'The Best Way to Rob a Bank is to Own One'

17 years ago

Good old Bill Black. Another person (beside Martin Weiss) who is fully qualified to explain what the banksters are doing to our country and how they got away with it.

Huffington Post blogger Mike Frick asked:

"When will Americans wake up and hold the real criminals - Banksters - accountable for their actions, and pressure the government to enact systemic changes to prevent future abuses?"

How many more banks are going to be asking for tax subsidies and collecting huge bonus's while they watch the 'little people' lose their jobs, homes, etc?

I would like to see the taxpayers show up on the steps of the White House and ask our elected officials WHY we are being taxed without representation. Some bankers are complaining about populist rage. Too bad. They need a wake up call. They need to understand that it is NOT up to the taxpayers to pick up the tab for greedy fat cats who reward themselves when they fail.

Economist: US collapse driven by 'fraud'; Geithner covering up bank insolvency

Stephen C. Webster

April 4, 2009

In an explosive interview on PBS' Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called "liars loans" could receive AAA ratings and zero oversight, amounting to a massive "fraud" at the epicenter of US finance.

Black's most recent published work, "The Best Way to Rob a Bank is to Own One," released in 2005, was hailed by Nobel-winning economist George A. Akerlof as "extraordinary."

"A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis," reported PBS. "The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, 'We now know what happens when you destroy regulation. You get the biggest financial calamity of anybody under the age of 80.'"

That financial calamity, he explained, was brought about not by mishap or accident, but only after a concerted effort to undermine and remove all regulations, allowing a creditor free-for-all that hinged on fraudulent risk ratings for bad loans.

Geithner's Stress Test "A Complete Sham," Former Federal Bank Regulator Says

Apr 06, 2009 by Aaron Task

The bank stress tests currently underway are “a complete sham,” says William Black, a former senior bank regulator and S&L prosecutor, and currently an Associate Professor of Economics and Law at the University of Missouri - Kansas City. “It’s a Potemkin model. Built to fool people.” Like many others, Black believes the “worst case scenario” used in the stress test don’t go far enough.

He detailed these and related concerns in a recent interview with Naked Capitalism. But Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis, says the program's failings go way beyond such technical issues. “There is no real purpose [of the stress test] other than to fool us. To make us chumps,” Black says.

Links that might be useful:

rawstory.com/news/2008/Economist_US_collapse_

driven_by_fraud_0404.html

article/225897/Geithner's-Stress-Test

Sort by:Oldest

Comments (9)

User
17 years ago
So you keep proving you can cut and paste articles without any critical discussion.

What specifically is wrong with stress testing and why is it successfully used by bank's and their regulators in other countries? Please share some creative thinking, dreamgarden.
joyfulguy
17 years ago
last modified: 11 years ago
It seems that dream garden is a quoter ... and a voter ...

... but not a financial common-tater (about which type of person I initiated a thread a few hours ago).

ole joyful
Related Discussions
LG Owners' poll - If you own one, or owned one, do you like it?
Q
Comments (44)
This was my post on one of the 'Washer/Dryer' threads: Posted by lolamina (debmacjake@comcast.net) on Wed, May 14, 08 at 1:07 Can't speak on the washer/dryer combo...I have inclination to steer clear of 'combo' anything. But just purchased LG 7188 dryer (w/all latest bells and whistles) and I'm thrilled. Service, as for anything we purchase that we can't fix ourselves, is a concern...but if you take an up-front view of how often service has been needed on specific appliances...that greatly reduces it as a prominent decision factor. LG Clothes Dryers just received the 2007 J.D.Power and Assoc. HIGHEST RATING of ALL MAJOR BRAND clothes dryers! We searched for weeks, read hundreds of reviews, and really did our homework - LG hands down for best performance and best value. Also highly rated by all the 'subscription' consumer guides. Before you listen to any one persons 'service experience' and apply it to the entire Brand...get Pro-Active and see how often service is REQUIRED for your MODEL. Best bet until combos (one machine to do it all!) are perfected, side-by-side and stackable models may well out-perform and require less service. Good Luck!
...See More
Bank Owned Question
Q
Comments (14)
"My sister recently bought a REO property. They accepted the offer within a couple days. Then, they took MONTHS to close." The banks also like to put clauses in the contacts allowing them to back out if they decide at almost any point up to the closing table. I have seen them shop accepted contracts for months hoping for something better to come along while stringing along the buyer they 'accepted.' Do not sign a bank contract without an attorney going over it.
...See More
bank-owned winterized home: inspection and mortgage questions
Q
Comments (23)
cordavamom: "He said as long as the house had power he could do an inspection on the whole house, he'd turn on the water etc. The bank is okay with him doing this. Winter is well over, (it's 77 degrees here today). the bank has made no mention of my son having the home re winterized if the contract falls through -- is this normal?" I can't speak for what is normal with a bank. That said, obviously if the house has power and gas, the electrical and HVAC system can indeed be inspectedand of course, roof structural, which are non-utilities dependent. However, IMO, the HI is a fool to turn on the water....as he is bargaining that there are no problems with the plumbing that could cause property damage. Granted, with a 3 year old home, the chance of that being the case is less than with an older home...however, with a foreclosure, all bets are off as far as the norm...as all too often foreclosed properties are damaged due to owners who want pay-back because of the foreclosure (such as those who were duped by the predatory lenders) or, in a divorce, people can get mighty vindictive. Sometimes the damage is obvioussometimes hidden. We had neighbors who divorced. They had a beautifully upgraded home, very well maintained; the hubby was the original owner of the house brand new, pre-marriage. They split because the wife was having an affair; she continued to live in the house with the children...then had affair guy move in with her. Needless to say, soon to be X was VERY upset...the house went into foreclosure. Wife and affair guy moved out. The bank held an open house through a realtorand we were shocked to see what had been done to the insidedamage everywherethe couple who bought it spent thousands on repairsand he was a contractor..so labor was not an issue. That said, your son needs to make certain that the HI carries errors and omissions insurancethat way, if any damage occurs once the water is turned on, the HI has the financial resources with which to cover it....in addition, your son should make sure that there is some sort of condition in the HI contract where your son cant be held for damages due to the HI turning on the water when he hasnt a clue as to whether of not there is a plumbing problem Last but not least, the water should be on for at least 48 hours prior to inspection, in order to determine if there are any leaks as water somtimes needs a while to circulate before some problems can become evident Last but not least, as you son has no claim to the property, the bank, as the owner/seller would be responsible for any required "winterization", unless your son signed something agreeing otherwise Hope this helps
...See More
Can HOA's still enforce rules on Bank owned?
Q
Comments (4)
I bought a how in a gated community and when I bought my house the hoa was about helping and curtsy between the nebors and the camping resort we have in our neborhood! Well we have new owners now and when they first bought to resort they let it go like not mowing letting the roads go the only thing they kept going was the guard shack and that was because the place was a campers dream and they charge people to come in and camp! Well ather everybody stopped wanting to pay dues cause the hoa was letting the neborhood go they started taking everybody's property and in liberty county in texas all the have to do is send you a letter that there foreclosing and they don't even have to go to court and since we didn't know the laws being silly country folks they took over three houses and atleast 300 lots do to fines and dues that people wouldn't pay! Well I've been paying mine building my case cause I might be country but I'm not stupid! They send me speeding tickets without having radar just because they say I'm speeding witch I'm not but in the end they are over me!! I also have evidence of them making false deeds on property that isn't there just steeling out right but they rule the roost so to speak!! I just don't know how to start cause once you start I've read that it will get worst and I don't want to loose my house in the process or end up going postal on them cause I work hard for the things I own and I just can't see my kids being homeless cause legislation made hoa's out to be god!! Please some one give me some advice!!
...See More
C Marlin
17 years ago
last modified: 11 years ago
It seems that dream garden is a quoter ... and a voter ...

... but not a financial common-tater (about which type of person I initiated a thread a few hours ago).

ole joyful

So... you're getting funnier every day!!
joyfulguy
17 years ago
last modified: 11 years ago
Though the Canadian banks have been somewhat more heavily regulated than many, so that they've been evaluated recently as among the strongest in the industriaized world ...

... I've held shares in one of them for 42 years.

"Value" (whatever that means ... I guess that I really mean, "price") per share about June 2007 - $107.00.

It appears that not only did that one have significant exposure to some of the rotten portions of the U.S. mortgage market recently ... but they were backing a mortgage insurance company, as well.

Price per share, last Nov ... $42.25.

Price per share, now ... $51.84.

It seems to me that, rather than being the "robb-er",

I'm more like the "robb-ee".

It sure feels like that, anyway!

What's that you say? ... I'm not alone? That others, not only some bank semi-owners, have suffered a similar fate?

Who's responsible?

Where does the lynch mob congregate?

What's that you say - that there's millions of us??

(Mainly found in mirrors?)

Oh, Lord!

What next??

Best wishes for learning to manage your life more effectively, ...

... most all of us.

ole joyful

P.S. Bought shares in a Canadian stockbroker quite a few years ago.

Later bought out by another Canadian stockbroker.

Later bought out by a U.S. stockbroker, Merrill Lynch. (Drat - all of our good stuff is being bought out by furriners ... making us hewers of wood and drawers of water ... in our own country!)!!

That, a few years later, having got itself into serious financial trouble ...

... was recently, as a pretty sick patient, "rescued" ...

... by a large (but nearly insolvent, itself), U.S. bank ...

... making me the bedazzled shareholder of a U.S. BANK!!

................

................

ole joyful (duct tape over mouth - more or less)
dreamgarden
Original Author
17 years ago
last modified: 11 years ago
ole joyful-"... but not a financial common-tater (about which type of person I initiated a thread a few hours ago)."

Where is this thread you speak of? (!)
joyfulguy
17 years ago
last modified: 11 years ago
Hi visionGarden,

It was over on the KT (Kitchen Table).

ole joyful

P.S. I found out the other day that putting quotation marks around the name of your link will erase whatever follows the quotation mark ... but it appears that an apostrophe will get the job done.

o j

Here is a link that might be useful: maybe ... plant a financial 'common-tater'
dreamgarden
Original Author
17 years ago
last modified: 11 years ago
patser-"So you keep proving you can cut and paste articles without any critical discussion."

And you keep proving that its easier to poke those you disagree with (who just might have a point) then it is to respond with an intelligent rebuttal of something other then criticism or indifferent, bankster-laced-pablum.

"What specifically is wrong with stress testing and why is it successfully used by bank's and their regulators in other countries?"

It is probably successful in other countries because they don't use corrupt regulators like Darrel Duchow, ex senior federal banking regulator who was removed in the IndyMac Probe. Care to venture WHY the Federal Government didn't hold the OTS responsible for allowing the IndyMac to falsify their reports?

William Black, a former senior bank regulator and S&L prosecutor SAID what he thinks of the stress tests and I agree. Right now the stress testing being done in the U.S. is nothing more than a smoke-and-mirrors show using false criteria to deceive us so that we will avoiding noticing those banks that are clearly hanging by a thread.

"Please share some creative thinking, dreamgarden."

Instead of focusing on what I'M not saying, perhaps you might care to venture a 'creative' explanation about why you think its OK to sound like an expert ("I know plenty about banking") on one hand, and then pretend you don't know the answer to a basic question ("WHAT massive failure?") on the other.
dreamgarden
Original Author
17 years ago
last modified: 11 years ago
ole joyful, thanks for the link. ;)
behaviorkelton
17 years ago
last modified: 11 years ago
This is John Allison discussing the causes for this crisis.

http://www.aynrand.org/site/PageServer?pagename=reg_ls_financial_crisis

Basically, government intervention set the stage for the wreckless banking behavior.

Check here... The MC spends a good deal of time introducing John... I think he starts speaking at minute 3 or so.

He does an excellent job of explaining things.

'The Best Way to Rob a Bank is to Own One'

Comments (9)

User

joyfulguy

Related Discussions

C Marlin

joyfulguy

dreamgarden
Original Author

joyfulguy

dreamgarden
Original Author

dreamgarden
Original Author

behaviorkelton

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

'The Best Way to Rob a Bank is to Own One'

Comments (9)

User

joyfulguy

Related Discussions

C Marlin

joyfulguy

dreamgardenOriginal Author

joyfulguy

dreamgardenOriginal Author

dreamgardenOriginal Author

behaviorkelton

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

dreamgarden
Original Author

dreamgarden
Original Author

dreamgarden
Original Author