Banking System Rotten To The Core - By William K Black PhD (28/11/11) PDF Print E-mail
William K Black PhD   
Monday, 28 November 2011 11:29

Financial Sense

The following is a transcript of a recent speech given by Professor William Black on an Economics Panel regarding the fradulent roots of our current crisis and the urgent need for criminal prosecutions among major US banks.

In the Savings and Loans crisis, which was 1/70th the size of this crisis, our agency made over 10,000 criminal referrals and that resulted in the conviction on felony grounds of over 1,000 elites in what were designated as major cases. And to pick up on what’s just been said, this is not just some sidelight to economics, this is why we have recurrent intensifying crises, is these epidemics of fraud from the C-Street—from the CEOs and CFOs.

In the Savings and Loans crisis, the inevitable National Commission said that fraud was invariably present at the typical large failure. In the Enron era, always frauds from the very top of the organization, and in this crisis the frauds came from the very top of the organization again. But what’s different in this crisis? In this crisis, the same agency that I worked with that made over 10,000 criminal referrals in a tinier crisis made zero criminal referrals. They got rid of the entire function. And so there are zero convictions of anybody in the elite ranks of Wall Street. And if they can defraud us with impunity they will cause crisis after crisis and they will produce maximum inequality.



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Gerald Celente On The Smoking Gun Behind MF Global - Erik Townsend: “Why Commodity And Futures Investors Could Be At Risk−My Own Experience”, and Jim’s Big Picture: “The Best Looking House In A Bad Neighborhood” - By James Puplava (25/11/11) PDF Print E-mail
James Puplava   
Friday, 25 November 2011 10:25

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Paper Banknotes And The Indebting Of Nations, Banking, War And Bankruptcy - By Darryl R Schoon (25/11/11) PDF Print E-mail
Darryl R Schoon   
Friday, 25 November 2011 10:19

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Here You Go: It's Over - By Karl Denninger (25/11/11) PDF Print E-mail
Karl Denninger   
Friday, 25 November 2011 10:14

Market Ticker

We're done folks.

CNBC is reporting that there are now clients running out of the markets entirely because they do not believe their customer funds are safe.

That's the end of it. The belief that there are more MF Globals has now taken hold. The thieves have pushed it too far and now we've got the start of a global liquidity run, and with good reason.

The authorities both in the regulatory side and on the prosecutorial side have refused to put a stop to the thievery and now the risk factors have turned into realized risk.

The market is done folks. You can be right but if you make your bet in the markets, are right, and then get screwed anyway when someone steals the money and nobody goes to jail there comes a time when people begin to understand that it can happen to them and will unless they depart the market.



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U.S. Economic Conditions Are “Terrifying” - By 5 Minutes Forecast (24/11/11) PDF Print E-mail
5 Minutes Forecast   
Thursday, 24 November 2011 09:54

U.S. economic conditions are “terrifying” Mohamed El-Erian said yesterday. El-Erian, as you may know, is Bill Gross’ right-hand man at Pimco, the world’s largest bond fund. He gives the U.S. a 50/50 chance at a renewed recession.

“What’s most terrifying?” El-Erian asked rhetorically in a Bloomberg TV interview. “We are having this discussion about the risk of recession at a time when unemployment is already too high, at a time when a quarter of homeowners are underwater on their mortgages, at a time then the fiscal deficit is at 9% and at a time when interest rates are at zero.

“The big concern is the U.S. getting tipped over by Europe. Things in Europe are getting worse, not better.”

Indeed, they are. A plan to bail out the French-Belgian banking mongrel known as Dexia is falling apart, according to a Belgian newspaper.



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