The country’s top white collar crime expert, William Black – who put over 1,000 top S&L executives in jail for fraud, and is a professor of law and economics at the University of Missouri – confirmed recently what the alternative media has been saying for years: the business plan of Wall Street is fraud. That’s their key profit center.
Black also says that a British parliamentary investigation Tories found that all of the retail profits of the largest banks in the UK came from fraud.
Well, experts say that we have to prosecute fraud or else the economy won’t EVER really recover and stabilize.
But the government is doing the exact opposite. Indeed, the Justice Department has announced it will go easy on big banks, and always settles prosecutions for pennies on the dollar (a form of stealth bailout. It is also arguably one of the main causes of the double dip in housing.)
Indeed, the government doesn’t even force the banks to admit any criminal guilt as part of their settlements. In fact:
“The banks have been allowed to investigate themselves,” one source familiar with the investigation told Reuters. “The investigated decide what they want to investigate, what they admit to, and how much they will pay.