BILL MOYERS: I was taken with your candor at the conference here in New York to hear you say that this crisis we're going through, this economic and financial meltdown is driven by fraud. What's your definition of fraud?
WILLIAM K. BLACK: Fraud is deceit. And the essence of fraud is, "I create trust in you, and then I betray that trust, and get you to give me something of value." And as a result, there's no more effective acid against trust than fraud, especially fraud by top elites, and that's what we have.
BILL MOYERS: In your book, you make it clear that calculated dishonesty by people in charge is at the heart of most large corporate failures and scandals, including, of course, the S&L, but is that true? Is that what you're saying here, that it was in the boardrooms and the CEO offices where this fraud began?
WILLIAM K. BLACK: Absolutely.
This is the great truth that cannot be spoken: what we're seeing here is massive elite criminality. And it, of course, the natural result of 30+ years of virtualy unfettered elite rule. This is what the Democrats ought to be standing militantly against. If they were, the GOP would dissolve within a few election cycles, as the Federalists did during the Monroe Presidency. But, of course, the Democrats are almost as deeply aligned with the criminals are the Republicans are--and Giethner, Summers and Rubin are the proof of the pudding. This is not a question of right vs. left. It's a question of left vs. wrong. Because calling a banker a criminal makes you a Commie, right? Even if it's true.
