Sunday, April 05, 2009

The truth will out: it WAS fraud

William K. Black, a former financial regulator who has written a book about the U.S. Savings & Loan disaster of the 1980s, is unequivocal: the banks defrauded us. It was deliberate and with full knowledge of what they were doing. How much longer before mass trials are set up?

Worse, the regulators didn't even start to investigate until the crash, whereas in the S&L crisis they were making preparations even while the lenders were boasting of record profits.

Black says the current mess is at least 100 times worse than the S&L debacle. In his view, Bernard Madoff is a mere "piker", not even in the first rank of the fraudsters responsible for all this.

(htp: Michael Panzner)



7 comments:

Gary said...

There appears to be a media blackout on this topic. Not much coverage yet.

This has to be the biggest scandal in our history and nobody cares? What happened to America?

NMMM.NU said...

whats relation to Michael Panzner?

Nick.

Paddington said...

How close to a revolution would we be, if most people figured this out?

Wolfie said...

Now haven't I been saying this for over three years?

Sackerson said...

Gary - you there, we here: none of us can believe what's happened to our countries.

Nick - he linked to it on his site, which is how I found it.

Padders - there is a lot of real anger burning underground.

Wolfie - believe so; and now we're getting confirmation from highly credible sources.

Paddington said...

I listen to our local talk radio. In the US, the right wing are still doing a fair job of convincing their people that a) the rich 'deserve' much more money, and lower taxes, and b) the collapse is due to Clinton and the Democrats in Congress. It's rather too close to the stuff I read about the rise of the National Socialists.

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