Bill Black on Criminal charges against Abacus Bank for Mortgage Fraud

To this date there has not been anything
that would pass for a real criminal investigation
of any of the larges entities
whose fraud drove this crisis.”

“Let’s call’em for what they really are:
Systemicly DANGEROUS institutions.”

“We had never figured out that the way to financial stability
was to leave fraudulent CEOs
in charge of the largest banks in the world.”

William K. Black,
Professor, Missouri University, Kansas City

Abacus Bank Indicted for Mortgage Fraud; More Prosecutions to Come?

June 8 (Bloomberg Law) — Last week Manhattan DA Cy Vance filed charges against Abacus Bank and 19 former employees for committing mortgage fraud. Does this mean more prosecutions of other banks for crimes committed prior to the housing crisis? Continue reading

Black: Accounting is the “weapon of choice” for elite financial frauds

Image: watcharakun / FreeDigitalPhotos.net *

“‘Geithner is not simply wrong about fraud playing no significant role in prior crises. His senior staff is also wrong, or unwilling to speak truth to power. Geithner is not slightly wrong, he is grotesquely wrong. The fact that he is so wrong a quarter-century after the facts on fraud were made public would be disturbing for any official, but for the U.S. Treasury Secretary who has just seen the global economy crushed by an orgy of accounting control fraud by the world’s most elite bankers it is terrifying.

They find the truth beyond inconvenient because it threatens their fraudulent big finance contributors. William K Black PhD

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Bailouts only treat the symptom, not the CAUSE of THE disease called “FRAUD”

2010-11-09 Greenspan Admission

“Bailouts are treating the symptom, but the disease is unbridled fraud.  Many people don’t realize this because the corporate controlled mainstream media will not report on crimes of the financial elite.”

“You cannot have a thriving economy that is shrouded in fraud and mistrust.  Crimes continue to go unpunished, and mistrust is growing.  No bailout, no matter how big, will ever fix that.”      Greg Hunter

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