"All the World's a Stage We Pass Through" R. Ayana

Saturday 18 August 2012

Stunning Crimes of the Big Banks: Worse than Your Wildest Imagination

Stunning Crimes of the Big Banks:
 Worse than Your Wildest Imagination 

http://fasab.files.wordpress.com/2012/07/banksters2.jpg


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 Won’t Believe What They’ve Done …


Here are just some of the improprieties by big banks:
  • 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
  • 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
  • Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
  • 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 “Wash Trades” to manipulate asset prices. See this, this and this
  • Participating in various Ponzi schemes. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdJOq6xDqNjyaiQQZxAZ60iz7zObUiLkO9Bq-XYQpbQjZjUAf0sv8R9pKpvKCZfNuG0NK686IMJt0PhPjA3cH97tA_muCKcEJKEYkdFrL_Tgw8j3HiT5vb9sGQ003M6yd15jAZMEl98YCd/s1600/fed+reserve.jpg

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 world’s 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.

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:
  • The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this

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.

From Washington’s Blog @ http://www.washingtonsblog.com/2012/08/big-banks-worse-than-you-think.html
 


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Mass Mediated Mediocre Media Muzzled


By Mark Gongloff



Maybe instead of asking why Americans don't care about the Libor scandal, we should be asking whether they've even heard of it.
The scandal that has been not-crazily called the biggest financial scandal in history has gotten all of zero minutes' air time on the ABC and NBC nightly news broadcasts and only a little more time than that on CBS and the major cable news channels, according to a report by the progressive media watchdog Media Matters.
Who cares, you might be thinking, who watches TV news any more? Not as many, any more, but most people still consider TV their primary news source. 

Media Matters did a Nexis search for all the times Libor and Barclays and other search terms related to the scandal got mentioned on prime-time broadcasts since the scandal broke in June and found next to bupkus:

After spending roughly six and a half minutes combined covering the scandal on their evening newscasts and opinion programming between June 27 and July 12, MSNBC, CNN, and Fox News devoted less than 32 minutes to stories related to the controversy from July 13 to July 28, with more than two-thirds of that coverage coming from CNN. 
So, to recap, the major TV outlet covering Libor the most is the one that nobody watches, CNN. 

Our major TV news outlets realize that this story is, like Bennet Brauer, not camera- friendly. Americans prefer watching stuff about shark attacks and TomKat more than they like learning about the manipulation of an obscure interest rate. That is as George Washington wanted it. 

But it does seem possible, just maybe, that viewers might be interested to know that an interest rate that affects their daily lives is a completely made-up fraud that may have cost them billions. Somehow The Daily Show managed to make good TV out of it.

The TV news people do owe it to their viewers to try, at least. Instead of punting, which is what they have mostly done. 

And it's not like there's nothing's going on in the Libor scandal. Every day there's something new, including the rare joy of watching Treasury Secretary Tim Geithner get grilled on Capitol Hill. 

Maybe it will take some U.S. banks paying mammoth fines to get American news outlets to notice. So far, it's been only the boring European banks (which nevertheless employ thousands of Americans). Maybe we'll need to see some people frog-marched out of their banks in handcuffs, which does make for sexier TV.



More @ Huffington Post @ http://www.huffingtonpost.com/mark-gongloff/libor-rate-rigging-scandal-tv-news_b_1730434.html  

For more information on the nefarious history of banksters see http://nexusilluminati.blogspot.com/search/label/banksters



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