William Black explains the "F-word" of banking

[szatmar666]

Run time: 08:32 https://www.youtube.com/watch?v=YzF3IIeLuUI   Posted on YouTube: April 27, 2010 By YouTube Member: madashelldude Views on YouTube: 0   Posted on DU: April 27, 2010 By DU Member: szatmar666 Views on DU: 786

 
Part 2: http://www.youtube.com/watch?v=B5z3wbKbiFU
Part 3: http://www.youtube.com/watch?v=Zs74htPBnWc

[florida08]

1. that was a frightening

explanation of the Wall Street gangsters. Am a fan of Bill Moyers. Fascism is alive and well in Washington.

the highest return on assets is always a political contribution

[BootinUp]

2. He explains more than that

great interview. K&R

[formercia]

3. It's a good thing that William Black is finally being listened to.

He's been talking and acting on this problem for decades, but, not a peep out of the M$M, and Congress did their best to do the opposite.

It's about fucking time.

[90-percent]

4. William Black

Did I hear that Bill is running for Congress?

That would be wonderful, wouldn't it?

-90% Jimmy

[szatmar666]

6. I haven't heard that he's running for office

but I know that next Friday is his last show on PBS.

[Enthusiast]

5. Government of and by the corporation.

This is essentially organized crime that has gained control of the government. Anyone that is an advocate of the status quo is an enemy of my country. That includes Democrats that would accept a weak set of regulations and oversight, like Chris Dodd. I can't believe I sent that guy a contribution.

[JoshieR]

7. Speaking as a former auditor with Deloitte...

...I completely agree. There is a gap in expectations between what external auditors actually do and what the public expects them to do. Sometimes that gap is very large. There is an innate conflict of interest between auditor and client in that the client pays the auditor for its services. There are rules and regulations to try to prevent this conflict of interest to the greates extent possible, but it is still a major issue.

There is also that issue of experience. You have 21 - 27 year-old, "fresh" auditors conducting and managing these engagements going toe-to-toe with executive who have been in the business for decades. It comes as no surprise to me that external auditors only detect 9.1% of all frauds detected in this country according to the Association of Certified Fraud Examiners.(http://www.acfe.com/documents/2008-rttn.pdf)