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Bill Black: The Finance Sector Is a Huge Parasite -- Seeking Alpha

America is being robbed blind by its finance industry.  The link is to a Prieur du Plessis article on SA showing a Real News Network 5 part series of interviews with Bill Black, Associate Professor of Economics and Law at UMKC and a former regulator.  Black wrote, "The Best Way to Rob a Bank is to Own One", about the S&L ripoff.  

Black says America's current crony capitalism is equivalent to Suharto's Indonesia.  He calls the US financial industry a "giant leach" that sucks wealth from Main St and transfers it to megarich bankers, which is the main reason for the increasing income and wealth inequality that is destroying America's ability to have a functioning economy.  Finance has become a systematic fraud scheme by which bankers and regulators and the government allow phony accounting to create fantasy profits so bankers can steal billions of dollars in salaries and especially "bonuses" from America.  A portion of the loot is used to buy the government.

It doesn't really matter to the thieves if the banks fail.  The top bankers walk away clean with 10s or 100s of millions of dollars of personal stolen loot while the underlings cut of the take is mere 100s of 1000s or single digit millions.  Bailing out the banks merely allows the looting to continue awhile longer, before the final collapse.  If American finance collapses the thieves are still rich.

Black is also a PhD criminologist specializing in white collar crime.  He lays out the nature and mechanics of the ongoing theft and presents solutions.

If there is to be any real solution to America's current and coming woes, financial reform to stop the bleeding is a critical step.  Then criminal prosecution and recovery of the 100s of billions of stolen money.  If it turns out to be politically impossible to stop the thefts and prosecute the thieves then welcome to the new Fascist States of America, owned and operated by the bankers who stole your country.