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Mike Garibaldi-Frick

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As the Working Class Burns, Banksters Laugh All the Way to the Bank

Posted: 04/04/09 03:38 PM ET

Anyone interested in learning about what is really happening during this financial crisis, needs to watch Bill Moyers' interview of William K. Black (broadcast on April 3rd, 2009). As most of us intuit, the financial crisis has been manufactured entirely by greed and fraud and this interview clearly and concisely exposes this process.

BILL MOYERS: I was taken with your candor at the conference here in New York to hear you say that this crisis we're going through, this economic and financial meltdown is driven by fraud. What's your definition of fraud?


WILLIAM K. BLACK: Fraud is deceit. And the essence of fraud is, "I create trust in you, and then I betray that trust, and get you to give me something of value." And as a result, there's no more effective acid against trust than fraud, especially fraud by top elites, and that's what we have.

BILL MOYERS: So you're suggesting, saying that CEOs of some of these banks and mortgage firms in order to increase their own personal income, deliberately set out to make bad loans?

WILLIAM K. BLACK: Yes.

BILL MOYERS: How do they get away with it? I mean, what about their own checks and balances in the company? What about their accounting divisions?

WILLIAM K. BLACK: All of those checks and balances report to the CEO, so if the CEO goes bad, all of the checks and balances are easily overcome. And the art form is not simply to defeat those internal controls, but to suborn them, to turn them into your greatest allies. And the bonus programs are exactly how you do that.

While the working class fights among itself -- blame the mortgage holders that "lived beyond their means," blame immigrants, blame the unions, blame blue collar workers, etc. -- the real criminals run free with trillions.


When will Americans wake up and hold the real criminals - Banksters - accountable for their actions, and pressure the government to enact systemic changes to prevent future abuses?