William Black was interviewed back on the 14th of September on the Financial Sense Newshour. He explains to Jim why no one has gone to jail four years after the beginning of the historic Credit Crisis. Professor Black believes that the level of corruption and fraud is so pervasive that very few of the guilty will ever be brought to justice. (the link to the MP3 file)
More recently, on the 8th of October, Harry Markopolos was interviewed on King World News. It was, for once, an interview that didn't make my teeth cringe too much.
Harry Markopolos the Whistleblower who brought down Bernie Madoff’s $65 billion Ponzi scheme reached out to KWN with the latest fraud he and his team have uncovered. Markopolos stated, “The Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It’s been a hell of a crime spree for the bank, but now they are being brought to justice.” (link to the MP3 file)
These are interesting interviews and allow the listener to get a sense of the enormous amount of fraud and excess during the bubble, and also how much the government is corrupt in the US (and everywhere else, to be honest).
Unfortunately, both whistleblowers, in the face of massive failure of government regulation, are advocating as a solution better and less corrupt government regulation and fail to realize that not only this is impossible, but also that during the bubble, 99% of people didn't see this coming, so what might be considered today as a fraud might not have been such a blatant fraud back then.
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