Readers, while I can appreciate that these executives are without doubt guilty, they are only celebrity criminals within a whole industry wide epidemic of fraud. There is also the Washington ideology smoke machines,also identified as well funded lobbying foundations, econo-ideologues such as Wallison, and the majority of the professorial and professional econo-fiction distributors. Executive compensation and the lack of regulation set the process up as a whole sector supporting control fraud, as in fraud enabled from the executive postions. So much for fiduciary due diligence.
Readers, This is an interesting article from several points of view. To put it one way the "stability" of socialism cultivates instability. It is the incessant pressure to unearned rent and the privatization of governance which has toppled financialized capitalism in the US. The nature of economic democracy in the US has long since evaporated. The largest part was rationalized on the basis of the presumption of the efficiency of markets, without drawing attention to how markets are captured and subverted.
"Fannie and Freddie’s Managers bought Nonprime Paper for the same Reason Merrill Did" William K. Black UMKC, Berzinga
The Republican members of the Financial Crisis Inquiry Commission have conducted a preemptive strike. They issued a report arguing that the problem with Fannie and Freddie was regulation and politics and that Fannie and Freddie are responsible for the U.S. financial crisis – so regulation is the great evil.
"Support Representative Kaptur's Bill: Time to Shut Down MERS and to Restore the Rule of Law" By L. Randall Wray UMKC
Readers, as well written as this article is there are a couple of additional wrinkles that only might not involve MERS. That is there is evidence that when foreclosed properties cannot be sold at a price that the back wants for the property, with judgements in favor of banks even fraudulently claiming to have the paperwork on the front side, the banks have been also putting the property back into the name of the former mortgage holder so that the banks would not have to be liable for the local property taxes or property insurance required in a mortgage.
No Mr. President, Larry Summers Did Not Resolve the Financial Crisis for a Pittance, He Just Papered Over the Problem
By William K. Black, from Economic Perspectives from Kansas City, UMKC
"Foreclose the Foreclosure Frauds (Part 1)" William K. Black and L. Randall Wray, Economic Perspectives from KC, UMKC
Readers, These writers dismantle the ongoing fraud by Wall Street and their cronies within the BHO PotUS admin. The level of denial and evasion is horrific, and entirely political, that will do nothing to evade the complete disintegration of the entire criminal enterprise on Wall Street Inc. What the banksters are doing is all short run and short term stuff that do not change the basic trajectory. Tadit Anderson
Paul Volcker, or the “big guy,” as President Barack Obama refers to the former Federal Reserve chair who heads his Economic Recovery Advisory Board, nailed it in a series of blistering remarks on the sorry state of our economy. But what he said was even tougher than was indicated by the media’s scattergun reporting on his speech last Thursday to the Chicago Fed. Thanks to Reuters, which posted the video coverage online, it is possible to take the full measure of his concern over where we are and how we got here.
"Control Fraud” Crushes Kabul: And the New York Times needs to Correct its Correction" Bill Black UMKC
Readers, There are few people as competent as William Black relative to control fraud and the types of fraud/corporate capture that are usually applied to sustain institutionalized fraud. This whole process has been papered over by the bribery going into Congressional Campaign Funds. The ideology and supporting culture are pervasive throughout our culture. This means that you will also find the same patterns at the local level though on a smaller scale. Relative to Afghanistan, so much for the accomplishments of "nation building" by the west.
"Is the Economy as Broke as Lehman Was? The Angelides Committee Sidesteps the Mortgage Fraud Issue" By Michael Hudson
Readers, this is an excellent article in several ways. Hudson takes a current event the Angelides Hearing on the economic collapse in 2008 and particularly former CEO Fuld of Lehman Brothers and connect it together with the general process of the economic collapse and the pervasiveness of fraud for which only token perpetrators have even come before a court. He leaves the base question without a direct answer. He also criticizes the phoney economics and the limp to absent initiatives to re-start the economy. The prime perpetrators and the beneficiaries are yet again the 1%. Tadit Anderson
Readers, This article does not have much content other than noting General MacArthur's pidgeon shit stained statue and his part in suppressing demontrations by hungry people deemed to be unworthy. The article really tells a limited story of hardship as an economic plague. The author to have little sense of how freequently exonomic recessions and depressions have happened as a direct result of the structural fault lines in the system of financialized capitalism.