Banking System Rotten to the Core - an orchard of one percenters.

[phasma ex machina]

The following is a transcript of a recent speech given by Professor William Black on an Economics Panel regarding the fradulent roots of our current crisis and the urgent need for criminal prosecutions among major US banks.

In the Savings and Loans crisis, which was 1/70th the size of this crisis, our agency made over 10,000 criminal referrals and that resulted in the conviction on felony grounds of over 1,000 elites in what were designated as major cases. And to pick up on what’s just been said, this is not just some sidelight to economics, this is why we have recurrent intensifying crises, is these epidemics of fraud from the C-Street—from the CEOs and CFOs.

In the Savings and Loans crisis, the inevitable National Commission said that fraud was invariably present at the typical large failure. In the Enron era, always frauds from the very top of the organization, and in this crisis the frauds came from the very top of the organization again. But what’s different in this crisis? In this crisis, the same agency that I worked with that made over 10,000 criminal referrals in a tinier crisis made zero criminal referrals. They got rid of the entire function. And so there are zero convictions of anybody in the elite ranks of Wall Street. And if they can defraud us with impunity they will cause crisis after crisis and they will produce maximum inequality.

The group that has the audacity to refer to itself as the productive class is the largest destroyer of lives, jobs, and of wealth of any group ever produced in this world. They wiped out six million existing jobs and five to six million jobs that would’ve been created. As you’ve heard, they’ve left 26 million Americans wanting full-time work with no ability to find that work. If you look at just losses in the household sector, it is $11 trillion. A trillion is a thousand billion. And then they have the nerve to say they are the productive class; and, not this journalist, but what we get as faux journalism today, repeats this endlessly as if it were a fact—that they create jobs. They destroy jobs. They are mass destroyers of jobs.

excerpt

http://www.financialsense.com/print/contributors/william-black/2011/11/25/banking-system-rotten-to-the-core

[Huey P. Long]

1. occupy -eom

[banned from Kos]

2. use a credit union n/t

[grasswire]

3. why isn't this guy a pundit on the networks?

Get some of those former regulators out in public view who remember the S&L heist and can put some context to the current economics!

[truedelphi]

5. Look at who advertises on the networks, and you will understand

Why it is that The Networks spends most of its time saying"

1) There is absolutely nothing wrong in our current economic system

2) The sky is falling and if we don't ahve an austerity based economy, the Banks will fail! The banks will fail

Lather rinse repeat, until every last nickel is extracted from the 99%.

The truth cannot be told, until the ads are totally different.

[JDPriestly]

4. The Celente article at that site is also interesting.

I just can't hear enough from William Black.