William K. Black | 2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud

2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud

The role of the criminal justice system with regard to financial fraud by elite bankers in 2011 is likely to reprise its role last decade — de facto decriminalization. The Galleon investigation of insider trading at hedge funds will take much of the FBI’s and the Department of Justice’s (DOJ) focus.

The state attorneys general investigations of foreclosure fraud do focus on the major players such as the Bank of America (BoA), but they are unlikely to lead to criminal liability for any senior bank officials. It is most likely that they will lead to financial settlements that include new funding for loan modifications.

The FBI and the DOJ remain unlikely to prosecute the elite bank officers that ran the enormous “accounting control frauds” that drove the financial crisis. While over 1000 elites were convicted of felonies arising from the savings and loan (S&L) debacle, there are no convictions of controlling officers of the large nonprime lenders. The only indictment of controlling officers of a far smaller nonprime lender arose not from an investigation of the nonprime loans but rather from the lender’s alleged efforts to defraud the federal government’s TARP bailout program.

What has gone so catastrophically wrong with DOJ, and why has it continued so long? The fundamental flaw is that DOJ’s senior leadership cannot conceive of elite bankers as criminals.

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9 Responses to “William K. Black | 2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud”
  1. As the vitim mr black william , show the world the documents on the owner of bank of america from , 2000 after the other owner passed away . Show us his last will , and show us the soleproirtyship papers for the companies , that went to sec of state of ga , corparation division , on first citizen bank in atl ga , with a headquaters in north carolina . Under owners james and michael , if u the real vice at mers and bank of newyork let the world see what u got . I feel ya selling power flying like clark kent , u power mr william black . Give us what we want to see , they care nothing for us .

  2. a p giannini says:

    Mr black williams is right . All the companies together are rounding up 600 trillion has been mad in profit , from all the total companies , that bank banca banco own , which its new name today is , bank of america . A p giannini didn’t start bank banco , the super great grand dad started this back in the 1500 .its just to show u the selling gift are super hi leveled with this family with the 1 how got the gift to bank . Contact number need to be posted on the theve , and a number they cannot change (too .

  3. l vent says:

    Why don’t the banks just admit why they never securitized the mortgage debt? I am guessing it is because they could not gamble and make trillions upon trillions of dollars on our property if it had a lien recorded against it. I heard ‘THEY’ made upwards of 600 trillion dollars since _1999 _on derivatives alone. Now they are just being greedy pigs and wanting to STEAL THE PEOPLE’S HO– USES, TOO. We need to stand indivisible and fight these Nazi oppressors. Maybe the country as a whole should SUE THEM for using all of OUR NAMES to commit their crimes and then FINANCIALLY PILLAGING AND RAPING ALL OF US in their INTENTIONAL FINANCIAL COLLAPSE so THEY COULD STEAL ALL OF OUT WEALTH. Now ‘THEY’ are trying to turn us all into debt slaves and saddle us with all of the unsecured debt that we do not have to pay because it is unsecured.Not to mention this whole calamity should have never happened in the first place. ‘[THEY’ are sitting on mountains of cash and gold (OUR MONEY, THEY STOLE IT) and claiming we are a broke nation. Bullshit! We are the richest nation on the planet and ‘THEY’ are trying to turn this country into a debtor’s prison and TAX AND RAPE AND PILLAGE AND KILL ALL OF US IN ONE WAY OR ANOTHER. My state passed 191 new laws that became effective Jan. 1 that We The People knew nothing about.More RAPE AND PILLAGE of our CONSTITUTIONAL RIGHTS! Funny how that 911 number keeps creeping into our everyday lives. I think it is time the people became indivisible. If we want to defeat the third reich we need to start strategically defaulting on all of the unsecured debt they are trying to ruin our lives with. A nationwide tax revolt will surely follow. We need to wake up America and stick together. If we allow THEM to divide us they will win. We The People cannot let that happen. This is our country after all not theirs. I wish they would all go to an island somewhere maybe Guantamo would be a good place for ALL OF THEM.

  4. Feudal Mansion says:

    William K. Black is one voice who has been completely on top of this entire sordid, visceral era. It is appalling that more voices, particulary from those in office or power, do not echo his.

  5. MK says:

    Does anybody know how to get in touch with William Black? I would like to send him some proof that the opposite is happening. Private court cases between the very rich and their crooked government are beginning to mushroom around the globe.

    In the final analyses, the bankster’s foreclosure fraud will be seen as another symptom of a government rotting from the head LITERALLY. The minute that they decided to keep secrets from the public was the minute in which this decay process began.


  6. Bobbi Swann says:

    Applaud, Applaud the comments of Bert & Flex. I await the coming of the Lord in all of his Glory to retake this world (once again) and final judgment to his and our enemies. Until then, we must band together against the evil of the banksters, politicians and government and collectively, as one, bring justice for all!

  7. pparke500 says:

    OK, I want to actually comment on the article. The author thinks there will be fewer and fewer calls for going after the banksters for crimes. I disagree. I think there will two tracks: The State AG’s may settle for civil fines that go into a fund to help victims of the bank frauds, similar to what they did with the tobacco companies, while the feds will finally be stirred by public outrage to start prosecuting the banksters. I think when Assange drops his load of bank documents it will be torches and pitchforks time for the American public.

  8. Flex says:

    We are at God’s will. The word has been spoken. We will not pass judgment. We can only arrange the meeting. God will take care of all his people. Just as he takes care the good, he will also take care of the evil. No one can scape. For the ones who think that they can get away with all their wrong doing here in earth, they will have a surprise when they will meet with God. The history shows that the innocent, the ignorant, the less fortunate are the ones who knows God, the ones who are the happiest people in the world.
    If you don’t believe it, take a look at the poor, the hungry, their misery, the homeless, the sick, the elder. They are the happiest people because they don’t know greed, money, richness, luxury, abundance. They only know God and they pray and honor God every day and thanks God for their lives. They are so happy just to live, just to exist.
    They don’t go around showing off their wealth, their cars, their clothes, their jewelry, their homes, their business, their influential friends, etc, etc. They welcome you to their homes and give you what they don’t have. One thing for sure, you will not leave hungry. You don’t have to call to make an appointment. You don’t have to be shame of showing up without being invited. They are so happy to see you as they are so happy to see you go. They know each other and everyone in their community. They share everything, even a cup of coffee or a cup of sugar.
    Everyone is a compadre or a comadre. They respect each other for who they are. They value each other for who they are. There are no classes or difference between each other. Every one lives in peace, harmony and love. They respect the law because the law was made not to brake it. They know and understand that the law of the land is for everybody. The law is for everyone and even for the ones who made it .
    We have so much to learn from these people. Who are these people and where do they live?
    If you don’t know, you have to get out of your comfort zone. You have to travel the world to understand and appreciate what you have now. You don’t have the slightest idea what poverty means. You don’t have the slightest idea what war means. You have not experience enough. Some of you had never left your place of birth. You had taken so much for granted. You have not idea what it means to live without food, water, electricity, hot water, and many necessities that still today is available with the flip of a finger.
    But the party is over, just wait and see in a few months when the interest rate goes up, taxes goes up, inflation hit hard. Gas prices will be over $5.00 per gallon. Milk over $5.00 per gallon, bread over $5,00 per loaf, food, water, and many commodities will be going sky rocket that many people will not be able to afford.
    More laid off by the thousands, more foreclosures by the millions, and when you can not even go to the store because there is not food, what are you going to do?
    Did you see how Obama signed the SB-510 last week squeezed by the lobbyist who paid millions to our Representatives? If you don’t know what SB-510 is and what is all about, you better look it up.
    You will be up for a big surprise. But again, perhaps nothing will surprise you anymore if it comes from the Government. Either we become slaves for the government or this country will be socialist or communist in the next two or five years. God Bless You and God Bless America. And for the Banks, karma is coming your way before you know it.

  9. bert says:

    Woe to those who devise iniquity, and work out evil on their beds! At morning light they practice it, because it is in the power of their hand. They covet fields and take them by violence, also houses, and seize them. So they oppress a man and his house, a man and his inheritance.

    a. Woe to those who devise iniquity: All sin is bad before God, but premeditated sin is worse. Here Micah speaks plainly to those who devise iniquity – in this case – those who oppress others through their greed and covetousness.

    b. At morning light is ironic. Typically thieves practice their work at night, under the cover of darkness. In the ancient world, law courts opened for business at morning light because the rising sun demonstrated light dispelling darkness. Micah sees the corruption of Israel’s law courts and shows that they practice their theft and evil at morning light, when the courts open.

    c. Because it is in the power of their hand: There are some sins we never commit because we are never put in a place where we can commit them. The real test comes when it is in the power of our hand to sin and we keep faithful to the LORD.

    2. (3-5) God’s proud people brought low.

    Therefore thus says the LORD: “Behold, against this family I am devising disaster, from which you cannot remove your necks; nor shall you walk haughtily, for this is an evil time. In that day one shall take up a proverb against you, and lament with a bitter lamentation, saying: ‘We are utterly destroyed! He has changed the heritage of my people; how He has removed it from me! To a turncoat He has divided our fields.’” Therefore you will have no one to determine boundaries by lot in the assembly of the LORD.

    a. Against this family I am devising disaster: The people devised iniquity; God devised disaster upon them. In His justice, He gave them what they gave others.

    b. Nor shall you walk haughtily, for this is an evil time: Micah rebukes the pride among God’s people and announces that in the evil time to come – the time of judgment coming on God’s people – they will be brought low and will no longer walk haughtily.

    c. To a turncoat He has divided our fields: In the coming judgment – in particular, the judgment coming on Israel by the conquering Assyrian Empire – will leave their land in the possession of strangers.

    B. Though they sin against His Word, God promises restoration to His people.


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