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Posts Tagged ‘Eric Holder’

Goldman Sachs was the largest campaign contributor to the Obama presidential campaigns.

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The differences between President Obama and US Senator Elizabeth Warren have never been more stark. While Warren attacked the Wall Street criminals that tanked the economy through fraud and deceit, Obama instructed his US Attorney Eric Holder to avoid going after the criminals of Wall Street. While Obama lies to us as he pushes to redistribute massive amounts of income (in negotiations of the most secretly held trade talks ever) from the 99 to the 1 percent, via the newest and falsely labeled free trade treaty, The Trans Pacific Partnership, Warren gives us clear honesty.

Sen. Elizabeth Warren: “From what I hear, Wall Street, pharmaceuticals, telecom, big polluters and outsourcers are all salivating at the chance to rig the deal in the upcoming trade talks. So the question is: Why are the trade talks secret? You’ll love this answer. Boy, the things you learn on Capitol Hill. I actually have had supporters of the deal say to me, ‘They have to be secret, because if the American people knew what was actually in them, they would be opposed.'” From DemocracyNow!

Mother Jones magazine has come up with Warren’s five best lines this week, which are below.

“1. “The game is rigged, and the Republicans rigged it. We can whine, we can whimper or we can fight back, and we’re here to fight back. We know what we’re fighting for and what we’re up against. We’ve got our voices, or votes and our willingness to fight. This is about democracy, about your future, and about the kind of country we want to build.”

2. “[W]ho does this government work for?…Does it work just for the millionaires, just for the billionaires, just for those who have armies of lobbyists and lawyers or does it work for the people? That’s the question in this race.”

3. “Republicans believe this country should work for those who are rich, those who are powerful, those who can hire armies of lobbyists and lawyers.”

4. When conservatives came to power in the 1980s, the first thing they did was “fire the cops on Wall Street. They called it deregulation. But what it really meant was have at ’em boys. They were saying in effect to the biggest financial institutions: Any way you can trick or trap or fool anybody into signing anything, man, you can just rake in the profits.”

5. “They ought to be wearing a T-shirt [that says]…’I got mine. The rest of you are on your own.’ We can hang back, we can whine about what the Republicans have done…or we can fight back. Me, I’m fighting back!”

Contrast Warren’s rock star treatment with the President’s reception this weekend: he spoke at a campaign event in Maryland, and attendees filed out as soon as he started speaking. Obama is being kept at arms’ length in close races—Warren, on the other hand, will head to New Hampshire this weekend to campaign for Sen. Jeanne Shaheen, who’s running against Warren’s old nemesis, Scott Brown.”

By now most well read people know the differences between Obama and Warren. Obama works for Wall Street and against the 99 percent, while Warren works for the 99 percent and against Wall Street. The two are polar opposites.

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Bill Moyers says that Eric Holder has a mixed record as attorney general of the United States. Moyers gives Holder an A on civil rights, but an F on the frauds of Wall Street. Bill Black, a former bank regulator, calls the latter, “the greatest failure in the history of the department of justice.”

No banking executives have been criminally prosecuted for their role in causing the biggest financial disaster since the Great Depression.

“I blame Holder. I blame Timothy Geithner,” Black told Bill last week. “But they are fulfilling administration policies. The problem definitely comes from the top. And remember, Obama wouldn’t have been president but for the financial contribution of bankers.”

“While large banks have been penalized for their role in the housing meltdown, the costs of those fines will be largely borne by shareholders and taxpayers as the banks write off the fines as the cost of doing business. And by and large these top executives got to keep their massive bonuses and compensation, despite the fallout.”

But the story gets even more infuriating, the more Black laid out the culture of corruption that led to the meltdown.

“The Clinton, Bush and Obama administrations all could have prevented [the financial meltdown],” Black tells Moyers. And what’s worse, Black — who exposed the so-called Keating Five — believes the next crisis is coming: “We have created the incentive structures that [are] going to produce a much larger disaster.”

According to Black, that’s because the bankers have not been proscecuted for their crimes, thanks to Obama and Holder, and federal law prohibits people with criminal records to be in charge of banks. So the same people that brought the economic meltdown are doing the same thing with a nod, a wink, and a helping hand from the white house and both houses of congress.

Check out Moyers interview with Black by clicking on the link below.

Full Show: Too Big to Jail? | Moyers & Company | BillMoyers.com.

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(Reuters) – “Credit Suisse saw little immediate impact on Tuesday after it became the largest bank in decades to plead guilty to a U.S. criminal charge and will pay more than $2.5 billion in penalties for helping Americans evade taxes.

The bank’s guilty plea resolves its long-running dispute with the United States over the probe and marks a rare criminal indictment for a major financial institution.

The Justice Department has not often pursued such convictions for fear they could destabilize large financial firms and wider markets, but lawmakers have recently pressured authorities to show that banks are not “too big to jail.”

Credit Suisse said it had not seen a material impact in the past few weeks on its business, and that clients faced no legal obstacles from doing business with it despite the guilty plea.

But some analysts said clients and counter parties could still pull their business in the coming weeks.

“While we expect that this event has been well-flagged and the impact likely to be muted, there is always the small risk of unintended consequences,” Citigroup analysts Kinner Lakhani and Nicholas Herman wrote in a note to investors.

Credit Suisse shares closed up 0.96 percent on Tuesday.

Switzerland’s second-largest bank escaped more dramatic outcomes for its business – the New York state bank regulator decided not to revoke the bank’s license in the state. Also, its top management stayed in place and it will not have to hand over specific client data, protected by Swiss secrecy laws, though it will turn over some account information.

U.S. prosecutors said Credit Suisse helped clients conceal assets in secret accounts that were not disclosed to U.S. tax authorities, in a conspiracy that spanned decades, and for one of the bank’s units, involved practices that began more than a century ago.

“This case shows that no financial institution, no matter its size or global reach, is above the law,” Attorney General Eric Holder said at a news conference in Washington.

“We deeply regret the past misconduct that led to this settlement,” Credit Suisse Chief Executive Officer Brady Dougan said in a statement.

Another global bank, BNP Paribas, is expected to submit to a similar plea as it works to resolve a criminal probe into whether it violated U.S. sanctions on Sudan and other countries, people familiar with the matter have said.

Credit Suisse will pay the penalties to the U.S. Department of Justice, Internal Revenue Service, Federal Reserve and New York State Department of Financial Services. It had already paid just under $200 million to the Securities and Exchange Commission.

Switzerland’s left-wing Social Democrats renewed a call first made last week for Dougan and other executives to step down to allow the bank to make a fresh start.”

Credit Suisse is one of the world’s largest securities firms. It advises and invests in virtually every industry affected by federal legislation, including oil and gas, telecommunications, electric utilities and media companies. It provides private banking services, corporate and retail banking services and advises financial institutions worldwide.

According to Opensecrets.org, Credit Suisse gives almost as much in campaign contributions to Democratic groups, such as the Democratic Senatorial Campaign Committee, as it does to similar Republican groups. However, during the 2014 election cycle, eleven of the top twelve members of the US House and Senate that Credit Suisse donated money to were Republicans.

It should also be pointed out that major US investment firms have yet to be charged with a single crime involved in the housing bubble that tanked the economy more than five years ago, such as securities fraud, mortgage fraud, and so much more.

Nonetheless, in prosecuting Credit Suisse, this marks the first major prosecution of an investment company, although it does leave the criminals responsible for these crimes in power. In other words, the penalty is pretty much a slap on the wrist.

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“Top secret documents submitted to the court that oversees surveillance by US intelligence agencies show the judges have signed off on broad orders which allow the NSA to make use of information “inadvertently” collected from domestic US communications without a warrant.” Of course, all a government official has to do is say that the information was collected “inadvertently” in order for a judge to sign off on spying orders.

The Guardian (newspaper) is publishing in full two documents submitted to the secret Foreign Intelligence Surveillance Court (known as the Fisa court), signed by Attorney General Eric Holder and stamped 29 July 2009. They detail the procedures the NSA is required to follow to target “non-US persons” under its foreign intelligence powers and what the agency does to minimize data collected on US citizens and residents in the course of that surveillance.”

According to the Guardian story, these documents show that even under authorities governing the collection of foreign intelligence from foreign targets, US communications can still be collected, retained and used.

Check out the story below from the Guardian.

Revealed: the top secret rules that allow NSA to use US data without a warrant

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It’s official. The market for homes is being fixed like a corrupt poker game. The banksters are playing with a loaded hand, playing the 99 percent for fools, playing the news media like they’re a well tuned piano, and they’re doing this by rigging the housing market; they’re artificially pushing home prices up. That’s the only way home prices can be rising, because home buyers aren’t buying.

The number of 30-year fixed mortgage applications hit a record low on December 9, 2012, well after the housing market began to heat up a few months earlier. Since December 9, the number of mortgage applications have inched up a bare fraction, and they’re at near record lows. Roughly 80 percent of all home mortgages are 30-year fixed mortgages.

Remember the bad old days back in 2008, 2009, 2010, 2011 and 2012 when the values of homes were in a virtual free fall? The number of mortgage applications was significantly higher then than they are now. In other words, given the weakness of demand, housing prices should still be dropping.

A quick look at all home mortgage applications called the price index, which includes 15-year flexible and 30-year fixed, shows almost the same pattern. The number of total mortgage applications have remained the same for the last three years.

The evidence is clear. The demand for mortgages remains at or near record lows. So demand is not pushing up home prices.

That means the supply is artificially drying up. Nearly a million homes have been taken off the market since 2009 by the big banks. They’re just sitting there. Several banks, such as Citigroup and Wells Fargo, are no longer foreclosing on home owners who are behind on their payments because that expands the supply of available housing. The job of the banksters is to get home prices to go up by shrinking the supply.

This is called a collusion in restraint of trade. It is a violation of the Sherman Anti-Trust Act. Don’t expect Wall Street President Barack Obama to order his Wall Street attorney general, Eric Holder, to do anything about these criminal acts either. Obama’s biggest campaign contributions have been from members of the Wall Street gang, such as Goldman Sachs and Citigroup.

All of this market manipulation redounds to the benefit of Wall Street. Trillions of dollars of mortgage backed bonds held by hedge funds, mutual funds, investment banks, governments, and the 1 percent are worthless because of the decline of the housing market. The Federal Reserve has been bailing out these incompetent investors for years with $26 trillion dollars of so-called loans that have never been paid back, and it’s unlikely they will ever need to be paid back since the Fed has already claimed they were paid back when it was impossible to have occurred. (See The $26 Trillion Bailout). The Fed has also purchased trillions of dollars of these bonds at their face value, rather than at their worthless value.

Now that the housing market is moving up in value through manipulation, those bonds will begin to regain value. Wall Street will be better off. Hedge Funds will be better off. The 1 percent will be better off, and all because the 99 percent are paying higher prices for homes because of market manipulation, and because mortgage rates are also being manipulated upward.

In other words, on all levels, income is being massively shifted from the 99 to the 1 percent through market manipulation, something Wall Street President Barack Obama and Wall Street US Attorney General Eric Holder apparently approve of. Otherwise, they’d do something about the newest criminal activities of the banksters.

The banksters and Obama are creating another housing bubble that will improve Obama’s economic numbers, but it’s simply another illegal income redistribution scam.

This shows how rotted to the core the US government has become, and how insane it is for people believe that markets operate in some text book way featuring a market of buyers and suppliers determining prices through supply and demand.

Click on the link below to see the graphs of 30-year fixed mortgages and the Purchase Index yourself. By the way, “the Purchase Index includes all mortgage applications for the purchase of a single-family home. It covers the entire market, both conventional and government loans, and all products. The Purchase Index has proven to be a reliable indicator of impending home sales.” Click the link below and see for yourself.

The fix is In! The Banksters are Manipulating the rise in housing prices: Mortgage applications are down for home sales!

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