Professor William Black was on with Leo Panitch on the Real News Network discussing how and why banks fought so hard for a "Pushout Rule" on the Dodd-Frank Act. Black and leo discussed why banks are desperate to keep ten trillion of annual swap trading off the governments regulatory processes . Banks pushed so hard to get their swap trading under FDIC protection so in case of catastrophe the public and tax-payers will bail them out in economic crisis and enable them to stay wealthy. Professor Black has been battling bank frauds and scams to entitle the industry from failure for years and his recent appearance on the great Real News network was once again highlighting Black's war on the irrevocable power of the big banks to dictate economic policy on the majority of the population.
There is no reason for banks to be backed up for these swap trades that usually involve interest rates they swap with another and providing them with insurance when most of these trades in manipulated derivatives does nothing but improve their bottom line and profit and enable them to dominate economies. Bill Black told Leo Panitch and Paul Jay that the necessity of bringing back Glass-Steagall legislation which separates commercial, consumer, normal business activity, from investment, more speculative activities would ensure that the financial charades of the last thirty years would change. This would include bill Black insists, the end of terms of executive compensation, that's where not only it's become the means to defraud and loot the corporations and a class being created to get financially rewarded at the same time they are ripping off the place. Black and Panitch both know that globalized banking rule has been disastrous for the ninty-nine percent of people outside this bubble and it needs to be reformed mightily in the future.
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