Hard to top this for straight talk and right to the heart of the matter from someone who knows the financial markets, and especially derivatives, better than most.
From this afternoon's mailbag (with permission):
"Loved your commentary: 'The American government is acting as if it is involved in a massive cover-up of a control fraud and corruption that could perhaps be the worst in its history.'Tavakoli Structured Finance
There's no need to qualify. The government IS involved in a massive cover-up of control fraud and corruption, and it is the worst in U.S. history.
We let the servants quietly steal from the wine cellar and larder (for more than a century), and after discovering that no one would check their behavior—in fact, we handed the keys to our consumables to all the servants and let them bribe the overseers—they have watered down all the wine, and they backed up the truck to the larder and replaced most of the food with jars of peanut butter.
The bad guys have won, it's almost too late to find our food and wine (5 year statute of limitations for securities fraud). As you rightly point out, those who speak up like William K. Black are marginalized.
Perhaps the most positive thing one can do at this point is try to stay on top of the anomalies created by this mess and try to preserve and increase wealth for the few that will listen."
Janet Tavakoli
