Professor and former bank regulator William Black is an expert in white collar crime. When it comes to the IRS scandal, Dr. Black says, “This is everybody’s fear. This is a real fear and not made up. You can produce incredible abuses of democracy if you use the IRS as a weapon.” Dr. Black contends, “It was precisely First Amendment activities that the IRS targeted under the Obama Administration. At best, they were completely asleep at the wheel.” Dr. Black isn’t sure higher-ups are going to jail but says, “The clear unbelievable thing is they gave an absolute gift, Christmas came early, for not only the Republicans, but for all Tea Party groups.” Black goes on to say, “This administration, very early on, became an enemy of disclosure. It hates whistleblowers with a passion.” Join Greg Hunter as he goes One-on-One with former bank regulator William Black.
Rolling Stone’s Matt Taibbi & former financial regulator William Black discuss the government’s recent $8.5 billion settlement with TBTF banks including Bank of America and JP Morgan over foreclosure fraud and robo-signing.
Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector’s behalf, calling unhealthy banks healthy and helping banks cover up how much aid they were getting. The settlement will end an independent review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties, in addition to criminal prosecution.