William K. Black on The Keiser Report

Max Keiser talks to William K. Black about the current financial crisis.

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News & Politics

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[diogeneslaertius666]

the man who jailed 1k bankers

[CoinsFreedom]

First the Justice Dept. should arrest the regulators.....ooops that won't happen since the Justice Dept works for the bankers.....or some facsimile thereof.

We are in the "Let them eat cake" phase...heading towards the "Off with their heads" phase. Lets do a citizen's arrest, cut off the SDI's heads and shrink them with voodoo in a big black kettle filled with Nancy Pelosi's vinegar & piss.

[ParapaDrifter]

if you don't investigate you don't find

[thodal2000]

Welcome to our kleptocracy.

William Black is in error on one point. Private people can prosecute criminal cases.

[centurion180ad]

The entire system is FUCKED!

We need to use money, again. Irredeemable debt currency seived through a fractional reserve system, is not money.

[loxley1999]

"The least ethical gain competitive advantage." From my experience across the U.S. in the past 30 years, I cannot argue with Black's statement. This is profoundly sad. Why are there so many people who apparently do not have a conscience?

[lushfauna]

MAX RULZ!

Ron Paul 2012!

[Snow35253]

Before there is the inevitable run on the banks occurs, those who are aware of what's coming have been withdrawing their cash and closing accounts. At some point in the not too distant future you will not be able to withdraw your savings from these banks and there will be a population of bag-holders while the elite bankers laugh their heads off living in luxury.

[IMissLiberty]

@cowboyt33 Not missing it, making one. Honesty and integrity are fully capable of winning this competition if allowed to compete. I was making the point that the closer a banker is to his customers, the harder it is to cheat them. Compensation doesn't have to be all the same way. The problem is that BECAUSE of regulations which increase overhead so much that only big banks can afford to deal with them (taxes, insurance, banking, litigation, pure regulatory mush), small banks can't compete.

[cowboyt33]

@IMissLiberty You're missing Black's point. Basing compensation on short term profits increased incentive for cooking the books and independent underwriting firms went along with it. When one CFO did it, the rest had to do it as well to compete. Hence the name Gresham's dynamic: bad practice driving out good.

[nyruby]

why are they pussyfoooting around!!!lol that is such an awkward word

[sucker4lush]

There's no such thing as an ethical bank. That's the whole point! They're just legalized counterfeiting operations, which seek out ever riskier (for us) and more profitable (for them) pathways. Like a parasite.

And nobody is really stopping you from loaning money to people and/or opening a local vault business.... of course most money is digital now, and the USA has a negative savings rate, so the old fashioned demand for your idea of what ethical banks do doesn't really exist.