William Black: Regulators & Banking Felons

William Black Money Quotation saying bankers have no concern about regulators who have no concerns about banksters because they are in control of regulators. William Black said:
 

 

“Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago – because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world” — William Black

In this quote, William Black is criticizing the approach of modern financial regulators. He sarcastically notes that today’s regulators see themselves as more sophisticated than in the past, but their strategy of leaving executives in charge of major banks even after crimes have been committed defies common sense.

By keeping “felons” at the helm of large financial institutions, Black argues that regulators are ignoring the obvious threat to stability that comes from not properly enforcing law and accountability within the highest levels of the financial sector. T

he quote reflects Black’s view that regulators have failed to learn from past crises by continuing to allow bankers who should face legal consequences to remain in influential leadership positions, undermining efforts to establish a ethical and lawful financial system.

Birthday: July 10, 1723 – Death: February 14, 1780

William Black: Struggle Against $ Power

William Black Money Quotation saying if we accept that there is no hope against the abuses of financial power, we will accept those abuses without hope. William Black said:
 

 

“There’s never going to be a decisive victory against power and money and finance. We have to fight – every generation has to engage in the struggle and if it gives up and says it’s hopeless, well it’ll give up and then it will be hopeless” — William Black

In this quote, William Black is discussing the ongoing struggle to reform the financial system and curb the excessive power of banks and large corporations. He acknowledges that there will never be a single definitive victory that permanently solves these issues, since powerful financial and business interests will continually work to maintain their influence.

However, Black argues that each generation must continue fighting to hold such institutions accountable and limit their ability to act without oversight. If people give up and decide the challenge is hopeless, then meaningful change will never occur.

But by actively and persistently working to strengthen regulations, enforce laws, and make democratic processes more responsive to public interests rather than private wealth, progress can be made even if complete triumph is unattainable. The quote reflects Black’s view that reform requires sustained, multi-generational effort from concerned citizens rather than one conclusive win.

Birthday: July 10, 1723 – Death: February 14, 1780

Pavel Constantin, Romania

William Black: Weapon of Choice in Finance

 
William Black Money Quotation saying in financial wars, numbers obscure complex accounting schemes, hiding wrongdoing by bankers. William Black said:
 

 

“The weapon of choice in finance is accounting” — William Black

In this quote, William Black is referring to the use of accounting as a tool that can be misused to deceive or commit wrongdoing in the financial sector. He describes accounting as the “weapon of choice” for those engaged in financial crimes and misconduct.

Black’s view is that manipulating, misrepresenting or falsifying accounting records is a primary method used by corrupt executives and companies to hide losses, inflate profits or assets, and generally disguise their true financial condition from regulators and investors.

By exploiting weaknesses and discretion in accounting rules, wrongdoers can use the facade of legitimate bookkeeping and reporting as cover for their fraudulent activities.

The quote reflects Black’s perspective that accounting is particularly susceptible to abuse since it forms the basis for assessing the health and performance of financial institutions.

Birthday: July 10, 1723 – Death: February 14, 1780

William Black: Weapons of Mass Destruction

William Black Money Quotation saying controllers are usually seen as harmless bean counters, when they are often dangerous financial criminals. William Black said:
 

 

“Control fraud is what happens when the people who control, typically a CEO, a seemingly legitimate entity, use it as a weapon to defraud, and these are the weapons of mass destruction in the financial world — William Black

In this quote, William Black is referring to a type of fraud known as “control fraud”, where the people who control major institutions use them to carry out large-scale deception.

He argues that when the leaders of large corporations like banks or insurers engage in fraudulent behavior for their own benefit, it can have massive damaging effects akin to weapons of mass destruction.

By using their control over an organization as the means to defraud others for profit, these executives turn the entities under their command into “weapons” that can cause immense financial harm.

Black sees control fraud as one of the primary ways that systemic crises emerge in the financial sector, as the heads of major companies abuse their positions of trust to engage in corrupt acts that put the stability of the entire system at risk.

Birthday: July 10, 1723 – Death: February 14, 1780

William Black: Bankers Enlist Political Allies

William Black @WilliamKBlack Money Quote saying at an Irish #bankinginquiry that banksters will fight legal challenges using political cronies they’ve financed. William Black said:
 

 

“If you bring cases against powerful bankers, they will enlist their political allies and they will give very large political contributions to do that” — William Black

In this quote, William Black is referring to the influence that powerful bankers can wield in the political system. He suggests that if legal cases are brought against bankers for their actions, they will use their political connections and make substantial donations to politicians to prevent accountability.

Black implies that bankers will lobby allies in government and make large campaign contributions to protect their interests. His view is that bankers have the means to enlist help from elected officials to avoid legal consequences through political pressure and financing political campaigns.

The quote reflects Black’s perspective that bankers can leverage their economic power and status to gain influence over the political process when their interests are threatened.

Birthday: July 10, 1723 – Death: February 14, 1780

Daryl Cagle of CagleCartoons.com