Veteran Regulator Calls Geithner a Failure
William K. Black made a name for himself busting bad bankers and the lawmakers who loved them during the savings and loan scandal. His book, "The Best Way to Rob a Bank Is to Own One," says it all. Here he tells Bill Moyers that the treasury secretary is a failed regulator engaged in the cover-up of a massive fraud.William K. Black made a name for himself busting bad bankers and the lawmakers who loved them during the savings and loan scandal. His book, “The Best Way to Rob a Bank Is to Own One,” says it all. Here he tells Bill Moyers that the treasury secretary is a failed regulator engaged in the cover-up of a massive fraud.
Watch it here.
Your support is crucial…PBS:
WILLIAM K. BLACK: Geithner is charging, is covering up. Just like Paulson did before him. Geithner is publicly saying that it’s going to take $2 trillion — a trillion is a thousand billion — 2 trillion taxpayer dollars to deal with this problem. But they’re allowing all the banks to report that they’re not only solvent, but fully capitalized. Both statements can’t be true. It can’t be that they need $2 trillion, because they have massive losses, and that they’re fine.
These are all people who have failed. Paulson failed, Geithner failed. They were all promoted because they failed, not because — .
BILL MOYERS: What do you mean?
BLACK: Well, Geithner has, was one of our nation’s top regulators, during the entire subprime scandal, that I just described. He took absolutely no effective action. He gave no warning. He did nothing in response to the FBI warning that there was an epidemic of fraud. All this pig in the poke stuff happened under him. So, in his phrase about legacy assets. Well, he’s a failed legacy regulator.
With an uncertain future and a new administration casting doubt on press freedoms, the danger is clear: The truth is at risk.
Now is the time to give. Your tax-deductible support allows us to dig deeper, delivering fearless investigative reporting and analysis that exposes what’s really happening — without compromise.
During this holiday season, stand with our courageous journalists. Donate today to protect a free press, uphold democracy and ensure the stories that matter are told.
Economic Justice
Elizabeth Warren (D-Massachusetts) and J.D. Vance (R-Ohio) have joined forces in a rare bipartisan effort to make top executives pay for their mistakes.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Because our banks aren't nationalized, its inability to work with Congress has resulted in another botched attempt at crisis management.
Its forced choice to bankroll hedge funds and other speculative ventures in repo market comes at a price to the middle class.
The Massachusetts senator and Democratic presidential contender wants to make it harder for big banks to prey on consumers.
The threat of a U.S. technology company taking up the model set by China's WeChat Pay and Alipay may now be materializing.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.