13 responses

  1. RyanVMarkov
    March 14, 2012

    Thank you for all your efforts, great job, professor Black!

  2. Schofield
    March 14, 2012

    Pretty good when a country’s Justice Department turns out to be a major liar!

  3. William Wilson
    March 14, 2012

    One can hope that Senator Grassley will understand Professor Black’s points and will follow through. On the other hand, if the absence of follow-up to Senator Carl Levin’s questioning of L Blankfein (who claimed to be ‘doing God’s work’):

    http://www.celebritynetworth.com/watch/oOpFbjHcxF0/senate-hearing-sen-levin-vs/

    is any indication, it would a long-overdue surprise should any Congressional hearing elicit an outcome resembling fairness to an average American consumer.

  4. MRW
    March 14, 2012

    Are the centered and italicized single statements supposed to be subheads?

    Then why are the indented paragraphs italicized?

    Someone, get a web designer!

  5. DrBernard
    March 15, 2012

    Prof. Black, what can we conclude, but that there has been and still is collusion at every level? This must be why the Big Banks are still “To Big To Fail”–for if they fail, all else fails with them. It must be a global Potemkin Village with nothing but fraud holding up the cardboard.

    The intent to defraud was made manifest by the removal of the People’s only defense: Glass-Steagall. This was the first big step, and a *tell*. After I had gotten out of the retail broker’s racket in late 1981, I worked Temp as an AA for a Trust Officer in a New Orleans bank (taken over by the highly political Bank One in time). Upon request by a higher-up in the TRUST Department, I wrote a proposal on “in-house brokerage” at the bank. This was in 1982-3. They were licking their chops over their future as a “one-stop shop.”

    Later, there was quite a fight by State bankers, especially in Georgia, as I recall, against takeover by out-of-state Big Banks. The State Bankers were simply railroaded into compliance (“comply or die”). This was another *tell* of the *intent* to defraud.

    This has been going on a long time. The perverse incentives, the criminogenic environment, go hand in glove with the destruction of rules and regulations against “banking” and with “free trade” NAFTA, GATT, etc.

    The crime is so comprehensive and so deep, so intertwined with “politics” and neoconlib “academic economics,” so involved with Endless War on “terre” and “drugs” and the money-laundering this entails, that “To Big To Fail” is the only mantra acceptable if “Armageddon” is not to occur immediately.

    It may be that Italians and the UMKC will be leading the whole world out of bondage to organized crime.

  6. DrBernard
    March 15, 2012

    ERRORS obvious, for the critics: “To Big To Fail” should read “Too Big To Fail.”

  7. John
    March 15, 2012

    ProfBlack – So are the current ‘regulators’ like Thomas Perez or Eric Holder as stupid and as incompetent as they act and then claim? I can’t take such a negative view of these highly educated people. My view is not so bleak – they know what they are doing. So the good news is that our senior government officials are not stupid or ideologically blind, the bad news is that they are consciously lying and utilizing a successful PR strategy – the stupidity facade – to cover up their collusion with the perpetrators.

    DrBernard – thanks for the beautiful quote: ‘A global Potemkin Village with nothing but fraud holding up the cardboard.’

  8. Paul Krueger
    March 15, 2012

    “I suggest that we use the web to organize a cooperative fact-checking effort that will expose Holder’s effort at obfuscation by the next business day.”

    Where do I sign up? I’m retired. I’ll volunteer a day or more of my time to help with this if Bill will provide some direction for volunteers about what specific types of facts need checking, what resources that are available to do so, and what sorts of things to look for.

    To make it easier for someone to collate whatever information your investigators uncover you might consider having a standard sort of form that can be filled out for each case. A nice web-based fill-in-the-blanks collection process would be even better.

  9. Marko
    March 15, 2012

    Here’s the sequence , keeping in mind the critical month of November , 2012 :

    1) Obama and Holder begin making noises about tough prosecutions of Wall Street leaders ( to appeal to the desires of the vast majority of the electorate ) , and DOJ starts sniffing around in ways that make WS very nervous.

    2) Wall Street starts shifting their campaign fund support heavily in the (R) direction , and away from (D).

    3) Obama and DOJ back off , and convince WS they are safe from prosecution as long as they’re around to protect them. The money flows reverse , now favoring the (D)s.

    4) The (R)s react , demanding prosecutions , ala Grassley. The public begins to side with the (R)s , which makes the (D)s nervous , so Obama and the DOJ start getting tough again.

    Rinse , lather , and repeat – until election day.

  10. roger erickson
    March 16, 2012

    There are some petitions afoot to publicize Bill’s cause.

    http://www.change.org/petitions/us-senator-charles-grassley-demand-proof-that-the-us-doj-is-attempting-to-prosecute-elite-bank-fraud

    http://www.change.org/petitions/support-the-us-prosecutors-so-they-can-properly-investigate-financial-crimes

    These petitions may help, but Paul Kreugar is right. There needs to be a rapid-response fact checking organization, with teeth. The ACLU, DoJ & Congressional committees & others could & should do this, but they obviously need more encouragement as well as competition.

    Any suggestions for existing vehicles, or ones to be launched?

  11. Lev Samarin
    March 17, 2012

    Check this out… Hollywood goes “hunting fraud”:
    http://trailers.apple.com/trailers/independent/unraveled/

  12. google authorship code
    February 20, 2014

    Thanks for finally writing about > Senator Grassley calls Attorney General Holder’s Bluff | New Economic Perspectives < Liked it!

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