Global Financial Fraud and its Gatekeepers

16 07 2012

By Naomi Wolf

Last fall, I argued that the violent reaction to Occupy and other protests around the world had to do with the 1%ers’ fear of the rank and file exposing massive fraud if they ever managed get their hands on the books. At that time, I had no evidence of this motivation beyond the fact that financial system reform and increased transparency were at the top of many protesters’ list of demands.

But this week presents a sick-making trove of new data that abundantly fills in this hypothesis and confirms this picture. The notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers, but this week’s headlines make such a conclusion, sadly, inevitable. . .  (more)

http://uruknet.info/?p=m89578&hd=&size=1&l=e

AND – By Dick Destiny

“The preeminent national security challenge faced by this country is devolution into the equivalent of a banana republic with the largest military in world history and all the implications of that for stability and, ahem, the preservation of economic well-being. The future disappeared for millions, right in front of their eyes, between 2007 and 2008. What’s left is still dribbling away.”


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Standard & Poor’s Blackmails Whitehouse

21 04 2011

From the World Socialist Website:

The S&P debt warning: Wall Street extortionists demand savage cuts

Five days after the US Senate Permanent Subcommittee on Investigations released a voluminous report detailing the criminal activities of the banks and credit rating firms that precipitated the 2008 Wall Street crash and global recession, one of the named culprits, Standard & Poor’s Credit Ratings Services, issued an ultimatum to the White House and Congress demanding an agreement on savage austerity measures ahead of the 2012 elections.

In lowering its outlook from “stable” to “negative” on the top AAA rating for US Treasury bonds, S&P spoke Monday for the entire financial mafia that is headquartered on Wall Street. The ratings firm declared in a press release that failure to reach an agreement in the coming months to reduce the federal deficit by at least $4 trillion over the next decade “could lead us to lower the rating.”  . . . (more)

http://wsws.org/articles/2011/apr2011/pers-a20.shtml 


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J P Morgan = Satan

11 04 2011

The (evidentely still free-online ) NY Times has this softie headline:

JPMorgan Accused of Breaking Its Duty to Clients

By LOUISE STORY

In the summer of 2007, as the first tremors of the coming financial crisis were being felt on Wall Street, top executives of JPMorgan Chase were raising red flags about a troubled investment vehicle called Sigma, which was based in London. But the bank chose not to move out $500 million in client assets that it had put into Sigma two months earlier.

Sigma collapsed a year later. Now, new documents unsealed late last month as part of a lawsuit by bank clients against JPMorgan show for the first time just how high the warnings about Sigma went — all the way to the office of the bank’s chief executive, Jamie Dimon.

While the clients lost nearly all their money, JPMorgan collected nearly $1.9 billion from Sigma’s demise, according to the suit. That’s because as Sigma’s troubles worsened, JPMorgan lent the vehicle billions of dollars and received valuable assets in the form of a security deposit.

After Sigma came undone in September 2008, many of those assets ultimately became JPMorgan’s and eventually appreciated in value, giving the bank a large profit, the suit says. . . (blah, blah, blah … greed + Wall St. = greed x 10)

http://www.nytimes.com/2011/04/11/business/economy/11bank.html


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Categories : cuttlefish flies over the empire

Bank of America in a Panic as Mega-WikiLeak Looms

19 01 2011

precious . . .

Is Wikileaks driving Bank of America to seize domains?

A little-known company that specializes in protecting the public image and product identity of Fortune 500 companies is quietly buying up hundreds of domain names that could be used to host online criticism of the mammoth financial services outfit Bank of America. . . .

. . . . . Why the sudden burst in apparent pre-emptive action? One theory is that Bank of America is bracing for a fresh release of documents from the anti-secrecy site Wikileaks. Founder Julian Assange claims that a pile of confidential records from the computer hard drive of a top bank executive fell into his hands, and it’s only a matter of time before they become public.

Assange told Forbes magazine in November that Wikileaks “could take down a bank or two,” and Computer World reported all the way back in 2009 that Wikileaks had digital documents specifically from Bank of America, as much as five gigs worth. . .  (more)

http://www.centerforinvestigativereporting.org/blogpost/20110118iswikileaksdrivingbankofamericatoseizedomains

see the whole story here.


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“Wall Streets is headed toward international pariah status”

11 03 2010

Michael Collins writes –

 Wall Streets is headed toward international pariah status thanks to two recent actions by the European Union (EU).

On Tuesday, the EU announced that it was banning Wall Street banks from the lucrative government bond business in Europe. They didn’t express official concern or fire off a warning shot. They simply banned Wall Street from financing government bond deals like the one Goldman Sachs sold to Greece. The Guardian pointed out that Wall Street bond business from European governments has gone down over the last two years. Now the business is gone period. In effect, the EU has labeled Wall Streets business tactics as too dangerous for their governments to handle.

Then on Wednesday, the President of the European Commission said that the EU was considering a ban on government debt speculation through Credit Default Swaps (CDS) President José Manuel Barroso announced that, “the Commission will examine closely the relevance of banning purely speculative naked sales on Credit Default Swaps of sovereign debt.” While not an outright ban, the threat of banning CDS on national debt would be a major loss for the world’s financial speculators, particularly those in the United States and Great Britain….(more)

http://www.thepeoplesvoice.org/TPV3/Voices.php/2010/03/10/economicwarfare


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