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Posts Tagged ‘money laundering’

The Big Banks are at it again and nobody is listening. Not a single bankster went to trial for the numerous crimes they committed during the last recession, including laundering Mexican drug cartel money, fraud, racketeering, tax evasion, manipulating credit ratings, conspiring to rig housing prices (which is why house prices and rent keep going up), and much more. See The Big Banks are Manipulating the Housing Market, and Another Big Bank Pays an $800 million Fine for Drug Laundering and Nobody Goes to Trial.

Richard Rodriquez needs your help to overcome a banking giant. Rich was the victim of an overzealous manager at US Bank who rigged a credit rating higher than it should have been. That means US Bank is fiddling with credit rating numbers, making them look better than they are. Doesn’t that sound like 2008 all over again? Rodriquez blew the whistle and now needs your help to bring down the corrupt giant. Listen to his story in the video above and decide for yourself.

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Three senior Irish bankers were jailed last Friday for up to three-and-a-half years each. They were convicted of conspiring to defraud investors in the most prominent prosecution arising from the 2008 banking crisis that crippled the country’s economy.

The trio will be among the first senior bankers globally to be jailed for their role in the collapse of a bank during the crisis.

The lack of convictions until now has angered Irish taxpayers, who had to stump up 64 billion euros – almost 40 per cent of annual economic output – after a property collapse forced the biggest state bank rescue in the eurozone.

The crash thrust Ireland into a three-year sovereign bailout in 2010 and the finance ministry said last month that it could take another 15 years to recover the funds pumped into the banks still operating.

Former Irish Life and Permanent Chief Executive Denis Casey was sentenced to two years and nine months following the 74-day criminal trial, Ireland’s longest ever.

Willie McAteer, former finance director at the failed Anglo Irish Bank, and John Bowe, its ex-head of capital markets, were given sentences of 42 months and 24 months respectively.

All three were convicted of conspiring together and with others to mislead investors, depositors and lenders by setting up a 7.2-billion-euro circular transaction scheme between March and September 2008 to bolster Anglo’s balance sheet.

Unfortunately, the United States government is rife with corruption, and while US bankers committed fraud and other crimes, such as money laundering in the tens of billions for the Mexican drug cartels, not a single Wall Street banker-criminal has even been charged with a crime, although the banks have had to pay fines in the billions.

That’s because Wall Street bankers and other major corporate players own the US government, and both major political parties. This goes to show how political corruption in the US trumps justice.

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Why is the Obama Administration Terrified of the Banksters that violated US law in destroying the economy, violating US law in laundering money for drug cartels, violating US laws by financial deals with Iran? Why is President Obama terrified of criminal bankers? The answer is simple. The US government is corrupt to the core.

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Yesterday, March 7 2013, Middle Class Senator Elizabeth Warren grilled US Treasury officials in congress as to why they refused to push the Justice Department to prosecute the bankers of HSBC North America, who knowingly laundered over $800 million for the drug cartels of Colombia and Mexico.

The Treasury Department warned the bankers to stop the criminal acts, the bankers continued, the US Treasury Department then leveled a $1.6 billion dollar fine against the bank, which it paid. No criminal charges have been filed even though there’s sufficient evidence to level that massive of a fine and the bank was willing to pay it.

In the hearing, Warren asked “HSBC paid a fine, but no one individual went to trial, no individual was banned from banking, and there was no hearing to consider shutting down HSBC’s activities here in the United States,” Warren said. “So, what I’d like is, you’re the experts on money laundering. I’d like an opinion: What does it take — how many billions do you have to launder for drug lords and how many economic sanctions do you have to violate — before someone will consider shutting down a financial institution like this?”

Treasury officials refused to answer the question. Apparently, Warren is the only person in the senate or the US House of Representatives that thinks it should be jail time for big time US senate and house campaign contributors that launder drug cartel money. There are plenty of reasons the government will pay tens of thousands of dollars to convict somebody caught smoking marijuana and not prosecuting money launderers.

HSBC donated lots of money during this last election cycle to plenty of congressmen and congresswomen, as well as senators. The company is primarily an investment bank, but also does some commercial banking. The entire HSBC North American Holding is worth over $320 billion as of September 2012. In other words, a ton of the 1 percent have invested with and through this company.

HSBC’s stock price hovers around $55 per share, already down from nearly $100 five years ago. If criminal charges are brought against the bankers, if they faced prison time, the stock prices would plummet. And if the government considered closing the bank for its crimes, the 1 percent that have invested in the bank would lose their investments because the death of the company means the current $55 a share would drop to $0.

Doing such a thing would set a bad example for the rest of the investment community. Perks offered by those folks might dry up if they get angry at government officials for doing something as idiotic as making rich criminals responsible for their actions. The 1 percent pays their government sufficient money every year to make sure their investments continue to gain value, even when this is at the expense of the 99 percent, which is more often the case than not. Prosecuting drug money laundering bankers would not be in harmony with the interests of the 1 percent. So don’t expect Obama’s justice department to do anything about drug money laundering bankers even though there’s enough evidence to level a $1.6 billion fine.

The economic drama unfolding for the last thirty-two years continues. The game played against the middle class continues to be rigged against them. If you’re rich enough, and you donated enough money to Obama, both major political parties, and other government officials, you can probably murder a middle class person in broad daylight, post the video of the criminal act on Youtube, and the US Justice Department will say there’s not enough evidence to prosecute you.

Check out the video below.

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iceland-arrests-bankersThe Former Federal Reserve Bank of the United States gave out $26 trillion in loans to the banksters under the leadership and authority of Ben Bernanke. The Fed printed the money, then handed it out. It’s that simple. The Fed saved the corrupters of Democracy and gave them more financial clout to increase their corrupting abilities.

A few years later, the Fed claimed the money was paid back, even though it’s statistically impossible. Why borrow $26 trillion if you don’t need it? Once you use it, how can pay it back when the entire value of all goods and services in the USA is about $16 trillion a year. Even if you assume a highly unrealistic average profit margin of 20 percent per year, that’s only $3.2 trillion in profits for all the businesses combined in the USA. That includes earnings from Wall Street parasites all the way down to every dry cleaning business, grocery and auto repair shop. That’s why it’s more than likely the Fed has cooked its books to make it look as though the loans were repaid. The businesses that received the money also had to have cooked their books to make it appear as though they repaid the loans.

In another article, Breakdown of the $26 Trillion the Federal Reserve Handed Out to Save Incompetent but Rich Investors, I wrote that some of the unrepaid loans had to have been used to enhance corporate earnings. How else could the banks and hedge funds have managed to muster record earnings quarter after quarter during the worst economic crisis since the Great Depression, when the demand for goods and services hit rock bottom.

There’s something significantly more to this scandal and it goes something like this. But first, we need a definition.

A credit default swap is an insurance policy, usually provided on bonds backed by home mortgages. According to some sources, there were $60+ trillion worth of these insurance policies at the beginning of the housing collapse in the summer of 2006.

You didn’t need to own any of these bonds to insure them. It’s the same as being able to insure your neighbor’s house, without their knowledge, even if you don’t know the owner. Needless to say, you’d have a fair degree of incentive to burn your neighbor’s house down.

Institutions such as Goldman Sachs and a ton of unregulated investment firms called hedge funds took out insurance policies on mortgage backed bonds. These people were betting the market would collapse. They were right, even though some of them were selling the bonds up to the housing collapse and even a little after it began, even while telling hapless and really stupid (but wealthy) investors what wonderful investments the bonds were.

This leads me to believe that trillions of those dollars of unrepaid Federal Reserve loans went toward reimbursing the holders of the credit default swaps, which may be why all of those Goldman Sachs and Citicorp executives and hedge fund managers have been getting wonderful bonuses during the economic collapse they helped to craft.

Think about it. The government bailed out the insurance company AIG because of the billions of dollars of mortgage backed bonds it had insured, and that subsequently become worthless when the housing market melted down.

Let’s be clear about one thing. The government didn’t bail out AIG, although they technically did. The government actually bailed out the rich investors by bailing out AIG. These were the foolish folks that had bet that the mortgage-backed-bond market would collapse, and they’d get rich when their insurance policies (credit default swaps) bore fruit. And then came the fat surprise!

The entire insurance industry of planet Earth couldn’t possibly pay out $60+ trillion to those who’d bet on the housing market collapse. That means a bunch of rich fat cats made a bet on a market (credit default swaps) that could not sustain itself. They lost their shirts because they were dumber than a cat’s fart. Unless, of course, they expected the Fed to save their worthless hides.

The Fed’s rescue was most likely negotiated by Fed officials and Wall Street executives in one or more secret meetings. It’s possible executives simply begged Bernanke for financial salvation and he relented, but that’s unlikely.

Either way, the Fed stepped in to save their extraordinarily wealthy friends, like Goldman Sachs, their investors and numerous hedge funds.

In other words, if you were rich and dumb and placed your money in a market that was doomed to collapse, like the credit default swap market, you should have lost all of the premiums that you paid out. Coincidentally, although sizable (probably exceeding a trillion dollars), the money paid out in premiums represented only a fraction of the $60 trillion sized market.

The Federal Reserve doesn’t serve the common people or the nation. The officials at the Fed have only one thing in mind; to serve the wealthy people that control them.

So let me restate this succinctly: The Fed has paid out trillions of dollars in alleged loans and claimed they were paid back when it was impossible to have done so. The recipients of the money, the richest of people and investment companies that control the world’s most powerful government, also had to have cooked their books in order to make it appear they paid the money back.

That means they couldn’t have paid any taxes on trillions of dollars of free income provided by the Federal Reserve Bank.

Ben Bernanke is part of this crime wave. We’re also talking about hedge fund managers, investors of all stripes and sizes, basically, a ton of rich people. Obama may have even known of this crime. Why else would the Department of Justice be totally blind to this issue? Where is the investigation? Even if we had one, the crimes would be white washed in an ocean of corruption.

But then there’s the fear factor. If common people even knew there was an investigation, the demands for justice would be massive since most people now know or suspect how corrupt the financial sector and the government are, and how much and how tightly they are entwined.

I’m no attorney, but I can kind of guess what crimes have been committed, at least some of them. How about tax evasion? How about Accessory to Tax Evasion? How about obstruction of justice? Racketeering? Money laundering? And probably lots more. If you’re rich, you own enough politicians and Supreme Court and other justices that no charges will ever be brought against you.

The folks at http://criminal.laws.com/rico define racketeering this way, “Racketeering is classified as a crime that takes place through or while undertaking an illegal business or commercial venture. The activity of Racketeering is neither specific to solely illegal nor legal business operations. A wide array of the types of Racketeering exists.”

Goldman Sachs and other banks are businesses. So are hedge funds. So racketeering applies.

Criminal.laws.com also defines money laundering as “a financially-based criminal act that is employed in order to purposely conceal, misrepresent, and disguise all applicable nature or details with regard to financial income in the form of monies. Money Laundering can be instituted in order to attempt to hide the source of generation of a particular flow of income or to mask the process of the spending of monies. Furthermore, Money Laundering can be utilized in order to mislead investigations involved in the determination of the particular spending pattern or trend with regard to an individual or entity. While Money Laundering is not specific to commercial activity, it most commonly takes place within the scope of business activity.”

Money laundering clearly applies and it should be obvious to anybody with a second grade education.

Ben Bernanke is up to his neck in these crimes. Perhaps more realistically, he buried himself completely in it.

Crimes have been committed on a massive scale, but our government is totally corrupted by big money, and that’s especially true of the corporate wing of the Supreme Court. So don’t expect anything to happen soon. Join the Occupy Movement. Get Busy. Get Politically active if you want to see justice served, if you want to see our government washed clean of corruption.

Related Links

Click here for The second draft: The Enormous Implications to the 99 Percent of the $26 trillion in Federal Reserve Loans. How Much Did Obama Know About the $26 Trillion the Federal Reserve Handed Out?

Who Holds the Federal Reserve Responsible for Its Actions

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