[Marxism] "Bernie Madoff was a piker" - Bill Moyers interviews a straight shooter

Dbachmozart at aol.com Dbachmozart at aol.com
Fri Apr 3 21:45:40 MDT 2009

BILL MOYERS: So if your assumption is correct, your evidence is sound,  the 
bank, the lending company, created a fraud. And the ratings agency that is  
supposed to test the value of these assets knowingly entered into the fraud.  
Both parties are committing fraud by intention.  
WILLIAM K. BLACK: Right, and the investment banker that — we call it  pooling 
— puts together these bad mortgages, these liars' loans, and creates the  
toxic waste of these derivatives. All of them do that. And then they sell it to  
the world and the world just thinks because it has a triple-A rating it must  
actually be safe. Well, instead, there are 60 and 80 percent losses on these  
things, because of course they, in reality, are toxic waste.  
BILL MOYERS: You're describing what Bernie Madoff did to a limited  number of 
people. But you're saying it's systemic, a systemic Ponzi scheme.  
WILLIAM K. BLACK: Oh, Bernie was a piker. He doesn't even get into the  front 
ranks of a Ponzi scheme...  
BILL MOYERS: But you're saying our system became a Ponzi scheme.  
WILLIAM K. BLACK: Our system...  
BILL MOYERS: Our financial system...  
WILLIAM K. BLACK: Became a Ponzi scheme. Everybody was buying a pig in  the 
poke. But they were buying a pig in the poke with a pretty pink ribbon, and  
the pink ribbon said, "Triple-A." 
full ---      <_http://www.pbs.org/moyers/journal/04032009/transcript1.html_ 
(http://www.pbs.org/moyers/journal/04032009/transcript1.html) >
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