NEP’s Bill Black recently appeared on [email protected]’s radio show discussing the issues related to the settlement the DOJ is pursuing from Deutsche Bank. It has also appeared on the website. You can view it here.
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Excerpt from the article version of the above blog:
” William K. Black, a professor at the University of Missouri in Kansas City, shared the same view. “I don’t think it’s tenable to have these too big to prosecute entities [whose activities] lead to serial abuse where in essence they hold the global economy hostage,” he said on the [email protected] show. “It’s sad that people can talk about massive fraud as a cost of doing business that they will … set aside [funds for] as opposed to stopping. It tells you the complete failure of deterrence.” ”
I made the same points recently as William Black (but less clearly) to 2 business columnists: Martin Wolf of the Financial Times, and Eric Reguly of Canada’s “Globe and Mail”. Despite the general fairness that I have sensed in the opinions of both these major columnists, I have found it amazing how they, like most observers, are buying into the general line that those possible DOJ fines against Deutsche should be reduced or eliminated so as to lessen the threath to this corrupt bank. Little talk from each about the probable pervasive criminality of this bank, both past and present. It seems to me that there is still a very pervasive deeply internalised Too-big-to-jail mindset in the mainstream international concensus on such matters. Anyways, not surprisingly , I got no reply from either columnist (although Wolf did once reply to me about his pal Larry Summers: he said he felt “forgiving” towards Summers. That made me laugh in disgust.)
Marco E.
Is the audio still to come? It’s not above the article as in for the other shows. It’s also not in their podcast listing: https://itunes.apple.com/us/podcast/knowledge-wharton/id120724941
Any idea where to get it? Would love to hear it.