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Author Archives: Devin Smith
NEP’s Pavlina Tcherneva speaks with Bloomberg’s Joe Weisenthal about Basic Income Guarantees. You can view the segment here.
NEP/BWU’s Bill Black appears on the Vinny Eastwood show out of New Zealand. Topics of discussion are Financial Fraud, and the Panama Papers.
BWU/NEP’s Bill Black appears on Phil Crawford’s Voice of Appraisal. Bill discusses past problems with appraisal fraud and the AMC model. He also explains how he would like to work with appraisers in the future!! The introduction starts at about the 11 minute mark with interview starting around the 15 minute mark.
[Revised 4/18/16. Added Part 2 and link to Part 2]
Bill Black, adviser to Bernie Sanders, and Hillary Clinton supporter Paul Hodes appear on The Real News and discuss whether the Dodd-Frank legislation is effective at preventing systemic risk from Wall Street monopolies. You can view the videos below or on The Real News‘ site with a transcript. Part 2 on Real News.
By Reno Berkeley
Crossposted from Inquisitor.com
An expert in banking corruption and finance has joined the Bernie Sanders campaign. William K. Black, an associate professor at the University of Missouri-KC, is Bernie Sanders’ new economic advisor. Black was one of the central figures in exposing and prosecuting corruption in the savings and loan crisis from the late 1980s and mid-1990s. His addition to the Sanders campaign brings important knowledge in laws pertaining to finance and banking.
The savings and loan banking crisis resulted from a multitude of causes, one of which were two laws that helped deregulate them. The Depository Institutions Deregulation and Monetary Control Act of 1980 was signed into law by President Jimmy Carter. That law allowed credit unions and savings and loans to offer checking deposits, and to charge any loan interest rate they chose.
Read the rest here.
Crossposted from vice.com
By John Dyer
When news of the Panama Papers broke earlier this week, it was a bombshell. But it later emerged that German prosecutors had reportedly launched an investigation into the Mossack Fonseca law firm at the center of the controversy a year ago. (The investigation is ongoing.) American officials have also for years been trying to track money shifted around the world through shell companies that the firm specializes in establishing.
Though governments around the world have long decried tax havens and have aggressively pursued big banks in Switzerland and other countries, they have not pursued high-profile lawsuits against Mossack Fonseca or its clients despite knowledge of its business dealings.
Cross-posted from ineteconomics.org
The Panama Papers are not simply a story of public corruption as depicted in news outlets like the Wall Street Journal, says former financial regulator William K. Black. They’re a reminder that such corruption destroys the possibility for honest businesses to succeed.
“Markets become completely perverse when cheaters prosper,” explains Black, a leading expert on corruption and finance and frequent speaker at Institute events. When cheating brings a competitive advantage, the victims are not only middle class taxpayers who have to shoulder a heavier burden, and the wider public that suffers from schools not being built and roads not being repaired. A less obvious victim is the honest business person.
“Those who want to do business honestly simply can’t compete against people who don’t pay taxes,” says Black. A company may start out with strong values and principles, but if all of its competitors are cheating, that business will either just fail, or else will “grit their teeth and go for it.” Thus, still more cheaters, and fewer straight shooters.
Read rest of the post here.
By William K. Black
April 5, 2016 Bloomington, MN
I wrote a two-part column on the joint report by AEI and Brookings on poverty reduction. Part two of my column focused on the policy that report pushed most prominently – a government program of propaganda urging pregnant women to marry. My first article, however, criticized Eduardo Porter’s February 2, 2016 column in the New York Times for ballyhooing the supposed wondrous nature of Brookings and AEI working together. Porter portrayed them as “leading thinkers on opposite sides of the ideological divide.” I pointed out that a majority of the group had hard-right views and that the group had an exceptionally weak member pushing a single idea – marriage propaganda. I also pointed out that Brookings had, for decades, played the same very junior partner role of giving AEI cover for “joint” proposals with Brookings to cripple financial regulation.