Tag Archives: Crime

  • Podcast

    Bill Black: The Banks Have Blood on Their Hands

    And our regulators are too fearful to act
    by Adam Taggart

    Sunday, July 14, 2013, 1:13 AM

    17

    We invited Bill Black to return to explain whether the level of systemic risk due to fraud in our financial markets has improved or worsened since the dire situation he painted for us in early 2012. Sadly, it looks like abuse by the big players has only flourished since then.

    In the U.S., our regulators have publicly embraced a "too big to prosecute" doctrine. We are restraining, underfunding, and dismantling regulatory oversight in the interest of short-term stability for the status quo. Which, as a criminologist, Black knows with certainty creates an environment where bad actors will act in their self-interest with assumed (and likely real, at this point) impunity.

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  • Podcast

    Bill Black: Our System is So Flawed That Fraud is Mathematically Guaranteed

    How did we allow things to get this bad?
    by Adam Taggart

    Saturday, May 25, 2013, 5:06 PM

    9

    [Chris lost his voice this week due to illness, so we were unable to record a new podcast. So while Chris recuperates, enjoy this excellent discussion from the archives will Bill Black, recorded a year ago, on the pervasive control fraud within our current financial system. ~ Adam]

    “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it."  ~ Frederic Bastiat

    Bill Black is a former bank regulator who played a central role in prosecuting the corruption responsible for the S&L crisis of the late 1980s. He is one of America's top experts on financial fraud. And he laments that the U.S. has descended into a type of crony capitalism that makes continued fraud a virtual certainty while increasingly neutering the safeguards intended to prevent and punish such abuse.

    In this extensive interview, Bill explains why financial fraud is the most damaging type of fraud and also the hardest to prosecute. He also details how, through crony capitalism, it has become much more prevalent in our markets and political system. 

    A warning: There's much revealed in this interview that will make your blood boil. For example, the Office of Thrift Supervision. In the aftermath of the S&L crisis, this office brought 3,000 administration enforcement actions (a.k.a. lawsuits) against identified perpetrators. In a number of cases, they clawed back the funds and profits that the convicted parties had fraudulently obtained.

    Flash forward to the 2008 credit crisis, in which just the related household sector losses alone were over 70 times greater than those seen during the entire S&L debacle. So how many criminal referrals did the same agency, the Office of Thrift Supervision, make?

    Zero.

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  • Podcast

    David Collum: We’re Headed for a Showdown

    Broken markets and abuse of law have consequences
    by Adam Taggart

    Saturday, December 29, 2012, 7:49 PM

    108

    In the Big Rock Candy Mountains,
    The jails are made of tin.
    And you can walk right out again,
    As soon as you are in.

    — Harry McClintock, Big Rock Candy Mountain (1928)

    Fresh from releasing his exhaustive and excellent Year In Review last week, Dave Collum sits down with Chris to discuss the key developments of 2012 in detail.

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  • Blog

    Fortifying Yourself And Your Home Against Crime

    by thc0655

    Thursday, April 7, 2011, 3:23 AM

    0

    In my first post on crime, I urged you to accept the reality of the criminal threat and to mentally choose not to allow yourself to be easily victimized.  Hopefully you’re reading this second post because you’ve sworn off the denial, distraction, and passivity that characterizes most people and decided to do whatever you reasonably can to protect yourself, your family, and your home.  If this mindset of yours is authentic and deeply felt, you’re more than halfway to your goal.

    Your next step is to form a self-protection plan. Helping you do that is the purpose of this second post.

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  • Blog

    Protecting Yourself Against Crime and Violence

    by thc0655

    Tuesday, March 1, 2011, 2:51 AM

    0
    Note: This post deals with personal security, one of the most asked-for topics by this community. However, we realize it is a sensitive if not scary topic for some. The intent here is have an open and mature exploration of an important subject. Please respect the author’s efforts to do just that.
     
    My wife and I live in Philadelphia on the “green line” between mostly-prosperous Center City and mostly-wasteland North Philadelphia. People are very aware of crime around here, as you might imagine, and many people have taken numerous steps to avoid becoming victims. That being said, I am still surprised on a nearly daily basis how unprepared and unaware some people are. (I’m a Police Sergeant, so I see many people who have been caught off guard by criminals. And that’s a very important first tip: If the criminal cannot catch you off guard and unprepared, he’s most likely going to pick a different victim. But that doesn’t account for intoxicated/drugged criminals, very inexperienced criminals, and professional criminals.)  

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  • Blog

    Daily Digest – July 3

    by Davos

    Friday, July 3, 2009, 8:21 PM

    0
    • Independence Weekend Massacre: 7 banks seized, week #22, bank failure #52
    • 467,000 jobs lost in the U.S. in June 2009
    • No Kidding! Nassim Taleb – "We’re in the middle of a crash…" (Video)
    • Harvard cuts 275 jobs, cites drop in endowment
    • Telling a Similar Story
    • YOU CAN’T BORROW YOUR WAY OUT OF DEBT
    • Setting the Stage for a Major Turnaround…in Crime
    • 12 Trillion dollar ocean of debt (H/T Nathan’s Economic Edge, Video)
    • The S.E.C. Gets Their Man (Video)
    • “Sell all California paper now!” says Martin Weiss. Sounds like good advice
    • JPMorgan on US Net International Investment Position
    • The New Rising Sun?
    • Freddie, Fannie to Provide 125% LTV Mortgages, Worse Than Extremes of Subprime Frenzy
    • July 10th, Is it a special day?

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  • Blog

    Daily Digest – Jan 1

    by Davos

    Thursday, January 1, 2009, 5:24 PM

    0
    • Americans Under 70 May Find 2008 Was Their Least Favorite Year
    • US stocks suffer worst year since Great Depression
    • Piggy banks fly off shelves in freshly frugal U.S.
    • The Wave of the Future?
    • Chief justice: Inflation outpacing pay for judges
    • Deregulator Looks Back, Unswayed
    • Mortgage ‘Cram-Downs’ Loom as Foreclosures Mount
    • Mortgage rates hit fresh 37-year low
    • Stop the Presses…
    • Government aid could save U.S. newspapers, spark debate 

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