Former government regulator alleges the government is lying about bank losses in order to maintain an artificial public confidence. Excerpt from his interview with Bill Moyers:
Moyers: How is this happening? Why is it happening?
Black: Until you get the facts, it's harder to blow all this up. And of course the entire strategy is to keep people from getting the facts.
Moyers: What facts?
Black: The facts about how bad the conditions of the banks is. So as long as I keep the old CEO who caused the problems, is he going to go vigorously around finding the problems, finding the frauds, taking away people's bonuses?
Moyers: To hear you say this is unusual, because you supported Barack Obama during the campaign. You're seeming disillusioned now.
Black: Certainly in the financial sphere, I am. First, the policies are substantively bad. Second, I think they completely lack integrity. Third, I think they violate the rule of law. This is being done, just like Sec. Paulson did it, in violation of the law.
You can watch the 20 minute interview here.