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William K. Black
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Entries by William K. Black

Jared Bernstein Tries to Reimagines Larry Summers As a Foe of the Bank

(20) Comments | Posted August 30, 2013 | 12:22 PM

Jared Bernstein was Vice President Joe Biden's chief economist and was the strongest economic voice within the Obama administration opposing inflicting austerity on the nation in response to the Great Recession. His August 28, 2013 column is entitled "Summers and the Banks." He begins by acknowledging that Obama...

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Zero Prosecutions of Elite Banksters Is Too Many Prosecutions for the Wall Street Journal

(9) Comments | Posted August 29, 2013 | 10:23 AM

Unintentional self-parody was the result to a coordinated effort by the systemically dangerous institutions' (SDIs) press flacks to gin up outrage that the Department of Justice (DOJ) would have the audacity to sue the SDIs' for their manifold violations of the law. The Wall Street Journal recalled one of its...

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The Mystery of Cannibal Capitalists and Ecuadorian Entrepreneurs

(6) Comments | Posted August 27, 2013 | 10:51 AM

This column was prompted by an unusual source for me. Cuenca High Life is a site for ex pats living in Ecuador. It often discusses serious issues of national importance. The three issues a recent volume discussed are all important economic issues and they have prompted a fourth...

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Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make It Worse

(6) Comments | Posted August 26, 2013 | 12:28 PM

FBI Director Robert Mueller is taking his victory lap as he steps down after 12 years of service. I have done three articles in a series that explains how the Mortgage Bankers Association (MBA) conned the FBI into adopting the Tea Party's mythology about the causes of the crisis -...

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Bhide: Pick a 'Boring' Fed Chair Because Supervision Is the Key and It Requires 'Dullness'

(40) Comments | Posted August 23, 2013 | 10:31 AM

This is my second column discussing Federal Reserve (Fed) regulation in the context of the question of who President Obama should appoint to be Ben Bernanke's successor. This column focuses on the sudden discovery by economists (and, purportedly, Obama) that the Fed Chair's most important function is to regulate. (If...

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The Banksters Master Irony: Push Summers & Geithner for Fed Due to Their Regulatory Zeal

(20) Comments | Posted August 21, 2013 | 11:42 AM

The big banks are desperate to prevent Janet Yellen from being appointed as Bernanke's successor to run the Fed. Their sexist attacks have backfired. On August 1, 2013, Deutsche Bank launched the single most absurd assertion to block Yellen's appointment. Deutsche Bank wants Larry Summers, or better yet...

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Obama's FBI Channels the Tea Party: Partners With the Banks and Blames the Poor for the Crisis

(97) Comments | Posted August 19, 2013 | 12:11 PM

This is the third column in my series discussing why the FBI and the Department of Justice (DOJ) have failed to investigate and prosecute successfully the largest and most destructive financial fraud epidemic in history. The series uses the FBI's 2010 Mortgage Fraud report to tease out how the FBI...

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The Incredible Con the Banksters Pulled on the FBI

(129) Comments | Posted August 16, 2013 | 11:35 AM

This is the second in my series of articles based on the FBI's most (2010) "Mortgage Fraud Report."

In my first column I began the explanation of how many analytical conclusions one can draw from a close reading of what is left out of the FBI...

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Fannie Mae Hires an Officer It Alleges Defrauded It -- and Finance Cheers

(11) Comments | Posted August 15, 2013 | 11:17 AM

Three Bloomberg reporters have done the nation a service by ferreting out a scandal of moderate magnitude but emblematic importance. Dakin Campbell, Jody Shenn and Phil Mattingly broke the story on August 14, 2013 that Adam Glassner, recently described, but not named, in the Department of Justice's (DOJ) fraud suit...

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The FBI's 2010 Mortgage Fraud Report Reveals Why the Banksters Love Holder

(9) Comments | Posted August 14, 2013 | 2:30 PM

The Obama administration's continuation of the Bush administration's refusal to prosecute the elite banksters (or even the vastly lower status CEOs of the fraudulent mortgage bank) that drove the crisis has made it clear that the rule of law no longer applies to wide ranges of life and that crony...

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Rajan Calls Krugman 'Paranoid' for Criticizing Reinhart and Rogoff's Research

(155) Comments | Posted August 13, 2013 | 10:30 AM

This article discusses a simmering feud among five of the most prominent economists in the world (two of them Nobel Laureates). It was prompted by the August 8, 2013 article by Raghuram Rajan, who has just been selected to run India's Central Bank, entitled: "The Paranoid Style in...

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Why Are Appraisers Furious at Fraud by Their Peers While Corporate Lawyers Are Complacent?

(47) Comments | Posted August 12, 2013 | 9:16 AM

I have done a series of articles about the efforts of honest appraisers (which began in 2000) and loan brokers to alert the lenders, the markets, and the government to the twin fraud epidemics (appraisals and "liar's" loans) committed by lenders' controlling officers that drove the financial crisis....

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Is It Legal Malpractice to Fail to Get Holder to Promise Not To Torture Your Client?

(365) Comments | Posted July 26, 2013 | 7:44 PM

One of the things I never expected to read was a promise by any United States official that a potential defendant in a criminal prosecution by our federal courts "will not be tortured."

The idea that the Attorney General of the United States of America...

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Conservatives and Libertarians Should Support the Return of Glass-Steagall

(112) Comments | Posted July 21, 2013 | 7:56 PM

Glass-Steagall prevented a classic conflict of interest that we know frequently arises in the real world. Commercial banks are subsidized through federal deposit insurance. Most economists support providing deposit insurance to commercial banks for relatively smaller depositors. I am not aware of any economists who support federal "deposit" insurance for...

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What If Bernanke Had the Character to Be Candid?

(18) Comments | Posted July 15, 2013 | 5:21 PM

David Wessel has just published a fantasy piece in the Wall Street Journal that asks the question, "What if Bernanke could be blunt" in his Congressional testimony later this week? Here are the first two things that Wessel envisions a blunt Bernanke as telling Congress:

One. [T]he U.S....

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Two Sentences That Explain the Crisis and How Easy It Was to Avoid

(197) Comments | Posted July 9, 2013 | 8:40 AM

Everyone should read and understand the implications of these two sentences from the 2011 report of the Financial Crisis Inquiry Commission (FCIC).

"From 2000 to 2007, [appraisers] ultimately delivered to Washington officials a petition; signed by 11,000 appraisers... it charged that lenders were pressuring appraisers to place artificially high prices...
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The Heritage Foundation: Where 7.8 Percent Growth Is 'Moderate' and 4.4 Percent Is 'Spectacular'

(305) Comments | Posted June 23, 2013 | 10:39 PM

Heritage Foundation is run by Jim DeMint, the former Tea Party legislator. Heritage promptly demonstrated the impact of its new leadership with its purported study of the benefits and costs of immigration that ignored the benefits and inflated the costs. Even other conservative groups were appalled -- and that was...

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Myerson's Ode to Crony Capitalism

(0) Comments | Posted June 18, 2013 | 9:09 AM

This is the fifth installment in my series of article about the predictive and policy failures of Roger Myerson, Nobel Laureate in economics in 2007. My first two articles critiqued his claim that capitalism's unique advantage over communism is plutocracy because only exceptionally wealthy CEOs can...

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Myerson's Newest Model: 'Tax Poor Workers to Subsidize Rich Bankers'

(13) Comments | Posted June 13, 2013 | 8:37 AM

Roger Myerson has recently updated an article on his purported mechanism for explaining why our supposedly efficient markets are producing growing crises.

A MODEL OF MORAL-HAZARD CREDIT CYCLES (March 2010, revised September 2012)

Myerson's credit cycle model is not the focus of this piece....

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How Dare DOJ Insult HSBC's Crooks as Less 'Professional' Than Liberty Reserve's Crooks?

(10) Comments | Posted May 30, 2013 | 10:58 AM

Standard Chartered and HSBC's leaders must be doubly humiliated by the description by Mythili Raman, the acting head of the U.S. Department of Justice's (DOJ) Criminal Division, of Liberty Reserve's money laundering operation. UK laws are, of course, very congenial to those suing for libel and I am sure that...

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