Zero Prosecutions Of Elites For Most Destructive Frauds In World History [Video]

USAWatchdog  March 31 2014

White collar crime expert Professor William Black thinks the nation’s top bankers continue to get away with massive financial crime. The most recent $10 million fine of former Bank of America CEO Ken Lewis for fraud illustrates the ongoing problem.

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Professor Black says, “He’s not paying $10 million. Bank of America is paying the $10 million. So, he could care less, and he didn’t have to admit anything. And, unlike the typical Securities and Exchange settlement, he didn’t have to agree not to disparage the settlement. So, immediately he disparaged the settlement as a bunch of junk that wasn’t true. . . .

In this case, the fact came out that Lewis testified, the subject of this complaint was allegedly securities fraud at hiding the losses at Merrill Lynch which was acquired by B of A and said hey, it’s not me, it’s Ben Bernanke and Hank Paulson . . . who ordered me to cover this up.

Professor Black goes on to say, “So the web is very tight and very protective of all these people, and they will trade off any amount of money in settlement that will be paid by the bank to insure the officers, even the ex-officers never have to pay and never are prosecuted. Even today, we are well into 2014, and the Department of Justice record is intact. There have been zero prosecutions of the elite officers who led the epic epidemic of fraud. It was the most destructive in world history, zero of them even unsuccessfully prosecuted, much less prosecuted.”

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Simon Black ~ As Syria Distracts, Here’s What Else Is Happening While No One Is Looking…

SovereignMan  August 29 2013

Ben Bernanke

Rome, Italy ~ As everyone is now completely distracted with the looming prospect of yet another illegal war to be waged by the 2009 Nobel Peace Prize recipient, let’s look at a few other things going on while no one is looking.

Gun control

Today, the Obama administration announced fresh measures to restrict the availability of firearms in the Land of the Free.

This time around, they want to ban the re-importation of firearms that have been exported from the US to allied nations. They also want to raise the bar on federal background checks.

But rather than go through Congress, the Obama administration is simply going to create a new ‘rule’.

‘Rules’ are a type of regulation created directly by agencies within the Executive Branch. They’re not laws, but they carry the same weight and effect as laws, complete with criminal and civil penalties.

Oftentimes, hundreds of new rules are proposed every single day in the Land of the Free. It’s the easiest way for the President to circumvent the Constitution and simply decree whatever he wants.

Debt ceiling

The US government is once again danger close to defaulting.

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The Greatest Lie The FedRes Ever Told

The Daily Bell May 7 2013

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Public life bumbles along under a combination of false pretenses and self-imposed delusions.

At the start of last week, it was widely reported that US central bankers had gone as far as they were willing to go. There were voices in the Fed, said the news, urging caution. There would be no further monetary stimulus measures, said the commentators.

Investors grew cautious.

But by the end of the week, they were rolling the dice again. The Fed was working hard to fight the impression that it had either lost its nerve or recovered its senses. From The New York Times:

The Federal Reserve said Wednesday that its economic stimulus campaign would press forward at the same pace it has maintained since December, putting to rest for now any suggestion that it was leaning toward doing less.

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The Fed’s “QE Infinity”: Money Galore… What Is It All About?

Global Research | October 03 2012

Ben BernankeQE3, the Federal Reserve’s third round of quantitative easing, is so open-ended that it is being called QE Infinity.

Doubts about its effectiveness are surfacing even on Wall Street. The Financial Times reports:

Among the trading rooms and floors of Connecticut and Mayfair [in London], supposedly sophisticated money managers are raising big questions about QE3 — and whether, this time around, the Fed is not risking more than it can deliver.

Which raises the question, what is it intended to deliver? As suggested in an earlier article here, QE3 is not likely to reduce unemployment, put money in the pockets of consumers, reflate the money supply, or significantly lower interest rates for homeowners, as alleged. It will not achieve those things because it consists of no more than an asset swap on bank balance sheets. It will not get dollars to businesses or consumers on Main Street.

So what is the real purpose of this exercise? Catherine Austin Fitts recently posted a revealing article on that enigma. She says the true goal of QE Infinity is to unwind the toxic mortgage debacle, in a way that won’t bankrupt pensioners or start another war:

The challenge for Ben Bernanke and the Fed governors since the 2008 bailouts has been how to deal with the backlog of fraud – not just fraudulent mortgages and fraudulent mortgage securities but the derivatives piled on top and the politics of who owns them, such as sovereign nations with nuclear arsenals, and how they feel about taking massive losses on AAA paper purchased in good faith.

On one hand, you could let them all default. The problem is the criminal liabilities would drive the global and national leadership into factionalism that could turn violent, not to mention what such defaults would do to liquidity in the financial system. Then there is the fact that a great deal of the fraudulent paper has been purchased by pension funds. So the mark down would hit the retirement savings of the people who have now also lost their homes or equity in their homes. The politics of this in an election year are terrifying for the Administration to contemplate.

How can the Fed make the investors whole without wreaking havoc on the economy? Using its QE tool, it can quietly buy up toxic mortgage-backed securities (MBS) with money created on a computer screen.

Good for the Investors and Wall Street,
But What about the Homeowners and Main Street?

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The Federal Reserve’s Latest Scam: QE Shell Game

theintelhub.com | September 24 2012

Ben BernankeNow you see it. Now you don’t. QE III is the Fed’s latest scam. A previous article quoted PIMCO’s Bill Gross. He called it money printing “till the cows come home.”

Doing it won’t resolve festering economic problems. They’re getting worse while Bernanke, the ECB, Bank of England, Bank of Japan, Congress, Obama, and like-minded world leaders fiddle.

After crisis conditions erupted in fall 2007, one scam followed another. Occupy Wall Street is right. “Banks got bailed out. We got sold out.” It hasn’t stopped and won’t until either people rebel or the whole house of cards Greenspan/Bernanke built collapses.

Helicopter Ben operates by Abraham Maslow’s maxim that “if the only tool you have is a hammer, every problem looks like a nail.”

Hammering all day won’t help. He’s buying time. Little else. An eventual day of reckoning looms. The longer it’s delayed, the greater the collapse when it comes.

It’s not if, just when. Bad policy assures bad results. It’s not rocket science. It’s simple truth.

If properly used, QE could have worked and still can if redirected to where it’s needed. It’s not and won’t be. For nearly five years, credit went for speculation, big salaries and bonuses. It hasn’t been for the economy to stimulate growth and create jobs.

Financial warfare rages. America and other societies are affected. Ordinary people are hurt most. Hard times keep getting harder.

Since September 2007, the Fed cut interest rates from 5.25 to .25%. Surviving investment banks became commercial ones to get free money unavailable to ordinary folks.

They scammed trillions. How much is kept secret. It’s at least $9 trillion and may be up to two and half times that much.

Hundreds of billions went to Fannie, Freddie, AIG, the automakers and others. At the same time, millions lost jobs, homes and futures. Who cares about them when only money power and helping corporate favorites matter.

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