Monday, November 12, 2012

William K. Black

William K. Black
Bill Black is an Associate Professor of Economics and Law at the University of Missouri – Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics.

He was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and General Counsel of the Federal Home Loan Bank of San Francisco, and Senior Deputy Chief Counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. His regulatory career is profiled in Chapter 2 of Professor Riccucci's book Unsung Heroes (Georgetown U. Press: 1995), Chapter 4 (“The Consummate Professional: Creating Leadership”) of Professor Bowman, et al’s book The Professional Edge (M.E. Sharpe 2004), and Joseph M. Tonon’s article: “The Costs of Speaking Truth to Power: How Professionalism Facilitates Credible Communication” Journal of Public Administration Research and Theory 2008 18(2):275-295.

George Akerlof called his book, The Best Way to Rob a Bank is to Own One (University of Texas Press 2005), “a classic.” Paul Volcker praised its analysis of the critical role of Bank Board Chairman Gray’s leadership in reregulating and resupervising the industry:

Bill Black has detailed an alarming story about financial - and political - corruption. The specifics go back twenty years, but the lessons are as fresh as the morning newspaper. One of those lessons really sticks out: one brave man with a conscience could stand up for us all.

Robert Kuttner, in his Business Week column, proclaimed:

Black's book is partly the definitive history of the savings-and-loan industry scandals of the early 1980s. More important, it is a general theory of how dishonest CEOs, crony directors, and corrupt middlemen can systematically defeat market discipline and conceal deliberate fraud for a long time -- enough to create massive damage.

Black developed the concept of “control fraud” – frauds in which the CEO or head of state uses the entity as a “weapon.” Control frauds cause greater financial losses than all other forms of property crime combined and kill and maim thousands. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management.

He teaches White-Collar Crime, Public Finance, Antitrust, Law & Economics (all joint, multidisciplinary classes for economics and law students), and Latin American Development (co-taught with Professor Grieco, UMKC – History).

Blog Entries by William K. Black

Will MSNBC Continue to Shill for the Great Betrayal?

(71) Comments | Posted November 12, 2012 | 9:06 AM
The Beltway moved immediately from the election to an obsession with the "Grand Bargain." The discussion about the budget deal is focused almost entirely on the question of how much increased revenue we should obtain from taxes on the wealthy. That is an important question, but it is the least...
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The Great Betrayal -- and the Cynicism of Calling It a Grand Bargain

(790) Comments | Posted October 30, 2012 | 1:02 PM
Robert Kuttner has written much of the column I intended to write on this subject, so I will point you to his excellent column and add a few thoughts.
Kuttner wrote to warn that Obama intends to seek a "grand bargain" causing the U.S. to adopt the type of...
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The Vampire Squid Has Feelings and Obama Is No Longer Her BFF

(100) Comments | Posted October 15, 2012 | 10:18 AM
Matt Taibbi famously dubbed Goldman "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." Taibbi knew his metaphor worked a deep injustice on Vampyroteuthis infernalis, a small animal that feeds on carrion and excrement (I will...
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Ryan and Romney's Secret Plan to Cut the Deficit -- and Why Romney Opposes It

(197) Comments | Posted October 14, 2012 | 9:14 PM
My favorite scene from The West Wing is the episode in which the President's press secretary is recovering from a root canal and Josh Lyman decides to handle a press briefing. Lyman is a young whiz kid who believes he is the smartest guy in the room, but the briefing...
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The Peril of Obama's "Man Crush" on Geithner Is Exposed by the Debate

(44) Comments | Posted October 5, 2012 | 9:57 AM
FDR transformed the nation when he was confronted with the Great Depression and World War II. He famously welcomed the hate of the banksters. President Obama wanted the love (and the contributions) of the banksters. He chose Timothy Geithner to be his pipeline to the banksters because Geithner shared Obama's...
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Ryan Talks Jobs and Exposes the Lies About the 47%

(88) Comments | Posted October 3, 2012 | 10:16 AM
This Monday, I posted an article titled: "Let's test Romney's claims about the 47% by offering the unemployed jobs."
The article explained the Romney, Ryan, and Charles Murray claim that 47% of Americans receive governmental assistance because they are morally defective and shiftless. It goes through why Romney...
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Robert J. Samuelson Tries to Create a Moral Panic About Deficits

(33) Comments | Posted October 2, 2012 | 9:58 AM
The Washington Post leads the pack when it comes to generating what scientists term a "moral panic" about budget deficits. As part of that effort they generated the series of myths that Paul Ryan was "serious," "courageous," and "expert" about "solving" the "deficit crisis." The newspaper's theme is that anyone...
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Let's Test Romney's Claims About the 47% by Offering the Unemployed Jobs

(228) Comments | Posted October 1, 2012 | 9:33 AM
I have explained how Governor Romney and Representative Ryan have self-destructed because they have followed Charles Murray's demands that the wealthy denounce working class Americans' supposed refusal to take personal responsibility for their lives by refusing to work. Murray is the far right's leading intellectual. Murray's Myth is that the...
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Why Do They Hate Us? (The Republicans, Not Muslims)

(78) Comments | Posted September 19, 2012 | 10:24 AM
I did a web search of usage of the phrase "why do they hate us" over the last week and received over 3,000 hits. A quick perusal suggests the usages virtually all relate to Muslims. Governor Romney's recently revealed Boca Raton speech to his wealthy donors should prompt us to...
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Romney Dooms His Candidacy by Doing the Full Murray

(978) Comments | Posted September 18, 2012 | 9:49 AM
Charles Murray's newest book, Coming Apart: The State of White America, proves two classic truths. First, it is impossible to compete with self-parody. Second, be careful what you ask for; for you may receive it. Charles Murray asked right-wing plutocrats (he dismissed left-wing plutocrats as disloyal to their class and...
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Florida A&M and the Death of Accountability and Caring

(18) Comments | Posted September 12, 2012 | 10:20 AM
Florida A&M University (FAMU) has just filed a legal pleading that exemplifies the moral bankruptcy and the shirking of accountability by elites that has become emblematic of the last ten years. The headline of the Los Angeles Times article says it all: "Robert Champion was to blame for...
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Saletan's Elegy for Paul Ryan's DOA Budget Fantasy

(28) Comments | Posted August 16, 2012 | 1:47 PM
William Saletan has written a column that epitomizes the media's bizarre infatuation with Paul Ryan. Saletan entitles his piece "Why I Love Paul Ryan." His intro summarizes his attraction to Ryan: "He's what a Republican should be: an honest, open-minded, solution-oriented fiscal conservative."
Here is how Saletan attempts...
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Romney Takes His Political Inspiration From Europe's Worst Mistakes

(736) Comments | Posted August 15, 2012 | 9:42 AM
One of Governor Romney's criticisms of President Obama is that he "takes his political inspiration from Europe...."
Romney never gives specifics on this criticism. The irony is that Romney (and Representative Ryan) "takes his political inspiration from Europe" and that the European policies they embrace have already proven...
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The Wall Street Journal's Hit Piece on Eric Holder

(223) Comments | Posted June 1, 2012 | 9:33 AM
I am a fierce critic of Attorney General Eric Holder. I have long called for his resignation, and continue to do so, for his failure to investigate and prosecute the elite frauds that drove our financial crisis. So, my response to the Wall Street Journal's editorial denouncing "Holder's...
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Romney Messes Up, Tells the Truth About Austerity

(1269) Comments | Posted May 25, 2012 | 11:00 AM
Mitt Romney has periodic breakdowns when asked questions about the economy because he sometimes forgets the need to lie. He forgets that he is supposed to treat austerity as the epitome of economic wisdom. When he responds quickly to questions about austerity he slips into default mode and speaks the...
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The Silver Anniversary of the "Keating Five" Meeting - Speaking Truth to Power

(21) Comments | Posted April 9, 2012 | 11:17 AM
April 9, 2012 is the twenty-fifth anniversary of the most infamous savings and loan fraud, Charles Keating's successful use of five U.S. senators to escape sanction for a massive violation of the law. The senators were Alan Cranston (D. CA), Dennis DeConcini (D. AZ), John Glenn (D OH), John McCain...
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The JOBS Act Is So Criminogenic That It Guarantees Full-Time Jobs for Criminologists

(91) Comments | Posted March 20, 2012 | 9:39 AM
Co-written with Henry N. Pontell and Gilbert Geis*
As white-collar criminologists (and a former financial regulator and enforcement head) and experts in ferreting out sophisticated financial frauds, our careers and research focus on financial fraud by the world's most elite private sector criminals and their political cronies. Therefore, we write...
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Newt's Latest Declaration of Independence From Reality

(38) Comments | Posted March 12, 2012 | 11:48 AM
Newt Gingrich's story is that Freddie Mac was so impressed with his skills as an historian that they paid him at least $1.6 million not to lobby, but to serve as their historical muse. Gingrich was, of course, a lobbyist for Freddie Mac, a politically inconvenient fact for a candidate...
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How Does a Conservative Evangelical Become a Corporate Tool Supporting a System That Coerces Apple's Suppliers' Workers to Have Abortions?

(27) Comments | Posted February 23, 2012 | 4:23 PM
My two prior columns commented on a piece that Forbes' publisher, Rich Karlgaard, wrote to defend Apple against complaints that its suppliers abuses of their workers had led to suicides. His column morphed into a screed about President Obama based on fictions that were the opposite of the...
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Rich Karlgaard's Lies About Obama

(12) Comments | Posted February 17, 2012 | 2:11 PM
My prior column explained how Forbes' publisher, Rich Karlgaard, turned an attempted defense of Apple's suppliers' driving employees to suicide through brutal, fraudulent, and illegal abuses of the employees into a screed attacking President Obama. Why does Karlgaard hate Obama? Consider the charge he made against Obama in...
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