19 January 2014

Wm. K. Black: JP Morgan's Frauds Are Epic, Unprecedented, NSA Scandal a PR Disaster

"It turns out we were not just spying on terrorists, we were spying on the general population of the world...They decided they had to do something politically to curtail this because they are getting terrible publicity, and they’re getting terrible publicity not just in the United States...This turned into disaster in terms of public relations for the United States and in terms of diplomatic relations...

CEO Jamie Dimon has presided over the largest financial crime spree in world history. . . . It depends on how you count it, but it is more than a dozen, and more in the range of 15 major felonies that either the United States investigators have found, state investigators have found or foreign governments have found...JP Morgan’s frauds are epic in scale, unprecedented in world history...

The system is ungovernable... It has already largely imploded.”

William K. Black

Read the excerpts and see original interview here.

It is not that the system is ungovernable. It is that the system is ungovernable by morally ambivalent politicians, all of whom are caught in a credibility trap.

And the world is watching.