Leading white-collar criminologist kicks elite fraudsters in testicles.

William Black, economist, lawyer, white-collar criminologist and senior regulator during the S & L crisis who specializes in financial regulation and financial fraud by elites grabbed the aforementioned financial elites by the lapels and proceeded kicking them in the testicles in a manner unbefitting a gentleman in his testimony before the House  Committee on Financial Services on the issues Lehman’s utterly fraudulent sub-prime and liar’s loans and the abject failures by government to rein in criminal activity.

Black’s relentless boot-job to the groin continues in written testimony (pdf) and includes The Fed, Bubbles Greenspan, Time 2009 Person of the Year Ben Bernanke, Timmy Boombotz G, the SEC, the DOJ, the FBI, and of course, the first-order criminals at Lehman and their subsidiary Aurora, all of whom made this historically gargantuan public rip-off possible.

How about after these criminals stop puking from the blunt trauma and pulverization applied to their gonads we hand out some criminal indictments?


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  1. …. today.  You’re talking about Lehman.

    An incumbent could lose an election because of this [redacted.]  

    This is not on the official talking points secret factsheet du jour for wednesday. You will be placed on a list shortly.  Incoming.

    And it’s Timmeh.   Get with the stylesheet, dude.  This place is going to jell in a jamjar, I swear.

    ___  rough transcript-   William K Black :  we need to be blunt

    we stopped a non prime crisis before it became a crisis in 1991 by supervisory actions

    we did it by pre emptive litigation

    we did it without new legislation 84 – 86

    we stopped that because we didn’t simply do business as usual

    Fraud that begins in 2001 (Lehman’s)  subprime and liar’s loan operation

    Lehmen was the leading purveyor of liar’s loans in the world  incidence of fraud of 90% with reps and warranties that   there were no such frauds

    why we have a global crisis is before you

    but it hasn’t been discussed today, amazingly

    the only way to make money is to decieve others, to sell bad paper

    when people cheat, can’t do business as usual

    you must act completely as a regulator

    we were told there were only 24 people

    who decided how many people in the Fec’s comprehensive  program?

    admission of criminal negligence

    Geithner testified this event pushed the system to the brink of collapse

    Bernanke-  testified sent 2 people

    we sent 50 people

    we had a whole lot less staff we forced out the CEO, replaced the CEO, did it with leverage as creditors

    i ask you, who had more leverage as creditors the fed or the bank of San Francisco?

    and it simply was not used

    lets start with the repos

    we’ve known  since Enron in 2001  this was a common scam

    proposal in 04 to stop it regulators killed it

    2006 pathetic  stalled its implementation we have known for a decade these are frauds and how to stop it

    all the regulatory agencies complicit –  failure of leadership

    we have the FED of NY finding this was 3 card monte

    what would you do, as a regulator,  fraud, 3 card monte, would you continue business as usual  ?

    that’s what was done, oh, the met a lot, we only have a nuclear stick,

    that’s not what the fed has to do –  the fed is a central bank

    central banks

    the bank of england does it with a luncheon they are sat down, we have lost confidence, in the ceo of your entreprise, we believe Mr Jones would be an effective replacement, and by 4 oclock Mr Jones is running the place

    instead every day Lehman was in business, thousands exposed to damage

    Aurora 3 billion a month in liar’s loans

    it is critical not to do business as usual

    heard fr Geithner and Bernanke, we can’t deal because we had no authority

    fed had authority since 1994

    they could have stopped Aurora

    they could have stopped the subprime of Lehman that was a liar’s loan

    thank you very much.


    Yes, he seems to be wondering just what the hell they were doing.

    Notice how all this crap started in 2001.  They weren’t kidding when they say  9/11 changes everything.

    Keep on thinking of Abramoff taking that job with Bell Haven a week afterwards.   Somebody wanted to make some money.  

  2. kicking them in the balls might do some damage to his beloved ‘free market’,put a damper on wealth creation, and upset the financial sector donors who he owes big time.. He’s asking the banksters to join him in ‘reform’. Whatever the hell that means. So why are Summers and Geithner still in place? Why this weak lame legislation being touted as reform, it does not regulate them or stop the Three Card Monty.  

    This is starting to sound just like HRC, here we go round the mulberry bush again. They should not only kick them in the balls but reinstate Glass-Seagal and break up up their  monopolies and bust some trust. First get the crooks out of the fed and treasury and jail the fraudsters. They all seem to be in cahoots.

    The Brown-Kaufman SAFE banking act should at least be brought to the floor. I am s sick of calling the weasels who ‘represent’ us and politely asking them to not kick us in the balls and vote for a little better then worthless. I can’t really pick up the phone as I  believe anything that they call reform will simply allow the fraudsters to ante up for another round while we pick up the tab.


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