Felons in Charge of Our Largest Financial Institutions-Professor William Black

blackBy Greg Hunter’s USAWatchdog.com 

Former bank regulator and Professor William Black says, “Apparently, regulators are much more sophisticated than we were because we had never thought of leaving felons in charge of our largest financial institutions.”  Dr. Black contends, “This started with the first lie of the virgin crisis–that the banks are pure and had stopped violating the law.  The second lie is that we can’t prosecute . . . because if we did, we would cause the financial system to collapse.  This is ludicrous.”   Dr. Black predicts, “The U.S. banking system is absolutely primed for the next meltdown.  Dr. Black and others think, “There is pervasive fraud at the most reputable banks. . . . The U.S. financial system is sick, and we still have the fundamental dynamic of a regulatory race to the bottom.”  Join Greg Hunter as he goes One-on-One with UMKC Professor William K. Black.  

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Comments
  1. Mike

    What were you talking about when you mentioned about banks in Canada?
    I’m not sure what you talking about

    • Greg

      Mike,
      Canada is adopting bail-in language for banks in the event of another financial crisis. It was widely reported on alternative news. I think it was a legit story as documents were referenced.
      Greg

      • KaratbarBullion

        It is indeed legit. The Cypriot bail-in (theft) template for the Big 6 “Systemically Important” Canadian banks is outlined on pages 144 & 145 of the budget recently published by Joe Flaherty Canada’s Finance Minister.

        The Federal Canadian budget was revealed to the Canadian public 4 days after Cyprus declared it’s bank holiday, so clearly, this plan had been in the works for some time.

      • Robert Burke

        Hello:

        The information that you have is not completely accurate.

        “The ‘bail-in’ scenario described in the budget has nothing to do with consumer deposits and they are not part of the ‘bail-in’ regime,” Finance Minister Jim Flaherty’s press secretary Kathleen Perchaluk said in a statement.

        The clarification came this week in response to the “bail-in” regime outlined in the recent federal budget. It understandably raised some eyebrows, particularly in the wake of what happened in Cyprus when money was taken from deposits to deal with the tiny European country’s banking crisis.

        A “bail-in” happens when an organization has to find money from within to solve a crisis. That’s the opposite of a bailout – as we saw with American financial institutions and car companies during the 2008-09 financial crisis – when emergency capital come in from outside sources, such as government.

        On page 141 of the recent federal budget it states: “The Government proposes to implement a ‘bail-in’ regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.”

        “Under a ‘bail-in’ arrangement, a failing financial institution has to tap into its own special reserves or assets (which it has been forced to put aside) to keep its operations going,” Perchaluk stated. “The ‘bail-in’ regime would only kick in during the extremely unlikely event that a major bank in Canada begins to fail. This keeps the financial institution intact, without putting taxpayers at risk.”

        • Greg

          Robert,
          The above quote does not say depositor money is not at risk. I think clearly does mean depositor money is at risk thus the quote :very rapid conversion of certain bank liabilities>.” They are not talking about underwater mortgages and in the fractional reserve global system the bank keeps very little of it’s own money on hand. If there is a systemic failure then, at the very least, there will be capital controls just like Cyprus. Those folks can get 300 euros a day of cash. Thank you for your comment. By the way, do you work in the investment or banking arena? What is your expertise?
          Greg

  2. Fraser

    Hi Greg
    Great interview with the Professor,,, I agree that the lack of prosecutions is not because the financial system is too fragile. What has happened is that the current officials representing the people have stopped working for the people. The business model of the Government, Pentagon, Banksters and Federal Reserve has evolved into one of “steal and destroy and deny all responsibility”. They steal your assets (housing, shares, etc) through the method of “pump and dump” and they steal your cash through taxation and inflation and they steal your future with low wages and student loans. After they have stolen everything, you then become a “liability” of no consequence. Think I’m joking? – a politician in the affluent country of Australia just let slip that “the only way to balance the budget is to kill or export the bottom 20% of the population”. Fortunately, it was a statement of fact rather than intent.

    The current business model allows the rich (like Monsanto) and the lobby groups (like Israel) to buy the politicians and the military and make them do whatever they want. Under this model, the rich and powerful become richer and even more powerful, while the middle class become poor and the poor are abandoned. In other words, an undemocratic state run for the benefit of the few, combined with a police state to control the masses. Fortunately, the solution is relatively simple… taking back control of the money supply by (re)introducing a global currency beyond the control of any Government – a gold standard.

    Amschel Rothschild famously and correctly stated “Give me control of a nations money supply and I care not who makes its laws”. In other words, money and it’s supply is THE life blood of power. Control the printing press and you control everything. Today, Americans have ceded all power to the Federal Reserve (and its agents) and the European states have ceded all power to the Troika of the ECU, ECB and IMF. To reverse this, the printing press has to be taken away from the elite few, which then shifts power from the “printers” to the “workers”.

    This is why gold is so important (as PCR says) and why current Governments fight it at all costs. For a long time, gold was safely buried in Fort Knox and at the Bank of England and the people were enslaved to the elite owners of the printing press. But now gold is coming back to life and the threat it poses is of such magnitude that Governments will go to any length to suppress it, including stealing it (Libya, Cyprus, COMEX) and making it illegal (in contravention of the Constitution).

    A revolution which simply results in the change of ownership of the printing press will not change anything for very long. The only way to regain control of the money supply and the value of labour is to remove the printing press altogether and return to a gold (and silver) standard, which has worked successfully since the beginning of human history. To this end, citizens should support their State’s effort to again make legal the use of gold and silver coin and in addition, laws should be introduced to make it illegal for the Government (or anyone else) to manipulate gold and silver prices.

    Under a gold standard, not much changes – EXCEPT there is increased financial transparency and budget honesty, because (in the absence of an unlimited printing press) Governments cannot make reckless, unfunded promises, or make (off balance sheet) gifts to their friends, the rich and powerful.

    On a more bizarre note, a friend is taking bets on who will be blamed for the Boston bombings:
    – Iran (oil) = 20% (because the pentagon is looking for any excuse)
    – Syria (gold) = 20% (because the pentagon is looking for any excuse)
    – Germany (gold) = 10% (to prevent its gold repatriation)
    – Vatican (gold) = 10% (to steal its gold held in New York, already sold)
    – Saudi Arabia (gold & oil) = 10% (getting too close to China)
    – Venezuala (gold & oil) = 10% (to kick start the invasion of South America)
    – Papua New Guinea (gold & oil) = 10% (to kick start the invasion of Australasia)
    – JPMorgan (silver) = 10% (to cover up the bank’s silver losses)

    • Charles H.

      Fraser,

      Looking to the outset, of producing real currency in gold and silver – IS something that addresses stability in monetary supply and value: but what about Gresham’s Law? At some point – the more valuable money will be drawn-off to offshore. Or how would international merchandizing be handled?
      I submit that IF and ONLY when ALL monetary systems can be made to operate by the same standards of precious metals – would your idea work; otherwise everything the US mints will disappear across it’s borders.

      • Fraser

        Charles

        I see Arizona & Utah as test runs, endorsed by at least some elements of Government, which will introduce the concept, sort out the legalities and get people to think – without the loss of much gold & silver at all. It might also wake people up and stop the current massive drain of American gold and silver to countries that actually appreciate it’s value. In other words, Gresham’s Law is already in full effect and could harldly get worse!

        If a gold standard were to go national, then the price would have to be reset much higher to solve the same problem. Think 1930s confiscation at $20.65 followed by the reset to $35. I actually think this is what is happening now – price is being forced down to $1,000(?) – 10 years of mine production sold with no way to cover – COMEX defaults – all contracts settled in cash at last price ($1,000) – gold confiscated from GLD & SLV & European countries – price reset to $10,000. Add a mining and/or minting tax and the job is done. Once the price is reset much higher, Gresham’s law will have little impact.

        If a gold standard were to go international, then all the better.
        In fact I beileve the BRICS are working through these issues now. So would America prefer to lead and control the process, or follow and have no control? I think that Utah and Arizona are very important…

        Going back to the original problem, you have a central printing press (the Fed) with the banksters standing around absorbing everything and not letting any money flow to where it is needed. And why should they when they are not bound by any laws, they earn 6% risk free on deposit with the Fed. Plus they can have fun drug-running and manipulating markets, while dumping any “bad trades” on their clients. These guys have screwed America.

        First step is to liquidate them. Then print less money, but allow that money to flow to where it is needed (jobs and manufacturing). Try to rebuild the competitive advantage lost to China. Then lead (or follow) with a gold standard to keep the Government accountable and stop the Pentagon from fighting shameful and expensive wars.

    • George

      While I disagree on a few points, your comment is well written and argued

  3. Lexington Larry

    Greg, I have immense respect for this guy, Professor Black, however I believe he greatly underestimates the stability of the banks in the U.S. With all the warning signs – North Korea, Boston bombing, Cyprus, and many more, I believe a high level of caution is warranted. His message of “your money is safe” in U.S. banks, should be taken with much caution and prudence. Anyway, he is still a great guest to have on!

    • Greg

      Larry,
      Your point is well made and well taken. I try to put as many views on as possible.
      Greg

    • Tad

      Well you must figure he doesn’t want to be possibly blamed fer playing a part in the coming bank runs!

  4. bob

    wow!!! and we let this $#@% happen (as the public). i new some of this years ago, i didn’t know it was this bad. of course, look at our country as a whole. not surprised. another great interview.

    • Tad

      We all better Arm ah gettin arms?

  5. justin king

    “They are not capable of embarrassment” was the perfect summation. – This interview, plus the gold attack, plus your top stories make me feel that i am standing in a shower of arrows and there is nowhere to run.- I never thought the morons could get to me in Australia, but they just keep chasing me down. // Greg, Thanks again for the work.

    • Greg

      Justin,
      Love this visual “standing in a shower of arrows and there is nowhere to run.” Well said my friend–me too!!
      Greg

  6. Mac

    Banksters are gansters but american people grow up worshiping The Godfather, a movie glorifying the mafia.

    Zombies, feminized politically corrected muppets, Americans must be lost as they bow to the banksters’ orders.

  7. Barry

    How could this mess last 40-50 more years? When the World drops the dollar as the reserve currency, what will hold it up?

    • Greg

      Barry,
      Good question. I was a little taken back by that comment, but Dr. Black is spot on about the fraud. That’s for sure!!

    • Brad

      As the saying goes, nature abhors a vacuum. Someone or something will fill it.

    • Tad

      He’s to big to stick his neck out on that one!

  8. AndyB

    Greg: waiting for the march on DC to hang or guillotine the treasonous pols and regulators who have allowed the criminals free reign. Waiting……Waiting……….waiting………..waiting…………waiting

    Frustrating, isn’t it?

    • Greg

      Yes. very frustrating.

  9. DAVE

    Hi Greg
    Sorry i disagree with Bill..US has much bigger problems than Europe..imo
    As a result of bank leverage and all the extended liability’s,our debt ratio is much larger In addition to bonds.Although we do have the world reserve currency, that appears to be changing rapidly.Many countries are already exchanging currency’s within themselves.So IMO when all of those dollars come flooding back here ,we are in big trouble…your thoughts please

    Thanks Dave

    • Greg

      Dave,
      I think trouble in the U.S. is much closer and I think the brokerages will be in trouble first then the banks.
      Greg

  10. Rob

    Hi Greg!

    Wasn’t it a banker who said he is doing God’s work:

    http://blogs.wsj.com/marketbeat/2009/11/09/goldman-sachs-blankfein-on-banking-doing-gods-work/

    This should sum up where we are in God’s timeline:

    2 Timothy 3:1-5 But know this, that in the last days grievous times shall come. (2) For men shall be lovers of self, lovers of money, boastful, haughty, railers, disobedient to parents, unthankful, unholy, (3) without natural affection, implacable, slanderers, without self-control, fierce, no lovers of good, (4) traitors, headstrong, puffed up, lovers of pleasure rather than lovers of God; (5) holding a form of godliness, but having denied the power thereof: from these also turn away.

    In CHRIST! Rob

    • George

      Sad! This sounds like a description of the average American citizen

  11. Al

    We should have expected this type of behavior from men [and women] that gain power and money by theft. Our time in history and what to expect from the power structure [and mankind in general] was recorded for us in 2 Timothy chapter 3.1- See if this sounds familiar—“But know this, that in the last days CRITICAL times hard to deal with will be here. 2-For men will be lovers of themselves, lovers of MONEY, self-assuming, haughty, blasphemers, disobedient to parents, unthankful,disloyal, 3- having no natural affection, not open to any agreement, slanders, without self control, fierce, without love of goodness. 4- betrayers, headstrong, puffed up with pride, lovers of pleasure rather than lovers of god. 5- having a form of godly devotion but proving false to it’s power”—NOWHERE does it record that things will change for the better UNTIL the wicked people AND THEIR GOVERNMENTS are removed from the face of the earth–PERMANENTLY!! At that time, their gold and silver WILL NOT save them. Ezekiel 7.9 By the way–They laughed at Noah just before the rain….

  12. Brian

    Our financial “lords” have zero control of themselves and full control of just about all of our wealth……given the huge amount of wealth that is in their hands and the fully unmitigated level of depravity that reigns sovereign in their minds I would guess it will not be long before everything just goes to pieces.

  13. Chip

    Interview started well and I concur that these banks are corrupt beyond belief. I really do not share in the professor’s optimism however that since we can print our own currency that we are not subject to a major currency collapse…

    • Greg

      Chip,
      Your point is well made and well taken. I agree with you but I want to put as many views on as possible. However, Dr. Black is spot on about the “felons running the biggest banks!”
      Greg

      • Chip

        more views is always better Greg. thanks for what you do here…

      • bob d

        My view is, Dr. Black knows damm well the dollar is going to lose mass buying power. But he’s a up bet guy . peace

  14. Charles H.

    Hey Greg,

    You know, it’s getting really hard to supply superlatives concerning your work. Keep this up – and your commentators will begin accusing you of being smarter than you let on to be.
    The rise of a crony criminal class of economic leaders, with their attendant political protectors, all clothed in immunity. Really cosy. Whether someone gets really stupid enough to crash the Western World’s finances from inside; or the REST of the world finally gets fed-up and puts a stop to patently ‘illegal’ and “insane” global-scale fraud: one finds little comfort. America used to be great because it was good. Alas, no longer.
    Great work, from our “perpetually cheerful guy.” Priceless.

    • Greg

      Thank you Charles H. We have some very smart commenters here!! I always learn something from them!!!

  15. George

    Greg,
    In regard to the Boston bombing, if they do not know who did it and why, how can they say it is a lone wolf and that there is no greater threat?

    • Greg

      I think they know way more than they are letting on. You won’t know anything more until they have someone in custody. Serious stuff going on here.

  16. Jim H

    Greg
    William Black is a man with a concience. Thanks for having him. I believe he also follows what is really happening more than some who yearn for the good old days (gold standard,honest bankers constitutional freedoms etc). Any system where a man who forced slaves to work at the end of a gun barrel to amass a fortune, buys a huge CD with his ill gotten gains and draws interest while he sleeps to be paid for with borrowed funds from young couples buying homes, cars and the like is a pyramid pure and simple. This is bad enough but if while he sleeps he finds the couples couldn’t afford to pay the mortages so he may not get his pound of flesh, he then has politician’s pass laws that allow him to be bailed out through the banks. What a world we live in.

  17. George

    “pervasive fraud at most reputable institutions??” I agree with Dr. Black, that is hilarious. I disagree with Dr. Black that spending within your means is bad. Had we let the banks fail in 2007, we would be in a great revival economically now

  18. DAVE

    Hi Greg
    Am i just stupid or are all these economist wrong.The talk of easing monetary policy is a myth.IMO..They cannot with draw or reduce bond purchases but yet the talk keeps swirling around.So am i uninformed or does all these so called genius economist right??

    here’s an insert today from the IMF
    and when reading this i’m thinking these people get paid for this ..really?..totally unreal

    He added that the three new risks were the US, where corporate debt underwriting standards were “weakening rapidly”; the possibility that a flood of cheap money from developed countries could de-stabilise emerging markets; and the dangers involved in unwinding prolonged monetary easing in America. “Put simply, we are in uncharted territory”, Viñals said.

    “A key message of this report is that addressing the old risks is essential to leave the crisis behind. But it also reduces the need for continued accommodative monetary policies. This will prevent the new risks from growing and from becoming systemic.”

    You have to wonder ..who’s driving the boat???lol

    Thanks Greg

    • Greg

      One thing for is for sure Dave, we are going to hit the rocks at some point.
      Greg

  19. Rick Szymanski

    Thanks again,Greg,for having Professor William Black as guest speaker.
    What he had to say is most important to us all regarding the present state of our banking system in North America and Europe and we all should take heed.

    I hold an adage regarding future events….”Coming events cast their shadows before.” The good professor has presented to us the shadows of the present state of our banking system, take heed !

    On another note, I just completed reading a book titled “PLANET PONZI” by Mitch Fierstein. He was also interviewed on the Max Keiser show.

    It would be great to have Mitch on your show to review his take on the global financial state.

  20. frosty

    Some would say its all about the economy while others see economic woes as a symptom of a deeper issue. Ayn Rand, who escaped the Communist Revolution in Russia understood the battle taking place in America today from the latter point of view and I think her thoughts are well worthy of consideration. We should try to understand the root cause of our problem since we can not begin to fix it until we do.

    Rand wrote…“No tyrant has ever lasted long by force of arms alone. Men have been enslaved primarily by spiritual weapons and the greatest of these is the collectivist doctrine that the supremacy of the state over the individual constitutes the common good.”

    Although Rand speaks only of enslavement here, she implies that both enslavement and liberty are fruits of a spiritual battle in which ideas are the primary tools used cultivate and harvest these fruits. More than the economy, it is a battle between two ideas taking place in America today. One is ancient and the other is relatively new.

    The ancient idea, alluded to by Rand, holds that the mass of men should sacrifice their individuality to an intangible “collective” owned and ruled by superior god-men believing themselves to have a divine ability to speak for the “common good”. The inevitable result of believing this creed, once called “the divine right of kings”, is absolute enslavement.

    The contrasting and relatively recent idea states…“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness…That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed…” This idea produced a harvest of liberty and prosperity for those who accepted and defended it as truth.

    Dr. Black commented that he understands the official government position, as related to the systemic crime in the banking industry, as “..we have to destroy the rule of law…justice will no longer be blind… crony capitalism to the nth has to come in…”. If this chilling observation is even remotely accurate, then it is painfully obvious which idea is wining the spiritual battle in America today and what the consequences of that will be.

    Thank you for interviewing good people who help shed a clearer light on the issues than allowed by NBC, ABC, KGB,CBS or other affiliates of the would-be king.

    • Greg

      Thank you Frosty for taking the time to add this perspective!

  21. George

    Greg,
    I watched this twice. I love your guest’s view points and the questions you throw at them. thanks

  22. Jerry

    Thanks for the great interview Greg. Here is a link to the interview Mr. Black did with Frontline. It goes much deeper than most people think.

    http://youtu.be/QjuMHdqA1Fo

    • Greg

      Thank you Jerry for the comment and the link.

  23. Dwain

    Only 10 million out of work? Its more like 100 million. The US is in worse shape mathematically than Europe. Don’t think the Dr. has done enough research. One thing I’ve noticed from being around professors is the correlation between fiat jobs and judgment. Academia is predominately fiat.

    • jc davis

      Dwain: There are a lot more unemployment when you discount the part timers. good post . thanks.
      Ps. Who can live on full time min wage? Somehow people are making in on part time.

  24. Dwain

    Only 10 million out of work? Its more like 100 million. The US is in worse shape mathematically than Europe. Don’t think the Dr. has done enough research. From my experience, there seems to be a correlation between the fiat world of academia and judgment.

  25. Eric

    Brillant interview Greg! Many thanks!

    • Greg

      Thank you Eric.
      Greg

  26. RUSS SMITH

    Hi!, Patrons Of USAWatchdog.com Et Al:

    Be still & KNOW that I am God. God, being love itself, offers Himself to US all in stillness; just as the laying hen offers herself to hatching her chicks but all in stillness. We ARE His children and in stillness and confidense we shall reside in Him. Forseeing today’s events, OUR Lord & Master advised: “When you see all these events, look up and be of good cheer; for you redemption draws neigh!” Furthermore, He has counseled US: “Overcome evil with good” and so the more evil whomsoever produces ad infinitum the more counter good shall be applied to correct it eventully.
    The Universe is on a roll and nobody can stop it. It’s goal is peace and good will even among men as it consolidates heaven even on Earth. “Rpent, Jesus counseled, for the kingdom of heaven is at hand” which was His way of pointing out when we conform to the design of OUR Universe in which all life must exist, heaven is the instantaneous results in OUR personal expereinces. The Univese in alignment with God OUR Father/Creator has heaven always as it’s goal for every creature great and small. Those who think that they can beat the entire Universe at the game of creating heaven have very small goals in mind don’t they? Far too small to create the gravities of the realities of the abundances only found in heaven such as love, peace and joy etc. Money alone was never designed to create real heaven; only guide human finances as one single segmant of the human experience. Jesus sums it up like this: (1): “A man’s life does not consist in the abundance of his possessions” and (2): “it is easier for a camel to get through the eye of a needle than for a rich man to get into the kingdom of heaven.” The Univese in league with OUR Heavenly Father already knows this lesson and so it gives all we each need to US daily; so that we may live the life of its’ abundance which we too often take for granted. “Give and it shall be given unto YOU”, says Jesus. OUR Universe therefore is a Uiverse of giving and how about US? Let’s look together towards the goal of the Universe to create heaven throughout as the NEW NORMAL!

    RUSS SMITH, CA. (One Of Our Fiat Money States)
    [email protected]

  27. Jason Emery

    Greg,

    The next time you get someone with similar experience as Dr. Black, could you please ask about MF Global. With Corzine being a prominent Democrat, it is awfully curious that the Republicans didn’t utter a word about this in the last election. Not even Ron Paul.

    The Fed is creating $85 billion each and every month for bond purchases, but they can’t create 1% or 2% of that to make MF Global customers whole? I don’t get it.

    • Greg

      Ok Jason. Good question.
      Greg

  28. Chip

    What’s in store for the weekend wrap up tomorrow Greg? Looking forward to it. Have a great evening.

    • Greg

      I know the Boston bombing is all over the place and I am going to cover it, but my big story is still North Korea.
      Greg

  29. Derrick Michael Reid

    As a simple prolog, I fess up, im PCR wearying SW six shooters.

    23$ Ag stabilizing, looking for a bounced deceased cat, or a rocket moon shot.

    ok, down to serious stuff, atta boy, lol, dont really know, how many lookieloo’in at watchdog out there, like me, totally, are totally, and I mean totally. “dysfunctional males”, getting dist, off the cuff, or was it, … but did you notice Prof. Black, on the watchdog vid, laughing his head off, to every question, just pausing for the quick ad, quoting his significant other, who surely must be named Sara, whilst the black one, siting behind a computer, of all things, was a dead give away, for studied learned Sara, evincing, clearly matrimonial harmony, LMAO. Then it all made complete sense, she is a lawyer.

    Meh … Dysfunctional Males, wtf, them fighting words, hun, even if when backup by the black one, so, with drawn fangs, while completely ROFLMFAO,

    now the song at dance.

    http://www.youtube.com/watch?v=n5WSlIFfoJk

  30. RC

    He is kind of saying that the American banking system is ok for now,
    With the exception of the fraud? What about china biting away at our world reserve currency status? What about the big banks limiting FDIC on their depositors money as of 1/1/13? We already have the provisions to steal depositor money, they just didn’t make a law about it. I did some research on FDIC and the equivalent on credit union deposit insurance. FDIC has less than 1% money set aside for a banking crisis and the credit unions have1.3%. These are the kind of things that should worry people, but in my experience when you try to tell people this information they don’t want to hear it. I don’t get it, this will effect everyone’s future.

  31. Angie

    He is worried that we may experience a second recession??? I must have missed the first recovery then because where I am at, thing are only getting worse.

    The USD being replace (unofficially) as the reserve currency certainly has placed in an extremely vulnerable position. Although we are not Europe and subject to the death trap of a single currency as they are, we are not being “managed” well. If what he says is true then our corruption will certainly lead to our demise. I do not believe that those in power are stupid nor are only interested in financial gain as more sinister motives may be at work. Not only are they stealing all the money they can, they are working to make it worthless as well. Why are they working so hard for something that will not have value….

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