William Black on Wall Street fraud

By Prieur du Plessis, on May 26th, 2011 posted in: Economy, Wall Street

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.

Source: YouTube, May 23, 2011 (hat tip: Global Investor Blog).

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Kent Cohea

May 26, 2011 at 6:09 pm

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.

Marc

May 27, 2011 at 1:38 am

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”