Executive Intelligence Review
Subscribe to EIR

PRESS RELEASE


Wall Street Deployed Neo-Cons
To Attack the FCIC Report
Before It Was Released!

Feb. 9, 2011 (EIRNS) — Wall Street's hack writer, Paul Sperry, has released a new book, timed to preempt any serious evaluation of the report issued by the Financial Crisis Investigation Committee, the FCIC, also known as the Angelides Committee. The book is "The Great American Bank Robbery: The Unauthorized Report about what really caused the Great Recession," and is published by Thomas Nelson, a publisher primarily of "Christian" books. The book was released Jan. 18, 2011, less than a week before the initial public release of the FCIC Report.

In the Preface, Sperry writes that it is the "subprime" collapse which led to the "Great Recession," and not "fat cat bankers." It was "Washington social engineers and housing-rights activists" who exploited "uncreditworthy minority borrowers" which caused the global financial crisis, and not the City of London and Wall Street swindlers responsible for building up a quadrillion-dollar financial bubble of worthless derivatives and financial obligations, following their elimination of any regulatory measures, such as Glass-Steagall, still in place, as is documented effectively in the Angelides Report. It is clear that his book was meant as an attack on the FCIC report, as he ends the Preface by writing that the "9/11-type commission" which was set up — the 'Angelides Commission' — is "a frame up. Commissioners have set up Wall Street bankers to take the fall."

This becomes even more explicit in the Introduction, which is titled, "The Angelides Commission." In this introduction, he makes the absurd argument that the "subprime" crisis caused the collapse, due to the $1.8 trillion of subprime mortgages underwritten by Fannie Mae and Freddie Mac. Of course, this will not be investigated by the Angelides Commission, as it has an "anti-market, pro-government agenda and cannot be trusted to conduct an honest inquiry into the financial crime of the century. Instead of indicting the guilty culprits (Washington's "liberal social engineers," and the "uncreditworthy poor", by which he means, explicitly, African-Americans, and Hispanics — whom he distinguishes from "creditworthy Asians" — who benefited from funds made available through Fannie Mae and Freddie Mac), "it more than likely will whitewash their crimes, while framing others," i.e., those innocent banks and investment houses, which have suffered so terribly in the past years!

The original subtitle of this book was "The Cost and Causes of the New Depression: How Race-based Lending and Other Multi-cultural Schemes Make Us All Poorer." This title was dropped, in favor of "The Unauthorized Report About what Really Caused the Great Recession." Obviously, the racist implications in his original title were too much for a "Christian" publishing house! His two previous books were on Islamic terror schemes against the U.S. In Dec. 2008, he wrote, "Infiltration: How Muslim Spies and Subversives Have Penetrated Washington;" and in September 2009, he published "Muslim Mafia: Inside the Secret Underworld That's Conspiring to Islamize America."