'Banksters' who defrauded the world with
'liars loans' and 'ninja
loans'----i.e., no credit checks
https://www.youtube.com/watch?v=Rz1b__MdtHY CLICK above for VIDEO
recording with Bill Moyers.....
Interview with William K. Black, an American
Hero.....
Bill Black who blew the whistle on the
Keating Five S&L swindle in
the 80s, [John Glenn included], speaks out on Bill
Moyer's radio show on Goldman Sachs CEOs & other eilitists
et al [Bernie Madoff being the shrimpiest and small
fry-est of the Banksters who defrauded the
world with 'liars loans' and 'ninja
loans'----no credit checks whatsover on risky
borrowers, like the Fannie Mae for illegal immigrant home
loans and dangled like blood bottles to a vampire, for the
gullible middle class triple remortgage flip-overs, at the
bottom, and AAA [no risk] fake credit ratings for
billion dollar oligarchy loans that ended up as 'real money'
in baloney Credit Default Swaps/Derivatives, in the billions
and trillions, going back to Clinton but revved up to ear
splitting deafening sounds under GW.
TRANSCRIPT FROM
PBS:
BILL MOYERS: Why are
they firing the president of G.M. and not firing the head of
all these banks that are involved?
WILLIAM K. BLACK:
There are two reasons. One, they're much closer to the
bankers. These are people from the banking industry. And they
have a lot more sympathy. In fact, they're outright hostile to
autoworkers, as you can see. They want to bash all of their
contracts. But when they get to banking, they say, 'contracts,
sacred.' But the other element of your question is we don't
want to change the bankers, because if we do, if we put honest
people in, who didn't cause the problem, their first job would
be to find the scope of the problem. And that would destroy
the cover up.
BILL MOYERS: The
cover up?
WILLIAM K. BLACK:
Sure. The cover up.
BILL MOYERS: That's a
serious charge.
WILLIAM K. BLACK: Of
course.
BILL MOYERS: Who's
covering up?
WILLIAM K. BLACK:
Geithner is charging, is covering up. Just like Paulson did before him. Geithner is publicly saying that it's going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem.But they're allowing all the banks to report that they're not only solvent, but fully capitalized. Both statements can't be true. It can't be that they need $2 trillion, because they have masses losses, and that they're fine.These are all people who
have failed. Paulson failed, Geithner failed. They were all
promoted because they failed, not because...
BILL MOYERS: What do
you mean?
WILLIAM K. BLACK:
Well, Geithner has, was one of our nation's top regulators,
during the entire subprime scandal, that I just described. He
took absolutely no effective action. He gave no warning. He
did nothing in response to the FBI warning that there was an
epidemic of fraud. All this pig in the poke stuff happened
under him. So, in his phrase about legacy assets. Well he's a
failed legacy regulator.
BILL MOYERS: But he
denies that he was a regulator. Let me show you some of his
testimony before Congress. Take a look at this.
TIMOTHY GEITHNER:I've never been a regulator, for better or worse. And I think you're right to say that we have to be very skeptical that regulation can solve all of these problems. We have parts of our system that are overwhelmed by regulation. Overwhelmed by regulation! It wasn't the absence of regulation that was the problem, it was despite the presence of regulation you've got huge risks that build up.WILLIAM K. BLACK:
Well, he may be right that he never regulated, but his job was
to regulate. That was his mission statement.
BILL MOYERS: As?
WILLIAM K. BLACK: As
president of the Federal Reserve Bank of New York, which is
responsible for regulating most of the largest bank holding
companies in America. And he's completely wrong that we had
too much regulation in some of these areas. I mean, he gives
no details, obviously. But that's just plain
wrong.
BILL MOYERS: How is
this happening? I mean why is it happening?
WILLIAM K. BLACK:
Until you get the facts, it's harder to blow all this up. And,
of course, the entire strategy is to keep people from getting
the facts. |