Category Archives: William K. Black

The Whistleblowers’ Weekly Lemons Award Goes to Dr. Ben Carson

William K. Black
February 15, 2016     Bloomington, MN

The Bank Whistleblowers United announce an early winner of our second Financial Fraud Lemons of the Week award, and it relates to our inaugural winner, the Department of Justice (DOJ) for its lies about the latest humiliating settlement with Morgan Stanley.  If DOJ had actually prosecuted the elite Morgan Stanley bankers that led its mortgage fraud epidemic the new winner of our lemons award could not have said what he did about that settlement with a straight face.

Our second financial fraud lemons of the week award goes to Dr. Ben Carson, candidate for the Republican nomination for President in the latest GOP debate.  The Wall Street Journal’s Kimberly Strassel asked the following questions of Carson and received this wondrous response.

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The Whistleblowers’ Plan Offers Hillary the Perfect Opportunity

William K. Black
February 10, 2016     Bloomington, MN

I am writing as one of the four founding members of Bank Whistleblowers United.  We came together recently to create a detailed plan that could restore the rule of law to Wall Street and dramatically reduce the risk and damage of future financial crises.  We crafted it so that it could be implemented without any new legislation or regulation.  We offered our aid in the implementation process to any candidate who wins the election – and pointed out that President Obama could implement it immediately.  Our plan and approach virtually defines the word “pragmatic.”  It would also transform finance and begin to end its corrupt culture.

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Bill Black on CCTV America

Bill appeared on CCTV America discussing the American economy with Rachelle Akuffo. You can view it here.

Time to Jail the Bankers and Take Back Control over Money

Randy Wray and Bill Black appear on “Clearing the Fog.” You can listen to the podcast here. Bill, of the newly formed Bank Whistleblowers United, speaks about the plan they have outlined to instill the rule of law on Wall Street and end fraud with the hope of mitigating the effects of the next financial crisis. Randy, an expert in financial instability and macroeconomics, speaks about alternatives to the current financial system that would bring greater stability.

Hollywood Glorifies Bankers, Ignores Unsung Whistleblowers

Bill Black reviews the highlights and holes of the film The Big Short in 2 parts on The Real News. You can view part 1 here and part 2 is here. Both have transcripts.

“Any request for loan level tapes is TOTALLY UNREASONABLE!!! Most investors don’t have it and can’t provide it. [W]e MUST produce a credit estimate. It is your responsibility to provide those credit estimates and your responsibility to devise some method for doing so.” [S&P 2001] [emphasis in original]

Pro-Marriage Propaganda: AEI and Brookings’ Plan to Fight Poverty

William K. Black
February 8, 2016     Bloomington, MN

This is second article in my series on the AEI and Brookings report on how to fight poverty.  In my first article I dealt with their plan to oppose any material increase in the minimum wage being hyped by Eduardo Porter in the New York Times as a “bipartisan” plan to “champion an increase in the minimum wage.”  Indeed, Michael Strain, an AEI member of the group continues to attack the minimum wage on the AEI web pages after the release of the report.  I explained that the group was chosen to ensure that it was dominated by New Democrats and hard right Republicans who shared a core belief that poverty was caused by the poor choices of poor people, that it was verboten to even discuss how the economic and political system was rigged, and that a “new paternalism” aimed against the poor was essential.  The word “rigged” never appears in the report though it is a dominant feature of any progressive critique of poverty.

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Chinese Communists and Wacko U.S. Right Want to Save us from Effete Males

William K. Black
February 7, 2016     Bloomington, MN

The New York Times has produced a wonderful, unintended, juxtaposition in their pages on February 6, 2016.  Two articles report on think tanks calling for the government to engage in right-wing propaganda campaigns to restore “manly” men.  One article discusses the Chinese think tanks that have convinced the (Communist) government to engage in a massive propaganda campaign.

Worried that a shortage of male teachers has produced a generation of timid, self-centered and effeminate boys, Chinese educators are working to reinforce traditional gender roles and values in the classroom.

This is how the article begins:

FUZHOU, China — The history class began with a lesson on being manly.

Lin Wei, 27, one of a handful of male sixth-grade teachers at a primary school here, has made a habit of telling stories about warlords who threw witches into rivers and soldiers who outsmarted Japanese troops. “Men have special duties,” he said. “They have to be brave, protect women and take responsibility for wrongdoing.”

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Did Financial Giant Goldman Sachs Just Admit the System is Rigged?

Bill Black explains why one of world’s largest investment firms Goldman Sachs is questioning the “efficacy of capitalism” and why its CEO is terrified of a Sanders presidency. You can view it here on the Real News (include transcript).

 

Hillary, the Banksters Committed “Fraud” not “Shenanigans”

William K. Black
February 4, 2016     Bloomington, MN

Former Secretary of State Hillary Clinton, in her debate with Senator Sanders minutes ago, said that she went to Wall Street and told them to stop their “shenanigans.”  The context was that she was being asked to respond to the complaint that she was too close to on Wall Street billionaires.  She had every incentive, therefore, to demonstrate how tough she would be on Wall Street.  In that context, the best she could muster was the pusillanimous “shenanigans.”  Here is a typical definition of that word with examples.

  1. : a devious trick used especially for an underhand purpose
  2. 2a:  tricky or questionable practices or conduct —usually used in pluralb :  high-spirited or mischievous activity —usually used in plural

Examples of shenanigan

  1. students engaging in youthful shenaniganson the last day of school
  2. an act of vandalism that went way beyond the usual shenanigansat summer camp

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Liar’s Loans, Plus Loan Brokers, Equals Fraud Heaven

William K. Black
February 4, 2016     Bloomington, MN

This is the fourth part of my series on the lies about “liar’s” loans that suffuse the Wall Street Journal article reporting that “big money managers” want to bring back “liar’s loans.”  This part focuses on the fact, which the WSJ treated as so obviously reasonable that it was unworthy of analysis, that:

Money managers want to bankroll the loans while relying on the mortgage firms to handle the process with borrowers, basically acting as a lender, “one step removed from the process,” one of these people said.

When the real lender taking the risk of making the home loan employs an agent from a separate for-profit firm to actually recruit the borrowers in return for receiving a sales commission from the real lender (the “big money managers”) we call that agent a loan broker.  The “big money manager’s” plan is (a) to make loans that are endemically fraudulent, (b) by incentivizing de facto loan brokers to find the buyers and handle the loan applications.

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