William Black Tears Larry Summers Apart, Again Calls Out Obama To Place Bank Of America In Receivership

Tyler Durden's picture

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Dburn's picture

I never thought I would say it, but we need more and better Lawyers.

erik's picture

Courageous lawyers.  Not more!  We need someone who will stand up to this atrocity of fraud.  We need more William Blacks in this world.

Obama might as well be Bush for god sake.  What good is it to have a smart president when they make dumb decisions?  Supporting Summers is just embarassing.  Obama is either clueless or spineless.

We need an independent president.

NOTW777's picture

so you think obama is smart in all 57 states?

knukles's picture

What?  He admits he's not so smart in the other 3?

Bob's picture

We've got the lawyers.  Unfortunately, the banks are working night and day to sucker homeowners into ill-advised refi's to head off a fatal mass Show Me The Note movement that would blow them and their criminal enterprise out of the water. 

Why are we at ZH allowing this to happen? 

cossack55's picture

Because, apparently, we are better sniping on computers than in DC or NY. 

Technichel's picture

Smart? I would recommend that you research his college days. That will cure your idea that he is smart. The only thing he is capable of is speaking with a teleprompter. That does not take brains.

G-R-U-N-T's picture

One thing for sure he has managed to piss alot of people off!!!

Unlawful Justice's picture

We have a total breakdown of justice.  From the Federal government down to State Supreme courts.    Lady justice is dead!!!

Lawyers are predators and should be treated as such.


illyia's picture

Help. My country has fallen and it can't get up...

Panafrican Funktron Robot's picture

"The president told Jon Stewart he was hamstrung by tradeoffs. He said he could not place an SDI in receivership because it could cause 100 banks to fail. Randy and I explained the absurdity of this claim in our two-part essay. Receiverships do not cause one hundred banks to fail. The receiver would continue the bank's operation and pay the checks. Why are 100 banks supposed to fail when their correspondent bank ties remain functional, the checks clear, and the ATMs work? This parade of horribles has never happened. "

Maybe he should think for 2.5 seconds and realize that BAC in receivership = derivatives nuke.  As in, fucking everything, nuked.  I'm not personally opposed to this, but Mr. Black is seemingly unaware of the obvious here.

zevulon's picture

i am a lawyer and i worked in bankruptcy and i've thoroughly read the receivership rules for financial institutions. and the answer is NO WAY. you need the recievers to be appointed as judges of their own cases. 


this corruption doesn't end by making sure there is more justice in the winding down of these institutions. it ends by winding them down AS FAST AS POSSIBLE. fewer lawyers, consultants and investment bankers and more judges that are forced to resolve the case as fast as possible.

we need less process, less procedure, less delay, and less justice, in order to wrench our financial system out of its corrupted roots.


As far as lawyers go, you could begin improving the system by requiring lawyers to fit all arguments into a submission of no longer than TEN PAGES. and to absolutely forbid plaintiff/parties with more than 200k in damages from restating or resubmitting or AMENDING, ANY SUBMISSIONS WHATSOEVER FOR ANY REASON. 

we need to think out of the box before things fall apart even worse.

Azannoth's picture

Jon Steward soft ball question did more harm to Obama's credibility than the accusations of his harshest critics

SheepDog-One's picture

Yep, when Jon Stewart gives his disaproval of Obama, you know its over.

Something very big is set to pop here, and its not going to be pretty at all.

Azannoth's picture

Any criticism that comes from the Republicans or Libertarians against Obama, he can just shrug off the Left won't listen, but when one of their own 'prists' asks a low ball question jokingly at that, and gets a 'Fuck the Little People' answer well, game over

pan-the-ist's picture

You're right.  Heckufa Job Larry kind of ended any respect that I had for Obama, just like Heckufa Job Brownie probably did the same for many of Bush's supporters.  Complete failure by showing complete ignorance to reality in a time of crisis.

NOTW777's picture

LOL. libs get their deep thinking from J Stewart.

squid_pro_quo's picture

So, you're getting your deep thinking from Bill O'Reilly?

No, I know, Rick Santelli.

Or, is it Jack Handy?


Personally I thought Stewart handled Obama pretty effectively. He laughed in Obama's face when he said "overnight we did not transform the healthcare system".

Bob's picture

There's the so-called "left" represented by the sell-outs at moveon.org, and then there is the core "Progressive" constituency, which Barry has permanently lost. 

It's over for Barry.  He can only do the right thing for his remaining 2 years.  Or not. 

What a damning legacy for the first African-American President if he doesn't do a 180 now. 


zaknick's picture

He's not a true black American. His family didn't suffer the depravity of slavery, Jim Crow or had his neighborhood turned into a war zone by the ethnic cleansing "war on drugs"

He's not dumb at all, just captured (probably even created) by the fascists. A true Manchurian candidate. To think my family and I voted for him ,worked our butts off making calls and volunteering.




Bob's picture

A black boy who grew up by the name of "Barry" in a white family headed by a grandmother who was a bank branch manager.  In Hawaii. 

Then he went to Harvard, by way of Columbia. 


He doesn't have a clue. 

sodbuster's picture

If William Black isn't careful, he's liable to have a "sudden" massive, fatal coronary.

Obama a "skilled" lawyer? Liar, yes, lawyer, no.

FEDbuster's picture

What would anybody do, if William Black was found dead of ____________ in the coming weeks.  Hell, I bet they could drop him in his hot tub, and it wouldn't make the nightly news (except maybe Ratigan and Beck's shows).  Alex Jones would scream and shout about it, but most would believe the "official" report of heart attack, stroke, etc...  99.9% of Americans couldn't tell you who William Black is (or was?).

Fed Supporter's picture

As some other poster noted the other day, suicide by the old 2 shots to the back of the head method.

zaknick's picture

Like Pulitzer prize winning journalist Gary Webb and Steve Kangas.

halvord's picture

And Salvador Allende.

El Presidente has committed suicide by shooting himself in the back 22 times with a machine gun! - National Lampoon

Joe Davola's picture

But I'm a supersticious man. And if some unlucky accident should befall him, if he should be shot in the head by a police officer, or if should hang himself in his jail cell, or if he's struck by a bolt of lightning... *then I'm going to blame some of the people in this room*... and that, I do not forgive.

frankTHE COIN's picture

He's going to accidently fall on a letter opener 12 times.

Bob's picture

Black is clearly at peace with his fate, whatever it might be.  Better to have died with integrity than to have lived forever in corruption. 

Especially since living forever is not an option.

Turd Ferguson's picture

"Better to have died with integrity than to have lived forever in corruption.


Unlawful Justice's picture

What matters most-

To have self respect based on an appreciation of one's true inner self.  Not on appearance or position.  Self-respect is when actions stem from principles, or deep convictions rather than motives of expediency or gain.

G-R-U-N-T's picture

Black is no pussy, just a patriotic American doing what most don't have the balls to do.

SheepDog-One's picture

Fan, have you met shit yet? Get acquainted, youll be seeing a lot of each other in the coming days.

carbonmutant's picture

Sounds like William has some PUTs on BAC...

theXman's picture

The "Change" candidate Obama turned out to be just another elitist who perpetuates our fraudulent economic model.

the rookie cynic's picture

What we needed was a reincarnation of "Old Hickory" Andrew Jackson. Speaking of the central bank of his day he said:

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."

What we got was "Ole' Pussy Willow" Obama.

OldTrooper's picture

"Ole' Pussy Willow"

Now that's funny!

Popo's picture

Obama's cluelessness was stunning.  He actually made the case that things were much better than he thought they'd be.   Excuse me Mr. Obama, but the entire world witnessed your administration underestimate the severity of this crisis at every turn.

We also heard you say that you didn't get elected to make "fat cat bankers" rich.  Well... hello?

Obama is the worst kind of empty suit:  Powerless and seemingly unaware of his failures and the dangers ahead.

And his defense of Summers will go down in history as an incredibly stupid move.



Azannoth's picture

That guy is Completey lost without a teleprompter

FEDbuster's picture

He has used his teleprompter in meetings with as few as five people, WTF?

-Michelle-'s picture

Nobody short of those on a ventilator is that unaware.  Which leads me to believe that he knows exactly what he's doing.

Sean7k's picture

Well, when you put it that way.....when is the revolution scheduled? Because really, what is the point of continuing to complain? The US government is a criminal enterprise. Are we going to be ruled by and financially support a criminal enterprise?

There are no enforcement groups to round up the traitors or to shut down the machinery. There is only us. 

The power of the government lies in Fractional Reserve Banking and the police powers to demand taxes. It is also their greatest weakness. Refuse to use FRN's for anything except bank debts and taxes. Convert all others to non dollar investments or pm's. Do all you can to stop paying taxes. This includes local trade in pm's or other forms of currency, including other country money and barter.


the rookie cynic's picture

I think this is Mr. Black's version of TBTF. He calls them Systemically Dangerous Institutions.

w a l k - a w a y's picture

thanks for paying attention. I'd forgotten that.

Cui Bono's picture

ooh dear God... I've waited since 1988 for someone to ask this....


Control, I'm here!