clip barack obama then goes on to say this is why we needed the dogs frank act well in fact as william k. black said the laws are already there you're not allowed to commit fraud there is ample evidence ok well if there are no laws were broken barrack obama then why is it necessary for congress to pass a law that gives grants immunity to the banks is it because the banks. broke the law or committed moral transgressions so let's move over to the u.k. where the other center of financial fraud and how the leader of the country there openly states that there are crimes being committed and then does nothing about it u.k. banks around ponzi schemes before two thousand and eight financial crash says so this is u.k. chancellor of the exchequer george osborne he said the british bank practices before two thousand and eight resemble the ponzi schemes contributing to. the market crash oh he's actually right george osborne is correct the banks committed massive fraud they were part of a ponzi scheme that crashed but he's like that joke about a guy who goes the doctor and says doctor my brother thinks he's

god and i want to talk turn to this little clip with william k. black who we've had on this show he's the former banking regulator who saw fifteen hundred plus bankers sent away to prison for fraud in the one nine hundred eighty s. the beginning of a teen on the scene and let's turn to this clip here on the dylan ratigan show only about a month ago the federal housing finance and ministration filed fraud complaints civil ones against seventeen of the largest banks in the world in which it said there is a paper trail that demonstrates the fraudulent intent of these banks well where is the justice department and for that matter where is paul krugman who can't be bothered to use the f. word yeah well. bill black our buddy bo black good point new york times paul krugman how come they're siding with the terrorists also it puts into context the recent comments by barack obama that the banks committed a moral transgression but did not break the law here's a top government regulator bill black from the one nine hundred eighty saying it's definitely fraud they d

were on this date they broke it egregiously why did you not prosecute you shameless punk and as william k. black former bank regulator the man responsible for putting over fifteen hundred bankers behind bars in the one nine hundred eighty s. after the savings and loan collapse said here on the show the laws were broken and there are no new laws needed and in fact in this clip barack obama then goes on to say this is why we needed the dollar and frank act well in fact as william cable access the laws were already there you're not allowed to commit fraud there is ample evidence ok well if there if no laws were broken barack obama then why is it necessary for congress to pass a law that gives a grant immunity to the banks is it because the banks. broke the law or committed moral transgressions so let's move over to the u.k. where the other center of financial fraud and how the leader of the country there openly states that there are crimes being committed and then does nothing about it u.k. banks around ponzi schemes before two thousand and eight financial crash us born says so this is u.k. chancel

hundred fifty million dollars as if somehow they have the upper hand in the situation fraud as william k. black constantly tells us is a crime these people should be doing time it's amazing this legal convention that they don't have to admit wrongdoing they pay. fine so obviously they did wrong but they don't have to admit to doing wrong is this why is this because they're afraid that if they had to admit doing wrong at citigroup had a compound say we committed fraud that the depositors would there would be a run of the bank and this would cause systemically systemic instability well i think though isn't there that is that the fact that by allowing a major corporation to pretend as if they haven't committed fraud representing systemic risk to the system isn't that something that maybe the justice department should figure out that by perpetuating allowing banks to say to steal money and then they don't have to admit guilt and they pay a one or two percent fine of the money they stole then maybe this is contributing to systemic uncertainty systemic. potential liability systemic injustice this cau