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Posts Tagged ‘tax evasion’

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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(Reuters) – The United States indicted Wegelin, the oldest Swiss private bank, on charges that it enabled wealthy Americans to evade taxes on at least $1.2 billion hidden in offshore bank accounts, the U.S. Justice Department said on Thursday.

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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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