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The Stalls of Higher Thought

Don’t Trust Bank Earnings Reports. They’re A Sham. William Black

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Professor William Black is asked about U.S. Treasury Secretary Timothy Geithner. He responds:

Geithner has a record of being a failure at every step of his career. Most recently, he was president of the Federal Reserve Bank of New York, which, of course, is supposed to regulate the largest bank holding companies in the United States.

Well, you can see how well he did. He didn’t take a single effective action against this coming subprime crisis. He didn’t even warn about it.

When he was asked about this in Congress, he said, ‘I’ve never been a regulator.’ Well, his job description was to be a regulator. I grant you, he never regulated, but that’s not the same thing.”

William K. Black is a law and economics professor at the University of Missouri and a former U.S. bank regulator.

In the video, Black also cautions investors not to trust bank earnings and believes the new accounting rules and stress test are a complete “sham.”


Written by mattliving

May 13, 2009 at 10:41 am

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