Tag Archives: banksters

Bill Black explains why one of world’s largest investment firms Goldman Sachs is questioning the “efficacy of capitalism” and why its CEO is terrified of a Sanders presidency. You can view it here on the Real News (include transcript). [Translate]

William K. Black February 4, 2016     Bloomington, MN Former Secretary of State Hillary Clinton, in her debate with Senator Sanders minutes ago, said that she went to Wall Street and told them to stop their “shenanigans.”  The context was that she was being asked to respond to the complaint that she was too close to on Wall Street billionaires.  She had every incentive, therefore, to demonstrate how tough she would be on Wall Street.  In that context, the best she could muster was the...

William K. Black February 4, 2016     Bloomington, MN This is the fourth part of my series on the lies about “liar’s” loans that suffuse the Wall Street Journal article reporting that “big money managers” want to bring back “liar’s loans.”  This part focuses on the fact, which the WSJ treated as so obviously reasonable that it was unworthy of analysis, that: Money managers want to bankroll the loans while relying on the mortgage firms to handle the process with borrowers, basically acting...

The Quest for Better Bankers, Better Banks Requires Better Economists Review by William K. Black [This review originally appeared in Concurring Opinions] In Better Bankers, Better Banks, Claire Hill and Richard Painter of the University of Minnesota Law School signal their approach in the subtitle:  “Promoting Good Business through Contractual Commitment.”  This review explains why their thesis is so timely in terms of the most important theoretical debates boiling in economics and banking...

William K. Black February 3, 2016      Bloomington, MN This is the third column in my series about the Wall Street Journal report that “big money managers” want to bring back “liar’s loans.”  Here are the article’s first two sentences. Wall Street wants to bring back the “low-doc” loan. These mortgages, which are given to borrowers that can’t fully document their income, helped fuel a tidal wave of defaults during the housing crisis and subsequently fell out of favor. The second sentence...

William K. Black February 3, 2016     Bloomington, MN This is the second article in my series prompted by the Wall Street Journal report that “big money managers” want to bring back “liar’s loans.”  Given that the best study of liar’s loans during the crisis found a fraud incidence of 90% — this is a startling proof of how openly addicted to fraud the “big money managers” remain.  It demonstrates some of the terrible costs of the Department of Justice’s refusal to prosecute the fraudulent...

William K. Black February 2, 2016     Bloomington, MN It is time to break out one of our two family rules again – it is impossible to compete with unintentional self-parody.  How fraudulent is finance even now?  The Wall Street Journal reports that “big money managers” want to bring back “liar’s loans.”  I am trying to write much shorter columns, so there will be many columns in this series because the WSJ article so beautifully exemplifies the lies that the industry and the media told...

This is Terry Carter’s latest work and appears in the American Bar Association Journal. He interviews Bill Black along with other prominent figures about the lack of prosecution brought against those responsible for the financial crisis. You can read it here. [Translate]

By William K. Black Wall Street billionaires are freaking out about the chance that Bernie Sanders could be elected President.  Stephen Schwarzman, one of the wealthiest and most odious people in the world, told the Wall Street Journal that one of the three principal causes of the recent global financial trauma was “the market’s” fear that Sanders may be elected President.  Schwarzman is infamous for ranting that President Obama’s proposals to end the “carried interest” tax scam that allows...

Bill appears on The Real News along with Public Banking Institute founder Ellen Brown. They are discussing Hillary’s record on regulating Wall Street. You can watch the video below and for the video with transcript, you can visit The Real News here. [embedded content] [Translate]