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MUST READ: Bill Black lays out the whole mechanism of accounting control fraud

I want to return to this, but not on Christmas morning, when my present to myself will be cleaning my kitchen. However, GO READ IT ALL. The language is crystal clear, and the whole story is laid out. Versailles really is a sac of pus waiting to burst. The conclusion:

If there were one questionable banking practice that you could stop today, what would that be?

The foreclosure frauds.

You have spent decades examining what goes on in banks. Do think that bankers, either through culture or genetics, are ethically-challenged?

When you allow a Gresham’s dynamic to operate and when entry to an industry is easy (as it was for loan brokers and mortgage bankers), you concentrate the least ethical business leaders in the industry that is most criminogenic. In the last decade, banking has been severely criminogenic in the U.S. and much of the world. The unethical banking leaders became dominant. Their banks, which followed the four-part recipe for maximizing fictional accounting income, became far larger and drew the greatest praise from the business boosters than dominated the financial media. They made their reputations and their fortunes through fraud.

To restore "confidence," we really do need to see CEOs in orange jumpsuits doing the perp walk. Unfortunately for us all, these jailbait CEOs are "savvy businessmen" to Barry, for whom the career "progressives" are still running interference. What to do?

NOTE This is not an abstract "out there" indictment that has nothing to do with your issue. Think of it this way: Collectively, the banksters have more money than God, they got it by stealing it, and they're funding every policy that you hate.

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letsgetitdone's picture
Submitted by letsgetitdone on

Hope it's a good sign Bill Black got picked up by Parker/Spitzer, and got some mainstream exposure. Next time the bank's fold maybe someone will bring Bill back out of the wilderness.