If there’s anyone who should be testifying before Congress about the massive toxic dangers of the American financial system, it’s William K. Black, who teaches law and economics at the University of Missouri–Kansas City.
Black was the nation’s chief regulator of the S&L industry and helped prosecute scores of corrupt banksters in the wake of the Reagan-era collapse of the Savings and loan industry.
But after Black booked a flight and a hotel room to testify before a congressional gathering on the dangers of the derivatives trade — those noxious speculative bets that brought down the American financial system after the housing market collapsed — he received word that his presence wasn’t wanted.
In this clip from The Alyona Show, Blacks talks with Alyona Minkovski about just what’s going on:
As Black observes, membership of congressional finance committees is often decided on the basis of which members are facing tough reelection fights. If the elected official needs money to wage a media blitz, appointment to a banking committee guarantees that Wall Street cash spigot will flood his depleted campaign coffers, ensuring that we’ve got the best Congress money can buy.
And if you want to know more about why Black’s unwelcome, consider this recent eye-opening episode of CNN’s Capital Account, which features an in-depth interview of Black by host Lauren Lyster: