Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

[LargoWinch]

"Sociopaths [are] in control of our major financial institutions and ... important levels of government" - Bill Black



Runtime: 11min.



Part 2: 8min.



Part 3: 8min.



Part 4: 10min.

[Chomsky]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Always good, thanks.

[marvenger]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

"i have this novel idea that you should promote the people that are right and not those that are consistently wrong" - Bill Black

hahahahahaha

[Nero]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Where is Part 3?

[LargoWinch]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Where is Part 3?

It is not out yet Nero. I will post it as soon as it becomes available.

[photoncounter]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Where is Part 3?

Here's part 3 (had to enter at least 10 characters to post )

[LargoWinch]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Where is Part 3?

Part 3 and 4 now posted.

[Nero]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Thanks, I like this guy

[marvenger]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

Bill Black says: Executive compensation drives these frauds, it is not tied to performance, it does not align the interests of managers with shareholders, it serves as a devise for creating a nearly perfect crime of accounting control fraud. So clean up and dramatically reduce executive compensation. Make sure it is only earned if there is long term effective performance and that you have clawback provisions if that turns out to have been based on a lie.

Now EJ is strongly opposed to regulation on executive pay because of 'unintended consequences' and the 'who is going to decide on an appropriate level, only the market has the wisdom' argument last time i checked.

I'm totally flabbergasted if EJ still believes this. Here one of the eminent authorities on white collar crime, who funnily enough is being ignored in a time of rampant white collar crime, is saying executive pay drives these frauds. So if I understand EJ correctly and all market geniuses/adults/people who understand the world etc when you are pissed about a giant global Ponzi scheme where the driver is crazy short term focused bonus arrangements, all you do is start a website and hope your market genius and understanding of the world infuses out there and helps the market correct itself rather than demand regulation. To me this is the kind of ideological thinking that helps explain why Americans are taking it in the arse. They blindly trust markets because it is supposed to disperse power and allows the possibility of getting rich, both have a large element of truth but Christ nothing is black and white. You can still accumulate enormous power in a market economy, power that can be abused, and therefore the people need to create institutions to watch and control this power. No doubt this will be abused from time to time but everything is relative and surely we've got to the stage where the relativity of which problem is greater is obvious. To me we've got the greatest theft of all time on the one hand driven by bonus pay or losing some bright sparks in finance to a career in a more productive field on the other.

[Rajiv]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

All episodes including part 5 on one embedded page

[LargoWinch]

Re: Bill Black: To rob a country, own a bank - Mar 19, 2010 (11min.)

All episodes including part 5 on one embedded page

Rajiv, you truly are the Sultan of iFrame. Thanks.