Moyer interviews Bill Black Bill Black lawyer and academic Best way to rob a bank is to own one He worked hard to get Obama elected Now teaches economics and law in the University of Missouri He exposed the Keating Five five senators accused of corruption in 1989 Cranston McCain DeConcini Glenn and Riegle How do they get away with it Economic meltdown is caused by fraud create trust and betray it by top elites They use leverage to guarantee income and getting wealthy CEO s buy things to increase their personal income all checks and balances report to the CEO s so no problem they use bonuses to get people on their side The government assumed the bankers were innocent so they didn t investigate them Bush administration got rid of regulations Liars Ninja loans mean they don t check they give the information the people that want loans and there is no verification on that information 2006 it sold 80 billion dollars of liars loans to others This creates a high risk but they create the illusion that there is no risk nobody looking during Bush years when they did look they found disconcerting results and there was fraud in almost every single file Both parties are commuting fraud by intention There were 60 and 80 losses There is no law directly against the Liars loans but there are laws against fraud Dimon is Obama s favorite banker he contributed to his campaign Why is it hard to prosecute They haven t even begun to investigate the lenders until the market collapsed 2004 there was an epidemic of mortgage fraud that will create a crisis and the FBI said they will make sure it won t happen After 9 11 they transferred FBI agents to work on terrorism Bush and he did not replace them Things learn from great depression Separate commercial bankers from investing bankers Glass Steagall Senator Rubin passed law so they can t regulate they took 5 billion tax money and sent it to Switzerland to pay their fine Their fired the president of GM we don t want to change the bankers because the cover up will be destroyed if honest people get in banking Timothy Geithner president of the Federal Reserve Bank of New York denies that he has ever been a regulator his job was to regulate but he did not do it He is disappointed about the financial aspect of the Obama administration They don t want to find out what happened like in the great depression they just want to move forward they also fail to learn from the success of the past The secretary of state and other bankers are scared to admit the truth because they are scared Americans will not rely on banks and they will lose money The Bush and the Obama administration kept in secret what they were doing with AIG but Congress put pressure and the treasure secretary put Golden Sax on it to explain what happened They won t disclosure the truth about the assets we won t know who did it how much assets are worth etc The Reagan administration priority was to cover up the losses This is more than a financial crisis it is a moral crisis Only 10 of CEOs get in fraud 90 of CEOs is prevented because of morals This happened because of the misconduct of a handful of people and their ideologies to eliminate regulations They want prospect but they need regulation and law enforcement for this It is not necessary to deter but get rid of the people that cause the problem You need good information to make good decisions follow success to keep doing it and don t repeat the same mistakes He believes there is a new crisis coming
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