October 23, 2011
William Black and David DeGraw appear here on the Dylan Ratigan Show to discuss non-political, legal courses of action to deal with the multiple-trillion dollar financial frauds that have occurred.
David DeGraw says:
“This is a criminal racket that has paid off politicians since the Clinton Administration. These people should be prosecuted.”
“They could be prosecuted under existing Fraud Laws. The FBI, 7 years ago knew that there was an epic level of mortgage fraud and predicted that it would cause an economic crisis. There’s no excuse. We’ve had 7 years to deal with open frauds…there is a paper trail that demonstrated the fraudulent intent of these banks. Well, where is the Justice Department?
“For that matter, where is Paul Krugman?…until the economists are willing to use the ‘F’-word…Fraud – and support us in in prosecuting the frauds, we’re never going to make progress.”
William Black is Associate Professor in Economics and Law at the University of Missouri, Kansas City School. He testified on April 20, 2010 before the House Financial Services Committee about the corruption of all Federal regulatory agencies responsible for regulating the banks.