Note: This is a news update on William K Black and his mentions in the News. It's listed in reverse chronological order since the Bill Moyers inerview.
The Money Party
and other corruptions
of the new millennium
William K Black in the News
on Looting the Treasury and
Other Financial Frauds
A Continuing Update on Articles & Videos
Mat Renner: In an interview with Bill Moyers, bank regulation expert William K. Black did not hedge in describing the Wall Street collapse as a result of massive fraud starting in the board rooms and CEO offices of Wall Street. What is your take on this? Has the American economy fallen victim to a group of confidence men?
John Kenneth Galbraith: Bill Black is a comprehensive expert on the subject of bank fraud. He is not prone to exaggeration or polemic. He is a lawyer and criminologist who uses words with considerable precision. One of the things that Bill has noted is that as far back as 2004, the FBI warned that there was an epidemic of mortgage fraud on the way. The [Bush] administration failed to do anything about it and did not give the FBI the direction and the resources required to make dealing with white-collar fraud a priority.
Bottom line: there were no real examinations. Banks continue to overstate asset quality. The bankers pressured Congress, which extorted the Financial Accounting Standards Board, which gutted the accounting rules on loss recognition. Because there were no real examinations, there were no real stress tests. So only one question is key: why does Treasury believe that anyone will believe its compound fiction?
(Don't miss this October 2008 Senate Testimony on Derivatives)
Prepared Testimony of William K. Black pdf Word
Committee on Agriculture, Nutrition & Forestry of the United Slates Senate
Associate Professor of Economics and Law
University of Missouri -- Kansas City October 12, 2008