Attorney General Eric Super-Scheiderman (my hero) is at it again taking on Bank of New York Mellon in yet another stunning lawsuit. Wake up New York cops! Read what Wall Street has done to you! Join the protesters on OccupyWallStreet because they are fighting for you, and for America!
THE PEOPLE OF THE STATE OF NEW YORK on behalf of The New York City Employees’ Retirement System, the Teachers’ Retirement System of the City of New York, the New York City Police Pension Fund, Subchapter 2, the New York City Fire Department Pension Fund, Subchapter 2, the New York City Board of Education Retirement System, the New York City Police Officers’ Variable Supplements Fund, the New York City Police Superior Officers’ Variable Supplements Fund, the New York City Firefighters’ Variable Supplements Fund, the New York City Fire Officers’ Variable Supplements Fund, the Teachers’ Retirement System of New York Variable Annuity Funds, the New York City Deferred vs. Bank of New York Mellon
Do you get it yet NYPD, NYFD, NYC? Wall Street raped your pension funds – you should be pissed! Sure they throw $4 million at you to fight OccupyWallStreet protesters since BNYM alone apparently stole $2 billion “which is the ostensible ill-gotten profits that the bank generated over the last decade,” says the New York Times. Chomp change and it was apparently your own money!
In a “leave no stone unturned” Complaint, AG Schneiderman’s opening remarks begin, “This action arises out of a ten-year fraud that The Bank of New York Mellon perpetrated on private and governmental clients…” Ten years! Imagine that… bet your mortgage originated during that period too, huh?
The Complaint continues with direct statements like, “the Bank has engaged in a multipronged campaign of deception to induce private and governmental clients…”, “false representations”…, “the Bank deliberately concealed and suppressed material facts”, “[T]he Bank’s conduct defrauded thousands of clients of the Bank nationwide…”, and this is just one aspect of BNYM’s bad acts regarding “executed foreign exchange transactions based on “client standing instructions” which were apparently manipulated.
Do you hear this Officer Tony Baloney?! And Judges – are your reading these Complaints even if they aren’t filed in your court? These allegations belong to everyone who is dealing with Wall Street banks – they were all the same. They shared the same information, used the same patents and licenses, the rituals were all structured the same – a fraternity of thieves.
Do you think that these bad acts were contained to just foreign exchange transactions…. ahhh, nah! See if this rings a bell… or two…
“The Bank deliberately and intentionally: (a) made false and misleading statements and omitted material facts in responses to Requests for Proposals from potential private and governmental custodial clients; (b) made false and misleading statements and omitted material facts about standing instructions (SI) on the Bank’s website; (c) made false and misleading statements and omitted material facts about SI in materials it sent to clients’ third-party investment managers; (d) inserted false and fraudulent statements into custodial contracts; (e) followed a strict policy of concealing, suppressing and not disclosing to clients or their investment managers material facts about SI execution and pricing; and (f) presented or caused to be presented false claims for payment to New York State and City governmental entities, and made or used, or caused to be made or used false or fraudulent statements material to an obligation to pay or transmit funds to New York State and City government entities, or to conceal, avoid or decrease such obligations.”
Families in foreclosure all over the country know all too well the allegations to be true – a modus operandi for Wall Street – these are white-collared criminals.
Cops know that criminals, especially white-collared crime criminals, rarely change until they are forced to serve prison time. The psychological makeup of a white collar criminal has addiction, as well as sociopathic tendencies. The polish, charm and cool decisiveness of the psychopath can easily be mistaken for leadership qualities. As with any behaviour that seeks to fill a psychological void, there can be no satisfaction. The “addiction” requires an additional fix and the commission of crimes becomes more risky, blatant and lucrative. Sound familiar… like maybe… securitization?
Maybe at some point he’ll get some help from Congress .