April 25, 2013 1:00 PM ET
Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.
You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."
Professor William Black is a former bank regulator and professor of law and economics. He is also an outspoken critic of Wall Street bankers, and he says, "Outright fraud caused the great recession and they are able to do it now with impunity." Not a single financial elite that caused the crisis has gone to jail. Because laws are not enforced and crooked bankers are allow to do whatever they wish, Black says "Each crisis is getting bigger by an order of magnitude." Meaning the next financial meltdown is assured to be much greater that the last. Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Professor William Black.