William K. Black Interview- Current Economic Crisis Is a Perpetrated FraudPosted by Al @ 8:52 pm
William K. Black is a former senior regulator that cracked down on the perpetrators of the 1980’s S&L scandal that involved among others, Senator John McCain. The majority of the guilty parties in that scandal walked away with a slap on the wrist. It looks like the guilty parties responsible for our current economic mess may not even get that.
In a video interview in April of ’09 with Bill Moyer, Black ,as a former regulator, gives a great analysis and brings together a well thought out argument on the current economic crisis in America. Even though it’s 25 minutes long, it’s a great interview from a democrat, who supported Obama, speaking out on the rampant fraud in our federal government. William K. Black knows what he’s talking about in this interview.
An interesting exchange from the transcripts of the interview:
WILLIAM K. BLACK: …The Bush administration and now the Obama administration kept secret from us what was being done with AIG. AIG was being used secretly to bail out banks like UBS and like Goldman Sachs. Secretary Paulson’s firm, that he had come from being CEO. It got the largest amount of money. $12.9 billion. And they didn’t want us to know that. And it was only Congressional pressure, and not Congressional pressure, by the way, on Geithner, but Congressional pressure on AIG.
Where Congress said, “We will not give you a single penny more unless we know who received the money.” And, you know, when he was Treasury Secretary, Paulson created a recommendation group to tell Treasury what they ought to do with AIG. And he put Goldman Sachs on it.
BILL MOYERS: Even though Goldman Sachs had a big vested stake.
WILLIAM K. BLACK: Massive stake. And even though he had just been CEO of Goldman Sachs before becoming Treasury Secretary. Now, in most stages in American history, that would be a scandal of such proportions that he wouldn’t be allowed in civilized society.
Most of the information in the interview I was aware of, but Black brings all of the pieces together to show the fraud and scandal in this entire concocted economic crisis. You may find this on at midnight on PBS, if that, but you will never see this on MSM. More exposure of this theft to the masses could jolt them from their slumber. Well, maybe.