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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBill Black: More Proof of Obama Policy of Covering Up for Elite Financial Criminals
more at link
http://www.nakedcapitalism.com/2012/01/bill-black-more-proof-of-obama-policy-of-covering-up-for-elite-financial-criminals.html
The New York Times published a column by its leading financial experts, Gretchen Morgenson and Louise Story, on November 22, 2011 which contains a spectacular charge against the Obama administration’s financial regulatory leaders. I have waited for the rebuttal, but it is now clear that the administration does not contest the charge.
The specific example that prompted the NYT article (“Financial Finger-Pointing Turns to Regulators”) was a civil action against a former executive of IndyMac. IndyMac was supposed to be regulated by the Office of Thrift Supervision (OTS). OTS was the worst of the federal financial regulators – which is a large statement. It was so bad that the Dodd-Frank Act killed it. I used to work for OTS. One of the things I did to make myself unemployable during the S&L debacle was to testify before Congress against the head of our agency, Danny Wall, and our head of supervision, Darrell Dochow. Wall resigned in disgrace and Dochow was demoted and sent back to run the obscure office he had once run in Seattle.
Ms. Story and Ms. Morgenson’s column discusses how an IndyMac manager is defending himself against suit by arguing that Dochow told him to file false financial statements. OTS’ senior leaders knew from my book exactly what they were getting when they promoted Dochow and made him the top (anti) regulator for all the top S&L originators of fraudulent liar’s loans.
This column addresses a more general point, the charge that Obama’s financial regulatory leaders actively oppose the prosecution of elite financial criminals and the regulators who conspired with them (to use the term the article quotes Professor Kane as insisting upon).
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pinboy3niner
(53,339 posts)We'd be much better off with a socialist progressive like Mitt Romney. 
cliffordu
(30,994 posts)
c
pinboy3niner
(53,339 posts)How ya doin' man? I love you, brother!
cliffordu
(30,994 posts)And right back atcha!!!
naaman fletcher
(7,362 posts)I forgot that we have to check all of our principles at the door during election season.
pinboy3niner
(53,339 posts)Sometimes it's easy to lose sight of what REALLY counts.
Skidmore
(37,364 posts)you are being all smug with your purity.
DisgustipatedinCA
(12,530 posts)This is both to you, and the poster just above: do you really and truly believe we shouldn't discuss any negatives the President may have while election season is on? I'd like to know your thoughts on the matter.
FarLeftFist
(6,161 posts)
G_j
(40,569 posts)is this a conversation about the content of said article?
joshcryer
(62,536 posts)
Rare form, pinboy3niner, rare form.
GeorgeGist
(25,570 posts)putting us on.
frylock
(34,825 posts)white
uponit7771
(93,532 posts)Vattel
(9,289 posts)"These charges are exceptionally severe. Senior former regulators are willing to be quoted by name asserting that Obama’s (not Bush’s) financial regulatory leaders are blocking lawsuits against fraudulent financial elites and their anti-regulatory co-conspirators because they fear embarrassment."
banned from Kos
(4,017 posts)so that is "proof".
These idiots like Black and Taibbi are out of their minds with this conspiracy shit - and where does it end up?
NC of course - the blog that called Elizabeth Warren a warmonger!
Octafish
(55,745 posts)The guy's a forensic economist, for Pete's sake, who investigated and prosecuted the Savings and Loans frauds of the late 80s and early 90s. You must have heard of it. If not, read this:
Know your BFEE: They Looted Your Nation’s S&Ls for Power and Profit
http://journals.democraticunderground.com/Octafish/235
And when you get a moment, read up on what he said about the great Wall Street bailout and what's needed to prevent it from happening again, as well as for prosecuting the guilty:
The Two Documents Everyone Should Read to Better Understand the Crisis
http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html
That was three years ago. I bet Professor Black has had a lot to say since then about the Wall Street-Washington axis of weasels.
You know, after reading your post, I can understand why you were banned from Kos.
banned from Kos
(4,017 posts)So Black should do it if he is so confident.
Bernie Madoff was called out for his criminal behavior long before he was actually indicted. Of course one would risk legal retaliation in the event they were making stuff up.
I say these allegations of "massive fraud" are designed to sell books and advertising.
fasttense
(17,301 posts)the justice department.
It aint never going to happen. That's why we wont get that hopey changey thing.
newspeak
(4,847 posts)is when no one is held accountable, it encourages the truly felonious to do it again and again. We, the people are the ones who are hurting from the S&L theft, the enron debacle, the bad loan bundling and predatory lending practices. And, we the people, are the ones who pay for these cretins' scams. And, they keep screwing us over and over again.
It looks like we have certain corrupt greed heads who salve each others' palms, conning the mark-and we are the mark. Of course, they keep doing it until the mark is completely drained. Nothing left to be scammed.
If the government really cared about regulation, they'd appoint people who actually are expert in the field, like an environmentalist for EPA, an economist for financial regulation. You don't appoint people who have an interest in certain corporations-people who can scam for their buddies. It's like appointing a fox to guard the henhouse. And, they keep doing it over and over again. It's not a mistake, they're allowing their friends to raid the henhouse, most of the time turning their back so they can't see it being perpetrated.
xchrom
(108,903 posts)Sheepshank
(12,504 posts)...... but it is now clear that the administration does not contest the charge."
I stopped reading right there.
A rebuttal to every single question, dug up fantasy, loony article...really? If no rebuttal then a tacit agreement? WOW idiocy and illogical conslusion in a printed article and people are lapping it up.
banned from Kos
(4,017 posts)instead of bloviating on blogs.
But they can't win and won't profit by the former.
SomethingFishy
(4,876 posts)There were only 3 DU'ers as rude, as obnoxious and as easy to laugh at as you. You should change your name to
OperationHiFructoseNJMav.
uponit7771
(93,532 posts)See, it's this crap that gets people tired
Octafish
(55,745 posts)...said exactly what We the People need to do.
http://www.pbs.org/moyers/journal/04032009/watch.html
That was three (3) years ago.
For those interested in a more neutral or, perhaps, a less bourgeouise perspective:
Former Financial Regulator William Black: Occupy Wall Street a Counter to White-Collar Fraud
http://www.democracynow.org/2011/10/19/former_financial_regulator_william_black_occupy
LiberalAndProud
(12,799 posts)[div class="excerpt" style="border: solid 1px #cccccc; border-radius:0.5385em; box-shadow: 3px 3px 3px #cccccc inset, 1px 1px 1px #cccccc;"]http://www.nytimes.com/2011/11/23/business/economy/financial-finger-pointing-turns-to-regulators.html?_r=1&pagewanted=all
“It was O.T.S. who had the final say regarding IndyMac Bank’s capital levels,” Mr. Perry wrote.
He went on to say that Darrel W. Dochow, former regional director for the Western region of the agency and a financial regulator for more than 30 years, had “specifically directed” Mr. Perry to backdate IndyMac’s report to regulators to include an $18 million cash infusion that would make it appear well capitalized.
-snip-
Longtime defense lawyers say one reason there have been so few prosecutions related to the credit crisis is because financial executives often solicited advice from outside parties — like accountants and lawyers — and experts shelter them from some potential charges because they can argue they relied on the advice. Regulatory advice may be a similar shelter against prosecution.
I would encourage others to do the same.
banned from Kos
(4,017 posts)Those are happening by the dozens as it is.
They want a Dimon, Blankfein, Pandrit, Mack, - someone big time. Which will never, ever happen.
No loan, robo-doc, etc will ever have a CEO's fingerprints on it.
LiberalAndProud
(12,799 posts)The salient points in the article are that these regulators have been regulators for upwards of 30 years. They treat the banks as clients. They are protected by law from being held either criminally or civilly liable. Dochow stepped down in 2009 and OTS was dissolved. That didn't make these problems go away.
It may be convenient to point at Obama and say this is his administration's failure. It is clear to me that this goes much deeper than Obama and is much more difficult to solve that electing the right President. There is something rotten at the foundation. At least Obama has made some attempt to reign in and regulate, much to the chagrin of Congress.
treestar
(82,383 posts)
bvar22
(39,909 posts)Sun Shine is the best disinfectant.
Transparency is GOOD for democracy.
You will know them by their WORKS,
not by their excuses.
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