Quoting from a Bix Weir email “Alert” – THERE WAS A GRAND CONSPIRACY AMONGST THE LARGEST BANKS IN THE WORLD!
Larry Doyle’s Sense on Cents has been following the LIBOR scandal in great detail Barclays Libor Scandal: Wake Up, America!! It’s not just Barclays anymore.
And how does this LIBOR scam affect the American homeowners and foreclosures? Prominent Hawaii foreclosure defense attorney said this, “raises questions about whether Libor Rates charged to many borrowers were all contrived.”
This isn’t just a European story – all the major banks in the world are inter-connected.
At the very least LIBOR rates, as fictitious as they were, became an inducement to American homeowners to refinance and/or buy a home. Incredibly low rates sucked over 84 million homeowners into new mortgages – some with 2nd mortgages too, on false pretenses. The fraudulent Libor rates plus the promise that the homeowner could refinance was the spiel the banksters used on unsuspecting victims. It was a finely tuned, media driven sales campaign. Because these were “bankers” who were supposedly upstanding community members – no one doubted for a minute that this wasn’t legitimate. Certainly, no one ever dreamed it was clearly a fraud and connected to money laundering and drug cartels.
As posted in Reuters: Exclusive: Prosecutors, regulators close to making LIBOR arrests
U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal.
Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the suspects to notify them that criminal charges and arrests could be imminent, said two of those sources, who asked not to be identified because the investigation is ongoing. At least the UK is taking action – how about the US banks?!
From Securitization LIBOR Fraud to Drug Cartel Money Laundering – the Banksters Had It All Covered in a ONE-STOP Shop
Financial Times reports in Money laundering: Taken to the cleaners that in March 2007, authorities raided the home of Zhenli Ye Gon, a pharmaceuticals magnate based in Mexico City. More than $205.6 million in hundred dollar bills were found – a mere pittance to the overall operation.
At the time of the raid Mr. Ye Gon was apparently spotted in Las Vegas at the gaming tables playing high-stakes poker. Now in a US prison awaiting extradition to Mexico, Ye Gon stands accused of buying from China and then selling to drug gangs the precursor chemicals used to make methamphetamine, a stimulant known in north America as “crystal meth”. Mr. Ye Gon was also a long-time client of banking giant HSBC. Surprised?
The episode, contained in a report this week from the US Senate, shows what American lawmakers have called a systemic failure by the UK’s largest bank to control money laundering in its global operations and stop such funds from entering the US. Apparently, laundering cartel money is nothing new for banking industry.
The multi-year investigation uncovered that HSBC,whose initials originally stood for Hong Kong Shanghai Banking Corporation, was a conduit for drug money, had clients with alleged ties to terrorism, and stripped details from transactions that would have identified Iranian entities – which may have put the bank in breach of US sanctions against that country. HSBC’s internal culture has been “pervasively polluted for a long time”, said Senator Carl Levin, who led the investigation.
The probe has shaken HSBC and prompted the resignation of David Bagley, the bank’s head of compliance; and – in the wake of the Libor rate-rigging scandal – further battered London’s reputation as a global financial centre, just as did the resignation of Bob Diamond, Barclays’ CEO who quit earlier this month.
More than anything, it has shown the reach and depth of the world’s drug-trafficking and money-laundering businesses. From China to Mexico, the names of the locales and participants may seem exotic. The American banks are hardly unscathed…thick as thieves – they are in there too… it’s just a matter of time.
Now, it may be hard to imagine how mortgages could be related to crystal meth – but the money laundering apparently was assisted by the cash flow revenue streams of the mortgage payments – an incentive to write more loans in order to hide more money.
American Media Prioritize Animal Attacks, Tom Cruise Over Huge Bank Scandal
“We are losing our nation and our future literally right before our eyes. WAKE UP, America!!,” writes Sense on Cents.
Sense on Cents continues: “Who is involved in the greatest theft ever undertaken on American soil? All those involved in the scheme and scandal collectively defined as financial regulatory capture. Who are the parties to this scandal?
- Politicians more concerned with re-election and collecting the needed campaign funding than actually pursuing the truth and principles needed to protect investors and the public at large.
- Wall Street firms providing the funds to pay off the pols.
- Regulators allowing themselves to ‘play the game’ or ‘play the fool’ if you’d like and get ‘captured.’
But there is one more factor in the mix and it is VERY important to achieve the capture and cripple the nation in the process? What is it?
- A fully compliant media. You do not think so? For ample evidence of this factor in ‘the capture’, we need look no further than the coverage of the single greatest financial scandal in the history of our nation. Media Matters highlights:”
Try to find a politician that wants to discuss the LIBOR and money laundering and banks – “duh, I dunno.” The media tunes out and so do the politicians.
Instead of covering one of the largest banking scandals in history, American television news outlets have focused on the divorce of Tom Cruise and Katie Holmes, shark sightings, and a chimpanzee attack.
Last week, we documented how television news outlets are practically ignoring an emerging controversy over whether major financial institutions have been manipulating the LIBOR, a key interest rate banks use to borrow money from each other that is ”used as a benchmark to set payments on about $800 trillion worth of financial instruments.” MIT professor of finance Andrew Lo told CNN Money that the LIBOR-manipulation story “dwarfs by orders of magnitude any financial scams in the history of markets.” writes Larry Doyle Sense on Cents.
Doyle continues, “In the fifteen days after news broke that U.S. and U.K. regulators had fined British multinational bank Barclays $450 million for its role in trying to rig the LIBOR, [American media] ABC, CBS, NBC, CNN, Fox News, and MSNBC spent only 12 minutes combined reporting on the story during their evening newscasts and opinion programming.” Let’s face it – too big American media is owned, over-leveraged and manipulated by big banks. They are complicit in the suppression of the news affecting America.
This new evidence establishes that what we are dealing with is a new worldwide [banking] Mafia. The new terminology is bank “cartel” under the guise of legitimate business. John Dillinger would be laughing all the way to the bank since they have apparently fashioned themselves after notorious gangsters. Once asked if anyone could successfully rob banks and John Dillinger said, “No; small timers get into it, and ruin it for everyone.” Little did he know the banks would eventually adopt the same philosophy.
We now know that every aspect of the mortgage business in the United States has been fraudulent and corrupt, particularly with respect to how mortgage interest rates have been set.
Unsuspecting borrowers understandably assumed that federal regulators were monitoring the validity of mortgage rates, when in fact the federal regulators have been in bed with the Banksters, each and all ripping off borrowers and investors alike throughout the entire world.
Jail is too good for these crooks, who have inflicted enormous emotional and financial harm on American families and this Nation, plunging us into a second great depression from which it is not certain, with many of our cities now facing bankruptcy, when we will, if ever, truly recover.
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Reblogged this on Justice League.
I’m glad to hear this news, at least there is light beyond that long long tunnel. All these years
makes me wonder of the truth of why presidents were assassinated…President Abe Lincoln
what he knew than….How much of that political injustice will they cover up….Its within our
own government….WE THE PEOPLE………Stand up…………
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2:27p = 700 journal page visits yet 211 video hits, not likely. Especially with a 2 minute video.
James Holmes’ likely murders overshadow father Robert Holmes’ Libor testimony.
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