OBAMA PROMISED THAT IF HE WAS REELECTED HE WOULD ENTER INTO WHAT HE TERMS "THE GRAND BARGAN," WHICH IS MORE ACCURATELY DESCRIBED BY ECONOMIST BILL BLACK AS "THE GRAND BETRAYAL" -- THAT IS LETTING WALL STREET TAKE FEES FOR MANAGING SOCIAL SECURITY BUT SUFFER NO LOSSES WHEN, DUE TO THEIR PERENNIAL MISMANAGEMENT, THE RECIPIENTS LOSE MOST OF THEIR SAFETY NET IN THE NOT-TOO-FAR-OFF STOCK MARKET CRASH.

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November 11, 2012

Drums Beating to Privatize Social Security Bill Black:

A group of Democrats called "The Third Way" are working with President Obama towards the "grand betrayal" on social security
Watch full multipart The Black Financial and Fraud Report:


Bio

William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri -- Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He has taught previously at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. Black developed the concept of "control fraud" -- frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management.