Video: William K. Black with Max Keiser -- Aired Aug. 12, 2010
Excellent interview.
Bill Black helped send more than 1,000 criminal bankers to jail in the 80's for their part in the $150 billion S&L crisis. This time around, exactly ZERO fraudsters have been sent to the hooskow in a $6 trillion intergalactic banking blowout.
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What do we do? 1000 bankers found themselves in jail after the S&L crisis. Doing the math, this crisis is close to 40 times larger, I would expect 40,000 bankers to be in jail by now. As they say, the least ethically inclined are still in charge. The perverse incentives are still there for the stealing. Black has pointed out some key problems -- the big accounting cover-up, the guilt and complicity of the auditors. As Keiser points out, this is organized crime. Since nobody is investigating the extent of the losses, the figures remains elusive.
The last part of the video, Keiser and Black start doing the math on what is yet to be revealed in the “debt vortex”. Well, you need a lot of honest and ethical accountants and some attorneys pursuing the answers and the culprits. Just as you can’t hide your own personal debt for long, the banks, the stock market and the U.S. economy can run but they can’t hide. Those losses and debts are still there lurking and waiting for the opportunity to reemerge.