Search vid titles on YouTube
Part II is a continuation of the chronology of news that has followed the AIG bailout of 2008. For Part I, click HERE.
Chronicle of Neil Keenan’s Trillion Dollar Bonds Lawsuit: The BIS, Bretton Woods, Black Gold and Maklumat Codes
This is blow-out news. Hang on to your hats as you read through it.
Companion Posts:
Dominique Strauss-Kahn, IMF, EU, FRes and WB: The Higher We Climb
Hunt For Justice -or- Bagging the Collective Parasites
Slaying Of The Gmork
Occupy Wall Street – 1st Call To Wake Up The Masses Begins, More Occupations Coming
Wikileaks, Whistleblowers, and Dismantling Psychopathic Empire in the 21st Century
2010 And Beyond: In The Midst of Nightmares, The Awakening Struggles for A Voice
My Ordinary Shopping Errand Becomes An Extraordinary Gathering of Minds
Read the July 21, 2011 Fed Audit - criminal!
§ ≈∞ ≈∞ ≈∞ ≈ §
ADDED:
05/29/12
Reuters:
Dewey files for Chapter 11 in record law firm collapse
“Negative economic conditions, along with the firm’s partnership compensation arrangements, created a situation where its cash flow was insufficient to cover capital expenses and full compensation expectations, Dewey said.”
“Monday’s filing follows months of turbulence, as wave after wave of partner defections shattered the high-profile firm from within. In April, the Manhattan District Attorney’s office launched a criminal probe of former firm chairman Steven Davis. He has denied any wrongdoing.”
DN!
“Inside Job” Director Charles Ferguson: Wall Street Has Turned the U.S. into a “Predatory Nation”
“Two years after directing the Academy Award-winning documentary, ‘Inside Job,’ filmmaker Charles Ferguson returns with a new book, ‘Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America.’ Ferguson explores why no top financial executives have been jailed for their role in the nation’s worst economic crisis since the Great Depression. We also discuss Larry Summers and the revolving door between academia and Wall Street, as well as the key role Democrats have played in deregulating the financial industry. According to Ferguson, a ‘predatory elite’ has ‘taken over significant portions of economic policy and of the political system, and also, unfortunately, major portions of the economics discipline.’ “
Financial Post:
JPMorgan dips into cookie jar to offset ‘London Whale’ losses
“NEW YORK — JPMorgan Chase & Co has sold an estimated US$25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank’s now-infamous ‘London Whale,’ compounding the cost of those trades.”
Doesn’t matter how many ways the JPM scandal is spun – the fuel for the financial scorched-earth flame has been lit.
05/22/12 Reuters: JPMorgan sued over employee retirement plan losses
” ‘The plans suffered hundreds of millions of dollars of losses,’ the complaint said. ‘If defendants had discharged their fiduciary duties to prudently manage and invest the plans’ assets, the losses suffered by the plans would have been minimized or avoided.’ “
“The lawsuit was brought by Gregory Scrydloff, who according to brokerage records worked at the Chase Investment Services unit or a predecessor for 17 years ending in January.”
05/20/12 MELTDOWN UPDATE: The JP Morgan Derivatives Book is Blowing Up – Bix Weir “This is a breaking meltdown update with Bix Weir. Bix says ‘This is what the end game looks like… JP Morgan can literally computer rig this thing to zero and shut down the market. I say let em. The trick is to stay out of their system.’ “
05/16/12 Reuters: Shareholders sue JPMorgan Chase over trading loss
” ‘What the Company did not reveal was that those losses were the result of a marked shift in the company’s allowable risk model, undisclosed to investors, and the similarly clandestine conversion of a unit within the company that was touted as providing a conservative risk-reduction function into a risky, short-term trading enterprise that exposed the company to large losses instead,’ said one of the complaints.”05/15/12 NYT: F.B.I. Begins Preliminary Inquiry Into JPMorgan “The Federal Bureau of Investigation is examining potential wrongdoing surrounding JPMorgan Chase‘s $2 billion trading loss, people briefed on the matter said Tuesday.”
“The investigation, which is at an early stage, will focus on several possible lines of inquiry, the people briefed on the matter said. Among other things, investigators will examine JPMorgan’s accounting practices and public disclosures about the trades that prompted the loss.”
05/13/12 WaPo: AP source says top JPMorgan official expected to resign after $2 billion blunder “The bank will accept the resignation of Ina Drew, its chief investment officer, the person told The Associated Press, speaking on condition of anonymity because the person was not authorized to discuss the decision publicly.”
“Drew, 55, is a top lieutenant to CEO Jamie Dimon. She was paid $15.5 million last year and almost $16 million in 2010, making her one of the highest-paid officials at JPMorgan, according to a regulatory filing.”
05/10/12 Zero Hedge: JPM Crashing After It Convenes Emergency Call to Advise Of “Significant Mark-To-Market” Losses In Bruno Iksil/CIO Group
“Out of nowehere, JPM announced 40 minutes ago that it would hold an unscheduled 5pm call to coincide with the release of its 10-Q. Rumors were swirling as to why. “
05/24/12
WaPo/Federal Eye:
Jeffrey Neely, GSA official who organized Las Vegas conference, leaves the agency
“Neely told investigators that he had set out to change the culture of the Pacific Rim region when he became acting administrator in January 2009. He said he sought high-quality services, even if contracting laws had to be fudged. “
” ‘The guy set up a fiefdom,’ said Rep. Tim Walz (D-Minn.), during a congressional inquiry last month. ‘Not since Jack Abramoff has someone walked with such swagger.’ “
Another one bites the dust..heh,heh. 
04/17/12 Yahoo: At congressional GSA hearing, Jeff Neely targeted for scandal
At congressional GSA hearing, Jeff Neely targeted for scandal (photo: J. Scott Applewhite/AP) April 16 2012
“Jeff Neely, the GSA official who organized a lavish 2010 conference for the agency, sat motionless–save for several eyebrow raises–as ranking House Oversight Committee chairman Elijah Cummings (D-M.D.) accused him, a regional commissioner, and his wife of having ‘used taxpayer funds to bankroll a lavish lifestyle.’ The grilling occurred in front of a national audience at the first of at least four hearings this week on the conference scandal.”
” ‘Mr. Chairman, on the advice of my counsel, I respectfully decline to answer based upon my Fifth Amendment constitutional privileges,‘ Neely repeatedly responded Monday to questions about the scandal, which centers around about $830,000 in taxpayer dollars that was used for a three-day employee conference in 2010, as well as on mundane questions such as his former job title.”
04/09/10 WaPo: Another top GSA official placed on administrative leave
“David Foley’s conduct at the Western Regions Conference in 2010 is under disciplinary review, GSA officials said. Foley, deputy commissioner of the agency’s Public Buildings Service, appears prominently in the six-minute clip, which won top prize in a talent contest among employees who attended the four-day event in October 2010. At a ‘Red Carpet’ awards dinner on the last night of the conference, Foley rewarded the employee who stars in the video, 28-year-old Hank Terlaje. Terlaje raps in sunglasses about the government tab — $823,000 — to entertain 300 employees at the luxury M Resort Spa Casino. He brags that he will ‘never be under investigation” for the excess.’ “
04/04/12 WaPo: GSA chief resigns amid reports of excessive spending
“The chief of the General Services Administration resigned, two of her top deputies were fired and four managers were placed on leave Monday amid reports of lavish spending at a conference off theGSA chief resigns amid reports of excessive spending (Brendan Smialowski/Getty) April 03 2012
Las Vegas Strip that featured a clown, a mind reader and a $31,208 reception.”
“The GSA, with 12,600 employees in 11 regional offices and the Washington headquarters, also handles much of the government’s procurement and holds a ‘Western Regions’ conference every other year for employees assigned to West Coast offices. The focus is on training in job skills and ‘an exchange of ideas between “higher-ups,” ’ the inspector general said.”
05/22/12
Reuters: SEC, FINRA call for Facebook review, pressure builds “Investors were still shaking their heads over the botched opening trading of Facebook when Reuters reported late Monday that the consumer Internet analyst at lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering, information that may not have reached many investors before the stock was listed.”
It just flashed through my thoughts – could Morgan Stanley and Goldman Sachs’ “financial assassination squads” have manipulated the FB IPO to take “eyes” off the story that should Wake Up multitudes? Like JPMorgan and Jamie Dimon?
Guardian UK:
Facebook’s Mark Zuckerberg loses almost $2bn as share price falls
“Pre-marketing trading had seen heavy selling of the stock, which was supported just above its $38 listing price on Friday afternoon by the underwriters at the major banks who bought shares ahead of the flotation.”
“By Monday, sentiment had turned against Facebook so thoroughly that underwriters seeking to unload the shares were forced to take substantial losses as the market marked the shares down.”
05/18/12 WaPo: SEC will probe Nasdaq glitches, Facebook closes slightly above IPO open
“The stock got off to a rocky start in the morning, and at several points throughout the day hit the $38 mark. There was a reason why it didn’t go lower. The banks that put the stock offering together stepped in to keep the stock from declining further, according to an industry official familiar with the matter. “
The Securities and Exchange Commission said it will review the incident with Nasdaq to determining what caused the trading glitches. “
05/21/12
This Is Money UK
Residents cash in as faulty ATM pays out double – and bank says they can keep the windfall
“Hundreds of people cashed in after an ATM machine began paying out double – and a bank said they can keep the unexpected windfall.”
“Some customers walked away thousands of pounds better off after news of the cash bonanza rapidly spread.”
“Long queues quickly formed as residents in the affluent village of Milford-on-Sea, near Lymington, Hampshire, rushed to take money out.”
A little poetic justice biting back at the bankster pack.
“Nick Hanauer, self-described “super-rich” entrepreneur, gave a pretty compelling TED Talk about how the middle class—not the super-rich—are the real job creators. “
The TED Show didn’t want this released. One “defense” argument from TED was that, “The audience at TED who heard it live (and who are often accused of being overly enthusiastic about left-leaning ideas) gave it, on average, mediocre ratings.” Watch the video – this man got a standing ovation!
Guardian UK:
Heist of the century: Wall Street’s role in the financial crisis
“This behaviour is criminal. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression.”
“And yet none of this conduct has been punished in any significant way.” [emphasis mine]
A great percentage on this planet are Awake and Aware as to who the real terrorists have been all along. Mass Consciousness is on the precipice of critical mass and the global apparatus will be dismantled and brought to justice – this year.
05/15/12
Rolling Stone/Matt Taibbi:
Accidentally Released – and Incredibly Embarrassing – Documents Show How Goldman et al Engaged in ‘Naked Short Selling’
“Last week, in response to an Overstock.com motion to unseal certain documents, the banks’ lawyers, apparently accidentally, filed an unredacted version of Overstock’s motion as an exhibit in their declaration of opposition to that motion. In doing so, they inadvertently entered into the public record a sort of greatest-hits selection of the very material they’ve been fighting for years to keep sealed.”
The Wheels of Universe have reversed course – energetically speaking. Wait until AFTER the “ring of fire” solar eclipse on 05/20/12 – those highly energized “wheels” will be calling in their Karma chips from TPTW big time!
03/09/12 Sacto Bee: Overstock.com Announces Court Declines to Seal Evidence in Goldman Sachs/Merrill Lynch Case
“[...]“The ruling is significant because the evidence submitted to the court lays out in detail the means by which Goldman Sachs and Merrill Lynch used naked short selling, in concert with others, to manipulate downward Overstock.com’s share price.”
“Four major media groups, The Economist, The New York Times, Rolling Stone Magazine and Bloomberg Newsintervened in the case and joined Overstock.com in opposing Goldman and Merrill’s motion to seal the evidence.”
01/11/12 Bloomberg Businessweek: Goldman Sachs Wins Dismissal of Short Sale Suit by Overstock
“[Judge]] Munter agreed with the defendants, which included Merrill Lynch & Co., that the lawsuit couldn’t go forward because Overstock hadn’t shown that any of the conduct it sued over happened in California.”
“Obviously we are disappointed with the court’s ruling, which was not on the merits of the claims but on a narrow interpretation of California law having to do with whether this conduct took place in California,” Johnson said in a statement on the company’s website.”
“ ‘Because the defendants have admitted their conduct took place outside of California, we intend to file suit in another state,’ Johnson said.”
10/24/11 Market Watch: O.co (aka Overstock.com) Announces March 5, 2012 Date for Trial of Manipulation Claims Against Goldman Sachs and Bank of America Subsidiary Merrill Lynch ” ‘ We will have our day in court,’ said O.co President Jonathan Johnson. ‘Our core manipulation case is solidly established, and we move forward confident in our belief that a jury will hold these defendants to account for the harm they caused.’ “
” [...] Wall Street’s unfettered greed has gutted the financial markets and, with Occupy Wall Street movements growing across the country, people are ready to see the corrupt organizations of Wall Street brought to justice. I anxiously await watching Goldman Sachs and Merrill Lynch rationalizing their nefarious schemes to a jury box with 12 Americans in it.”
Patrick Byrne (CEO Overstock Com), who filed a multi-billion dollar lawsuit against Goldman Sachs and Merrill Lynch. Trial to start March 5, 2012 San Francisco
Also see: To Big To Jail (YouTube)
05/11/12
Procurement Leaders:
Marketing strategies still reeling from Lehman collapse
“Corporate marketing strategies have never recovered from the panic engendered by the collapse of Lehman Brothers, WPP Group CEO Martin Sorrell has claimed.”
05/09/12
Yahoo:
Bank of America Starts Mortgage Reduction Effort
“Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.”
“The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.”
Now, once this process is done, we need to see arrests and prosecutions of specific BofA banksters who pillaged the “town.”
NYT:
Dewey’s Fall Underscores Law Firms’ New Reality
” ‘This absolutely falls into the category: What were they thinking?’ Bruce MacEwen, a lawyer and president of Adam Smith Esq. and an expert on law firm economics, told me this week, as Dewey suffered a new wave of partner defections and the firm’s accelerating collapse appeared unstoppable. ‘This was Mismanagement 101 across the board. They had a ringside seat for the collapse of Lehman and Bear Stearns. But they had the same mismatch of assets and liabilities. They took on a massive amount of long-term debt, but their assets are short term: they walk out of the firm every day and may not come back, which is what more and more of them did.’ “
05/01/12
Procurement Leaders:
Hitachi-LG executive pleads guilty to bid rigging
“According to a four-count felony charge Woo Jin Yang, a senior sales manager at HLDS – a joint venture between Hitachi and LG Electronics – conspired with others to suppress and eliminate competition by rigging bids for optical disk drives which were sold to Hewlett Packard (HP).”
“Yang has agreed to serve six months in prison as well as pay a $25,000 fine and help with the investigation going forward.”
04/28/12
Courthouse News Service:
SEC Kowtows to Fortune 500 on Corruption ‘Investigations,’ Whistleblower Says
“SAN DIEGO (CN) – The SEC allows the nation’s richest firms and financial institutions – and only the biggest and richest firms – to handpick the lawyers investigating them for corruption, a whistleblower claims in Federal Court.”
“Rodolfo Michelon claims that the SEC runs an exclusive ‘outsourcing program’ for Wall Street, neutering incentives and protections for whistleblowers under the Dodd-Frank Wall Street Reform and Consumer Protection Act.”
If the SEC doesn’t show some real cohones soon, We The People will perform a virtual surgical orchiopexy to correct that problem.
04/27/12
CNN Money: Not just Wal-Mart: Dozens of U.S. companies face bribery suspicions “Among the companies already in the cross-hairs of the U.S. government for committing bribery are Hewlett-Packard (HPQ), telecommunications company Qualcomm (QCOM), farm equipment maker Deere & Co. (DE), cosmetic company Avon (AVP), casino company Las Vegas Sands (LVS) and Koch Industries, the Texas conglomerate run by prominent Republican donors Charles and David Koch. On top of that, the SEC has also recently launched an inquiry into whether U.S. movies studios have been using bribes to break into the Chinese entertainment market. News Corp’s 20th Century Fox, Disney and DreamWorks Animation have all reportedly been contacted by the SEC. For its part, the Department of Justice last year said that it had 150 open investigations under the Foreign Corrupt Practices Act. Some of those might be against individuals as well as companies.” [emphasis mine]
If an individual or a company must stoop to bribery to “compete”, then whatever they are “selling” is not worth doo-doo in the first place.
04/21/12 NYT: Vast Mexico Bribery Case Hushed Up by Wal-Mart After Top-Level Struggle “In December, after learning of The Times’s reporting in Mexico, Wal-Mart informed the Justice Department that it had begun an internal investigation into possible violations of the Foreign Corrupt Practices Act, a federal law that makes it a crime for American corporations and their subsidiaries to bribe foreign officials. Wal-Mart said the company had learned of possible problems with how it obtained permits, but stressed that the issues were limited to’discrete’ cases. “
“But The Times’s examination found credible evidence that bribery played a persistent and significant role in Wal-Mart’s rapid growth in Mexico, where Wal-Mart now employs 209,000 people, making it the country’s largest private employer. “
04/23/12
04/23/12
Market Watch:
Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announced Filing of Landmark Lawsuit
“NEW YORK, NY, Apr 23, 2012 (MARKETWIRE via COMTEX) — In a lawsuit alleged to involve the largest money laundering network in United States history, Spire Law Group, LLP — on behalf of home owners across the Country — has filed a mass tort action in the Supreme Court of New York, County of Kings. Home owners across the country have sued every major bank servicer and their subsidiaries — formed in countries known as havens for money laundering such as the Cayman Islands, the Isle of Man, Luxembourg and Malaysia — alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. “
That’s the Spirit!
Zero Hedge:
MF Global Roundup: the [so-far] Great Escape of “Teflon Don” Corzine; Bankruptcy Shenanigans Exposed; the “F” Word Revisited
” ‘Fraud’ is the operative word here. There is no dispute that the Commodity Exchange Act (sic, the law) has been broken, but until fraud is investigated, customers are at the mercy of a very fuzzy and opaque legal process.”
“It’s time for Congress to put pressure on those in charge of this investigation and oversight to break their own glass of silence and dare them to utter the magic ‘F’ word.”
03/24/12 Bloomberg: MF Global exec says Corzine ordered $200M transfer “Edith O’Brien, the former assistant treasurer, says Corzine ordered the money shifted to one of the firm’s bank accounts overseas on Oct. 28 to cover an overdraft, according to a memo that cited the e-mail.”
“The email noted that the transfer was made ‘per JC’s direct instructions.’ “
12/13/11 ZeroHedge:
CME Executive Chairman Terry Duffy Throws Jon Corzine Under The Bus, Implies The “Honorable” Governor Lied Under Oath
“Specifically, according to Duffy’s remarks during the Q&A, an MF Global employee, a woman, advised the CME that Corzine had been aware of a $175 million loan made to Euro affiliates just days prior to the bankruptcy: a loan which effectively was that of commingled customer accounts, and more importantly a refutation of previous statement under oath by the man who was ‘financial advisor’ (sic) to none other than the vice president of the United States who said he did not know about this until late on Sunday. This was not in his prepared testimony. “12/08/11 Salon: Corzine Distances Himself From Firm’s Downfall “Looking strained and speaking hoarsely during nearly three hours of testimony, Corzine said he never intended to break rules that require firms to safeguard client funds. He said he doesn’t know what happened to the missing money, but added that customers’ losses weigh on his mind ‘every day, every hour.’ “
“Janet Tavakoli, an expert on the transactions MF Global specialized in, said Corzine’s remarks seemed to divert attention from the firm’s fundamental flaw under his leadership: It lacked the cash to cover its bets after investors started to fear that a major European nation would default. ‘His entire testimony looks like a very skilled way to try to detract from that key issue,’ said Tavakoli, president of Tavakoli Structured Finance.”
11/04/11 Miami Herald: (MF Global CEO)
Corzine steps down at collapsed firm, hires lawyer “WASHINGTON — He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers. Former New Jersey Gov. Jon Corzine’s resignation Friday from the securities firm he led capped a week of high drama and swift failure.”
“MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.”
04/22/12
Investors Network:
Aviva will lose $1.6 billion on American exit – report
“The business is likely to fetch about one billion pounds, about half what Aviva paid for it six years ago, the newspaper said.”
“Bankers said potential European buyers could be put off bidding because of new European insurance rules known as the so-called Solvency II capital directive.
“Solvency II could force European companies to hold more capital against their American businesses if European regulators decide U.S. capital standards for insurers are less exacting than their own.”
04/20/12 Investment Watchdog: This Huge British Insurance Company Accidentally Fired Every One Of Its Employees“There was a stunned silence at the London headquarters as staff across the division read the unsympathetic memo – intended for just one employee. It instructed all Aviva Investor workers to hand over company property and security passes on their way out of the building, and submit all electronic passwords.”
04/18/12
Reuters:
Exclusive: Bank of America puts non-U.S. wealth arm up for sale
” ‘There is a lot of soul-searching going on by a lot of players as to what to do with their non-U.S. private banking operations,’ said a fourth person, an investment banker who has knowledge of the financial sector.”
“Bank of America declined to comment.”
How many dominoes does this make now?
04/10/12
WaPo:
In stunning collapse, Md. legislators fail to vote on tax, casino bills
“A package of tax increases on high-income earners and a measure to build a full-fledged casino in Prince George’s County collapsed in stunning fashion late Monday in the Maryland General Assembly.”
“The implosion of weeks of negotiations over the tax package, as well as another key budget measure that failed to pass, sent the General Assembly into uncharted territory.”
Oh, boy. Politics in in the Land of Confusion big time.
04/06/12
Zero Hedge:
Egan Jones Downgrades USA from AA+ To AA, Outlook Negative
“Not only is there no budget plan, but the US is about to have its debt ceiling fiasco repeat all over as soon in as September. Which means another downgrade from S&P is imminent, and continuing the theme of deja vu 2011, the late summer is shaping up for a major market sell off. Minutes ago, Egan Jones just reminded us of all of this, after the only rating agency that matters, just downgraded the US from AA+ to AA, with a negative outlook.” [emphasis embedded in article]
Spiegel:
Big Oil’s Strategy for Jacking Up Gas Prices
“In 2009, prices jumped by as much as 11 euro cents per liter ($0.54 per gallon) compared to weeks prior, as was documented in the Cologne area by a report released last year by Germany’s Federal Cartel Office. At the time, the Bonn-based anti-trust agency said it was ‘plausible’ that the oil industry was ‘purposely raising prices.’ “
“The study generated a great deal of attention, but failed to impact business practices in the sector because the Cartel Office was unable to prove that the companies had engaged in illegal price-fixing. Now, one year after the report’s release, the profiteering practices of the oil companies have reached such a dimension that it would actually warrant a new official investigation.”
04/02/12
AP:
CFTC accuses Royal Bank of Canada of sham trades
“WASHINGTON (AP) — U.S. regulators are accusing one of Canada’s largest banks of engaging in hundreds of millions of dollars in sham futures trades to reap tax benefits on its holdings of company stocks.”
“The Commodity Futures Trading Commission on Monday sued Royal Bank of Canada, saying the bank also concealed the true nature of the trades and made false statements to a futures trading exchange. The agency said it is the largest case it has brought against so-called wash trades, which cancel each other out.”
03/26/12
Pittsburgh Live:
Republicans lose nest eggs in corruption convictions
“HARRISBURG — In a series of recent court cases, a judge spelled out the consequences of corruption for nine Republicans convicted as a result of a state investigation.”
“Some former legislators and ex-aides were ordered to spend time behind bars and others were placed on probation; fines totaled tens of thousands of dollars.”
State prison sentences went to: Former House Speaker John Perzel of Philadelphia and Ex-Rep. Brett Feese.
03/24/12
Yahoo:
Feds say Wells Fargo won’t turn over documents
“SAN FRANCISCO (AP) — Federal securities regulators are asking a federal court to order Wells Fargo & Co. to turn over documents in an investigation of the bank’s sale of $60 billion in mortgage-backed securities.”
“The Securities and Exchange Commission said in a statement Friday that Wells Fargo agreed to produce the documents under subpoenas dating to September of 2011, but the bank has failed to hand over much of the requested material.”
03/21/12
CNBC:
Goldman Loses Bid to Dismiss Risky Debt Sales Suit
” ‘Goldman’s sudden — and prescient — shift to reducing subprime risk supports the inference that it possessed some unique insight,’ [U.S. District Judge Victor] Marrero wrote in a 64-page decision. ‘Dodona has alleged facts supporting an inference of recklessness which is at least as compelling — if not more so — as any opposing inference.’ “
“Michael DuVally, a Goldman spokesman, declined to comment. Lawrence Lederer, a lawyer for Dodona, did not immediately respond to requests for comment.”
03/17/12
Yahoo:
Goldman manifesto echoes past questions about bank
” ‘This is the latest entry into a long-running narrative that they don’t put their clients first,’ said Michael Robinson, a former official with the Securities and Exchange Commission. “‘If your business is built on trust, that’s not going to fly.’ “
“Robinson, who now works for Levick Strategic Communications, a public relations company, said regulators, Congress and prosecutors are almost certain to look into Smith’s claim that Goldman sold investments to clients that it wanted to get rid of.”
03/15/12 Bloomberg: Goldman Roiled by Op-Ed Loses $2.2 Billion
03/09/12 Independent IE: Top Goldman executive quits over culture of ‘toxic’ greed
“Greg Smith…is resigning today as a Goldman Sachs executive director and head of its US equity derivatives business in Europe, the Middle East and Africa after 12 years [...]“
“In his article titled Why I Am Leaving Goldman Sachs he writes that over the past twelve months he had seen five different managing directors refer to their own clients as ‘muppets’, sometimes over internal e-mail. “
“Mr Smith believes the decline in the firm’s moral fibre represents the single most serious threat to its long-run survival and see his article as a wake-up call to the board of directors. “
03/13/12
CBS News:
CEOs selling stock – sign of a downturn?
“Indeed, John Hussman, the well-regarded manager of Hussman Funds, cites an Investors Intelligence report showing that corporate insiders are now selling shares at levels associated with ‘near panic action.’ “
” ‘Since corporate insiders typically receive stock as part of their compensation, it is normal for insiders to sell about two shares on the open market for every share they purchase outright,’ Hussman says in a new note to clients. ‘Recently, however, insider sales have been running at a pace of more than 8-to-1.’ “
Add this to the new report from:
03/14/12 American Kabuki: A Tsumami (sic) of Resignations Contained With In (sic) K8 Filings on Edgar Database “The Securities Exchange Act of 1934 requires that publicly traded companies must report to the SEC whenever a member of the Board or certain officers resign. Also, the SEC has a database named EDGAR that is open to the public. After a little research, I discovered that corporations must report said resignations on Form 8-K, Item 5.02. From there, it was a simple matter of searching only Form 8-Ks within a specific range of dates, and including the boolean search terms ‘Resigns” and “Resignation’.”
Chart of Form 8-K filings with SEC that contain “Resignation” within Item 2.02 (American Kabuki) March 14 2012
WSTC/WNLK:
SEC charges 3 Thornburg executives with fraud
“WASHINGTON —Federal regulators have charged three executives of what was once America’s second-largest mortgage company with civil accounting fraud.”
“The Securities and Exchange Commission said the executives conspired to conceal disastrous conditions at the now-defunct Thornburg Mortgage Inc. as the housing market collapsed and the financial crisis loomed.”
Reuters:
SEC charges five with insider trading from AA tip
“Securities regulators charged two Ameriprise Financial advisers and three others with insider-trading, saying they made $1.8 million in illicit profits based on confidential merger information one of the advisers learned through an Alcoholics Anonymous relationship.”
“Attorneys for McGee and Robert Zirinsky could not be immediately reached for comment, and an attorney for Michael Zirinsky declined to comment. An attorney for Lam and Ho did not immediately respond to a message left outside of normal Hong Kong business hours.”
France24/AFP:
Rusal chairman quits in Russian oligarch conflict
“Russia’s aluminum giant Rusal said on Tuesday that its board chairman Viktor Vekselberg had resigned amid a bitter struggle between its oligarch shareholders over ways to get the firm out of debt.”
” ‘UC Rusal has, in my opinion, deteriorated from an international aluminum leader into a company overburdened with debt and entangled in numerous lawsuits and social conflicts,’ Vekselberg said in a statement released by his Renova Group.”
And the oligarchs continue to eat their own….chomp, chomp, chomp.
03/12/12
Zero Hedge:
Guest Post: An Open Letter to Jamie Dimon Submitted by James Koutoulas, President, Commodity Customer Coalition and CEO, Typhon Capital Management
“In the Niccomedean Ethics, Aristotle described the worst kind of man as the ‘Incontinent Man,’ namely he who knows what he does is wrong and does it anyway. I believe somewhere deep down, you realize that a lot of what you and the bank that you lead do has become increasingly wrong. Why continue to go on like that? You’re at the pinnacle of wealth and power, and continuing to do wrong will not make you meaningfully richer or more powerful. It can only serve to hurt you. ‘For what will it profit a main if he gains the whole world and forfeits his soul?’ “
Very well written and straight to the heart of the empty-soul syndrome.
03/11/12
WaPo:
Televangelist Dr. Robert Schuller, wife resign from board of Crystal Cathedral Ministries
“Their resignation was the latest upheaval for the financially-struggling megachurch, which sold its iconic home to the Roman Catholic Diocese of Orange last month to emerge from federal bankruptcy protection.”
“Turmoil in the ministry included the firings of Schuller’s daughter Gretchen Penner and two sons-in-law in the past week.”
03/05/12
Find Law/AP:
Judge clears way for record bankruptcy in Alabama
“U.S. Bankruptcy Judge Thomas E. Bennett says state law authorizes Jefferson County, Alabama’s largest county, to file for bankruptcy. Bennett is overruling objections by Wall Street creditors, who asked him to dismiss the bankruptcy petition.”
A round of applause for Judge Bennett for standing up to WS bullies.
03/03/12
Reuters: Insight: Wall Street, Fed face off over physical commodities “Between 2003 and 2008, the Federal Reserve granted permission for nearly a dozen banks to engage in such trading, which it deemed ‘complementary’ to financial operations within certain limits. Citigroup was the first in, seeking approval on behalf of its aggressive trading unit Phibro.”
“But there are signs that the Fed may be reassessing. The permit to form RBS Sempra in March 2008 is one of the last it has granted, according to the Fed’s quarterly bulletins. That took eight months to negotiate, and covered a range of activities including third-party refining that the Fed had not previously approved.”
It may be that Bernanke and Geithner are essentially no longer at the helm here. I get the sense from reading this article that behind the scenes, “good guys” have been stepping in to clean house. Just a thought.
02/27/12
Expatica:
Spanish king’s son-in-law to be questioned by judge
“King Juan Carlos’ son-in-law Inaki Urdangarin will be questioned by a judge Saturday over corruption allegations in a scandal which has rocked the Spanish royal family and threatens its popularity.”
“Urdangarin and several former associates are suspected of having siphoned off money paid by regional governments to the Noos Institute, for staging sporting events and conferences, to companies under their control.”
Lounge lizard comes to mind.
02/22/12
Zero Hedge:
Nancy Pelosi Issues Statement On Soaring Gas Prices
“House Minority Leader Nancy Pelosi said unscrupulous Wall Street investors have artificially inflated prices at the pump, which are climbing toward $4 per gallon. “
” ‘Independent reports confirm that speculators are driving up the cost of oil, hurting consumers and potentially damaging the economic recovery. Wall Street profiteering, not oil shortages, is the cause of the price spike. In fact, U.S. oil production is at its highest level since 2003, and millions of acres have been cleared for additional development.’ “
Watch the documentary The Prize: The Epic Quest for Oil, Money and Power. The news isn’t so much that Ms. Pelosi said what millions of Americans already know, but that she actually came out publicly and stated it.
Procurement Leaders:
Waitrose accused of ‘abuse of power’ in supermarket supplier rows
“Waitrose is the latest UK food retailer in the spotlight over decisions to fine suppliers for late deliveries, a move which has been met with a storm of protest. The news comes after reports of suppliers hitting back at similar plans by retail giant Tesco. “
“This is an absolute abuse of power,” he said. ‘I’ve spoken to other suppliers and from what I can tell, smaller, weaker companies are much more likely to be fined,’ he said. ‘We will review the prices we charge Waitrose to compensate us for the loss of margins.’ ”
“A Waitrose spokeswoman quoted in the same report insisted that the company only levied fines if a delivery was more than 45 minutes late: “Late deliveries cost us a significant amount of money.”
So, if we follow the “reasoning” of Waitrose here, shouldn’t airline passengers be able to”fine” an airline when it leaves 45 minutes late? When money is your ‘god”, loss of Self-Respect follows.
02/21/12
IB Times:
Olympus executive in India found dead in apparent (suicide)
“Tsutomu Omori, 49, head of the company’s medical equipment business in India, appeared to have killed himself late Sunday, Lal Singh, investigating officer of Gurgaon Police told Reuters.”
02/16/12 Reuters:
Former executives, bankers arrested over Olympus fraud
“Tokyo prosecutors arrested ex-President Tsuyoshi Kikukawa, former Executive Vice President Hisashi Mori and former auditor Hideo Yamada on suspicion of violating the Financial Instruments and Exchange Law, officials said.”
“Also arrested were former bankers Akio Nakagawa and Nobumasa Yokoo and two others suspected of helping hide huge investment losses through complex M&A deals.”01/10/12 AJE:
Olympus sues executives over cover-up
“Scandal-hit Olympus is suing 19 current and former executives, including its ex-president, for a combined $215m in damages relating to a massive investment cover-up.”
“The Japanese electronics giant said it was demanding 3.61bn yen ($47m) from former president Tsuyoshi Kikukawa, who allegedly played a major role in the scandal that rocked global confidence in Japanese corporate governance.”12/01/11 Bloomberg:
Woodford Seeks Shareholder Backing for Control of Olympus
“Michael C. Woodford resigned as a director of Olympus Corp. in the first step of a campaign to take control of the camera maker from the board that fired him as chief executive officer in a dispute over falsified accounts.”
“Woodford was fired after questioning $1.4 billion in takeover costs now at the center of criminal investigations. Olympus confirmed it accepted his resignation as a director, according to a statement to the Tokyo Stock Exchange.”11/07/11 NYT:
Olympus Hid Investing Losses In Big Merger Payouts
“TOKYO — Olympus said Tuesday that more than $1 billion in merger payouts were used to hide years of losses on investments, an acknowledgment that is an abrupt about-face for the company, which had denied any wrongdoing in the wake of a widening scandal.”
02/20/12
NPR: Ex-Glock Attorney Accused of Stealing Millions “The executive, Peter Manown, was sentenced to 10 years probation after pleading guilty to theft and is now set to be the government’s star witness against the man he says was his accomplice, one-time Glock attorney Paul Jannuzzo.”
“Jannuzzo is set to go to trial Tuesday on theft and racketeering charges.”
02/18/12
Athens News:
Prosecutors to ask Swiss authorities to freeze Lavrentiadis’ accounts
Prosecutors to ask Swiss authorities to freeze Greek banker Lavrentiadis’ accounts Feb 18 2012
“First-instance court public prosecutor Yiannis Dragatsis is to request Swiss authorities to freeze three bank accounts belonging to former banker and businessman Lavrentis Lavrentiadis, now under investigation for fraud.”
“Lavrentiadis stands accused of legalising income from illegal activity and for a series of unsecured loans – in the region of 700m euros – given to companies belonging to himself while he was head of Proton Bank.”
And to think Mr. Lavrentiadis actually won the Ernst & Young “Greek Entrepreneur of the Year.” What pomp.
02/17/12
Seattle Times:
UK competition agency threatens inquiry into banks
“Britain’s big banks could face a full-blown monopoly investigation if they drag their heels on opening up to competition, a national regulator warned Thursday.”
“If the situation doesn’t improve, Fingleton said, his agency could refer the banking industry for an investigation by the Competition Commission. That agency has the power to force a break up of private companies, as it has done in ordering BAA Ltd. to sell Gatwick, Stansted and Edinburgh airports.”
02/16/12
Courthouse News Service:
Class of New Customers Is Furious at Citibank Gimmick
“MANHATTAN (CN) – Irate customers claim in a federal class action that Citibank lured them in by offering 40,000 frequent-flier miles to open an account – but didn’t tell them they had to report 2½ cents per mile as income to the IRS.”
“Hirsch and Romanov seek class certification, restitution and compensatory and punitive damages for unfair trade practices, breach of contract, negligent misrepresentation and unjust enrichment. And they want Citibank enjoined from using the trick.”
02/13/12
Arab Times:
Kuwait’s Central Bank Chief Quits Over Spending: Report
“Sheikh Salem, in the post for over 25 years, was behind the decision in May 2007 to de-peg the Kuwaiti dinar from the US dollar and re-link it to a basket of currencies in a bid to limit the impact of high inflation.
He has frequently warned in public of the government’s highly expansionary fiscal policy and the rapid rise in spending on the future of Kuwait.” (link embedded by me)
There’s a deeper story here.
02/09/12
Zero Hedge: Property of Submarine Bribe-Collecting Former Greek Defense Minister Seized For Tax Evasion “As Kathimerini reports, former PASOK defense minister Akis Tsochatzopoulos has had one of his properties in central Athens seized, the same he is alleged not to have declared to avoid paying taxes. Yep – one of the top Greek political figures caught in tax evasion.”
“And one thought such travesties only occur in the US. But wait there is more: this is the same defense minister whom the Greek Parliament voted in favor of indicting in connection with taking bribes for the purchase of submarines. “
Ah, now we begin to spot the tip of the iceberg and exactly where it arises—from the top echelons of Greek government…and this is precisely why Greek citizens are suffering horrendously. Look UP, not down.
Haaretz:
Black-market probe plunges Israel’s diamond sector into chaos “The Israeli diamond industry has seen a 70% drop in business in the past month, and the entire sector has been thrown into turmoil due to a police investigation into an illegal bank that operated near the Ramat Gan Diamond Exchange, said an industry source.”
“A number of diamond traders’ bank accounts have been frozen and this has caused a chain reaction of bounced checks throughout the sector, said the senior figure in the diamond industry. A number of diamond firms have gone bankrupt in recent weeks, leaving $30 million in unpaid debts. “
Whoa.
WaPo:
$26 billion settlement announced on foreclosure, mortgage fraud
“The initial reluctance on the part of some states was due in part to their concern that the settlement would give banks a broad legal release from further investigations and lawsuits. But negotiators said the release in the final deal applies only to “robosigning” and mortgage-servicing-related claims. It leaves open the possibility of other lawsuits regarding fair housing and fair lending laws, civil rights claims, and claims dealing with how loans were packaged and sold, a process known as securitization. In addition, it does not shield the banks from any criminal violations that arise.”
We The People need to hold their feet to the fire on ensuring that prosecutions do not drop off due to this settlement. BTW, Obama has certainly not received my vote again just because of this election-year event. He signed onto the NDAA trash. He is illegally and singularly assassinating people with drones who have not even seen a courtroom of justice. Keeping my eye on the bouncing ball, here…
GATA:
Goldcorp, gold council chairman Telfer implicated in insider scheme; he denies it
“Ian Telfer — one of Canada’s most prominent mining executives and chairman of Goldcorp Inc. [and chairman of the World Gold Council (http://www.gold.org/about_us/who_we_are/the_team/leadership_team/)] — helped an old friend, the executive assistant of GMP Securities LP’s chairman, disguise an illegal insider tipping and trading scheme, the Ontario Securities Commission claims in a statement of allegations released Tuesday.”
“The tipping and insider trading allegations involve shares of NU Energy Uranium Corp., Energy Metals Corp., Yamana Gold Inc., Northern Orion Resources Inc., Meridian Gold Inc., HudBay Minerals Inc., Coalcorp Mining Inc., and 222 Pizza Express Corp.”
Something tells me that although this is yet another story in a growing list of “gotchas”, it will emerge as a huge, huge investigation into the entire global gold scandal before summer 2012 is over. Just a thought.
02/04-05/12
Think Progress:
Florida Republican Stripped Of Senate Chairmanship For Opposing Prison Privatization Scheme
“The biggest critic of a massive prison privatization scheme in Florida was stripped of his chairmanship of the Budget Subcommittee on Criminal and Civil Justice Appropriation for opposing Gov. Rick Scott’s (R) plan to outsource prison oversight to the lowest bidder. “
“Last year a judge threw out a similar plan because proponents tried to sneak it into the budget, but Republican sponsors have revived the bill. And they have a clear personal interest in fighting so hard. The country’s biggest private prison companies, who stand to make millions from the Florida plan, have given generously to many state legislators. “
The public at large is in the streets daily to make these greedy privateers understand that we will rock them to their bootstraps if they continue running roughshod over the masses. I sense strongly that we will see a road map begin to manifest shortly that takes Gov. Rick Scott, et. al., down the same road Wisconsin citizens are taking their Gov., Rick (“I take my orders from Koch“) Perry.
01/24/12
Florida Independent:
Corrections workers oppose prison privatization bills en masse during hearing
“”Groups ranging from the Teamsters, the Florida AFL-CIO, employees of the Department of Corrections and others all warned that prison privatization would threaten public safety and put corrections employees out of work. Many public testifiers warned that private prisons used inferior training and policies for their employees, and cut corners to save money.”
WaPo:
American Airlines’ plan for pension bailout draws criticism
“American Airlines, whose parent company filed for bankruptcy in November, said this week that it wants to terminate its four pension plans for 130,000 workers and retirees and ask the federal government’s Pension Benefit Guarantee Corp. to bail out its unfunded pension obligations to the tune of $9 billion. It would be the largest PBGC bailout ever. Without the congressional relief, the gap would have been smaller, the PBGC said. ” ‘American and other carriers have repeatedly asked Congress to give them funding relief in the last six years. More than $2 billion was diverted from their pension funds to their bankruptcy war chest,‘ Josh Gotbaum, director of the PBGC, said Friday. ‘In effect, the Congress of the United States and the employees of American Airlines provided half of the money to sustain American in bankruptcy.’ ”
Let. It. Fail. Stop letting these corporations trash us in their greedy desperation.
02/02/12
NPR:
Viacom 1Q Earnings Shredded by ‘Rock Band’
“NEW YORK (AP) — Viacom Inc., the owner of Paramount Pictures, MTV and Comedy Central, on Thursday posted a 65 percent drop in net income for the latest quarter, as it took a charge related to the “Rock Band” series of video games.”
“CEO Phillippe Dauman said ad sales would have grown except for a ratings dip at Nickelodeon, as measured by Nielsen Co. The apparent loss of viewers showed up in mid-September. Viacom said in November that it thought the dip was due to some sort of measurement error, and Dauman stuck to that explanation on Thursday.”
A state of denial at its best. Truth is, a tremendous shift is taking place en masse on this planet to reset priorities. Its back-to-basics time. Viewing nonsensical programs, wasting energy on silly games, and keeping up with the Joneses is fading into memory—fast.
01/30/12
ProPublica:
Freddie Mac Bets Against American Homeowners
“Freddie Mac, the taxpayer-owned mortgage giant, has placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.”
“Freddie began increasing these bets dramatically in late 2010, the same time that the company was making it harder for homeowners to get out of such high-interest mortgages.”
” ‘We were actually shocked they did this,’ says Scott Simon, who as the head of the giant bond fund PIMCO’s mortgage-backed securities team is one of the world’s biggest mortgage bond traders. ‘It seemed so out of line with their mission.’ ”
“The trades ‘put them squarely against the homeowner,’ he says.”
Is there a word to convey the notion of a greedy, self-adulating la-la land, I’m at a loss to find it right now.
01/27/12
Rolling Stone:
Is the SEC Covering Up Wall Street Crimes?
“Many of the destroyed files involved companies and individuals who would later play prominent roles in the economic meltdown of 2008. Two MUIs involving con artist Bernie Madoff vanished. So did a 2002 inquiry into financial fraud at Lehman Brothers, as well as a 2005 case of insider trading at the same soon-to-be-bankrupt bank. A 2009 preliminary investigation of insider trading by Goldman Sachs was deleted, along with records for at least three cases involving the infamous hedge fund SAC Capital.”
“The widespread destruction of records was brought to the attention of Congress in July, when an SEC attorney named Darcy Flynn decided to blow the whistle.”
Sooner or later [and likely sooner], these thugs must stand trial, along with the specific SEC personnel who protect them.
01/23/12
Boston Com:
Complaint describes loan fraud
“A whistle-blower complaint before the Department of Labor reveals widespread mortgage fraud in the Massachusetts offices of Countrywide Financial Corp. in the years leading up to the housing bust and subsequent financial crisis.”
” ‘It wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals,’’ she said. ‘All of the, the recycle bins, whenever we looked through those, they were full of, you know, signatures that had been cut off of one document and put onto another and then photocopied, you know, or faxed.’ ’”
Courthouse News Service:
Antitrust Class Claims Apple Stacked Deck on IPhone Apps
“SAN FRANCISCO (CN) – Apple bills iPhone purchasers for voice and data services even after they cancel it, and stifles competition and increases prices for software apps by charging developers an annual “application” fee, consumers say in a federal antitrust class action.”
“Lead plaintiff Eric Terrell accuses Apple of ‘unlawful anticompetitive activities,’ and claims that consumers did not contractually consent to Apple and AT&T’s 5-year exclusivity agreement.”
01/21/12
Reuters:
Insight: Top Justice officials connected to mortgage banks
Insight: Top Justice officials connected to mortgage banks Credit: Reuters/Jason Reed Jan 21 2012
“U.S. Attorney General Eric Holder and Lanny Breuer…were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.”
“Reuters reported in December that under Holder and Breuer, the Justice Department hasn’t brought any criminal cases against big banks or other companies involved in mortgage servicing, even though copious evidence has surfaced of apparent criminal violations in foreclosure cases.”
01/20/12 Zero Hedge:
Obama Pushes Hard to Protect Big Banks from Fraud Prosecution…But We Can Stop Him
“One major front in Washington’s cover-up effort has been to settle fraud cases with the big banks for pennies on the dollar. This is a backdoor bailout for the banks, encourages them to commit more fraud, and fails to plug the basic holes in the economy which are preventing a recovery.”
“Why are we bringing this up now?”
“Because Obama is making a giant push to pressure the states attorneys general to settle all of their mortgage-related fraud claims against the banks for pennies on the dollar.” [emphasis mine]
WaPo:
India top court says Vodafone is not liable for up to $4.4 billion in taxes and penalties
“Vodafone says it doesn’t owe tax on the deal because it took place between two foreign entities.”
“Friday’s ruling overturns a high court decision which favored Indian tax authorities. Mumbai’s high court had found that the deal was taxable in India because it involved the indirect transfer of Indian assets, which accrue revenue in India.”
This is the epitome of selfish, self-adulating, megalomanical “multinationalist” greed. Backroom deals that affect the lives of millions being done only in the interest of “international investors.” It’s going to end within this new generation because a new Age upon us now will not sustain this incredible venom.
01/18/12
SFGate:
7 charged in $61M single-trade stock fraud case
“In the new case, prosecutors again are highlighting its size, saying the co-conspirators netted more than $61.8 million in illegal profits based on trades of a single stock from 2008 through 2009. Anthony Chiasson, a co-founder at former hedge fund group Level Global Investors LP, was among three men arrested early Wednesday. He surrendered to the FBI.”
“Jon Horvath, an analyst at Sigma Capital Management, an affiliate of hedge fund SAC Capital Advisors in Manhattan, was arrested at his New York City home while Todd Newman, a hedge fund portfolio manager, was arrested in Needham, Mass. It was not immediately clear if a fourth man charged in the complaint, analyst Danny Kuo, was in custody.”
7 more down and hundreds more to go, but we absolutely should demand and receive the Truth about the insider trading that went on just prior to 9/11 because until this is brought into the daylight, we will not have cleared out the root of the “abcess.”
From FPJ on 11/18/10: Evidence for Informed Trading on the Attacks of September 11
Sun Herald:
Being international isn’t sexy anymore for Citi
“Appetite for risk has gotten the bank in trouble before. Of the major U.S. banks, Citi was hit hardest by the 2008 financial crisis. It had to be bailed out by the federal government twice, for $45 billion cash and guarantees worth hundreds of billions more.”
“Investors have been appalled by the bank’s inability to rein in costs. Just last quarter, Citi set aside 3 percent more to pay its bankers, $6.4 billion, even though the bank’s revenue fell 7 percent and investment banking revenue dropped 45 percent.”
Citi made their tangled, greed-rotten bed – now they can sleep in it.
01/13/12
The Times of India:
D-Company stamp on fake currency
“NEW DELHI: A mega consignment of fake notes was seized during a Delhi Police special cell operation, assisted by the Border Security Force, from two tempos in south west Delhi’s Dabri area. “
[...]“The exact motive of sending such a large haul is being investigated. Sources say intelligence agencies have several inputs about more fake currency being pumped into northern states before the upcoming Assembly elections. “
A possible THIRD “bonds” lawsuit on the way?
01/11/12
Guardian UK:
World Economic Forum warns of economic turmoil and social upheaval
“The study said early hopes that closer global integration would inevitably lead to higher living standards for all were at risk of being dashed by trends that left large numbers of people fearful about the future.”
” ‘Individuals are increasingly being asked to bear risks previously assumed by governments and companies to obtain a secure retirement and access to quality healthcare. This report is a wake-up call to both the public and private sectors to come up with constructive ways to realign the expectations of an increasingly anxious global community,’ said John Drzik, chief executive of management consultants Oliver Wyman.”
BTW, the WEF is also named in the hefty lawsuit filed by Neil Keenan. What a tangled web we weave when we practice to deceive, and TPTB have really mangled this web of deceit.
01/10/12
Gazzetta del Mezzogiorno:
Berlusconi allies face trial over P3 lobby
“Two of former premier Silvio Berlusconi’s key allies are expected to be sent to trial over their alleged involvement in an influence-peddling lobby dubbed P3 by local media. “
“The P3 case of a suspected cabal of politicians, businessmen and judges was named after a scandal in the 1980s in which the P2 Masonic lodge rocked the Italian establishment. The suspected P3 members, who include several magistrates, allegedly tried to sway public tenders and influence court rulings including, unsuccessfully, a Constitutional Court verdict quashing a law granting Berlusconi judicial immunity. The case stems from a probe into alleged contract-rigging for windfarms in Carboni’s native Sardinia.”
Wait one! The P2 Masonic lodge is also named in that Trillion Dollar lawsuit filed by Neil Keenan. [See details of that lawsuit, as well as a SECOND one filed with regard to "stolen bonds" under the 12/02/12 entry below] Ah, something is a’brewing, big time.
01/07/12
Investment News:
B-D that sold assets to LPL played role in $150M scam: Lawsuit
“A broker-dealer whose assets were bought a year and a half ago by LPL Investment Holdings Inc. has been sued by a receiver in Minnesota for its alleged role in aiding a $150 million Ponzi scheme. “
“According to the lawsuit, which was filed Thursday in U.S. District Court in Minneapolis, NRP Financial Inc. ‘assisted in the proliferation of one of the largest Ponzi schemes in Minnesota’s history.’ “
ALEC Watch:
Corporate America’s Trojan Horse in the States: The Untold Story Behind the American Legislative Exchange Council
“ALEC would have the public believe that it’s an association of elected members of the 50 state legislatures with varying political and public policy philosophies. However, ALEC is nothing less than a tax-exempt facade for the country’s largest corporations and kindred entities. Companies likes Enron, Amoco, Chevron, Shell,
Texaco, Coors Brewing, Koch Industries, Nationwide Insurance, Pfizer, National Energy Group, Philip Morris, and R. J. Reynolds pay for essentially all of ALEC’sexpenses.” READ REPORT (PDF)
Independent UK:
Brian Basham: Beware corporate psychopaths – they are still occupying positions of power
” Over the years I’ve met my fair share of monsters – rogue individuals, for the most part. But as regulation in the UK and the US has loosened its restraints, the monsters have proliferated.”
“In attempting to understand the complexities of what went wrong in the years leading to 2008, I’ve developed a rule: ‘In an unregulated world, the least-principled people rise to the top.’ And there are none who are less principled than corporate psychopaths. “
Comprehensive follow-up report at Zero Hedge. Finally, MSM is getting to the root and calling it what it is. Identify, prosecute, lock them away, and let humanity get on with picking up the pieces.
01/02/12
A second “bond theft” case pops up:
Activist Post:
Massive New Lawsuit Filed Against U.S. Federal Government in Bond Theft Scheme
[The "Trillion Dollar Lawsuit" filed by "The Dragon Family (see below) ]“…may seem like an isolated incident, now appears to be an emerging pattern of theft of U.S. bonds from individuals who have either acquired them individually or have had them passed down through generations.
“Take, for instance, another recent lawsuit filed with the Eastern District of Pennsylvania – U.S. Federal Court, by Joseph Riad.”
“The interplay between members of official government agencies and shadowy individuals who seem to appear at just the right moment to develop trust, only to then disappear back into the shadows after a large amount of government bonds have been stolen, has popped up in the judicial system twice now. Indeed, this lawsuit bears traits very similar in nature to that of the Dragon Family suit filed weeks ago. “ READ COMPLAINT . Courthouse News Service write up: Strange Tale of Billions in U.S. Bonds
This follows on the heels of the “Dragon Family” Keenan lawsuit filed on 11/23/11, below:
12/16/11 Divine Cosmos: CONFIRMED: The Trillion-Dollar Lawsuit That Could End Financial Tyranny
“Once you know what you are looking for, you can do some digging and find all the most significant articles published online about this strange story when it first broke in June, 2009.
“Here is the original Bloomberg article on the scandal:”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayy1QKcwcGN0“Here is a Daily Kos summary of links describing what may have happened:”
“Here is an Asia Times article on the issue, which has a lot more detail:”
http://www.asianews.it/index.php?l=en&art=15456&size=A “
“In these two articles, ‘The Underground Investor’ analyzed the evidence and clearly established how strange this whole story really was:”
READ LEGAL COMPLAINT
I also located a 2008 article at Unwanted Publicity Intelligence web site subtitled “Legacy research notes surrounding a little known about Asia government named the Government Of Free Viet Nam ( GFVN ), gold bullion certificates, and some other curious business and individuals that may fit together elsewhere”, which appears to name some of the same “suspects” in this current lawsuit by Neil Keenan.
The Daily Bell:
Catherine Austin Fitts on Wall Street’s Corruption, The Austrian School and Who’s ‘Really’ in Charge
“What my experience helped me to understand is that we are governed by a group of people who have the power to kill, and otherwise break the law, with impunity. As the Secretary of HUD once said in my presence, ‘I ‘don’t have to obey the law, I report to a higher moral authority.’ “
“As Western countries move investment into the emerging markets, their satellites and military move to police this global investment. Investors do not invest where they cannot enforce. So in a sense, financial globalization is pressuring the United States to become a global military empire.“
People, We have alot of homework to do, but We are fast learners.
12/31/11
HuffPost:
Obama hopeful for more economic progress in 2012
HONOLULU — Reflecting on a challenging year, President Barack Obama says he’s hoping for more economic progress following action by Congress to prevent tax increases at the start of 2012. “
“[Sen. Johnny Isakson, D-GA] …said his party’s No. 1 goal is to make it easier for small businesses to create jobs. ‘We’ll accomplish this by focusing on three things: fundamental tax reform, regulatory reform and energy security,’ he said.”
Dear Mr. Isakson, and all politicians: Focusing on “tax reform, regulatory reform and energy security” means nothing…nada…ziltch now. Until the Federal Reserve is ended and our Congress retakes control of the money supply, and we successfully identify, prosecute and remove criminal Wall Street activity from our politicoeconomic society, any “reform” predictably will continue to move forward one step and then back three steps. END THE FED. GET MONEY OUT OF CONGRESS. PROSECUTE.
12/30/11
Missoulian:
[Montana] Supreme Court upholds state ban on corporate spending
“The court ruled 5-2 in favor of the state’s attorney general’s office and commissioner of political practices, which had defended the 1912 voter-passed initiative.”
“It was a major victory for Attorney General Steve Bullock, who personally argued the case before the Supreme Court. He is a Democratic candidate for governor in 2012.”
This welcomed turning tide will become a tsunami of progress made in the name of true democracy in 2012. Onward and upward!
Courthouse News Service:
Judge Calls Foul on SEC in Citigroup Case
“MANHATTAN (CN) – A federal judge accused the U.S. Securities and Exchange Commission of ‘misleading’ him and the 2nd Circuit to stop a trial against Citigroup for massive securities fraud.”
“He ordered both parties to start discovery and set a trial date for July 16, 2012.” [emphasis mine]
Judge Rakoff should be considered for the Supreme Court.
And, mark your calendar for March 05, 2012, the date on which the Goldman Sachs vs. Overstock.com trial begins in San Francisco. Read Legal brief.
11/10/11 NYT: Judge Rejects Settlement Over Merrill Bonuses
Judge Jed S. Rakoff Rejects Settlement Over Merrill Bonuses Nov 10 2011
“Giving voice to the anger and frustration of many ordinary Americans, Judge Jed S. Rakoff issued a scathing ruling on one of the watershed moments of the financial crisis: the star-crossed takeover of Merrill Lynch by the now-struggling Bank of America.”
“Judge Rakoff refused to approve a $33 million deal that would have settled a lawsuit filed by the Securities and Exchange Commission against the Bank of America. The lawsuit alleged that the bank failed to adequately disclose the bonuses that were paid by Merrill before the merger, which was completed in January at regulators’ behest as Merrill foundered.”
“He accused the S.E.C. of failing in its role as Wall Street’s top cop by going too easy on one of the biggest banks it regulates. And he accused executives of the Bank of America of failing to take responsibility for actions that blindsided its shareholders and the taxpayers who bailed out the bank at the height of the crisis.”
Follow-up article 12/05/11 from Market Oracle: Finally, Someone Stands Up to Wall Street
AJE:
Danny Schechter: The year’s top story is not getting coverage
“It has yet to happen and most media outlets are not focussing on why. I am referring to the lack of any real investigation of Wall Street crimes, and the indictments of wrongdoers. I am talking about ‘perp walks’ by guilty Wall Street CEOs on their way to joining Bernie Madoff in some institute of incarceration.”
“This is not a call for revenge, but for justice. The reason: the barely exposed chain of criminality that started in some salon of securitisation and then rippled across the world, bringing down countries and economies. It has its origins in Wall Street, where three industries colluded as a cabal to sell fraudulent subprime loans and then transfer fees and foreclosures from poor and middle class Americans to themselves.” [emphasis mine]
“Truth is like the sun. You can shut it out for a time, but it ain’t goin’ away.” Elvis Presley [to this I add JUSTICE]
12/29/11
GoldAlert:
Ex-Fed Official Accuses Bernanke of ‘Covert Bailout’ of European Banks
” ‘This Byzantine financial arrangement could hardly be better designed to confuse observers, and it has largely succeeded on this side of the Atlantic, where press coverage has been light,’ O’Driscoll noted.
“O’Driscoll went on to point out that ‘the Fed has no authority for a bailout of Europe.’ His source for that claim was none other than Chairman Bernanke himself, who actually stated on December 14 that the central bank did not have ‘the intention or authority’ to bail out Europe.”
Related post: Dominique Strauss-Kahn, the IMF, FRes, WB, and the EU: The Higher We Climb…..
12/27/11
Zerohedge: Did Bankers Deliberately Crash MF Global to Crash Gold and Silver Prices?
“This is important to understand because not only does understanding this concept make the bulk of what you learn in business school a lie and entirely useless, but also because bullion banks such as Deutsche Bank, Citibank, JP Morgan, Goldman Sachs et al that serve as the puppet conduits for more powerful families that control Central Banks, routinely used to lease physical gold into the open market as their primary mechanism to suppress the price of gold and silver.”
“And here’s where MF Global enters the banking cartel gold and silver price suppression scheme. Today, short-term futures and spot prices of gold and silver have almost nothing to do with the physical supply and demand dynamics of gold and silver, as odd as that may sound. Bankers created the futures markets and paper derivatives in gold and silver to kill free markets and for the express purpose of suppressing gold and silver prices. Today we literally have no idea what the free market price of gold and silver should be or could be, besides the fact that both would be multiples higher than their current price, because of the fake paper market in gold and silver that the bankers created.” [emphasis mine]
I wonder if the sly, panicked moves by Banksters re gold/silver has to do with the 12/16/11 news entry below: CONFIRMED: The Trillion-Dollar Lawsuit That Could End Financial Tyranny Ya think?
Truth Is Treason:
Obama Appoints Carlyle Group Member to Federal Reserve Board of Governors
“While on vacation in Hawaii (again?), Obama tapped Jerome Powell to serve on the Federal Reserve Board of Governors.”
“Powel served as the undersecretary for finance under President George H. W. Bush and was a partner of The Carlyle Group. The Carlyle Group is a massive private equity firm and one of the largest defense contractors in the world.”
So, okay. Obama apparently cannot hear the massive chorus of Americans demanding an end to the FedRes, to foreign wars, and to and “revolving door” syndrome. So, okay, when the many thousands come “knocking at the door” of the White House on March 30, 2012, chanting “OKAY, CAN YOU HEAR US NOW?!?” , maybe his hearing problem will “clear up”?
12/21/11
Seattle PI
BofA in $335M settlement over Countrywide loans
“Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans.”
Completely unacceptable. SEC must muster up the cohones to prosecute. No more settlements for these crooks.
SwissInfo Ch
US tax “ultimatum” has Swiss banks sweating
“Some 11 Swiss banks must hand over thousands of client names and pay billions in fines to avoid tax evasion prosecution in the United States, according to reports.”
“Swiss newspapers claim the deadline for the US ultimatum passed on Tuesday night. However, banks are keeping tight lipped over claims that they would also have to provide all correspondence with offshore clients over the past 11 years.”
12/20/11
Out-Law Com:
MPs publish ‘damning indictment’ of alleged HMRC deals with big business
“In October, Permanent Secretary for Tax Dave Hartnett appeared before the PAC to answer allegations he had misled MPs about his involvement in an alleged settlement with investment bank Goldman Sachs.”
“The department was accused of forgiving Goldman Sachs between £8 million and £10m in interest on a disputed tax payment following a technical mistake by HMRC, but the PAC said it had ‘received evidence from a whistleblower’ that the outstanding amount could have been as high as £20m.” [emphasis mine]
12/16/11
Common Dreams:
SEC Charges Ex-Fannie, Freddie CEOs with Fraud
“Those charged include the agencies’ two former CEOs, Fannie’s Daniel Mudd and Freddie’s Richard Syron. They are the highest-profile individuals to be charged in connection with the 2008 financial crisis..”
“In a statement released through his attorney, Mudd said the lawsuit “should never have been brought” and said the government reviewed and approved all of the company’s financial disclosures. ‘Every piece of material data about loans held by Fannie Mae was known to the United States government to the investing public,’ Mudd said.’ “
If what Mr. Mudd says is true, then the SEC must go after any and all “United States government” personnel who knew and stayed silent.
Spiegel:
German President Admits Regrets “Amid pressure to explain a large private loan he failed to report, German President Christian Wulff expressed regret over the matter on Thursday. He said he had nothing to hide, but admitted he should have mentioned the 500,000 euros from his entrepreneur friend sooner. “
Alternet:
Bail-out Bombshell: Fed ‘Emergency’ Bank Rescue Totaled $29 Trillion Over Three Years
“Here’s the hurricane: In reality, no less than $29.616 trillion is the total emergency assistance provided by the Fed to foreign and domestic entities during the Global Financial Crisis. Let’s repeat that: $29 trillion. This astounding number is over twice U.S. gross domestic product, the nominal value of all goods and services produced for the year 2010. This is the total of the bailout as calculated by Nicola Matthews and myself as part of the Ford Foundation project, A Research And Policy Dialogue Project On Improving Governance Of The Government Safety Net In Financial Crisis. We will be presenting the results of our analysis in a series of papers published by the Levy Economics Institute, the first of which, “29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient,” is already available here. “
12/13/11
MSNBC:
‘Dismal’ prospects: 1 in 2 Americans are now poor or low income
“WASHINGTON – Squeezed by rising living costs, a record number of Americans — nearly 1 in 2 — have fallen into poverty or are scraping by on earnings that classify them as low income.”
“The latest census data depict a middle class that’s shrinking as unemployment stays high and the government’s safety net frays. The new numbers follow years of stagnating wages for the middle class that have hurt millions of workers and families.”
12/10/11
ZeroHedge:
Dear Congress: Bernanke Just Lied to You
“That Mr. Bernanke would feel compelled to respond to Congress in response to a few media articles indicates he is still hiding much, much more than he has been compelled to disclose. It is time to up the ante and mandate a full scale audit of the Federal Reserve System (and not by the GAO or compromised big four).” [emphasis mine]
12/10/11
The Public Record
The Wall Street Pentagon Papers: Biggest Scam In World History Exposed… “People also can’t grasp the colossal crime committed because they keep hearing the word “loans.” People think of the loans they get. You borrow money, you pay it back with interest, no big deal. That’s not what happened here. The Fed doled out $12.3 trillion in near-zero interest loans, using the American people as collateral, demanding nothing in return, other than a bunch of toxic assets in some cases. They only gave this money to a select group of insiders, at a time when very few had any money because all these same insiders and speculators crashed the system.”
“Do you get that? The very people most responsible for crashing the system, were then rewarded with trillions of our dollars. This gave that select group of insiders unlimited power to seize control of assets and have unprecedented leverage over almost everything within their economies – crony capitalism on steroids.”11/28/11
Matt Weidner:
7.7 Trillion Dollars Given Away To Banks….And A Kid Arrested For Applying For A Job…
“How in God’s name can any judge grant another foreclosure, throwing the citizens that bailed the banks out into the street, when the very banks that are throwing the citizen out into the street sucked down trillions from the very taxpayer they’re now throwing into the street?”
12/06/11
The Inquisitr:
Citigroup To Cut 4,500 Jobs In Response To Slumping Revenue
“Citigroup Inc. Chief Executive Officer Vikram Pandit has announced plans to fire 4,500 employees in the coming quarters. To accomplish his goal Pandit will take a charge of nearly $400 million which will be used to pay severance packages and provide for other reductions.”
Dear newly unemployed Citigroup employees: There are hundreds of Credit Unions out there looking for experienced banking employees! They may not pay as much but it will be an honest job with much less corruption surrounding you. Go for it.
12/04/11
60 Minutes CBS:
Prosecuting Wall Street
“(CBS News) Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown. Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages. The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.”
We have been subjected to 300+ years of Rothschild-inspired economic/political/military world control, the latest to morph among a string of macabre economic ideas stretching back at least 2000 years. Over that time, their “central banks” alternately fell due to good people intervening and yet rose again and again and again, most recently with the covert establishment of the Federal Reserve in 1913. Once and for all, this penultimate GMORK must be contained and peacefully done away with for good.
Common Dreams:
Global Rebellion: The Coming Chaos?
“Simply put, the immense structural inequalities of the global political economy can no longer be contained through consensual mechanisms of social control. The ruling classes have lost legitimacy; we are witnessing a breakdown of ruling-class hegemony on a world scale.”
“…The global revolt underway has shifted the whole political landscape and the terms of the discourse. Global elites are confused, reactive, and sinking into the quagmire of their own making. It is noteworthy that those struggling around the world have been shown a strong sense of solidarity and are in communications across whole continents. Just as the Egyptian uprising inspired the US Occupy movement, the latter has been an inspiration for a new round of mass struggle in Egypt. What remains is to extend transnational coordination and move towards transnationally-coordinated programs. On the other hand, the “empire of global capital” is definitely not a “paper tiger”. As global elites regroup and assess the new conjuncture and the threat of mass global revolution, they will – and have already begun to – organize coordinated mass repression, new wars and interventions, and mechanisms and projects of co-optation in their efforts to restore hegemony.”
12/02/11
Zerohedge:
GMAC Boycotts Massachusetts, Will Halt State Mortgages In Retaliation For Lawsuit
“Following yesterday’s announcement that the state of Massachusetts would sue 5 mortgage lenders among which the bailed out subprime failure formerly known as GMAC and now known by the much more idiot-friendly name ‘Ally’, the latter has decided to take matters into its own crazy hands and escalate matters by confronting the entire state of Massachusetts in a move that will generate even greater anger among the broader population, aimed squarely and rightfully at the banks all over again.” [emphasis mine]
It appears to me that GMAC would rather devour their own company than to face a trial, which implies volumes about their own guilt in the colossal bankster fraud of 2008.
12/01/11
Boston Globe:
Coakley alleges banks pursued ‘destructive path’
” ‘They have had more than a year to show they understood their role and their need to show accountability for this economic mess and they failed to do so,’’ [Massachusetts Attorney General Martha Coakley ] said. ‘Whether through the courts or negotiations, we will accept only one result, obtaining accountability from these banks and getting real relief for homeowners.’ “
11/27/11
Denver Post:
NY judge rejects $285M SEC-Citigroup agreement
“U.S. District Judge Jed Rakoff said the public has a right to know what happens in cases that touch on ‘the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives.’ In such cases, the SEC has a responsibility to ensure that the truth emerges, he wrote. “
Adam Pritchard, a professor of securities law at the University of Michigan Law School, said courts could become clogged with cases that would normally be settled if other judges adopt Rakoff’s reasoning and deprive companies of their incentive to avoid trial.
What?!%?$ It deprives “companies of their incentive to avoid trial” ? That’s bull crappy! Prosecute!
11/10/11
AFL-CIO:
Corporations Pushing Bill to Take Away Overtime from Computer and Web Workers
“Apparently unsatisfied by the enormous profits they’ve made while average Americans suffer in a difficult economy, corporations are pushing Congress to enact a new law that would exempt a large class of workers from receiving overtime pay. And they’re receiving support from members of both parties on Capitol Hill.”
“Dubbed the Computer Professionals Update Act (CPU Act), Senate bill 1747 would change the Fair Labor Standards Act (FLSA) to remove overtime protection and compensation from “almost everyone working primarily in information technology” who earns either a salary, or an hourly rate of $27.63, according to Paul E. Almeida, president of the AFL-CIO Department for Professional Employees (DPE). ”
11/07/11
WaPo:
What caused the financial crisis? The Big Lie goes viral
“Rather than admit the error of their ways — Repent! — these people are engaged in an active campaign to rewrite history. They are not, of course, exonerated in doing so. And beyond that, they damage the process of repairing what was broken. They muddy the waters when it comes to holding guilty parties responsible. They prevent measures from being put into place to prevent another crisis.”
11/02/11
Bloomberg:
Citigroup Finds Obeying the Law Is Too Hard – Jonathan Weil
“It gets worse: Each time the SEC settled those earlier fraud cases, Citigroup asked the agency for waivers that would let it go about its business as usual. (This is standard procedure for big securities firms.) The SEC granted those requests, saying it did so based on the assumption that Citigroup would comply with the law as ordered. Then, when the SEC kept accusing Citigroup of breaking the same laws again, the agency granted more waivers, never revoking any of the old ones.”
10/27/11
Former Top Wall Streeter Denies Insider Trading “A former board member of Goldman Sachs and Procter & Gamble pleaded not guilty Wednesday to federal charges accusing him of acting as “the illegal eyes and ears in the boardroom” for a friend. “
Bill Black- Prosecute Bank Fraud
10/21/11
ZeroHedge: Guest Post – Houston, We’ve Got A Problem – Bevilacqua
Mass Supreme Court Rules That Most Foreclosure Sales From Previous 5 Years Are VOID
“On Oct. 18th, 2011 the Massachusetts Supreme Judicial Court handed down their decision in the FRANCIS J. BEVILACQUA, THIRD vs. PABLO RODRIGUEZ – and in a moment, essentially made foreclosure sales in the commonwealth over the last five years wholly void. However, some of the more polite headlines, undoubtedly in the interest of not causing wide spread panic simply put it “SJC puts foreclosure sales in doubt” or “Buyer Can’t Sue After Bad Foreclosure Sale.“
RSN: Dylan Ratigan – Obama Must Fire Geithner
“About a decade ago, I read an article in The Onion, “U.S. Offers PlatinumPlus Preferred Citizenship”. Apparently, Tim Geithner did too, because from 2007-2011, this is the policy framework that he designed and executed, first as President of the New York Federal Reserve, and then as Treasury Secretary. Now, unequal democracy is not a new story, in many ways it’s systemic and goes back hundreds of years. But what we’re going to see in part this week is how Geithner deserves special recognition as sort of this decade’s champion of making this system more explicit and entrenched.”
Absolutely, Geithner should be fired – after that, he should be prosecuted to the full extent of the law.
ZeroHedge: Guest Post – Houston, We’ve Got A Problem – Bevilacqua
Mass Supreme Court Rules That Most Foreclosure Sales From Previous 5 Years Are VOID
“On Oct. 18th, 2011 the Massachusetts Supreme Judicial Court handed down their decision in the FRANCIS J. BEVILACQUA, THIRD vs. PABLO RODRIGUEZ – and in a moment, essentially made foreclosure sales in the commonwealth over the last five years wholly void. However, some of the more polite headlines, undoubtedly in the interest of not causing wide spread panic simply put it “SJC puts foreclosure sales in doubt” or “Buyer Can’t Sue After Bad Foreclosure Sale.“
“Certainly when the SJC handed down their opinion affirming Bevilacqua, perhaps hundreds of thousands, and ultimately millions of people who previously thought they were not affected, were suddenly well, affected. That is because there has been about six million foreclosures since the current economic crisis began, and those foreclosures may have resulted in many more interested parties, as was the case in Bevilacqua, who sold the subject property to four new owners, thus multiplying the number of parties involved, and ultimately the number of legal actions which could be brought. It is not hard to see where six million voided foreclosures might well result in new lawsuits in excess of that number – and if the courts advice is taken, these complaints would be directed, and properly so, at banks and servicers.”
10/13/11
KingWorld News:
Madoff Whistleblower Tells KWN Banks Stealing From Pensions
“In a King World News exclusive interview, the man who brought down Bernie Madoff’s $65 billion Ponzi scheme informed KWN, ‘Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It’s been a hell of a crime spree for the bank, but now they are being brought to justice.’ ” [emphasis mine]
10/07/11
NewsWest:
Zions Bank sued in Utah sued over over ‘unconscionable’ fees
“The lawsuit, which seeks class-action status, was filed this week by three law firms on behalf of Melinda Barlow, of Sandy, and other customers who were charged overdraft fees under policies that were in place between 2005 and 2010.”
“It comes more than a year after federal regulators slapped limits on bank overdraft practices and the resulting fees. U.S. banks reportedly raked in nearly $40 billion a year from the charges before regulations took effect in July 2010 requiring banks to get customers’ permission to enroll them in overdraft programs and limiting how many fees could be charged in one day.”
These mafioso practices are going to see real justice, real soon.
Miami Herald:
European court rules against Soros in trading case
“PARIS — The European Court of Human Rights ruled Thursday that France did not violate George Soros’ rights when convicting him of insider trading, defeating a years-long effort by the billionaire financier to clear his name.”
What?!? Since when was cheating and deceit a basic human right on this planet?
WaPo:
Suit alleges banks and mortgage companies cheated veterans and U.S. taxpayers
“Some of the nation’s biggest banks and mortgage companies have defrauded veterans and taxpayers out of hundreds of millions of dollars by disguising illegal fees in veterans’ home refinancing loans, according to a whistleblower suit unsealed in federal court in Atlanta.”
“The suit accuses the companies, including Wells Fargo, Bank of America, J.P. Morgan Chase and GMAC Mortgage, of engaging in “a brazen scheme to defraud both our nation’s veterans and the United States treasury” of millions of dollars in connection with home loans guaranteed by the Department of Veterans Affairs.”
Another of many reasons to OccupyWallStreet !
10/01/11
Daily Finance: Bank of America Is Latest to Add $5 Debit “Paying to use a debit card was unheard of before this year and is still a novel concept for many consumes. But several banks have recently introduced or started testing debit card fees. That’s in addition to the spate of the unwelcome changes checking account customers have seen in the past year. Bank of America will begin charging the fee early next year.”
I have a better concept! MOVE YOUR MONEY!
09/15/11
Yahoo:
Police in London arrest suspect in UBS losses
“Police in London’s financial district have arrested a 31-year-old man in connection with a massive loss reported by Swiss bank UBS. City of London police said the man was arrested at 3:30 a.m. Thursday on suspicion of fraud by abuse of position. His name was not released. UBS said earlier Thursday that a rogue trader caused it an estimated loss of $2 billion, and warned that it could report a loss for the entire third quarter as a result.”
Surely, it takes more than one to Tango, so I would think more arrests are forthcoming. Remember when Rupert/James Murcoch said they had only one “rogue” phone hacker?
WashPost:
Accenture agrees to $64M settlement in govt. lawsuit; company accused of paying kickbacks
“LITTLE ROCK, Ark. — The Justice Department announced Monday it reached a $63.7 million settlement with Accenture LLP in a whistleblower lawsuit that accused the technology services company of rigging bids, taking kickbacks and inflating prices the government paid for computers and services.”
“New York-based Accenture said in a statement that it ‘vigorously’ denies the accusations and that the settlement did not constitute an admission of guilt.”
After paying huge settlements, they always ”deny the accusations.” They fool no one but themselves.
08/29/11
RSN:
Focus: First Federal Reserve Audit Reveals Trillions in Secret Bailouts
Focus: First Federal Reserve Audit Reveals Trillions in Secret Bailouts Aug 29 2011
“The first-ever audit of the US Federal Reserve has revealed 16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private agency’s opaque operations.”
” ‘No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the President,’ [US Senator Bernie] Sanders wrote.” [emphasis mine] (read more…)
08/24/11
Guardian UK: Goldman Sachs braced for legal battles over financial crisis
Guardian UK: Goldman Sachs braced for legal battles over financial crisis Aug 23 2011
“Goldman Sachs, the embattled investment bank, will face an array of legal claims focusing on its conduct during the financial crisis, one of Wall Street’s most feared lawyers warned last night.”
” ‘I consider this to be a very significant event. For Lloyd Blankfein to be hiring a top criminal lawyer indicates that there may be allegations of wrongdoing forthcoming from the Department of Justice [DoJ],’ Zamansky said. ‘Investors are asking why there have been no criminal cases against Goldman Sachs or any investment bank arising from the financial crisis. This may be a sign of more cases to come. It may be the beginning of a series of cases against Wall Street firms’ “. [emphasis mine]
08/23/11
Democracy Now! Covering Up Wall Street Crimes: Matt Taibbi Exposes How SEC Shredded Thousands of Investigations
RSN:
Wall Street Aristocracy Secretly Got $1.2 TRILLION From Fed
“Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount US homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley, got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress.”
“ ‘Why in hell does the Federal Reserve seem to be able to find the way to help these entities that are gigantic?’ US Representative Walter B. Jones, a Republican from North Carolina, said at a June 1 congressional hearing in Washington on Fed lending disclosure. ‘They get help when the average businessperson down in eastern North Carolina, and probably across America, they can’t even go to a bank they’ve been banking with for 15 or 20 years and get a loan.’ “
Related: Scandals tarnish Citibank’s image in Indonesia BofA plans to cut 3.500 jobs
08/15/11
NYT:
Warren Buffett: Stop Coddling the Super-Rich
“I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation. “
“My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”
08/14/11
WP:
What is the stock market telling us? “At the moment, the bond market and the stock market are signaling very clearly that the greatest threat to U.S. prosperity is the lackluster recovery, not the budget deficit. We can only hope that Washington is reading the signals correctly.”
How Rep. Austin Scott betrayed his Tea Party roots “[The Tea Party] is fueled by populist anger, but it has been hijacked by plutocrats. Well-intentioned Tea Party foot soldiers demand that power be returned to the people, but then their clout is used to support tax cuts for millionaires. They rally for tougher immigration laws, but then their guy in Washington helps corporations to fire U.S. workers and hire foreign nationals.” (emphasis mine)
When a major grassroots movement began after the 2008 bailouts, two major goals were: 1) End the Federal Reserve and, 2) End the illegal wars and bring our troops home. This movement was hijacked and became another avenue for Republican extremists to twist the anger of the public to fit their own agendas and for banksters to once again avert our eyes from their deviousness. The Tea Party representatives in Congress now have no semblence to its roots and in fact, refuse to address either one of those overriding goals.
08/11/11
Chron:
Efforts to calm European markets mount—but fail
“European regulators increased surveillance of financial markets and leading French bankers and officials scrambled to calm nerves after a two-day sell-off that has wiped billions off banks’ market value.”
“None of the efforts appeared to settle markets jittery about the health of French banks and of the U.S. and European economies as they struggle to overcome debts.”
Seattle PI:
Unemployment aid applications tick down
This does not take into account the unemployed who are living off their savings before they move to claim benefits. I know two of them who are using their savings to start building an off-the-grid lifestyle. Extrapolated, I’m sure the number of American citizens doing this far more than the “drop” claimed.
08/10/11
Sign On San Diego:
Pay TV industry loses record number of subscribers
“The U.S. subscription-TV industry first showed a small net loss of subscribers a year ago. This year, that trickle has turned into a stream. The chief cause appears to be persistently high unemployment and a housing market that has many people living with their parents, reducing the need for a separate cable bill.”
“But it’s also possible that people are canceling cable in favor of cheap Internet video. Such a threat has been hanging over the industry. If that’s the case, viewers can expect more restrictions on online video, as TV companies and Hollywood studios try to make sure that they get paid for what they produce.”
A major point is being missed here. A major point is being missed here. Yes, unemployment is helping to drive the losses, but I can’t count the number of persons I have met and talked with over the past two years who disconnected from cable because they are completely fed up with mainstream media, biased talk shows, and nonsensical sitcoms, as well as the underhanded tactics by cable companies to squeeze more money out of subscribers, while spying on their viewing habits. The Internet may be a reason, but certainly not a major reason—at least not in the region I live in. The People are fed up with insane greed trumping all sense of moral integrity.
08/09/11
Minyonville:
Bernanke to Bring Greed Back to the Markets
“Bloomberg News reports that by a 52% to 48% margin, respondents in a survey expect “the Fed would ease policy this year through monetary tools or statements. If the central bank acts, 59 percent said it would communicate that the federal funds rate, balance sheet or both will remain especially stimulative for a longer period or more specific amount of time.”
“Words from Bernanke that the Fed is going to print will send investors scrambling to buy the market at these levels. Greed will once again be a force in the market.”
The only difference between the youthful gangs in London who are currently pillaging, looting, and causing destruction of their communities and the Federal Reserve/Wall Street/IMF/EU banksters: Banksters wear stylish suits and lobby for laws that legalize their pillaging, looting, and destruction of communities around the world. Start ending the reign of economic tyranny and unbridled capitalism, starting with ENDING THE FEDERAL RESERVE!
Guardian UK:
George Osborne cuts short holiday to deal with stock market crisis
“The Treasury did not release information about what the chancellor intended to say but he will be speaking the day after the Bank of England is widely expected to reduce its growth forecast for the UK. Osborne is expected to address MPs after the prime minister, David Cameron, has made a statement about the public unrest that began on Saturday. On Wednesday the Bank is expected to predict in its quarterly inflation report that GDP this year will not rise by as much as the 1.8% it had forecast in May. Forecasts for GDP growth have been falling since data showing the economy grew just 0.2% in the second quarter.”
“While economic growth is slowing, the Treasury has been insisting that the chancellor’s tough austerity measures are working because the UK has retained its AAA credit rating while the US has been stripped of its top notch ranking by Standard & Poor’s.” (emphasis mine)
UK manufacturing fall adds to market turmoil
Economic “leaders” are revealingly grasping at straws to convince the world that their corrupted, mafia run banking machinery still works. Osborne points to America’s credit downgrade as a measure of UK’s “success” on “tough austerity measures”? Oh, pleese. That is a desperately weak excuse for propping up an economic ideology that, in the end, will fall by its own bloated, arrogant weight, probably meeting the IMF/EU on the way down.
08/08/11
Salon:
S&P downgrades Fannie Mae and Freddie Mac:
“Officials at Standard & Poor’s are downgrading the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt. The agency says it has also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.”
The circle is now squaring. The 2008 AIG bailout that took us all down this road should never have been allowed to happen in the first place. The entire global banking apparatus has been built on quicksand and it is inevitably going to sink, no matter how many tattered ropes thrown out there to save it.
Denver Post:
AIG sues Bank of America for $10B over mortgages
“American International Group Inc. said Monday it sued Bank of America Corp. for more than $10 billion, saying the bank cheated it by selling residential mortgage-backed securities that were overvalued.”
“Bank of America spokesman Lawrence Grayson said the blame lies with AIG. ‘AIG recklessly chased high yields and profits throughout the mortgage and structured finance markets. It is the very definition of an informed, seasoned investor, with losses solely attributable to its own excesses and errors,’ Grayson said.”
The swordfish are actively eating their own now. Well, you live by the proverbial sword, you die by it sooner or later.
