More from Bill Black criticizing the government’s bank bailout and cover-up…this time in a Barron’s interview:

“The scale of fraud is immense. This whole bank scandal makes Teapot Dome [of the 1920s] look like some kid’s doll set. Unless the current administration changes course pretty drastically, the scandal will destroy Barack Obama’s presidency. The Bush administration was even worse. But they are out of town. This will destroy Obama’s administration, both economically and in terms of integrity.

With most of America’s biggest banks insolvent, you have, in essence, a multitrillion dollar cover-up by publicly traded entities, which amounts to felony securities fraud on a massive scale.

These firms will ultimately have to be forced into receivership, the management and boards stripped of office, title, and compensation…

Obama, who is doing so well in so many other arenas, appears to be slipping because he trusts Democrats high in the party structure too much.

These Democrats want to maintain America’s pre-eminence in global financial capitalism at any cost.”

The conspiracy is far reaching: add to the actions of the PPT as documented by Zero Hedge to manipulate the stock market using Goldman Sachs and other loyal-to-the government traders in low volume situations,  the big bank’s clear attempt to manipulate their stock prices by making incomplete yet sensational “announcements” about recent profitaility.  There is indeed amble reason to think this scandal could bring down those now in power.