WILLIAM K. BLACK: "FIRE HOLDER, FIRE GEITHNER, FIRE BERNANKE" 10-25-2010

Link From: http://newzzcafe.com/

The fraudulent CEOs looted with impunity, were left in power, and were granted their fondest wish when Congress, at the behest of the Chamber of Commerce, Chairman Bernanke, and the bankers' trade associations, successfully extorted the professional Financial Accounting Standards Board (FASB) to turn the accounting rules into a farce. The FASB's new rules allowed the banks (and the Fed, which has taken over a trillion dollars in toxic mortgages as wholly inadequate collateral) to refuse to recognize hundreds of billions of dollars of losses. This accounting scam produces enormous fictional "income" and "capital" at the banks. The fictional income produces real bonuses to the CEOs that make them even wealthier. The fictional bank capital allows the regulators to evade their statutory duties under the Prompt Corrective Action (PCA) law to close the insolvent and failing banks.

Category:

News & Politics

Tags:

• FRAUDCLOSURE
• foreclosure
• fraud
• mortgage
• dylan
• ratigan
• william
• black
• lisa
• epstein
• housing
• mbs
• remic
• mers
• federal
• reserve
• bank
• collapse
• evictions
• of
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• pimco
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• max
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• willie
• sinclair
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• chapman

[seesitnow4sure]

Dont fire them , arrest them.

[michielma]

FIRE these lying fraudsters! They profit, the people hurt!

[emilnomel2009]

Dust off the guillotine, and sharpen the blade!

[Yelzoe4]

Great interview! CNN would have done differently...

Bill Black offers a much more comprehensive approach to this criminal and apocalyptic fraud banksters manage to hide for years

[crlwllns]

About 1 year later, "b.of. a., along with j.p.morgan, unloaded their derivatives (gambling bets?) onto the f.d.i.c." I heard that when euro/zone fails, the american taxpayer will be holding the bill, ! (Sounds rather criminal, & NOT even ask the people 1st?)

[dejanvul]

@TheRedCapitalist

The rule of law is the "past glory, outdated legal principles and paradigms" which - not Bill Black - is "harboring a worthless sense of morality". If you're happy about that executed "final solution to the-rule-of-law problem", then you're the one who's glorifying even earlier "past glory"? :)

Maybe Mr. Black would sound more convincingly to you if, instead calmly displaying facts, he exaggeratedly emphasizes a bunch of baloney, just like, i.e., "the philosopher" Ayn Rand? :))

[chervilant]

Countrywide marketed "SISA" loans. SISA stood for 'stated income, stated assets' and allowed potential homebuyers to "state" their incomes and assets, without being required to provide substantiation!

The sub-primes created by the Big Five lenders (Washington Mutual, Chase, Wells Fargo, Bank of America, and Countrywide) were a bad idea from the get go.

[chervilant]

"We've allowed perpetrators and predators that are abusive and dangerous to take over and inflitrate the very fabric of America. They've violated our constitutional rights and we need to wrest whatever we have left of the American Democratic Republic out of the hands of these criminals."

So TRUE.

[Bozo1360]

@michielma

Fire?

Throw their asses in prison where they belong!

[4390100]

They cannot arrest these people because their crimes are too big to fail.

[dawoderpfeffer]

Why should Holder, Geithner and Bernanke get fired?

They did EXACTLY the job they were supposed to do.

Just not the job they were signed up to do ;-)

[whereismybailouttv]

Fire Geithner. Then fire Ratigan.