[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Sign-in] [Mail] [Setup] [Help]
Status: Not Logged In; Sign In
Editorial See other Editorial Articles Title: Jaw-Dropping Crimes of the Big Banks Jaw-Dropping Crimes of the Big Banks Posted on March 14, 2013 by WashingtonsBlog http://farm8.staticflickr.com/7124/7534252614_dc24534f4a_b.jpgImage by William Banzai Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But as documented below many of the biggest banks have engaged in unimaginably bad behavior. You Wont Believe What Theyve Done
Here are just some of the improprieties by big banks: Funding the Nazis Laundering money for terrorists Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world Launching a coup against the President of the United States Handling money for rogue military operations Laundering money for drug cartels. See this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis) Engaging in mafia-style big-rigging fraud against local governments. See this, this and this Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here Manipulating gold prices
on a daily basis Charging storage fees to store gold bullion
without even buying or storing any gold . And raiding allocated gold accounts Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this) Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car Cheating homeowners by gaming laws meant to protect people from unfair foreclosure Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing Manipulating the hundred trillion dollar derivatives market Engaging in insider trading of the most important financial information Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this Engaging in unlawful frontrunning to manipulate markets. See this, this, this, this, this and this Engaging in unlawful Wash Trades to manipulate asset prices. See this, this and this Otherwise manipulating markets. And see this Participating in various Ponzi schemes. See this, this and this Charging veterans unlawful mortgage fees Helping the richest to illegally hide assets Cooking their books (and see this) Bribing and bullying ratings agencies to inflate ratings on their risky investments Violently cracking down on peaceful protesters The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management. Indeed, one of the worlds top fraud experts professor of law and economics, and former senior S&L regulator Bill Black says that most financial fraud is control fraud, where the people who own the banks are the ones who implement systemic fraud. See this, this and this. Even the bank with the reputation as being the best managed bank in the U.S., JP Morgan, has engaged in massive fraud. For example, the Senates Permanent Subcommittee on Investigations released a report today quoting an examiner at the Office of Comptroller of the Currency JPMorgans regulator saying he felt the bank had lied to and deceived the agency over the question of whether the bank had mismarked its books to hide the extent of losses. And Joshua Rosner noted bond analyst, and Managing Director at independent research consultancy Graham Fisher & Co notes that JP Morgan had many similar anti money laundering laws violations as HSBC, failed to segregate accounts a la MF Global, and paid almost 12% of its 2009-12 net income on regulatory and legal settlements. But at least the big banks do good things for society, like loaning money to Main Street, right? Actually: The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of Americas assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this) The big banks have slashed lending since they were bailed out by taxpayers
while smaller banks have increased lending. See this, this and this A huge portion of the banks profits comes from taxpayer bailouts. For example, 77% of JP Morgans net income comes from taxpayer subsidies The big banks are looting, killing the economy
and waging war on the people of the world And our democracy and republican form of government as well We can almost understand why Thomas Jefferson warned: And I sincerely believe, with you, that banking establishments are more dangerous than standing armies
. John Adams said: Banks have done more injury to religion, morality, tranquillity, prosperity, and even wealth of the nation than they have done or ever will do good. And Lord Acton argued: The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. No wonder a stunning list of prominent economists, financial experts and bankers say we need to break up the big banks. This entry was posted in Business / Economics, Politics / World News. Bookmark the permalink. Post Comment Private Reply Ignore Thread Top Page Up Full Thread Page Down Bottom/Latest
#1. To: tom007 (#0)
There it is. Unfortunately for Americans, to wage war on the banks is to wage war on "our" government. I believe that there will ultimately be a clash between the oppressed and those who do the oppressing. I believe that there will be a clash between those who want freedom, justice, and equality for everyone and those who want to continue the system of exploitation. I believe that there will be that kind of clash, but I dont think it will be based on the color of the skin
-Malcolm X
|
||
[Home]
[Headlines]
[Latest Articles]
[Latest Comments]
[Post]
[Sign-in]
[Mail]
[Setup]
[Help]
|