TED Talk: Bill Black

[don]

Bill Black on How to Rob a Bank the Right Way

[shiny!]

Re: TED Talk: Bill Black

"We're sorry the TED video you were looking for does not exist" :-(

[Adeptus]

Re: TED Talk: Bill Black

Try this..

[Slimprofits]

Re: TED Talk: Bill Black

Bill Black TED page: http://www.ted.com/talks/william_bla...inside_that_is

transcript: http://www.ted.com/talks/william_bla..._is/transcript

[lektrode]

Re: TED Talk: Bill Black

and the bottom line:

....transcript: http://www.ted.com/talks/william_bla..._is/transcript

So that was the regulatory response. What about the response of the prosecutors after the crisis, after 11 trillion dollars in losses, after 10 million jobs lost, a crisis in which the losses and the frauds were more than 70 times larger than the savings and loan debacle?

Well, in the savings and loan debacle, our agency that regulated savings and loans, OTS, made over 30,000 criminal referrals, produced over 1,000 felony convictions just in cases designated as major, and that understates the degree of prioritization, because we worked with the FBI to create the list of the top 100 fraud schemes, the absolute worst of the worst, nationwide. Roughly 300 savings and loans involved, roughly 600 senior officials. Virtually all of them were prosecuted. We had a 90 percent conviction rate. It's the greatest success against elite white collar criminals ever, and it was because of this understanding of control fraud and the accounting control fraud mechanism.

13:20 Flash forward to the current crisis. The same agency, Office of Thrift Supervision, which was supposed to regulate many of the largest makers of liar's loans in the country, has made, even today -- it no longer exists, but as of a year ago, it had made zero criminal referrals. The Office of the Comptroller of the Currency, which is supposed to regulate the largest national banks, has made zero criminal referrals. The Fed appears to have made zero criminal referrals. The Federal Deposit Insurance Corporation is smart enough to refuse to answer the question. Without any guidance from the regulators, there's no expertise in the FBI to investigate complex frauds. It isn't simply that they've had to reinvent the wheel of how to do these prosecutions; they've forgotten that the wheel exists, and therefore, we have zero prosecutions, and of course, zero convictions, of any of the elite bank frauds, the Wall Street types, that drove this crisis.

14:34 With no expertise coming from the regulators, the FBI formed what it calls a partnership with the Mortgage Bankers Association in 2007. The Mortgage Bankers Association is the trade association of the perps. And the Mortgage Bankers Association set out, it had the audacity and the success to con the FBI. It had created a supposed definition of mortgage fraud, in which, guess what, its members are always the victim and never the perpetrators. And the FBI has bought this hook, line, sinker, rod, reel and the boat they rode out in. And so the FBI, under the leadership of an attorney general who is African-American and a president of the United States who is African-American, have adopted the Tea Party definition of the crisis, in which it is the first virgin crisis in history,conceived without sin in the executive ranks. And it's those oh-so-clever hairdressers who were able to defraud the poor, pitiful banks, who lack any financial sophistication. It is the silliest story you can conceive of, and so they go and they prosecute the hairdressers, and they leave the banksters alone entirely.

And so, while lions are roaming the campsite, the FBI is chasing mice.

and where are the mice they are chasing?

into one of the deepest ratholes of em all...

Auto parts price-fixing probe rattles industry

May. 25, 2014 7:16 PM EDT
WASHINGTON (AP) — An investigation into price-fixing and bid-rigging in the auto parts industry has mushroomed into the Justice Department's largest criminal antitrust probe ever, and it's not over yet.



FILE - This Sept. 26, 2013 file photo shows Attorney General Eric Holder pointing to an illustrations of the auto parts during a news conference at the Justice Department in Washington.A federal investigation into price fixing in the auto parts industry, made public four years ago with FBI raids in the Detroit area, has mushroomed into the largest antitrust investigation in Justice Department history _ and authorities say it’s not over yet. (AP Photo/Manuel Balce Ceneta, File)

The investigation, made public four years ago with FBI raids in the Detroit area, has led to criminal charges against dozens of people and companies, stretched across continents and reverberated through an industry responsible for supplying critical car components.

The collusion has also saddled U.S. drivers with millions of dollars in extra costs.

but they (in the LSM) wouldnt want to focus on how many TRILLIONS the 'collusion' tween the beltway and lwr manhattan has cost us, no siree...

"It's a very, very safe assumption that U.S. consumers paid more, and sometimes significantly more, for their automobiles as a result of this conspiracy," Brent Snyder, a deputy assistant attorney general in the antitrust division, said in an interview.

but never mind how many mere BILLIONS more cash fer klunkers cost those of us who depend on a 'plentiful supply' of used cars - but guess having the car mfr's paying a few bux more (more likely mere pennies) on a few parts that add up to 20or30grand+ on a typical new car these daze is a 'BIG story' - since it shows how us 'po workin stiffs are being 'helped out' by them and the dept of 'justice' keeping an eye on things for us

So far, 34 individuals have been charged and 27 companies have pleaded guilty or agreed to do so, the Justice Department says. Collectively, they have agreed to pay more than $2.3 billion in fines. New cases have arisen with regularity, with Attorney General Eric Holder promising last September that investigators "would check under every hood and kick every tire."

The most recent development came Thursday, when an executive from a Japanese company was charged with conspiring to fix the prices of heater control panels sold to Toyota and with persuading workers to destroy evidence.

lots more to this one, but it is somewhat predictable.... (since they likely arent campaign contributors, being 'foreigners' an all...)

The Justice Department first publicly surfaced aspects of the investigation when FBI agents in Detroit raided the offices of Denso Corp, Yazaki North America and Tokai Rika. All three companies have pleaded guilty to their roles in price-fixing and bid-rigging schemes.

but kinda funny, aint it - they/he has the resources to "check under every hood...kick every tire" ?
when they just cant seem to muster up enuf horsepower to even rev up a serious look under wall st's hoods

and then... because of the implicit .gov(taxpayers) backstop of Gov Motors (read: bailout of the auto unions) - now we see how/where they will become just another cashcow/profit center for The Tortbar

dont spose theres any dots (for the LSM) to connect on any of this, would ya?

nah.... nuthin to see here, move along...

[vt]

Re: TED Talk: Bill Black

+1

[don]

Re: TED Talk: Bill Black

Thanks! That's how it looked when I posted it . . . twice. Why it disappeared? No one knows . . . .

[shiny!]

Re: TED Talk: Bill Black

Thanks! That's how it looked when I posted it . . . twice. Why it disappeared? No one knows . . . .

gremlins.