For more on this, see the William Black interview at Barron's Online http://online.barrons.com/article/SB123940701204709985.html?page=2
Here's an excerpt:
"With most of America's biggest banks insolvent, you have, in essence, a multitrillion dollar cover-up by publicly traded entities, which amounts to felony securities fraud on a massive scale.
These firms will ultimately have to be forced into receivership, the management and boards stripped of office, title, and compensation. First there needs to be a clearing of the air -- a Pecora-style fact-finding mission conducted without fear or favor. [Ferdinand Pecora was an assistant district attorney from New York who investigated Wall Street practices in the 1930s.] Then, we need to gear up to pursue criminal cases. Two years after the market collapsed, the Federal Bureau of Investigation has one-fourth of the resources that the agency used during the savings-and-loan crisis. And the current crisis is 10 times as large as that one.
There need to be major task forces set up, like there were in the S&L crisis. Right now, things don't look good. We are using taxpayer money via AIG to secretly bail out European banks like Socià tà Gà nà rale, Deutsche Bank, and UBS " in addition to our own Goldman Sachs. The single most obscene act of this scandal was to give billions in taxpayer money, via AIG, to secretly bail out UBS in Switzerland, while we were simultaneously prosecuting that very same bank for tax fraud. The second most obscene act: providing Goldman Sachs with almost $13 billion in AIG counterparty payments.
Robert Scheer explains:
"Consider the $12.8 billion of the $170 billion that taxpayers gave AIG in bailout funds that AIG then secretly diverted to Goldman Sachs, a company that evidently has a lock on both the Treasury Department and the Federal Reserve no matter which political party is in power. It was the biggest payoff among those that AIG made to a score of foreign and domestic financial giants.
The bailout is a response to a banking crisis that resulted from the radical deregulation pushed by former Goldman Sachs honcho Robert Rubin when he was President Clinton's treasury secretary. Another Goldman Sachs chairman-turned-treasury-secretary, Henry Paulson, in the Bush administration designed the trillion-dollar bank bailout that will go down as the greatest swindle in U.S. history.
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