Category Archives: William K. Black

Plutocrats Brag: We Win Because You Fail to Vote

By William K. Black
October 20, 2016     Kansas City, MO

The New Democrats and their Republican counterparts’ economic policies have created a rigged system of crony capitalism.  Crony capitalism produces devastating epidemics of elite fraud that have shrunk the overall economic “pie” and distributed the “pie” overwhelmingly in favor of corrupt corporate elites like Donald Trump and their political cronies like the Clintons.  Wall Street has been open about being ecstatic about the rise of what Citigroup infamously labelled and celebrated — a “plutonomy.”

In a plutonomy there … are rich consumers, few in number, but disproportionate in the gigantic slice of income and consumption they take.  There are the rest, the “non-rich”, the multitudinous many, but only accounting for surprisingly small bites of the national pie.

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Prosecutors for the Petrocrats Try to Imprison the Media

By William K. Black
October 18, 2016     Kansas City, MO

What happens in the petrocracy formerly known as the State of North Dakota to the tiny minority of reporters who actually expose the misconduct of the petrocrats?  Fracking has perverted many organs of the government in North Dakota into petro-cronies.  They act to protect their petrocrat patrons from criticism from this minority of reporters.  A county North Dakota prosecutor decided to use what is becoming the petrocrats’ favorite strategy to censor Amy Goodman by imprisoning her.

In North Dakota, the petrocrats hired a force of goons with attack dogs to intimidate and attack Native American protesters against the Dakota Access Pipeline.  Amy Goodman, an award-winning journalist most famous for Democracy Now, was the only journalist to cover the attack on the protesters.  The petrocrats were enraged when her video of the private goons and their dogs’ attacks on the protesters attained wide publicity.

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Will the Crisis of Confidence at Deutsche Bank Spread?

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.

‘Two Million Felonies’: Will The Wells Fargo Scandal Finally Change Wall Street?

Nothing clarifies the mind of a bank board member than the loss of lucrative business deals. Wells Fargo’s CEO says he will pay a penalty for presiding over his bank’s fraud wave. Could stricter sanctions follow, perhaps even a criminal investigation?

We spoke with William K. Black Jr., economist and white-collar criminologist, about the implications of the Wells Fargo case and the laws that might have been broken.

Rest of the post is at Huffington Post. Read it here.

Deutsche Bank is Too Big to Fail, Too Big For Big Fines?

NEP’s Bill Black appears on The Real News Network. Topic of discussion is Deutsche Bank, the German bank that was at the center of the LIBOR scandal and is likely to face upwards of $5 billion in a settlement with the Justice Department. Video is below. If you would like to see with a transcript, it is here.

Does a Golden Parachute Await Wells Fargo CEO John Stumpf?

NEP’s Bill Black appears on The Real News Network and explains why criminal prosecutions of executives time after time are not happening. The video is below and if you would like to view with a transcript, click here.

NEP’s Bill Black appears on The Monitor

NEP’s Bill Black talks with Mark Bebawi – host of The Monitor on KPFT in Houston. The topic of conversation is the Wells Fargo scandal and the settlement. You can listen to the podcast here.

Complaining of “Taco trucks on every corner” Is Capitalist Heresy

By William K. Black
September 2, 2016     Bloomington, MN

Donald Trump’s opponents have been having a field day with the latest gift from a Trump surrogate.  One of Trump’s few remaining Latino supporters, Marco Gutierrez, a businessman and founder of Latinos for Trump, made an unintentionally hilarious prediction about how awful America’s future would be if Trump were not elected.

“My culture is a very dominant culture and it’s imposing and it’s causing problems,” he told MSNBC.

“If you don’t do something about it, you’re going to have taco trucks on every corner.”

The context of Gutierrez’s nightmare of a nation besieged by omnipresent taco trucks was his attempt as the founder and leader of Latinos for Trump to make the best case for supporting Trump’s “great wall” and mass deportation of immigrants.  The strongest argument Gutierrez was able to conjure up in support was his fear of omnipresent “taco trucks.”

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Robbing Banks

NEP’s Bill Black appears on the Ralph Nader Radio Hour.

Nowadays we have zero prosecutions of any of the people that led the three fraud epidemics that drove this crisis. And now they are highly skilled and have seen that they can get away with financial murder. And so they are already back in the business, already selling other toxic stuff and they’re going to produce the next crisis…

You can listen to the podcast here.

Trump is Goldman’s Golden Goose

By William K. Black
August 23, 2016     Kansas City, MO

The reporting of Susanne Craig of the New York Times and David Cay Johnston, who won a Pulitzer Prize for his reporting when he was with that paper, and has recently published The Making of Donald Trump, combine to allow us to draw a critical insight about Trump and Goldman Sachs.  From Susanne Craig, we learn:

[A]n office building on Avenue of the Americas in Manhattan, of which Mr. Trump is part owner, carries a $950 million loan. Among the lenders: the Bank of China, one of the largest banks in a country that Mr. Trump has railed against as an economic foe of the United States, and Goldman Sachs, a financial institution he has said controls Hillary Clinton, the Democratic nominee, after it paid her $675,000 in speaking fees.

Goldman Sachs is infamous for two things, both of them relevant here.  Its senior managers encourage the most incestuous of relationships between the government and the firm.  The revolving door is an exclusive penthouse elevator that rockets Goldman executives back and forth from positions of immense power in government and the firm.  As the then President of the Federal Reserve Bank of Kansas City (now, Deputy Chair of the FDIC) told a small group of us several years ago: “For the last 20 years we’ve been holding an auction to fill the position of U.S. Treasury Secretary – and of late Goldman Sachs has been winning.”

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