How to rob a bank (from the inside, that is) | William Black

So today’s top chef class is in how to rob a bank, and it’s clear that the general public needs guidance, because the average bank robbery nets only 7,500 dollars. Rank amateurs who know nothing about how to cook the books. The folks who know, of course, run our largest banks, and in the last go-around, they cost us over 11 trillion dollars. That’s what 11 trillion looks like. That’s how many zeros? And cost us over 10 million jobs as well. So our task is to educate ourselves so that we can understand why we have these recurrent, intensifying financial crises, and how we can prevent them in the future. And the answer to that is that we have to stop epidemics of control fraud. Control fraud is what happens when the people who control, typically a CEO, a seemingly legitimate entity, use it as a weapon to defraud. And these are the weapons of mass destruction in the financial world. They also follow in finance a particular strategy, because the weapon of choice in finance is accounting, and there is a recipe for accounting control fraud, and how it occurs. And we discovered this recipe in quite an odd way that I’ll
come back to in a moment. First ingredient in the recipe: grow like crazy; second, by making or buying really crappy loans, but loans that are made at a very high interest rate or yield; three, while employing extreme leverage — that just means a lot of debt — compared to your equity; and four, while providing only trivial loss reserves against the inevitable losses. If you follow those four simple steps, and any bank can follow them, then you are mathematically guaranteed to have three things occur. The first thing is you will report record bank profits — not just high, record. Two, the CEO will immediately
be made incredibly wealthy by modern executive compensation. And three, farther down the road, the bank will suffer catastrophic losses and will fail unless it is bailed out. And that’s a hint as to how we discovered this recipe, because we discovered it
through an autopsy process. During the savings and loan debacle in 1984, we looked at every single failure, and we looked for common characteristics, and we discovered this recipe was common to each of these frauds. In other words, a coroner could find these things because this is a fatal recipe that will destroy the banks as well as the economy. And it also turns out to be precisely what could have stopped this crisis, the one that cost us 11 trillion dollars just in the household sector, that cost us 10 million jobs, was the easiest financial crisis by far to have avoided completely if we had simply learned the lessons of epidemics of control fraud, particularly using this recipe. So let’s go to this crisis, and the two huge epidemics of loan origination fraud that drove the crisis — appraisal fraud and liar’s loans — and what we’re going to see in looking at both of these is we got warnings that were incredibly early about these frauds. We got warnings that we could
have taken advantage of easily, because back in the savings and loan debacle, we had figured out how to respond and prevent these crises. And three, the warnings were unambiguous. They were obvious that what was going on was an epidemic of accounting control fraud building up. Let’s take appraisal fraud first. This is simply where you inflate the value of the home that is being pledged as security for the loan. In 2000, the year 2000, that is over a year before Enron fails, by the way, the honest appraisers got together a formal petition begging the federal government to act, and the industry to act, to stop this epidemic of appraisal fraud. And the appraisers explained how it was occurring, that banks were demanding that appraisers inflate the appraisal, and that if the appraisers refused to do so, they, the banks, would blacklist honest appraisers and refuse to use them. Now, we’ve seen this before in the savings and loan debacle, and we know that this kind of fraud can only originate from the lenders, and that no honest lender would ever inflate the appraisal, because it’s the great protection against loss. So this was an incredibly early warning, 2000. It was something we’d seen before, and it was completely unambiguous. This was an epidemic of accounting control fraud led by the banks. What about liar’s loans? Well, that warning actually comes earlier. The savings and loan debacle is basically the early 1980s through 1993, and in the midst of fighting that wave of accounting control fraud, in 1990, we found that a second front of fraud was being started. And like all good financial frauds in America, it began in Orange County, California. And we happened to be the regional regulators for it. And our examiners said, they are making loans without even checking what the borrower’s income is. This is insane, it has to lead to massive losses, and it only makes sense for entities engaged in these accounting control frauds. And we said, yeah, you’re absolutely right, and we drove those liar’s loans out of the industry in 1990 and 1991, but we could only deal with the industry we had jurisdiction over, which was savings and loans, and so the biggest and the baddest of the frauds, Long Beach Savings, voluntarily gave up its federal savings and loan charter, gave up federal deposit insurance, converted to become a mortgage bank for the sole purpose of escaping our jurisdiction, and changed its name to Ameriquest, and became the most notorious of the liar’s loans frauds early on, and to add to that, they deliberately predated upon minorities. So we knew again about this crisis. We’d seen it before. We’d stopped it before. We had incredibly early warnings of it, and it was absolutely unambiguous that no honest lender would
make loans in this fashion. So let’s take a look at the reaction of the industry and the regulators and the prosecutors to these clear early warnings that could have prevented the crisis. Start with the industry. The industry responded between 2003 and 2006 by increasing liar’s loans by over 500 percent. These were the loans that hyperinflated the bubble and produced the economic crisis. By 2006, half of all the loans called subprime were also liar’s loans. They’re not mutually exclusive, it’s just that together, they’re the most toxic combination you can possibly imagine. By 2006, 40 percent of all the loans made that year, all the home loans made that year, were liar’s loans, 40 percent. And this is despite a warning from the industry’s own antifraud experts that said that these loans were an open invitation to fraudsters, and that they had a fraud incidence of 90 percent, nine zero. In response to that, the industry first started calling these loans liar’s loans, which lacks a certain subtlety, and second, massively increased them, and no government regulator ever required or encouraged any lender to make a liar’s loan or anyone to purchase a liar’s loan, and that explicitly includes Fannie and Freddie. This came from the lenders because of the fraud recipe. What happened to appraisal fraud? It expanded remarkably as well. By 2007, when a survey of appraisers was done, 90 percent of appraisers reported that they had been subject to coercion from the lenders trying to get them to inflate an appraisal. In other words, both forms of fraud became absolutely endemic and normal, and this is what drove the bubble. What happened in the governmental sector? Well, the government, as I told you, when we were the savings and loan regulators, we could only deal with our industry, and if people gave up their
federal deposit insurance, we couldn’t do anything to them. Congress, it may strike you as impossible, but actually did something intelligent in 1994, and passed the Home Ownership
and Equity Protection Act that gave the Fed, and only the Federal Reserve, the explicit, statutory authority to ban liar’s loans by every lender, whether or not they had federal deposit insurance. So what did Ben Bernanke and Alan Greenspan, as chairs of the Fed, do when they got these warnings that these were massively fraudulent loans and that they were being sold
to the secondary market? Remember, there’s no fraud exorcist. Once it starts out a fraudulent loan, it can only be sold to the secondary market through more frauds, lying about the reps and warrantees, and then those people are going to produce mortgage-backed securities and exotic derivatives which are also going to be supposedly backed by those fraudulent loans. So the fraud is going to progress through the entire system, hyperinflate the bubble, produce a disaster. And remember, we had experience with this. We had seen significant losses, and we had experience of competent regulators in stopping it. Greenspan and Bernanke refused to use the authority under the statute to stop liar’s loans. And this was a matter first of dogma. They’re just horrifically opposed to anything regulatory. But it is also the international competition in laxity, the race to the bottom between the United States and the United Kingdom, the city of London, in particular, and the city of London won that race to the bottom, but it meant that all regulation in the West was completely degraded in this stupid competition to be who could have the weakest regulation. So that was the regulatory response. What about the response of the prosecutors after the crisis, after 11 trillion dollars in losses, after 10 million jobs lost, a crisis in which the losses and the frauds were more than 70 times larger than the savings and loan debacle? Well, in the savings and loan debacle, our agency that regulated savings and loans, OTS, made over 30,000 criminal referrals, produced over 1,000 felony convictions just in cases designated as major, and that understates the degree of prioritization, because we worked with the FBI to create the list of the top 100 fraud schemes, the absolute worst of the worst, nationwide. Roughly 300 savings and loans involved, roughly 600 senior officials. Virtually all of them were prosecuted. We had a 90 percent conviction rate. It’s the greatest success against elite white collar criminals ever, and it was because of this understanding of control fraud and the accounting control fraud mechanism. Flash forward to the current crisis. The same agency, Office of Thrift Supervision, which was supposed to regulate many of the largest makers of liar’s loans in the country, has made, even today — it no longer exists, but as of a year ago, it had made zero criminal referrals. The Office of the Comptroller of the Currency, which is supposed to regulate
the largest national banks, has made zero criminal referrals. The Fed appears to have made zero criminal referrals. The Federal Deposit Insurance Corporation is smart enough to refuse to answer the question. Without any guidance from the regulators, there’s no expertise in the FBI to investigate complex frauds. It isn’t simply that they’ve had to reinvent the wheel of how to do these prosecutions; they’ve forgotten that the wheel exists, and therefore, we have zero prosecutions, and of course, zero convictions, of any of the elite bank frauds, the Wall Street types, that drove this crisis. With no expertise coming from the regulators, the FBI formed what it calls a partnership with the Mortgage Bankers Association in 2007. The Mortgage Bankers Association is the trade association of the perps. And the Mortgage Bankers Association set out, it had the audacity and the success to con the FBI. It had created a supposed definition of mortgage fraud, in which, guess what, its members are always the victim and never the perpetrators. And the FBI has bought this hook, line, sinker, rod, reel and the boat they rode out in. And so the FBI, under the leadership of an attorney general who is African-American and a president of the United
States who is African-American, have adopted the Tea Party definition of the crisis, in which it is the first virgin crisis in history, conceived without sin in the executive ranks. And it’s those oh-so-clever hairdressers who were able to defraud the poor, pitiful banks, who lack any financial sophistication. It is the silliest story you can conceive of, and so they go and they prosecute the hairdressers, and they leave the banksters alone entirely. And so, while lions are roaming the campsite, the FBI is chasing mice. What do we need to do? What can we do in all of this? We need to change the perverse incentive structures that produce these recurrent epidemics of accounting control fraud that are driving our crises. So we have to first get rid of the systemically dangerous institutions. These are the so-called too-big-to-fail institutions. We need to shrink them to the point, within the next five years, that they no longer pose a systemic risk. Right now, they are ticking time bombs that will cause a global crisis as soon as the next one fails — not if, when. Second thing we need to do is completely reform modern executive and professional compensation, which is what they use to suborn the appraisers. Remember, they were pressuring the appraisers through the compensation system, trying to produce what we call a Gresham’s dynamic, in which bad ethics drives good ethics out of the marketplace. And they largely succeeded, which is how the fraud became endemic. And the third thing that we need to do is deal with what we call the three D’s: deregulation, desupervision, and the de facto decriminalization. Because we can make all three of these changes, and if we do so, we can dramatically reduce how often we have a crisis and how severe those crises are. That is not simply critical to our economy. You can see what these crises do to inequality and what they do to our democracy. They have produced crony capitalism, American-style, in which the largest financial institutions are the leading financial donors of both parties, and that’s the reason why even after this crisis, 70 times larger than the savings and loan crisis, we have no meaningful reforms in any of the three areas that I’ve talked about, other than banning liar’s loans, which is good, but that’s just one form of ammunition for this fraud weapon. There are many forms of ammunition they can use. That’s why we need to learn what the bankers have learned: the recipe for the best way to rob a bank, so that we can stop that recipe, because our legislators, who are dependent on political contributions, will not do it on their own. Thank you very much. (Applause)

100 thoughts on “How to rob a bank (from the inside, that is) | William Black

  1. Just make a law saying that the difference in the salary of whatever company cannot be more than 1/10 and the same applies to bonuses et simila. This would very simply make the salary of CEOs a low more normal or the salary of normal workers a lot higher..

  2. "hook, line, sinker, rod, reel and the boat they rode out in"… the FBI has got to get it's act together :/

  3. as somebody who's not very informed on everything he's talking about, I'd like to see a rebuttal to this video from someone who opposes his views in order to compare the two videos

  4. I think one of these days we really need to change how money itself fundamentally works. Capitalism, even at its best, promotes things that make money over things that enrich people's lives, and punishes people that are not spending all hours of the day trying to maximize their paycheck.

  5. Nuclear bombs, bio-weapons, epidemics, global warming, a new ice age, the shifting of the magnetic field, zombie uprising and even alien invasion…all were seen has the end of the world scenarios, yet no one suspected the smiley man coming to shake hands giving you everything in exchange for nothing. The world nearly ended because us (me included) have a dark seed in our hearts that tells us that we need to be above the rest.
    Our human greed is our greatest enemy…and we need to stop it.

  6. SMARTEST IDIOT I've ever heard…. (FED?)
    The third result of his "mathematically guaranteed" is it will "fail, unless it is bailed out"…..BAILED OUT?!! Why has bailing out anyone with taxpayer money ever become part of the discussion? "THE EXCEPTION HAS NOW BECOME THE RULE!"
    If banks given money at realistic interest rates (not at 0% or 1%) AND if they were guaranteed to be allowed to collapse when they screw up then this crap of massive losses wouldn't happen anymore. If someone gave you a billion dollars & allowed you to control 10 billion dollars at only 1% interest & guaranteed you the any losses you took would be covered by government & that govt would protect you & your money & insure your reimbursement using govt force of arms (police & military to take their money away) upon the citizenry what would you do?
    Most people who are given this opportunity apparently take advantage of it….few don't.
    END the FED!

    After all that he's still blind to one of the major causes. Cheap money given to the loan to play with. Think about it. If someone loaned you $10 at 18% interest you would invest it much more wisely seeing as YOU would be on the hook for ALL LOSSES than the banks that can get that same $10 at only 1% interest with a govt guarantee of being bailed out. END the FED!

    Govt initially put tremendous pressure on banks to extend loans to "sub-prime" borrowers (low income & minorities) so banks demanded cheap money that would also be govt backed to a higher degree. Then once the "recipe" kicked in the banks went in to overdrive on "liars loans".

  9. Please have more speakers on about this subject and Federal Reserve Elite Bailout Fraud. Wonderful talk.

  10. more people should watch this, i can't fathom this kind of corruption can excist without some serious respons. #peoplearesheep  

  11. Banks have become the biggest CRIMINALS, savings and loan fraud (over 20,000 conviction. Bank fraud of 2007-2008 until recently, NO CONVICTION)

  12. Moral Hazard is what causes all this. The bank knows they will be bailed out, and thus the take on the risky behaviour. Everything after that is a symptom of the moral hazard

  13. It's time to go French Revolution style on these business criminals, no more forgiveness, off with their heads.

  14. The saddest joke: "All my life checking my back when I went to an ATM and all I had to do was check what was in front of me"

  15. So people went to prison, right? What's that? They didn't? Jails too packed with people in on non-violent drug offenses? Really?

  16. In all very vaild and clean speech. Provided real insight into the banking issues of our day, by simply revealing the trends and mistakes of the past. One thing caught me as odd. Was there a point in the fact that the president and attorney general are "African Americans"? I wasn't sure why it matters. An ill informed politician, is an ill informed politician no matter there color.

  17. "Our Legislators who are dependent on political contributions will not do it on their own." I have never been more proud to be a democratic. 

  18. Now that you have seen this presentation… Are you going to contact you legislator or call a mass rally to start making real change?….No?….. I wonder who will then….. Does that mean that this guy wasted his time explaining what the problem is and how to solve it… That's the problem with people… Anything that doesn't require a like, re-post, or a click to sign a petition is too much. The problem isn't that the world is being taken advantage of… The problem is the world isn't willing to do something about it.

  19. Incredibly important message but incredibly boring presentation! Why can't we have someone interesting and talented at public speaking give this presentation? Come on TED…

  20. well i guess that shows the rest of the world that industri cannot self regulate (excluding murica), when there is money involved, thats where you need the State to regulate the industri and force them to not be fraudluent twards regular people.

  21. Every country should have its own public bank. And bail only that bank. Public property should be in the service of ppl only and not for multinational corporations.

    The state must bail out every bank that willingly gave loans to certain  ppl that have relations with high ranking employees. They share the money while the average citizen will have to face austherity measures.

    Private banks are ckamming the ppl with the help of their own state. They get ppls homes for pennies while still they have debd left

  22. Basically if you are going to steal money from someone, steal 1 billion or more because you won't be punished.

  23. Funny reading these comments. Some people know nothing about banks and fall victim to media manipulation. They'll do a story on anything that brings viewers but most times are far from the truth.

  24. I don't get how Americans are not on the streets burning buildings. This is a french revolution style problem.

    Is there a new fraud going on?

  25. I thought this was a tutorial on the practical application of stealing money from a vault. I'll go back to watching Heat, it's much better.

  26. The real fraud is convincing governments that fractional-reserve banking is considered a good thing.  The problem is most people have no idea what that means.

  27. it's just so sad….ruining so many lives. the punishment for the thieves should've been DEATH! maybe then the naughty people will think twice before taking people's hard-earned savings. jail's 2 full? no problem.

  28. This whole world system needs a drastic change. It profits to the few at the expense of the many. On international and national levels. Democracy can't be protected if the common people are distracted by the daily run after paychecks and are under the heels of the banks. And it threatens the whole globe environmentally as well. If the World Wars were the result of economic crises caused by Colonialism' faults, I wonder when we're going to see the next World War, between the rich and the poor…

  29. Dear William, you are a nice and honest man. However, you have to take cognizance of the fact that "liar's loans" and other artificial accelerators of profit a inextricable part of the system as such. The system can not work without that because it is so damned effective in concentrating artificial money at the top of the pyramid. Now there is no opportunity to invest this false money both profitably and legally – but it is there, somehow, so it is looking for and finding outlets somewhere somehow. What you call "illegal" is an unavoidable part and parcel of the system. 

  30. I don't think we should ever be surprised when massive corporations whose only goal is making money take advantage of their position. It makes me really nervous how big some companies are now.

  31. That, I truly believe is why the scriptures refer to mans system as Babylon. Whether the US, RUSSIA, CHINA, ET AL. They are Babylon.

  32. Let's just outlaw all banks.  If you want a loan you can get one from a peer-to-peer lending site like Lending Club, but lending by organizations is banned.  You can bet that people won't make risky loans if their own wallets are on the line.

    The problem with banks is that CEOs can throw their bank under the bus while making a huge personal profit at the same time.  And if the US gov't bails out the bank, it's even better for the CEO, cause then they can just do it again.

  33. What we really need to do is establish legal definitions for 1) greed, 2) excessive greed, 3) obtuse greed, and 4) hideously insidious greed. Then we need to criminalize certain degrees or types of greed. Then we need to enforce the criminal laws that were promulgated to prevent greed from destroying humanity. Also, the people who profited from bank fraud must be required to return the money they stole. Asset seizure and forfeiture; it has been done to death in drug cases and it needs to be done in bank fraud cases as well.  

  34. I'll be honest, at first I thought that he was boring. Now I see that he is really, really angry, but it's a quiet, bitter anger.

    People need educating in this, just because – if people understand what's going on, they can do something about it. I had no. fucking. clue as to how the banks worked (I still don't, but I watched a doc about it last week that cleared up some of it) so even if I had said resolutely "Now I am going to change things and petition for better leadership in banks." I would have had zero idea as to what actually is better.

  35. A Near perfect description of the financial crisis problem, foundations, and a practical solution. How more people don't understand this I will never know. 

  36. You steal 1Mil You get beaten 
    You steal 1Bil You get to jail
    You steal 1Tril You become my partner.

  37. Market is rigged by the banks and they are going to destroy the US dollar. They blackmail the rest of the worlds government through state capture to allow this ponzi scheme to continue. When this market crashes again by their fraud they will then leverage even more borrowed money to short the market so they win either way the market goes.

  38. I marked this as I Like — but I don't like what I hear. I like the fact that I learned something. Thank you William Black.

  39. I think one of the solutions, is to teach the general public a few things about loans — something my mother told me:

    1) Never, ever,  loan or rent, for a monthly fee of over half your income, better still, keep it below a quarter of your income.
    2) Assume, if you are a couple, that one of you is going to lose their job at some point. Which means, the monthly fee should not exceed a quarter of ONE of those jobs.
    3) Never loan for anything else, than a house, or education. If you're taking a loan to buy a TV, you're doing something wrong.
    4) If possible, AVOID variable interest-rates.

  40. To speed this up,
    Any significant problems with what he's saying?

    If not we're accepting that massive white collar fraud has taken place, in an era where government and major select corporations are cozier than ever with each other. Mostly because they have increasingly shared the same network of people.

  41. The bottom line here is interest rates. If it were not for the massive amounts of money being made from simply typing up a credit agreement and creating money from thin air that isn't even theirs, this fraud would not be able to perpetuate, let alone be worth perpetuating. The amount of money being made from individuals by these leeches needs to be regulated, keeping more money in the people's purse and away from these big banks, insurance companies and in turn corporations who then use this to buy government policy.

  42. And thus is the legacy of Ayn Rand. From her to Greenspan and Friedman they not only preached the gospel of no regulation but liken unto the barbarians swarming over Rome burned the books of ancients so that we even lost the knowledge of how to keep regulate, to keep capitalism in the hearth to warm and light the home instead of burning down our civilization with it. Capitalism is a tool not a religion. Pyromania is not useful to the world only to the psychopath. Fire belongs in the fireplace cooking our food and lighting our homes.

  43. The financial sector is the most regulated industries in the world. And the answer is more regulation?

  44. If I can avoid stepping in the drivel in some comments- ew! – thanks, Mr. Black. I was looking at a standard appraiser's form and noticed they are allowed to write in an increase over <i>present value</i> if there has been previous increase. Madness. It is antithetical to any prudent theory whatever.

    BTW the nuts who have just discovered the centuries-old existence of fractional lending are late to the party and barking up the wrong tree.

  45. ………..yes, TED, and these same violations of ethics and principles have been happening over and over again, wherever a relatively few CAN make questionable, yet authorized decisions about OTHER PEOPLEs assets, which will directly, and sometimes soley, benefit the decision-makers who will learn to collude with any over-sight, reducing the transaction to their complete control, needing only a rubber-stamp as an expendable formality

  46. Buy Gold and Silver and you can escape this fiat fraud, bitcoin is bullshit anything digital can easily be manipulated. 

  47. How to rob a bank. Join a secret organization that puts you in contact with high powered people, banksters,CEO's, CFO's, and other people that can help you. you find a large island in Texas,that is eroding  away at a record pace, Make deal to buy land at a large mark up through some of your bankster friends. Sell lots that washes away. Make over a million dollars for your part. Trust dumb family members in sell of remaining property. Get caught because dumb family member defaults too early on contract, triggering an investigation and sending grand father to jail for three years. Three years for over a million dollars not bad pay for an old guy to sit around and kill time. I know he was small time,but he was not the only one. The entire S/L went down this way and only the small guys got convicted.  

  48. The meaning of life for some
    International Corporate / financial oligarchs run politics in America. They write the laws and they clearly have captured the government and the military from within since the 1900s (read smedley butler). They rountinely fund both sides of the war such as in Vietnam when we sold equipment to Russia and end up in the hands of the north vietnamese. They also control the money making process from private banks. 

    These oligarchs (ruling elite, nwo, zionist, or what ever it is you want to call them) do not represent the American public. But they want to import their political /economic system worldwide because they have nothing better to do. They were born with all the material possessions they want and now take them for granted, 600 million private jets, 35000 square foot mansions all over the planet, yachts, and they party with 30,000 dollar bottles of cognac. All they can do is to conquer the world to make their lives meaningful. 

    Therefore, this is why we have chaos in the middle east because they want to import a debt based petro dollar social economic system controlled by them. Most of money in the US is created by banks when they make loans. The only way to get extra money into the economy is to borrow it from banks, leaving us all trapped under a mountain of personal debt and mortgages.They already control Europe and Japan and now they want to take over the world. This is why these oligarchs are funding isis and why they want chaos in the middle east. This chaos is concerned for the Russians because of easily controlled jihadist. Really who wants to have religious terrorist at their border? This is why Russia form a pact with Iran. The question is: Is Russia controlled by these Oligarchs also? I think they might be

  49. The biggest problem we have is that the psychopaths are in charge. Psychopaths aren't crazy axe murderers, they're every day people with increased aggression and decreased concern for the welfare of others. The exact people who claw their way up in the business world without concern for who gets hurt on the way. Until we have these people removed from power there is no way to change the world.

  50. Americans seem to be straight talking no bull shitters but underneath seem to be stupid.

    The USA Federal Reserve is a private bank owned by a few Jewish bankers who lend or embezzle large amounts of money out to themselves and to their tribe bankers.

    There were no real crises the 11,000,000,000,000 did not have to pay out.  Government receivers would of just simply taken over the bank or sell assets and assure public and business accounts.

    And if a crime had been committed by any of these CEO Bankers of recklessness they should be given say a minimum of 30 years prison sentence to re assure public safety.

    This person talking about deregulation and decriminalisation sounds blatantly stupid. Regulation is what keeps the bank and public money safe from financial harm if the US privately owned Federal Reserve followed what he said about congress in 1994 of bank regulation the privately owned Federal Reserve would not have been able to embezzle out 11,000,000,000,000 trillion dollars out to a few banks.

    So it’s obvious that the feds chiefs running the US government bank are going to refuse it when planning a raid.

  51. I feel like I really should know what he's talking about. Why have I not been taught any of this? I'm trying to keep up, but I get lost at every other word. How can I learn what he's talking about?

  52. You will never stop "control fraud" until workers control and run the companies they currently only work for.

    See Mondrogon Corporation for more information on how Capitalism should be evolved.

  53. The FBI didn't fall for the bank execs' story of guilty borrowers taking out "liars' loans" from "innocent" duped bank authorities – the FBI is also corrupt. How could anyone believe it was the borrowers' deception when the banks made no effort toward the formerly standard practice of verifying loan applicants' income? The liars were ensconced in the  banks' management. FBI director Comey was on the board of HSBC, notorious for drug money laundering on such a scale that they incurred fines of $4.9 billion. It's unimaginable that Comey didn't know this lucrative operation was going on while he sat on the board. US governmental corruption is boundless. Scum appoint scum.

  54. Just rewatched this after watching The Big Short, and I can finally piece how my family lost the house. It's beyond infuriating that the bankers who caused this anticipated the tax payer to bail them out through their pensions and savings, and would steal from them again by giving themselves huge bonuses after the fact. Whatever faith I had in the system is gone now as we enter a new era of deregulation, desupervision, de facto decriminalization. It seems like the only way to make a buck now is to bet that the system will fail (again).

  55. How to Rob the public using a bank,a 200.000 dollar house cost over 30 years is 600.000 and the first 15 years is intrest ,the next 15 years pays the house.They never had the money but did have a lisence to print an IOU for title .

  56. Huge bank fraud by bankers and politicians should be execution offenses, preferably by burning at the stake, or by hanging drawing and quartering.

  57. Very well put and respect to the cause. However, it seems that one of the main issues is that this whole area has been made overly complicated and therefore difficult for everyday people to understand. That seems to be the real crime here. Honestly, the world of finance – which affects ALL OF US so much – shouldn't be such a minefield of nonsense in the first place.

  58. By not condemning the Federal Reserve he inadvertently is endorsing it's existence. It must be abolished before anymore progress can be made. They use inflation and deflation to manipulate the money supply to manipulate public opinion. #KILLTHEFED

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