Tag Archives: banksters

Bank fraud shows failure of controls, says fraud expert

NEP’s Bill Black appears on ABS-CBN news discussing bank fraud and specifically Metrobank loan fraud involving one of its executives.

Jamie Dimon: You Make Us Embarrassed to be Americans

By William K. Black
July 24, 2017     Kansas City, MO

Jamie Dimon talked about his personal pain recently using the exact phrase that many of us have used to explain his personal anguish that “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.”  The Wall Street Journal’s Market Watch” described Dimon’s fervor.

“J.P. Morgan Chase & Co.’s outspoken CEO on Friday broke into an impassioned, expletive-tinged rant.”

The WSJ, in the introduction of an online video interview of Paul Gigot, its editorial page editor, termed it a “remarkable diatribe.”

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President of Richmond Fed Leaks Insider Information and Goes Free

NEP’s Bill Black appears on The Real News Network discussing the investigation into leaking of inside information and how it shows how banks and the Federal Reserve are riddled with conflicts of interest. You can view here with transcript.

Why did Preet Bharara Refuse to Drain the Wall Street Swamp?

William K. Black
(A co-founder of Bank Whistleblowers United)
March 20, 2017

The New York Times’ editorial board published an editorial on March 12, 2017, praising Preet Bharara as the “Prosecutor Who Knew How to Drain a Swamp.”  I agree with the title.  At all times when he was the U.S. Attorney for the Southern District of New York (which includes Wall Street) Bharara knew how to drain the swamp.  Further, he had the authority, the jurisdiction, the resources, and the testimony from whistleblowers like Richard Bowen (a co-founder of Bank Whistleblowers United (BWU)) to drain the Wall Street swamp.  Bowen personally contacted Bharara beginning in 2015*. Continue reading

Andrew Ross Sorkin’s Attempt to Make Tim Geithner a Hero

By William K. Black
February 12, 2017       Bloomington, MN

I am watching the film Too Big to Fail based on Andrew Ross Sorkin’s book of the same name.  It led me to check out the price of the used book, which has fallen to $1.02, which is low enough that I am willing to buy a copy of the book, particularly since not a penny will go to Andrew Ross Sorkin.  The financial analytics displayed in the movie and the book are so poor and dishonest that I need to have a copy by my keyboard as an inspiration to keep trying to cut through the calculated dishonesty about Wall Street pumped out nearly every day in the pages of the New York Times.

The movie starts with the imminent failure of Lehman.  It is an astonishingly sympathetic portrait of Wall Street, Hank Paulson, Tim Geithner, and Ben Bernanke.  The movie invents a scene in which the Treasury leadership explains “in English” the causes of the crisis to the Treasury PR person.  There is not a word about the three fraud epidemics that hyper-inflated the bubble, drove the crisis, and produced the Great Recession.  As one expects of a Sorkin tale, it is all about personalities and “great men.” (Women are rare and powerless, even FDIC Chair Sheila Bair.)  The movie and book have a patina of financial jargon that Sorkin thinks constitutes analytics, and a nearly total failure to probe the Wall Street BS about the crisis.

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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.

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.

Mankiw Morality in a Mash Up with Mankiw Myths

By William K. Black
May 8, 2016     Kansas City, MO

N. Gregory Mankiw writes leading textbooks in economics that present neoliberal economic nostrums as economic “principles.” Mankiw wrote a column in the New York Times entitled “The Economy Is Rigged, and Other Presidential Campaign Myths.” The title reflects the central nature of his attack on Bernie Sanders explaining how the economy is rigged in favor of elite bank fraudsters.  This first column in a series responds to Mankiw’s myths about the rigged financial system.  The next column deals with Mankiw’s myths about the trade deals.

Mankiw misfires immediately because he does not even attempt to refute Bernie’s explanations of how finance is rigged.  Instead, Mankiw conflates income inequality and the rigging of finance.

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