Video: US Banks Playing 'Accounting Games'
Video (3min 46sec): US Banks 'Playing Accounting Games'.
Bill Black, a former federal regulator and a professor of economics and law talks about how US banks are allegedly using accounting procedures to cover up their losses.
"What's going on is more 'accounting games' and Congress has just extorted our accounting industry to permit these games to cover up the losses of the large banks and investment banks like Goldman Sachs.
It is 'crony capitalism'. It's not the government right now. The big payment, the $12.9 billion, occurred under Secretary Paulsen and that particularly scandalous because he came from Goldman Sachs.
And indeed while he was at Goldman Sachs, he's the one that got them to invest in the toxic waste..."
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