“This Is The Greatest Financial Crime In The History Of The World And No One Senior ... Has Gone to Jail"

George Washington's picture

Largest Financial Crime In History

William K. Black – professor of law and economics, and the senior S&L prosecutor – said yesterday:

This is the greatest financial crime in the history of the world and no one senior, at any of the major places that drove the crisis, has gone to jail?




Unless something dramatic or radical changes, this is going to be the greatest case of elite fraud with impunity in the history of the world. And it is only going to change if we express our outrage as the people and demand that it is changed.

For background, see this, this, this and this.

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supermaxedout's picture

Good Luck America!  You need it! 

The present system is so corrupt and deep rooted in the society that it can not be reformed anymore. This is a fact!  No gras-root movement can ever change it from the outside. Its just to strong.

So the necessary change can only be initiated through an inside job. Just like Mr. Gorbatschow did 20 years ago. Nobody else could have made it. He started the break-up of the communist tyranny. The  system which brought himself to power.

And such a coureagous and brave man is needed in the US at the top nowadays.  To break the tyranny of Wall Street which is luring the US in one war after the other.  

Controling everything, Money Trust, wars, corruption, power, fear, military industry, out of control secret police, torture et c. these things all belong together and is used in well orchestrated and coordinated steps. This is,  to say it bluntly, pure and simple: Faschism!  Unfortunately there is no other name or word which describes it better. 

To get rid of such a system is extremely difficult and dangerous because it is a "totalitarian" system. Its everywhere and who is not with the system is against the system. And nobody knows where the system stops because to save the system is the top priority and the collateral damage is not mattering.

Good Luck America! This comes really from my heart. I wish you all the best. You deserve a better goverment. A system with a human touch and not an out of control capitalistic monster which is trying to pull the whole world into poverty and slavery.


aerial view's picture

"...and no one senior has gone to jail."

Equality, fairness, justice are simply empty words to convince the masses to continue to participate in a system which primarily benefits the elites.

rustymason's picture

It is against the religion of the international money changers to testify against one another, so don't expect any reform to come from within.

rustymason's picture

People tend to get the kind of government they deserve.

Bansters-in-my- feces's picture

I' am sure these same elite got record paycheques....


Lucky we pay for "The best of the best".

janus's picture



this is the plan.  let them walk around, blighted and bemused, free as ya please.  it is MUCH more difficult to get these people when they are protected in a federal pen. 

as it stands, we can googlemap (and then street view to make sure it's the right house -- swat teams, you may want to look into this naecent technology; as it may prevent the slaughter of yet another granny in her sleep while you viciuosly persue this war on 'drugs') every one of these slimy fuckers, track them down, hold a 'trial' and then, well, let 'justice' have her way.

let them walk freely.  we are watching.


please do not click on like if you are sensitive about animals (janus luvs real pigs; he only want to see this happen to the tptb pigs).

death to all swine,



Ranger4564's picture



If you can't join in the rally in person, send your friends. If you can't do that, send money and supplies to help the people who can sit in. If you can't do that, stop talking and off yourself.

I've long argued that the only way to stop this nightmare is a global rally by all types of citizens, enough people to actualy be recognizable as mass civil discontent.  Only once we become a menacing threat will these assholes consider altering their course. But in fact, I don't think they'll blink that easily, so I honestly think heads must roll.  I'll try my best to write down some thoughts on what the new paradigm of social organization will be... decentralized control.  No more authority figures who are "permanent". Think the entire world is structured like Jury Duty. You participate for a short stint, then never again.

Hang 'em High. 


EDIT:  Wrong link address in original email. :/

blindman's picture

the initial crime is a crime. the covering up and
ignoring the crime is another related crime and
what happens when "control fraud" is your business model
and the bulk of your gdp? oh my!
crazy insanity becomes the norm. i blame the lie at
the heart of it, the fed .... etc...
from the link ...
" So control fraud is when the person who controls a seemingly legitimate entity, uses it as a weapon to fraud. In the financial sphere, the weapon of choice is accounting. So here are the four ingredients of the recipe that produce a sure thing of record accounting income.
1.Grow like crazy
2.Make preposterously bad loans but at a premium yield.
3.Have extreme leverage. That means you have a ton on debt.
4.Put aside only ridiculously low allowances for future loan losses.

You do those four things, you are mathematically guaranteed to report record, albeit fictional, profits in the short term. You are also guaranteed with modern executive compensation, to make the Senior Executives wealthy, and you are guaranteed, because after all, if you think about those four ingredients, they are the perfect recipe as well for maximizing real losses. And that’s why the title of Akerlof and Romer’s article says it all, “Looting: The Economic Underworld of Bankruptcy for Profit.” The firm fails but the executives walk away rich. This is the same concept with my book “The Best Way to Rob a Bank Is to Own One.” It is these internal people who control the seemingly legitimate entity that can get away with financial murder." ..
and what happens when control fraud becomes your "government".
double oh my! at least we can comprehend it. .. then what?

janus's picture

i finished the song, blindman.

i like it; but, problem is, i was listenting to van morrison all day (astral weeks like four times)...so, it has a definite vanmorrisonesque thing going on...really, it verges on plagerism of style and such.  but, it's my first song ever, and, well, i don't think it's terrible.  who cares i guess; i mean, bruce springsteen made a career off stealing from van morrison (heh heh heh...simmer down, springsteen freaks; janus loves him some bruce)

i'll see you over at kesierville later...it's probably more apropos there.

blindman's picture

either way, the world is a chalk board.

Mr Lennon Hendrix's picture

The quote is a little broad, Geoerge, which crime was he refering to?  Care to elaborate?

Bartanist's picture

Not George ... but this tactic always pisses me off.

It's, the old Scientologist ploy, attempting to break an argument by insisting on one specific item when there are more than likely hundreds and then treating the one item as if it is the entire problem and the basis for a rationalization.

The correct response is: "If you need specifics then you are too dense to understand the big picture."

Obviously, since you have been reading Zerohedge for a long period of time, it is unlikely you are uninformed and so understand the fraud that has taken place, the lies that were told to Congress and the fact that the banks were caught outright and virtually nothing has been done except give them more money and more power.

Georgesblog's picture

Trust seems to be an issue that's popping up a lot today. People have a defective understanding of the term. Trust is not either blissful ignorance or knowing stupidity. Trust doesn't mean that you are tolerant of behavior until you put an end to the horse hockey. YTrust is itself, a transactional relationship. That relationship is personal, not political or lrgal. It begins with integrity, not spins opinion toward it. The standards of trust are very specific, without wiggle room for politicians, bankers, politicians and other liars.


Zero Govt's picture

GW  -  bit of a red herring but the 1st article you link to titled, "Trust is Necessary for a Stable Economy" promotes the nonsense idea (propaganda?) that economies stagnate because of a lack of trust, and in particular require a good legal sector and Law of Contract to rebuild those foundations. This is of course absolute crap and probably promoted by the Snakeoil (Judicial & Legal) Industry.

Trust and honesty are two human emotive words for what should really be termed accuracy. If you make a $100k loan to someone and expect to be repaid in instalments over 24 months and the economy turns sour and don't get repaid monthly on time it's not trust that is breaking down but the accuracy of your agreed terms.

It is not trust that leads to a stagnating economy. It is a stagnating economy that leads to a breakdown in trust as more and more business struggles to fulfill all their expectations to 3rd parties. Your article puts the horse before the cart.

And if you think worthless contracts (outdated the day they're signed) and the expensive, time-consuming, corrupt sham that is the Judicial & Legal Industry supplies an answer to these problems you ought to take a long hard look at the Divorce sector, which the legal system have turned into the biggest fuking farce on Gods Earth.

Business is best served in short term 'deals' like a market or bizarre. On-the-spot negotiating and short term supply contracts, even quoting amongst competitiors every week or month. Anything longer, say 1 to 5 years, and written in contract is doomed because of the pace of change. It leads to wrangles as both parties drift outside the original agreed terms.

The Law makes no difference to business. It just adds terrible costs and rankor, especially as legal practices are 'expert' at exploiting their clients and no doubt bantering with other legal firms how to escalate the dispute until both clients are milked dry.

I can't help thinking you're a progressive! Tell me i'm wrong??? 

digalert's picture

All elected DC pukes are complicit, guilty.

Every fucking one is guilty, though I had hope for a few. We all know about the crony, corporate, bankster, politician FRAUD. Yet not one has called for criminal punishment. Why? Because they've got their own hand in the grift.

Equal justice for all, includes politicians, fuck the social justice nonsense. No more Nobility laws.

CH1's picture

Central bankers and their whores.

JW n FL's picture



Palm Beach Reppin! the Fraud! LOL!!!!

Kali's picture

"this is going to be the greatest case of elite fraud with impunity in the history of the world"

For every action, there is an equal and opposite reaction. : )

rocker's picture

 Bloomberg said, "Riots on Wall Street are Coming.

High Plains Drifter's picture

poopfessor black, will you please keep the noise down. some great nfl games are about to start....

Fiat Money's picture

According to at least some geneticists & anthropologists, http://en.wikipedia.org/wiki/The_Journey_of_Man:_A_Genetic_Odyssey     the era of wholesale looting and plunder by the well armed elites against the more docile masses began back 5,000 - 10,000 odd years ago with the invention/discovery of agriculture. 

    However, this is a myopic view: in his own book, "The Journey of Man," Mr. Spencer Wells posits that there was a genuine, "GENETIC ADAM" - a man, a single individual from about a million years ago from whom ALL MEN LIVING ON EART TODAY trace their genes - which begs the question, "OK, well, what happened to all the OTHER men in his clan?" - Have they, AND their descendents, have been "wiped OUT" of  the pages of history, and OUT of the current human gene pool, by genetic Adam and his descendents?!! 

The adoption of agriculture demanded brains - organizers, planners, admistrators - and brawn - workers digging the ditches and canals, and manning the pumps and locks, and planting, harvesting, and STORING the grain.  ("STORING" of  grains the foundation of CAPITAL)    This system also DEMANDED  CONTROL - some form of leadership, taxation, and enforcement, to keep neighbors from "jumping" your grain field and storage bins,  and seizing the products of your labor (or OWNERSHIP) for themselves.   All of which (control) demands a HIERARCHY, which implies INEQUALITY in power - and thus, the chronic TEMPTATION FOR ABUSE of power.

   But it (the tendency to abuse power vs one's neighbors) is far more primordial than even genetic Adam or agriculture, - for we know that all the primate species employ some version of HIERARCHICAL social organization, with the strong & well connected ("the elite")  DOMINATING the rest of the troupe or pack, taking the best food, mates, and shelter.  One nature show even followed some monkeys, and discovered that only those of the highest rank were allowed in tree-tops to harvest fruit - lower ranking monkeys had to learn to swim to get the fruits that had dropped in the water, but risked being eaten by water based predators like crocodiles and monitors if they did....  Which is to say, "FORCING a lower-ranking monkey, to forage in water, COULD BE A DEATH SENTENCE."  

   Just as today, the elites, using their command & control GANGS (government bureacracies, political leaders & parties, armies, police, hired mercenaries, etc. ) CLAIM OWNERSHIP of all the best & most productive of resources, while, Irish famine, Holomodor, and 'modern' African famine style, the poor & dispossesed are forced to scrape for their lives from a barely sustainable plot of harscrabble land.

CH1's picture

Aside from the Adam stuff, this is THE explanation of ancient history: http://www.amazon.com/Production-Versus-Plunder-Paul-Rosenberg/dp/097998...

Obadiah's picture

On the 6th day GOD created man (all the races) and he said it was GOOD on the 7th he rested on the 8TH he created Adam, through which Jesus would come.

Georgesblog's picture

You must have gotten that 8th day out of the Bible, because it sure isn't in it. I looked for it. You must have written your own book.

CH1's picture

Interesting interpretation. Thanks.

Sean7k's picture

Perhaps we need to "discover" anarcho-capitalism and the elimination of central banks and government, so we are no longer subjected to this "stone age" rape and pillage mentality.

Moe Howard's picture

Fuck yeah.

Make a statement by donating to the Ron Paul moneybomb this weekend at: http://www.ronpaul2012.com/

I donated $17.91 in honor of the Bill of Rights. I am sure any amount is appreciated and will make a statement for freedom and liberty to TPTB and the Bankster Scum.

God save America.

JB's picture

yeah, just go ahead and donate money to the controlled opposition who gets rich bilking the hopium smokers who think he's the answer. trust me, if Ron Paul was a credible threat to the elite's plans, he would be eliminated.





Representative Ron Paul serves on three Congressional committees. 

He serves on:

1.) Committee on International Relations
          o Subcommittee on Western Hemisphere
          o Subcommittee on Asia and the Pacific 

2.) Committee on Financial Services
          o vice-chairman of Subcommittee on Oversight and Investigations
          o Subcommittee on Domestic Monetary Policy, Technology, and Economic Growth 

3.) Joint Economic Committee


JUST WHAT EXACTLY DOES HE DO ON THESE COMMITTEES? he talks a great game, but his actions speak otherwise.

re: 1) he states that our foreign policy is to blame for the 9/11 attacks, yet HE IS ON THE COMITTEE THAT DETERMINES FOREIGN POLICY.

re: 2) and  3) he states that our monetary policy is detrimental to our economic health, yet HE IS ON THE COMMITTEE THAT DETERMINES MONETARY POLICY,  ECONOMIC POLICY, OVERSIGHT AND INVESTIGATION.




or maybe, just maybe, he's merely stating the obvious; that HE is one of the one's responsible for the plight of this once great nation. but people are too fucking stupid to see that HE IS MOCKING HIS VERY SUPPORTERS when he asks Ben Bernanke "is gold money?" why did Ben laugh? BECAUSE THEY BOTH KNOW THE JOKE IS ON US.






(junk away, Paulbots. your hero, your knight in shining armor, is a 33rd degree, rosicrucian, satan worshiping globalist.)

mvsjcl's picture

Hey! I gave you an upper click. I don't mind hearing a countervailing point of view. Good food for critical thinking.

Savyindallas's picture

Christ -here we go again  -getting lectured on Ron Paul by another one of those Carl Deninger Retards.

Hey pal  -enjoy Governor Perry as President. Seeing that your hero, Deninger endorsed Obama in 2008, I suspect he'll just love Rick Perry.  

Bartanist's picture

... and jewish ... you forgot jewish.

I don't recall the current or past commanders in chief asking for permission to invade or bomb any countries (of course I was not in those meetings). They seemingly committed and then went for Congretional sanction after the fact. And BO, was on foreign affairs and knew all the stuff and yet talked about getting out of the wars ... and all he has done is start more fronts and bombing and pretend to be withdrawing by reclassifying units and turning more over to paid contractors.

Not sure about satan worshipping globalist (or zionist) and not being one myself, I have made an attempt recently to try to understand what makes them tick and this involves reading books such as: Morals and Dogma, The Secret Teachings of all Ages, Atlas Shrugged and the Stone Chumash (its the notes that make a difference)... amongst other things. There is either a disconnect between what is written and what is practiced, as a matter of deception OR there has been a mischaracterization for some political purpose or there is a corruption from within; and most likely people should find out for themselves.

Personally, whether Paul is the anti-Christ or an honest intelligent dope I will vote for something different instead of more of the same ... and alll other candidates represent more of the same. If that leads to major deception or anarchy then so be it.

Oh, and as I recall, a pre-packaged deal that was negotiated between the banks, the Fed and Hank Paulson was delivered to Congress with the threat of "pass it or there will be martial law" ... and then Hank Paulson did a bait and switch without congressional approval... and just gave the banks the money on Solyndra like terms after ensuring immunity from prosecution for himself.

Corn1945's picture

The American people themselves are really to blame for this. Obama's latest tax-the-rich scam is basically saying "You can keep everything you stole, Mr. Wall Street. Just pay some taxes on it." And the American people fall all over themselves to support it!

Waffen's picture

Were the Eloi at fault that the morlocks used mind control to keep them ignorant and eat them?


Blaming the ignorant American people is like blaming a 3 year old for believing in Santa Claus.

rwe2late's picture


According to you then, the criminals aren't "really to blame", those who haven't prevented them from committing their crimes are "really responsible".

Obama and Cheney aren't "really to blame" for committing war crimes and coverup, the "people" are.

Drunk drivers, I suppose, aren't "really to blame" either, it's the fault of those who failed to avoid the drunk's path.

The problem with that perspective is that it implies the criminals should be free, and the people "deserve" to be "punished" because they are "really to blame".

You confuse the correct notion that the "people" potentially could have good government,

with the incorrect notion that the only barriers preventing or stopping them from having good government are imaginary.

flattrader's picture

>>>According to you then, the criminals aren't "really to blame", those who haven't prevented them from committing their crimes are "really responsible".<<<

That's what Charles Hugh Smithn touts as well.  Classic "blame the victim"  because the prep is long gone.

He's such an intellectual.


LawsofPhysics's picture

Nice counterpoint.  I agree, crash the fucking system already and let's find out who's time is really worth large compensation.  Seems like the only time humans get back to being self-sufficient is when all safety nets have been removed and everyone's survival is hanging by a thread.

Jumbotron's picture

Read and weep...for the American Dream died at birth.....










First to die was the Articles of Confederation and the idea of Anti-Federalism.

Then came the oppression of poor soldiers returning from the elite's war, known as the Revolution.

Then came the centralization of power.

Then came fascism in the form of a Congressional approved national bank.

Then came the oppression of people who just wanted to make a living.

All this at the birth of our nation and it continues today unabated.....


1791 - First Bank of the United States

1816 - Second Bank of the United States

1913 - Federal Reserve

1913 - Income Tax

1933 - Executive Order 6102 - FDR confiscation of gold.

1971 - Nixon abandons the gold standard.

2008 - TARP and the various Bankster  and Sovereign bailout permutations that continue at this very second.




ROTFLMAO !!!!!!!!

Fiat Money's picture

get a grip!  America was born, founded on the Anglo empire built on SLAVERS and PIRATES,  men like "Queen Elizabeth's rogues"  Sir Francis Drake, Sir Walter Raleigh (founder of Virginia), and other "PRIVATEERS" enlisted by the queen to LOOT the Spanish treasure ships (which in turn had LOOTED the gold of Central & South America, in GENOCIDAL conquistador fashion) - which  RISKY policy bore fruit for England when the Spanish armada was broken up, 1588, by relentless English sea dogs in combination with bad weather.   England would TAKE OVER Spain's role as world dominating slavers and genocidal conquerors thereafter (but - an important "but"!) - the English system, as elitist & autocratic as it was,  would nurture MORE INDUSTRY and PRODUCTIVITY - and thus UPWARD MOBILITY  - than the ruthlessly elitist Spanish system, under the stiflling  domination of clannish Castillian nobles & Spanish Inquistion church. 

  Americans might like to CLAIM that "we, America, was FOUNDED on FREEDOM and LIBERTY" but that is quite incorrect: the ENTIRE Southern economic system was founded and dependent on SLAVERY, and the Northern fortunes were first built SUPPLYING the SHIPPING and goods for that SLAVERY BASED "Triangle trade" (including the Brown family fortune of Rhode Island, upon which Brown U. was founded).    

    Without the imperialist and autocratic  Royal Army & Navy the French would of course have conquered the Anglo colonies - oh, and sailors on Royal Navy ships - upon which the Anglo/American empire was built - could HARDLY be called "FREE", they could be IMPRESSED (= enslaved) at will by  Navy captains, and, once aboard ship, could be WHIPPED and tortured for ANY offense the officers deemed necessary.  

  Even as late as the 1850s, ships departing Ireland were so loaded with starving, emaciated refugees of the Irish famine(s), that they were often called "DEATH SHIPS."  But because America was such a fertile, unspoiled (by European standards) continent, we tend to gloss over our often dismal history, and focus on only the great productive potential and upward social mobility of those fortunate enough to enjoy those benefits - good PROPAGANDA that GLOSSES OVER the labor and sacrifices of many who laid the foundations for the successful American empire... 

Reptil's picture

there were pirates involved in the war.


Since the island sold arms and ammunition to anyone willing to pay, it was one of the few places from which the rebellious Thirteen Colonies could obtain weaponry. This good relationship between St. Eustatius and the United States resulted in the noted "First Salute" of 16 November 1776, when Commander Johannes de Graaff of St. Eustatius decided to return the salute fire of the visiting American brig Andrew Doria by firing the cannons of Fort Oranje, the first international acknowledgment of the independence of the United States. The gesture provided the title for Barbara W. Tuchman's 1988 book The First Salute: A View of the American Revolution.

The British took the incident seriously, and protested against the continuous trade between the United States and St. Eustatius. In 1778, Lord Stormont claimed in Parliament that, "if Sint Eustatius had sunk into the sea three years before, the United Kingdom would already have dealt with George Washington". The trade between St. Eustatius and the United States was the main reason for the Fourth Anglo-Dutch War, which was disastrous for the Dutch economy.

As a result of the war, St. Eustatius was taken by British Admiral George Brydges Rodney on 3 February 1781. Commander De Graaff, who at the time did not know about the declaration of war, saw that he was facing superior forces, and surrendered the island after firing two rounds as a show of resistance for the honor of Dutch Admiral Lodewijk van Bylandt, who commanded ships of the Dutch Navy which were in the harbor.[3] Ten months later, the island was conquered by the French, allies of the Dutch in this war. The Dutch regained control over the island in 1784.


CH1's picture

America was born, founded on the Anglo empire built on SLAVERS and PIRATES


America was founded by millions of people escaping the old world and doing something new. Half the colonists were poor but motivated Europeans who came as indentured servants.They risked their safety and three years of their lives for a chance at unrestrained living.

The elites were few and were overcome.

SamAdams1234's picture

Wrong, America was founded by people, who when times got too tough in Europe, picked up thier marbles however they were able to move to a new continenet and start over.

SamAdams1234's picture

Wrong, America was founded by people, who when times got too tough in Europe, picked up thier marbles however they were able to move to a new continenet and start over.

Jumbotron's picture

CH1 says 

"The elites were few and were overcome."

Until we produced our own.

Jumbotron's picture

Fiat Money says....get a grip!  America was born, founded on the Anglo empire built on SLAVERS and PIRATES, 

That wasn't the jist of my post......but I agree with you nontheless.

My post was just a short exercise for those who have been brought up with this romanticized notion of America and particularly this HYPER-Romanticized idea known as freedom.

It was a concise way, with evidence sited, that the state we now find ourselves in began...well....at the beginning.

Once again... I have a grip....even about the evidence you site.

stiler's picture

I smell smoke and sulfur and brimstone with decaying bodies.

What many don't realize is that people will get their come-up-ance and not just (some) bankers. Hell is a real place. So much so, that you would feel sorry for them, because it is the quintessance of the lack of any blessing that life offers and there is no way out of that place. Don't go there.

"It is appointed for man once to die and then the judgment." This biblical verse tells us man dies and goes to hell (hell: a Teutonic word not actually in the bible, but what it describes is). The implication, using other verses, is a future judgment for authority of his works, followed by the second death when Hell is cast into the lake of fire.

Blankman's picture

All I smell is some wealthy and in power guys who (a thousand years ago) manipulated a great book about love and understanding and turned it into a book that gives false hope that the meek shall inherit the earth.  Gives you some hope that this may eventually happen, huh.  

Papasmurf's picture

Yes.  Religion is the other government controled by way of fear.

stiler's picture

Dear Blank,

I don't understand, who were these guys from a thousand years ago? That would be ca. 1006?