WILLIAM K. BLACK: “FIRE HOLDER, FIRE GEITHNER, FIRE BERNANKE” 10-25-2010
Link From: newzzcafe.com The 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, Chairman Bernanke, and the bankers’ trade associations, successfully extorted the professional Financial Accounting Standards Board (FASB) to turn the accounting rules into a farce. The FASB’s new rules allowed the banks (and the Fed, which has taken over a trillion dollars in toxic mortgages as wholly inadequate collateral) to refuse to recognize hundreds of billions of dollars of losses. This accounting scam produces enormous fictional “income” and “capital” at the banks. The fictional income produces real bonuses to the CEOs that make them even wealthier. The fictional bank capital allows the regulators to evade their statutory duties under the Prompt Corrective Action (PCA) law to close the insolvent and failing banks.
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William Black- They only one left in America you can trust to tell the truth.
I am surprised they have not assassinated William K. Black yet.
I respect and admire William K. Black. I am surprised they have not assassinated him.
@seesitnow4sure What about capital punishment?
i have been saying since THE FALL OF 07 ON YOUTUBE and the beginning of the bernanke FFR cuts that the economists of the eastern establsihment who are mostly parrotted by every college prof in the usa and high school econ teacher…..ARE STOOGES AND SCHILLS FOR WEALTH CLASS ECONOMICS…..every fed official will look for any reason to keep rates low, that helps wall street and rapes mainstreet and provides the foundation for schemes like the mortgage fiasco and zero return on your bank savings.
ALL THE USUAL SUSPECTS HUNG TOGETHER SO THEY WON’T HANG SEPARATELY……….that’s why those ungrateful french peasants put down their cake and went head hunting………
@farmboycarl Fuck the government, what about the bankers?
@seesitnow4sure What about execution?
@farmboycarl Money changes everything. I know it’s a cliche’, but if you look at the history of human nature, governments begin to fail when the leaders discover they can raid the public coffers and buy power.
Bill Black is beautiful. He should be running Elizabeth Warren.
Just imagine how great this country would be if we lived under the protection of the laws Mr. Black proposes enforcing. It is a national disgrace that the majority of the legal profession provides no more service to the victims of these crimes than to charge us fees to process the loss of our homes. This government has failed in its duty to protect its citizens, and it should be removed by any means nessesary. THANK YOU DYLAN!
Great stuff.
Bernanke is a dog shit !
@chisler000009
oh what, you are some tough guy? come after me then asshole – because i will be taunting your stupid ignorant peasant face in perpetuity. haha. and yes, you will die face down in the mud along with your retarded family along with all the other peasants.
@TheRedCapitalist It’s always funny to see pathetic wannabe’s like yourself. You’re the worst breed of loser. Actually willing to suck corporate cock, and betry the most basic principles of morality because you’re dumb enough to think that it might, someday, pay off. Buddy, everyone wants to hang with the cool rich kids, I understand …. but at some point you should probably take a good honest look at yourself, pour a nice warm bath, get inside of it, and slit your wrists ………
@TheRedCapitalist You’re such a fucking chicken shit it’s incredible …..
@radicalsquare I like the term late Sherman Skolnick used to call the big-thieves, Lowlives.
Interesting that the guy calls Bill Black a ‘poor associate professor.’
A pretty ‘lowlife’ comment.
Inferiority complex is right underneath the superiority complex; it works as their foundation. A truly honorable person cares to have neither.
Right?
Right!
: )
>peasants like you die face down in the mud.
If your Chinese peasant ancestors did just that, you didn’t have to watch others do the same.
>now in the age of regulatory capture and forbearance…
That’s what the drunk driver said to the police officer at the time arrest.
>harboring a worthless sense of morality…
That’s what the commander of imperial army of Japan scoffed about in Manchuria.
>clinging to past glory
but clinging to the hope for a future ‘glory…
Macro: Musical chair
@radicalsquare
I do care. Its great – and I hope it goes on and on in perpetuity. As a side show, I’d be more than happy to watch peasants like you die face down in the mud.
@TheRedCapitalist
I don’t care what your point is regarding Mr. Black being a “poor associate professor” or a woman stumbling over a few words somehow, for if you choose to engage in this discussion on such a petty, irrelevant level of discourse, offering nothing constructive, you obviously don’t care about spreading information about the level of fraud in the banking system and Wall Street. That is what this story is about, yet you only offer personal insults and offer nothing substantial.
@radicalsquare
my point has nothing to do with his qualifications or performance. whether he was successful for prosecutions during the S&L crisis is irrelevant. fact is, he is still a poor associate professor. and now in the age of regulatory capture and forbearance, his work is not even remotely relevant any more.
a true dinosaur – still clinging to past glory, outdated legal principles and paradigms – and worse, harboring a worthless sense of morality.
@TheRedCapitalist
You will be rightfully embarrassed once you bother to look up who William K. Black is. His research was directly responsible for 1000s of prosecutions during the Wall Street scandal in the 80s. He’s a former regulator, a lawyer and author. He’s arguably the most qualified to discuss this. Before you start insulting people you should look at your ignorance.
Bill is the man. He once showed up to a class wearing a polo w/ Keynes on the print. He isn’t a link in the chain… he is the chain.
I personally abhor the TARP and bank bailouts and don’t think it is a legitimate govt power. However, it should be noted that the people that are getting foreclosed on are the precise ones who perpetrated the fraud in the system by pretending to have income higher than they did in order to qualify for a home that they couldn’t afford. Such people need to be foreclosed on, those properties liquidized in order to ascertain the market bottom, and only then can the recovery truly occur.
a lowly journalist, a poor (associate) professor and a housewife with speech impediments and literacy issues. whining about the most powerful institutions in the world. hahahaha, good luck, peasants – you will all starve to death before there is any recourse.