April 12, 2009

William K. Black lays out the case for the prosecution. Oh, wait, there is no prosecution. Because there's a MASSIVE COVERUP UNDERWAY



"The best way to rob a bank is to own one".

True again and again and again.

But oh, man, was this robbery bigger than anything they ever dreamed before.

Damn, those grifters were good. Real good.


And the ongoing coverup is almost as grand as the crime.


23 comments:

Anonymous said...

Keith:

Made in China : Drywalls.

Rubbing Salt in the wound.

Care to comment?

Afterthought said...

Two words:

Ted.

Stevens.

Any questions?

Bukko_in_Australia said...

Waaaaaaait -- I thought Obama was a communist socialist fascist who's ripping off the all-American rich people to help the scuzzy poor people who don't deserve squat. All the paranoid right wingers whose comments I read say so.

So why is a communist socialist fascist helping the Big Bad Bankers? Because that sounds like what another tool of the rich people would do. How can Obama be a tool of the rich people and be a communist socialist fascist at the same time?

Please, paranoid right wingers, clarify this for me!

debt junkie said...

I can't understand why there have been no lawsuits brought against the ratings agencies by pension funds that took huge losses.

Maybe there are some but I missed it.

Anonymous said...

Two years in, our primal concern remains NOT allowing an honest accounting to emerge. All our sophistications; all our petty advantages/profits focus solely on PREVENTING the people who caused this from realizing THEIR losses.

Evidently, we all ADORE a good hostage crisis: the biggest lie ever is that only if we allow these criminals to LOOT our childrens' futures, there won't be a comeuppance.

They are lying, and know better than anyone, that Something Wicked This Way Comes.

Paul E. Math said...

Great vid, Keith. Thanks for posting this.

Black is right that it all starts with a moral crisis. We have lost the moral compass that should guide each and every decision we make in life.

This has been my fear about the Obama administration: that they believe so strongly in the power of their own intellect and the weakness of the american intellect overall that they believe they must take their actions in secret.

I think most of the Obama administration are clever, well-intentioned intellectuals but with a fundamentally flawed moral, political and economic framework.

They lack the moral conviction that dictates honesty, openness and individual freedom.

This moral deficit undermines their trust in democracy and the will of the people.

In turn, they believe that their judgement and decisions on resource allocation are better than that of the free market because the free market is the will of the people whose intellect is inferior.

They have made a deal with the devil, sold democracy and the american people to the parasites on Wall Street under the misguided belief that we cannot live without the lash of economic slavery.

It is like they are selling our shoes, our shacks, our children to pay for the slave-master's gambling debts because they fear the freedom that our master's insolvency would bring.

Who's fields would we work if the master goes bankrupt? How would we live without the master to feed us, clothe us, shelter us?

The truth is that we, and Obama's all-star team of academics, no longer believe we are capable of working, earning and saving for ourselves. And that is why we are made slaves to the banks.

Anonymous said...

Bukko you f*cking moron. As dum as Obammyyy is he can still chew gum and walk at the same time unlike you. Because he is and always was a socialist does not mean he was not bought and paid for. The socialists the NWO are two fingers on the same hand.

will shill for coin said...

> So why is a communist socialist fascist helping the Big Bad Bankers? How can Obama be a tool of the rich people and be a communist socialist fascist at the same time?


Pick your poison Bukko.

Anonymous said...

I saw those hearings . This was suppose to be the big investigation of the CEO's of banking fraud . The basc defense was that nobody saw it coming .Does that defense have anything to do with fraud and breach of duty to underwrite loans . Does that defense have anything to do with CEO's pumping up stock based on fraudulent loans ?

They planned to bail them out right from the beginning . There was no reason to raise the F&F limits other than to pass bad paper
to that lender and than have the government cover it .

God help us.

Anonymous said...

"...only a year ago, we started to have a Congressional investigation...the rating agencies never looked at a single loan file. When they finally did look, after the markets had completely collapsed..."the results were disconcerting...fraud in nearly every file we examined."..."

Whose watch again? FBI warned, and Justice slept.

"...If they had reviewed even small samples of nonprime loans they would have had only two choices: (1) rating them as toxic waste, which would have made it impossible to sell the nonprime financial derivatives or (2) documenting that they were committing, and aiding and abetting, accounting control fraud..."

"...Any request for loan level tapes is TOTALLY UNREASONABLE!!!

guy said...

So why is a communist socialist fascist helping the Big Bad Bankers? Because that sounds like what another tool of the rich people would do. How can Obama be a tool of the rich people and be a communist socialist fascist at the same time?

Simple answer for your simple mind. Obama needs the bankers money to fund his campaign. If the bankers go bankrupt, Obama has no money. How do you think he got the $700 million in campaign contributions? Was it from the community activists?

les said...

The vast majority of Americans are too stupid to vote their corrupt politicians out of office.

A small minority of Americans have to resort to pitchforks and torches to root these bastards out. There is no other solution but a violent one.

les said...

Adding insult to injury.

Wells Fargo, Citigroup, and Bank of America are going to make massive profits this quarter.

Anonymous said...

What the f is up with them all dressing exactly the same.

Is that some way of saying "This is a proceeding is a freakin joke"?

Anonymous said...

Why dress the same?

Because a black jacket with a red tie is the highest executive/CEO "power suite" combo of colors. If one of them used light blue tie, green, orange, etc., that person would look like the weakest banker - and silly - per se. Designer colors are ok for all other activities - but when you "must" look 100% "powerfull" - only black with red will work in your favor.

Anonymous said...

"...Because there's a MASSIVE COVERUP UNDERWAY"

And it's been underway since ENRON's timely demise.

For over 8 years we've been swamped with a deluge of misinformation, malfeasance and government collusion with a 'coalition' of our society's most vile opportunists.

They are a who's who of MSM-glorified 'businessmen' who've exploited and abused every last shred of trust in what has evolved into a gamed system of casino capitalism.

They deserve nothing less than our complete contempt and full prosecution for their brazen corruption.

HANG THESE MOTHERF*CKERS!

Anonymous said...

"...Simple answer for your simple mind. Obama needs the bankers money..."

Nothing gets by him.

JAWS said...

I'm glad you posted this piece.
I saw that Bill Moyer show and was so disappointed that his show doesn't carry a MSM audience. Seems that it's getting around anyway. Saw it on Patrick.net too.

Love it!

West Coast Willie said...

Black is back!!.

Banana Republicrat said...

Seriously Orange One, one inch of cuff out of the sleeve is about all you can expect to get away with. Look the part!

To quote Rick Blaine "I don't mind a parasite. I object to a cut-rate one."

Bukko_in_Australia said...

Simple answer for your brilliant mind. Obama needs the bankers money to fund his campaign. If the bankers go bankrupt, Obama has no money. How do you think he got the $700 million in campaign contributions? Was it from the community activists?

So let me get this straight -- Obama is taking money from the banksters so he can get campaign funds for his socialist political campaign? And the communist Obama is keeping the Rich Devil bankers alive so they can pay for him to be socialist? Then he's going to turn around and double-cross them by going all fascist and taking control of everything? Everything he's doing is the exact reverse of what his socialist plans really are!

Wow, the guy you portray is a total evil genius! There's no stopping him! We'd better give in now and just submit.

And the bankers are SOOOOO stupid that they're donating wads of money to a communist socialist fascist who will ultimately smash them. It has nothing to do with Obama actually being a "hedge fund Democrat" who's on the flip side of the Corporate Party coin from the Republicans. Noooo, there's a deep secret conspiracy involving total role reversals, like how Obama is a covert Muslim working to impose the Caliphate on the world. That's why he goes to Christian churches -- because he's fooling us with Opposite-Land!

Goddamn, you are brilliant to figure that out, anonymous! Nothing is as it seems -- it's all a massive super double-secret triple-reverse conspiracy! I can see why you don't want to have a screen name -- people would just flock to you on account of your stunning analytical skills. I mean that most sincerely -- no opposite-land "damning with effusive praise" from Bukko, no sirree!

Anonymous said...

Ultimately, unless unemployment turns around the health of the housing market will only deteriorate.

High unemployment at a time of resetting Option and Alt-A loans will only result in higher default rates.

Why will investors buy the Govt’s Toxic Asset Plan knowing what lay ahead.

If investors don't buy those toxic assets, who will take those toxic assets off the hands of the five biggest banks.

http://www.wsws.org/articles
/2009/apr2009/pers-a13.shtml

Market illusions vs. the reality of capitalist crisis

Any serious examination of the state of both the financial system and the broader economy suggests that such celebrations are unwarranted.

• Factory orders have fallen so rapidly that US manufacturers are using less than 68 percent of capacity, the lowest level since records began in 1948.

• March saw 35 corporations default on bond payments, the largest monthly total since the Great Depression, according to Moody’s. The default rate has shot up from 1.5 percent a year ago to 7 percent, and will reach 14.6 percent by the fourth quarter, the rating service said.

• Bloomberg News forecasted that corporate profits for the first quarter will fall 37 percent, the seventh consecutive quarterly decline, the worst since the 1930s.

• As measured by the market for credit default swaps, investors have been making large bets that Citigroup and Bank America will collapse. Similar bets were seen before the liquidation of Bear Stearns and Lehman Brothers last year.

• World trade is shrinking more rapidly than during the plunge of 1929-30 according to a paper published this week by economists Barry Eichengreen of the University of California and Kevin O’Rourke of Ireland’s Trinity College.

Anonymous said...

Goddamn, you are brilliant to figure that out, anonymous! Nothing is as it seems -- it's all a massive super double-secret triple-reverse conspiracy! I can see why you

Bukko, male nurse. You soooooo smart. I can tell by your social economic standing. Tooooool.