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Banking Looters
Max Keiser and co-host, Stacy Herbert, observe the British shock that there is no society. In the second half of the show Max talks to former bank regulator, William K. Black about the absence of justice for banking crimes and whether or not the population plays a role in demanding this justice.
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Comments
Re: Banking Looters
[1] If you legalize bank looting, but outlaw street looting, you create rioting. As Max Keiser says, “Most of the people who now condemn the uprising will soon join it.”
[2] When fraud or theft are not punished, they automatically become “virtues," and increase exponentially.
[3] Yes, Thatcher said on 23 Sep 87, “There is no such thing as society." She meant we must have financial deregulation so bankers may rule the planet, and hyper-capitalism may consume us all.
http://www.margaretthatcher.org/document/106689
Thatcher said it again two weeks later in Blackpool England.
http://www.margaretthatcher.org/document/106941
[4] Max Keiser says S&P downgraded US debt in order to create volatility, which increases the proficts of high-speed traders. Sounds logical to me. Likewise, investment banking – indeed the entire financial world – thrives on volatility and instability.
[5] I’ve read Bill Black’s comments for years. His main concern is that when bankers face no penalties, the social contract dissolves, leaving only the law of the jungle: kill or be killed. Bankers love this, since they are above the jungle, controlling the show.
[6] “My administration is the only thing between you and the pitchforks.” Obama said this to top bankers at a private meeting in late Feb 2009. Obama meant he existed to serve the bankers at the expense of the masses, but in return he expected the bankers to help him craft cover stories that will conceal or excuse their theft.
http://www.politico.com/news/stories/0409/20871.html
[7] The government will not criminally prosecute bankers. Therefore investors have resorted to civil lawsuits. AIG sold insurance based on $28 billion in worthless securities that AIG bought from big banks. On 8 Aug 2011 AIG filed a suit against BofA in New York State Supreme Court for at least $10 billion. AIG will also sue Goldman Sachs, JPMorgan Chase and Deutsche Bank.
Other investors have filed at least 90 other lawsuits against the bankers, demanding at least $197 billion. In June, some investors such as BlackRock and Pimco agreed to accept $8.5 billion from BofA. AIG is trying to stop this, because $8.5 billion is a tiny fraction of what BofA stole.
Of course, none of the $8.5 billion would come from the pockets of corporate executives or directors. It is paid by the companies’ insurers and stockholders, which in turn pass all costs down to the masses.