How to Steal a Billion Dollars: The Formula For Fraud

It sounds like a spam mail headline, but this lecture by William K. Black is the clearest, plainest, simplest explanation I've ever heard of the origins of the financial "crisis", and I've listened to probably hundreds of economic podcasts and lectures.

He explains in simple steps how the elite criminals in the finance industry, with their political lackeys and bureaucratic and academic henchmen, legalize their massive fraudulent schemes, guaranteed, with little to no penalty. Nor is he afraid to name Bernanke, Greenspan, and others who enable this organized looting.

The speaker is William K. Black, speaking at the recent "Summit on Modern Money Theory" conference in Italy, many of the talks of which are being broadcast on Guns and Butter. Black is a lawyer, economist, and former regulator who prosecuted the Savings & Loans fraud cases in the 80s. He wrote the book, The Best Way to Rob a Bank is to Own One.

Here's the talk:
archives.kpfa.org...


For more from Black, it is good to follow his Huff blog.

www.huffingtonpost.com...

reply to post by Nicorette


Thank you for this.
It's quite sad where suits can commit horrible crimes that put families in the streets, homeless, and even where they get caught, and fined $100 million, they're still $100+ million up from where they were before.

Crime in that sense, does indeed pay.

If I could steal a brand new car, and when caught in the act get fined $100, or even $1000, and still get to keep the car with relatively little hassle, you bet I'm going to go steal the car as opposed to paying tens of thousands of $ for it.

It's a shame the laws scale either way that way, otherwise, things like this wouldn't occur.

Rob someone's home, you get 5-10years prison time. Steal their home right out from under them, kicking them out on the streets because you own the bank ... here's a box of cigars, and who do you like for your VP on that Presidential ticket you're running against Obama?

This is intolerable.

This is relevant to my interests....

Thanks for the mp3, so far so good. I might forward it to some other people I know.