The truth will come out about the banks, When will Americans wake up.
By Daniel at 9 April, 2009, 5:52 pm
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
http://rawstory.com/news/2008/Economist_US_collapse_driven_by_fraud_0404.html
Economist: US collapse driven by fraud Geithner covering up bank insolvency.
He equated the entire US financial system to a giant “ponzi scheme” and charged Treasury Secretary Timothy Geithner, like Secretary Henry Paulson before him, of “covering up” the truth.
In an explosive interview on PBS’ Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called “liars loans” could receive AAA ratings and zero oversight, amounting to a massive “fraud” at the epicenter of US finance.
But worse still, said Black, Timothy Geithner, President Barack Obama’s Secretary of the Treasury, is currently engaged in a cover-up to keep the truth of America’s financial insolvency from its citizens.
“Absolutely, because they are scared to death,” he said. “All right? They’re scared to death of a collapse. They’re afraid that if they admit the truth, that many of the large banks are insolvent.
The U.S. Treasury Department is planning to delay the release of any completed bank stress test results until after the first-quarter earnings season to avoid complicating stock market reaction, a source familiar with Treasury’s discussions.
April 2009
http://www.pbs.org/moyers/journal/04032009/watch.html
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.