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More than two decades ago, during the savings and loan crisis, Bill Black exposed the Keating Five, senators who took big campaign contributions from the most infamous of the savings and loan executives and then tried to hide their crimes by stopping bank examiners from doing their job.
The scandal ended the careers of three of those senators. One of them—John McCain—went on to run for president. Black also helped prosecutors convict more than 3,000 crooked bankers, a third of them high-level executives. He also trained bank examiners and FBI agents in what to look for and showed prosecutors how to frame charges and present complicated evidence to juries in a compelling manner.
After that, Black, a lawyer, got a doctorate in criminology and developed a theory he calls “control fraud” to describe how corrupt bankers turn legitimate institutions into criminal enterprises. He devised techniques to help bank regulators quickly spot crooked banking practices, and rolled all this into a book,The Best Way to Rob a Bank Is to Own One.
With a track record like that, you might think Black would have been the first person President Barack Obama called when he took office five years ago as the economy was being gutted because of reckless and rapacious banking practices that plundered profits through subprime mortgages and devilish derivatives. A second Great Depression was stalking America, as the stock market was tanking and businesses small and large were hemorrhaging jobs.
We’ve got Thomas Frank stopping by momentarily to talk about how a buncha billionaries
brought about the collapse of the American financial system as we knew it “are putting capitalism and democracy in chains.” Five minutes or so. Taking questions now. Come join us—you can sign in w/ Facebook, Twitter, or email.
NYU professor Andrew Ross, who last November helped launch the Occupy Student Debt Campaign, in a piece that asks if it’s time you stop repaying your student loans.
Photo: ”I’ve Been Dancing for 5 Hours, September 24, 2011,” by Richard Bram. The International Center of Photography in New York is marking the first anniversary of the Occupy Wall Street movement with an exhibition called “Occupy!” on view each weekend through Sept. 30 in a reclaimed barracks on Governor’s Island.
From ART BEAST:
As we approach the first anniversary of the Occupy Wall Street movement, on Sept. 17, the International Center of Photography in New York is marking it with a suitably open-armed exhibition called simply “Occupy!” It will be on view each weekend through Sept. 30 in a reclaimed barracks on Governor’s Island. ICP curators have held an open call for submissions, and will be hanging every Occupy image that came in before Aug. 15—a few of which are shown here. “There’s an incredibly wide range of pictures, of surprisingly high quality,” says Brian Wallis, chief curator at ICP. He gives the credit to new digital technologies, which put photography within reach of more people than ever. He also notes that this same technology was crucial to Occupy’s success, and to spreading news of its actions.
Zuccotti has been reoccupied. Watch live.
Happening live: Our Google Hangout with the prolific Occupy Wall Street reporter Tim Pool, Meta-Activism Project founder Mary Joyce, tech mentor and Forbes blogger Tara Tiger Brown, and Reddit co-founder Alexis Ohanian for a conversation about The Newsweek Daily Beast Digital Power Index.
What are you doing at 1pm (et)? If “nuthin much,” check out our Google Hangout with awesome people Tim Pool (live-streamer of Occupy Wall St), Alexis Ohanian (Reddit co-founder), and Mary Joyce (badass digital activist)! Your tumblr will be the host. We’ll be talking about the Internet, this crazy thing. To watch, just load up our Google+ page and refresh around 1pm ET. We’ll also try and embed it here.
Join your nwktumblr, acclaimed political scientist Francis Fukuyama, and our books editor Lucas Wittmann to discuss the Arab Spring, Occupy Wall Street, and Fukuyama’s latest book, The Origins of Political Order, newly out in paperback. We’ll be chatting live 11:30 am EDT this morning. So…in 15 minutes.
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Union Square is PACKED right now. Or shall we say, occupied.
i live on union square
and while i sympathize with ows i disagree with their methods
upturning cars and wreaking havoc in downtown nyc (where there are a lot of students like myself that just want some peace and quiet so we can study for finals) is not the way to go
OWS didn’t do much overturning cars or wreaking havoc yesterday. The only problems came from the so-called ‘Wildcat’ march, which was unsanctioned, and organized by people set out to cause problems. The majority of OWS marchers yesterday were pretty peaceful. As for the noise, gotta say, if you came to New York City looking for peace and quiet while you’re in school, you picked the wrong city. :)