig.

In the long run Black will just be brushed off as some sort of minor disturbance.

Unfortunately.

biLL

Subject: RE: BS: Bill Moyers and William K Black
From: GUEST,pattyClink
Date: 05 Apr 09 - 08:57 PM

"where do we go from here?"

We start waving the pitchforks.

It's not much, but I just dropped a comment to the White House website. I know they don't care, but maybe if a few people express their anger, and then a few more.....God knows self-satisfied apathy ain't been working.

Subject: RE: BS: Bill Moyers and William K Black
From: olddude
Date: 06 Apr 09 - 01:10 PM

saw it also,
I took me to the edge of my seat
I just don't understand how the fraud can continue

amazing story

Subject: RE: BS: Bill Moyers and William K Black
From: Riginslinger
Date: 06 Apr 09 - 02:35 PM

Now Larry Sommers is being raked over the coals by the media for having taken over 5 million from the cesspool. I suppose Obama will have to get rid of him.

Subject: RE: BS: Bill Moyers and William K Black
From: Donuel
Date: 07 Apr 09 - 10:00 AM

There are two members of the Obama administration who knowingly worked in this fraudulent finance industry. The conflict of interests is profound and powerful.

I too am uncomfortable with this good old boy system of protecting their own. They are indeed Gold bricking for Goldman Sachs!

It is like the Fox conferring with wolves, Badgers, Hawks and wild dogs as to how to protect the now empty hen house - when and if we can raise enough chickens to populate the hen house in the future.

Subject: RE: BS: Bill Moyers and William K Black
From: Riginslinger
Date: 07 Apr 09 - 07:48 PM

Where's Eliot Ness when you need him?

Subject: RE: BS: Bill Moyers and William K Black
From: number 6
Date: 07 Apr 09 - 07:56 PM

The banks bought him off long ago.

biLL