Articles & Blogs - US Commentary

User Rating: / 2
PoorBest 

I found a great link posted on a bulletin board this week-end: an interview by U.S. “journalist” Bill Moyer (yes, there are a couple left) with William Black. Black has a very impressive pedigree, including being a senior regulator in the U.S. government during the successfully resolved “Savings & Loan crisis” in the 1980's.

Black was blunt, and unequivocally harsh in his condemnation of all parties responsible for this crisis and (soon-to-be) scandal. In the process, he personally validated ALL of my own commentary on this subject.

When I referred to the U.S. financial sector as a “financial crime syndicate”, Black concurred entirely. He is convinced that this entire swindle was intentionally orchestrated by U.S. banksters – going all the way back to when Sir Alan Greenspan helped them begin to create the housing bubble.

In my reference to these Wall Street firms as “fraud factories”, Black concurred again. He states categorically that the entire business model of these companies centered on manufacturing fraud (and then paying themselves HUGE “bonuses” based on the phony “profits” of their crimes).

Naturally, Black was also able to provide some stunning, additional information on the “anatomy” of the world's largest fraud scheme. To start with, Black pointed out that back in 2004, the FBI announced there was an “epidemic of mortgage fraud” in the United States.

What was the response of the Bush regime to the FBI's announcement? Bush stripped the FBI of 80% of the white-collar experts who specialized in such crime. He sent them off after “terrorist” boogeymen, while the world's worst economic “terrorists” were engaged in a fraud scheme greater than EVERY other act of fraud in human history – combined.

Black refers to the (so-called) “credit rating” agencies, U.S. Treasury Secretary Paulson, and former New York Fed president (and now new Treasury Secretary) Geithner as fully complicit accomplices to this fraud.

He reviewed this campaign of fraud in detail. Black began by accusing all major U.S. banks of intentionally writing-up countless billions of dollars worth of knowingly fraudulent mortgages (“liar's loans”) - where the banks knew that these loans could never, possibly be repaid.

The securities fraudsters then knowingly packaged up these fraudulent loans, and took these “securities” to their accomplices: the “credit-rating” agencies. Contrary to their name, these companies never even attempted to evaluate the creditworthiness of these securities, before giving them “AAA” rubber-stamps.

The remaining accomplices were all the government “regulators”, officials and politicians directly responsible for oversight, who Black accuses first of intentionally ignoring the fraud, and then of intentionally engaging in a cover-up – which continues to this day.