Madoff Was A Piker -- America's Big Banks Are a Far Larger Fraudulent Ponzi Scheme

AlterNet, Bill Moyers Journal. by Bill Moyers | Apr. 6, 2009 (News Analysis)
One of America's top bank fraud experts explains the financial industry's "liar's loans" and wholesale greed that got us in this mess.

the way that you do it is to make really bad loans, because they pay better. Then you grow extremely rapidly, in other words, you're a Ponzi-like scheme. And the third thing you do is we call it leverage. That just means borrowing a lot of money, and the combination creates a situation where you have guaranteed record profits in the early years. That makes you rich, through the bonuses that modern executive compensation has produced. It also makes it ... Full Story »

Posted by Dwight Rousu

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Subjects: U.S., Business
Topics: U.S. Economy, Finance, Crime
Member Tags: white collar crime, banks
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Posted by: Posted by Dwight Rousu - Apr 6, 2009 - 7:01 PM PDT
Reviewed by: Dwight Rousu (review), Tanya J. Maurer (review), Londen Washingtpn (review)
Content Type: Article
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Edited by: Dwight Rousu - Apr 6, 2009 - 7:01 PM PDT

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Dwight Rousu
4.5
 by Dwight Rousu - Apr. 6, 2009

Bill Moyers conducts an interview with Bill Black that provides a lot of strong statements about the bank crisis and attacks the current approaches being taken. Well worth a read of the 6 pages.

Some good points are made. The perpetrators are in charge of the crime scene and look to be covering up. Lets get the facts. Have an independent investigation.

Is it possible that these complex instruments were deliberately created so swindlers could exploit them? Black: Oh, absolutely. More »

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Tanya J. Maurer
4.2
 by Tanya J. Maurer - Apr. 9, 2009
See Full Review » (11 answers)

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  • Stop protecting Wall Street bankers from Main Street

    Salon by Bill Moyers, Michael Winship | Apr. 9, 2009 (Opinion)
    Time to move the blame to where it really belongs. That means no more coddling banks with bailout billions marked "secret." No more allowing their executives lavish bonuses ...
    Posted by Dwight Rousu
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