What the Judiciary Committee Should Have Heard

March 9th, 2012
in econ_news

Econintersect:  William K. Black is one of the world’s leading experts on banking and financial system fraud, with years of hands on experience bank-robbing-patronsSMALLinvestigating banking criminal activity.  He delivered invited testimony before the U.S. Senate Judiciary Committee on Wednesday, 07 March 2012.  The session had 5 witnesses and lasted 105 minutes.  Black’s testimony was cut off after 7 minutes and 20 seconds!

What the Senate Judiciary Committee should have heard was revealed in a discussion one day later in an interview with Jay Ackroyd on blogtalkradio.com.  Hear the “testimony” after the 'Read more' break.

(For larger image of how banks have served the public interest, click on the cartoon.)

Follow up:

Prof. Black’s interview is in the second hour of the program.  Advance to minute 61 to start.


Did you listen to the full hour?  Now go back and listen again.  The entire structure of the malfeasance that cause the financial crisis and that continues to this day is outlined in this hour.

This is the testimony that the Judiciary Committee should have heard.

John Lounsbury


Hat tip to Roger Erickson.

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1 comment

  1. ECB-Watch says :

    William Black rests on “Looting: the Economic Underworld of Bankruptcy for Profit” (1993) by two Nobel Prize recipients to make his case for fraud epidemic as a major cause of the GFC.

    I have not found one opinion piece by these two economists on this topic.

    Do they disagree with Black on the application of their theory to the GFC?
    That's a possibility, but another one is that they are shunning the responsibility that comes with a Nobel prize.

    Either way, their silence makes Black seem either a prophet or a madman. I've tweeted Black about it.

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