{"id":21680,"date":"2014-11-16T17:33:46","date_gmt":"2014-11-16T16:33:46","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=21680"},"modified":"2014-11-17T00:53:52","modified_gmt":"2014-11-16T23:53:52","slug":"whose-afraid-of-the-big-bad-wolves-of-wall-street","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/whose-afraid-of-the-big-bad-wolves-of-wall-street\/","title":{"rendered":"Whose Afraid of the Big Bad Wolves of Wall Street?"},"content":{"rendered":"

William Black, Associate Professor of Economics and Law, University of Missouri Kansas City.\u00a0 The former Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, it was Black who accused then-house speaker and five US Senators, including John Glenn\u00a0 and John McCain of doing favors for the S&L’s in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers like Charles Keating,- after whom the senate’s so-called “Keating Five” were named – he sent a memo that read, in part, ‘get Black – kill him dead.’ Metaphorically, of course. Of course<\/em><\/p>\n

During the Savings and Loan crisis 1000 FBI agents were assigned to Savings and Loans crisis.\u00a0 Currently there are fewer than one hundred FBI agents assigned to financial crimes and they only go after the little guys.\u00a0 They are unwiling to investigate.\u00a0 CEOs like Jamiie Dimon, who orchestrate Chase’s policy,\u00a0 handles the investigation of charges. Jamie Dimon’s main priority is not to decrease his bonus.<\/p>\n

The 2008 crisis has produced no criminal convictions.\u00a0 Zero.\u00a0 None of the eite bankers have been brought to justice.\u00a0 Everyone has gotten out of jail free.\u00a0 The SEC, the office of currency control, the FED, and other regulatory agencies simply have not moved against big banks.<\/p>\n

Eric Holder, the Obama Attorney General\u00a0 said\u00a0 that the banks were too big to fail.\u00a0 Some regulators said they were unable to sleep at ngiht for fear of hurting big bankers.\u00a0 There has been a steady decine in prosecuting white collar crims.<\/p>\n

After 9\/11, national secuirty became the highest priority.\u00a0 The best FBI agents were transferred out of white collar crime.\u00a0 We have two FBI agents per industry that investigated white collar crimes.\u00a0 Banks don’t make criminal accusations against their CEOs.\u00a0 Cirminal referrals have ceased.\u00a0 Whistleblowers whistle infrequently.\u00a0 There is no system for prosecuting frauds.\u00a0 And we are getting near the statute of limiitations on this crime.<\/p>\n

People who work for Justice and the SEC are afraid because the criminals are so big and regulators need the revolving door and their future with the criminals.\u00a0 Looting the underowrld of banking.<\/p>\n

Jim Webb, who served as Senator from Virginia for one-term, is contemplating a run for the presidency.\u00a0 Webb led an effort in the Senate to tax windfall profits of executives who had benefited from TARP. \u00a0 He was told off the record by a Wall Street executive, “You have to punish these guys.\u00a0 It is outrageous what they did.” \u00a0 Webb could find support neither from Democrats or Republicans in the US.\u00a0 As Senator Durbin of Illinois says, “The bankers own us (the Senate.)”<\/p>\n

\u00a0\"Wolves<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

William Black, Associate Professor of Economics and Law, University of Missouri Kansas City.\u00a0 The former Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[22,13],"tags":[],"class_list":["post-21680","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t