Former banking regulator William Black speaks about rackets and fraud in the financial sector. He says Wall Street’s fraudulent CEOs looted with impunity, were left in power, and were granted their fondest wish when Congress, at the behest of the Chamber of Commerce, Fed Chairman Bernanke, and the bankers’ trade associations, successfully extorted the professional Financial Accounting Standards Board (FASB) to turn the accounting rules into a farce.
I think the old adage “power corrupts and absolute power corrupts absolutely” not only pertains to banks & corporations but also to the government. And the government has much more power than the private sector. When you combine the two in crony capitalism you are in real deep trouble. You end up with a fascist state.
Well cheating is nothing new, but being openly rewarded for it is. “Hey that’s ok son, it was just a little white lie?” “Awwwww…..if he’s that stupid he deserved what he got”. Or the ever so famous, “A fool and his money are soon parted”. Except the fool was given completely false information endorsed by supposed legal contracts by supposed high standard professionals in an industry that is supposed to be credible?
Nice era were living in….where lies, deceit and false accounting are openly accepted as normal in society. There is no grey area here folks, “IT IS SIMPLY WRONG”
Trade Forex where technology meets the world of finance; where technology meets foreign currency.
Our Forex platform was developed by traders who understand the needs of a successful trader.
PROTECT AND GROW WEALTH OFFSHORE
Protect Yourself and Your Assets against Devaluation of the Dollar, Currency Controls, Tax Hikes and Nationalization!
By Prieur du Plessis, on May 26th, 2011 posted in: Economy, Wall Street 
2 people had their say - chime in!
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
Email
Byron Wien Announces “The Ten Surprises” for 2013
Prieur’s Readings (January 3, 2013)
Bob Farrell’s 10 rules for investing
Running 2012 NYC Marathon – a means to a better life for impoverished children
Prieur’s Readings (August 29, 2012): No “death of equities”
I think the old adage “power corrupts and absolute power corrupts absolutely” not only pertains to banks & corporations but also to the government. And the government has much more power than the private sector. When you combine the two in crony capitalism you are in real deep trouble. You end up with a fascist state.
Well cheating is nothing new, but being openly rewarded for it is. “Hey that’s ok son, it was just a little white lie?” “Awwwww…..if he’s that stupid he deserved what he got”. Or the ever so famous, “A fool and his money are soon parted”. Except the fool was given completely false information endorsed by supposed legal contracts by supposed high standard professionals in an industry that is supposed to be credible?
Nice era were living in….where lies, deceit and false accounting are openly accepted as normal in society. There is no grey area here folks, “IT IS SIMPLY WRONG”