Big Banks Have Become Mafia-Style Criminal Enterprises

Posted on June 29, 2012 by WashingtonsBlog

Banks Conspire to Fleece the Public

Big Banks Have Become Mafia-Style Criminal Enterprises - Washington's Blog

Two stories this week prove once again that the big banks are literally criminal enterprises.
Initially, all of the big banks have engaged in Mafia-style “bid-rigging” of municipal bonds, to bilk money from every city in the nation … to the collective tune of tens billions of dollars.
And Barclays and other large banks – including Citigroup, HSBC, J.P. Morgan Chase, Lloyds, Bank of America, UBS, Royal Bank of Scotland – manipulated the world’s primary interest rate (Libor) which virtually every adjustable-rate investment globally is pegged to.

And see this. That means they manipulated a good chunk of the world economy. Other recent stories also show criminal fraud as well. For example, the big banks have been cheating homeowners … especially veterans.
And as Max Keiser explains, banking giants Mellon and State Street shaved 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.) Indeed, the entire business model of the big banks is fraud. See this, this, this, this, this and this.
Fraud caused the 1930s Depression and the current financial crisis.
Regulators Have Become “Cops On the Take”
There’s no recovery because the government made it official policy not to prosecute fraud (and see this, this, this, and this).
Unfortunately, the cop is on the take … and the government’s only actions are to cover up the fraud and to leave the people holding the bag.


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7 Responses to Big Banks Have Become Mafia-Style Criminal Enterprises

FGH says:
June 29, 2012 at 12:49 pm
Interesting, but old news…
“I believe that banking institutions are more dangerous to our liberties than standing armies. ”
-Thomas Jefferson
Reply
Joseph Zernik, PhD, Human Rights Alert (NGO) says:
June 30, 2012 at 5:59 am
Old news even relative to banks and regulators in the current crisis/scam…
Evidence of criminality by Bank of America and its senior executives is already abundant. It is only that the US Government treats it as the beneficiary of sovereign immunity.
See also:
[1] 11-08-08 PRESS RELEASE: Los Angeles Superior Court – Widespread Corruption and Refusal of the US Government to Take Action_Presentation in the 16th World Criminology Congress
11-08-08 PRESS RELEASE: Los Angeles Superior Court - Widespread Corruption and Refusal of the US Government to Take Action_Presentation in the 16th World Criminology Congress
[2] 11-08-08 PRESS RELEASE: Fraud and Corruption in the US Courts are Tightly Linked to Failing Banking Regulation and the Global Economic Crisis – presentation in the 16th World Criminology Congress, Japan
11-08-08 PRESS RELEASE: Fraud and Corruption in the US Courts are Tightly Linked to Failing Banking Regulation and the Global Economic Crisis
[3] 10-05-05 Countrywide, Bank of America [NYSE;BAC], and its President Brian Moynihan Compilation of Records Evidence of Racketeering
10-05-05 Countrywide, Bank of America (NYSE:BAC), and its President Brian Moynihan - Compilation of Records - Evidence of Racketeering s
[4] 10-05-05 Chairs of US Congress Committees of the Judiciary and Banking Are Requested to Join Senator Feinstein’s Inquiries on Comptroller of the Currency
10-05-05 Chairs of US Congress Committees of the Judiciary and Banking Are Requested to Join Senator Feinstein
[5] 10-07-06 Complaint Filed with US Attorney Office Los Angeles Against Moynihan Bank of America [NYSE:BAC] Bryan Cave LLP Alleging Racketeering
10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America (NYSE:BAC), Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud s
[6] 10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America [NYSE:BAC], Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud
10-07-06 Complaint Filed with US Attorney Office, Los Angeles, Against Brian Moynihan, Bank of America (NYSE:BAC), Bryan Cave LLP, Alleging Racketeering and Large Scale Financial Institution Fraud s
[7] 11-08-18 California Sues Attorneys for Bringing Allegedly Fraudulent Mortgage Suits – Law Blog – WSJ
11-08-18 California Sues Attorneys for Bringing Allegedly Fraudulent Mortgage Suits - Law Blog - WSJ
[8] 11-08-25 Schwab Sues 11 Major Banks for Manipulating Libor _ Reuters
11-08-25 Schwab Sues 11 Major Banks for Manipulating Libor _ Reuters
[9] 11-09-02 The Feds Discover Evidence that Bank of America has been a Corrupt Organization…
11-09-02 The Feds Discover Evidence that Bank of America has been a Corrupt Organization
[10] 11-10-13 How Bank of America Covered Up Fraud by Silencing Whistle Blowers _ _ AlterNet
11-10-13 How Bank of America Covered Up Fraud by Silencing Whistle Blowers _ _ AlterNet
[11] 11-09-23 Countrywide Whistleblower Sings
11-09-23 Countrywide Whistleblower Sings
[12] 12-01-30 Vistas in Legal-Economic Theory: Perpetual corporate immunity as a major intangible capital asset and a driving force in socio-economic development, or lack thereof
12-01-30 Vistas in Legal-Economic Theory: Perpetual corporate immunity as a major intangible capital asset and a driving force in socio-economic development, or lack thereof
[12] 12-03-05 Tabibi Allow Failure to Fail – Bank of America Teetering on the Edge of Collapse_ Information Clearing House
12-03-05 Tabibi: Allow Failure to Fail - Bank of America Teetering on the Edge of Collapse_ Information Clearing House
[13] 12-03-06 Ponying Up_ How Much Have Big Banks Been Docked for the Financial Crisis_ProPublica
12-03-06 Ponying Up_*How Much Have Big Banks Been Docked for the Financial Crisis_ProPublica
[14] 12-06-04 Ongoing Criminality at Bank of America
12-06-04 Ongoing Criminality at Bank of America
[15] 12-06-07 More Evidence of Criminality at Goldman Sachs and Merrill Lynch (Bank of America) – ‘Naked Short Selling’
12-06-07 More Evidence of Criminality at Goldman Sachs and Merrill Lynch (Bank of America) - 'Naked Short Selling'
Reply
gozounlimited says:
June 29, 2012 at 3:59 pm
Big Banks Have Become Mafia-Style Criminal Enterprises …. In Order To Support the Illusion of Globalization
The (B)Clinton/Bush grand scam has fallen apart…..And now the world is being run by psychopaths and sociopaths…..surprised? Obama’s not……
12 million RBS customers have been shut out of their accounts and ATM withdrawals for SIX days due to a “glitch.” REALLY?
Let’s be blunt, the EU banking system is a $46 trillion toxic sewer filled with PIIGS debt. Even the ECB’s is not immune to this mess: over a quarter of its balance sheet is comprised of this garbage. You don’t spend over $1 trillion in nine months unless something very very bad is coming down the pike.
read more: The EU Has Already Broken Up
***********
Another Domino Falls in the LIBOR Banking Scam: Royal Bank of Scotland
Another one bites the dust. The Royal Bank of Scotland is about to be fined $233 million (£150 million pounds) for its role in the Libor-rigging scandal. It joins Barclays as the first banks to walk the plank in what should be, but so far is not, the most sensational financial corruption story since the crash of 2008.
Read more: Another Domino Falls in the LIBOR Banking Scam: Royal Bank of Scotland | Matt Taibbi | Rolling Stone
***********
“Money Changers are destroying the world.” Gerald Celente
see video: http://www.youtube.com/watch?v=LyfKE...feature=relmfu
***********
Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law – 06/29/2012 – Yves Smith
Servicers and their foreclosure mill arms and legs have so flagrantly violated long-standing real estate laws in how they execute foreclosures that some states have decided to up the ante in terms of penalties to get the miscreants to cut it out by discussing “Foreclose legally, damnit” laws.
read more: Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law « naked capitalism
Reply
Roy Cobden says:
June 29, 2012 at 9:56 pm
So we can expect to see some token fines levied against the institutions involved while the miscreant individuals who directed the actions continue to collect their bonuses.
Once again, as in Matt Taibbi’s story last year, “Everything’s ****ed up, and nobody goes to jail.”
Why Isn't Wall Street in Jail? | Politics News | Rolling Stone
Reply
Wm Matz says:
June 29, 2012 at 10:56 pm
The banko criminality is rampant:
1. Fabricated documents and forged documents in millions of foreclosures. (San Francisco Recorder study found 84% of foreclosures had serious document errors.)
2. False or misleading documentation to borrowers about loans and MBS.
3. Now we learn they have been manipulating LIBOR. The BIG (!!!) issue here is the proof that the manipulation caused higher rates; that will translate into direct damages, probably in the hundreds of billions of dollars. But it is NOT true that LIBOR is the index used in “every adjustable rate…” Many ARMs use Treasury rates or COFI/COSI/CODI. And most HELOCs use prime. But LIBOR is very widely used, including in virtually all subprime loans.
Reply
Lou says:
June 30, 2012 at 2:27 am
The big Banks, the CIA and selected parts of the FED gov have LONG been running drugs both legal and illegal into the USA and laundering the profits. The bush family and the klinton family were and may be still the two largest drug crime families.
Until the good people of America acknowledge this crime and the NUMEROUS crimes committed under the aegis of the US Government our road to perdition continues.
As the criminal alliance between the criminals in government and the criminals in banking has stolen tens of trillions from the American people; the criminal alliance between the criminals in government and the criminals in Big Pharma may take millions of American lives during the coming H5N1 Politically engineered Pandemic.
The time to wake up and spread the word is NOW
http://www.youtube.com/watch?v=ebcG_...layer_embedded
Reply
Matthew Schwartz says:
July 1, 2012 at 4:37 am
Yes this is the nature of capitalism. Chillingly reminded of by the classis scene in THE MATRIX AGENT SMITH: “I’d like to share a revelation that I’ve had during my time here. It came to me when I tried to classify your species, and I realised that humans are not actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with the surrounding environment; but you humans do not. Instead you multiply, and multiply, until every resource is consumed. The only way for you to survive is to spread to another area. There is another organism on this planet that follows the same pattern… a virus.” This is the nature of capitalism. New Markets must always be found to plunder, grind into the dirt and then to move on.
Reply

thing is, its not news to anything with more than one neuron.
and I wouldn't hold your breath, for anything to change.

we've long since let the "Lunatics run the Asylum".

Originally Posted by Firemouth

thing is, its not news to anything with more than one neuron.
and I wouldn't hold your breath, for anything to change.

we've long since let the "Lunatics run the Asylum".

Ha ha ha

I agree

Also this morning I found articles relating to price fixing for gold and silver too, I wonder how much of this will come out in the open.

they say 'but they got fined 260 million quid' but what i dont get is this

the banks made profits off all this, which they paid (as little as possible) tax on, we pay tax on our earnings, interest, and everything we buy, this huge fine they paid, WHO gets that? i wont see any of it, and ive been affected by their fraud, or does the fine go to our corrupt government, who make ANOTHER quarter billion from the banks for getting found out?

money under the mattress time methinks

well didnt barclays make over £5.8 billion in profits this year, they got fined what £290 million - water in the ocean ????

It Won

A rather large article - but interesting stuff still to come out

If anyone is interested have a read - there are letters from the Treasury as well

its gota be time to start taking back, all those "honours", these thieving wankers (oh sorry Bankers) get.
clearing them all from our legislature, should be where we start. along with the MP's who lobby for their cause. (it shouldn't be too hard to prove conspiracy)
they are nothing more than "common" criminals. though exceptionally well paid, ill agree.

ho, nice link skinz.

Heres some more info if any one is interested

http://www.marketoracle.co.uk/Article35552.html

Originally Posted by skinz

Also this morning I found articles relating to price fixing for gold and silver too, I wonder how much of this will come out in the open.

barclays.jpg

It all started innocently enough. Ignoring the references going back centuries, the most recent that is meaningful to us is the US grain exchange.

Think about it like this. Farmers borrow to plant and the amount they borrow is out of all proportion to the profit. The profit comes months down the line so securing a market at a fixed price is like insurance. This future trading in commodities became more complex as traders did deals amongst themselves, buying and selling future contracts. This was because although contracts existed at fixed prices it was impossible to accurately predict what the ACTUAL price of grain would be. That's determined by how much there is. The harvest may be good or bad and the price goes up or down accordingly.

Latterly, computer systems were used in an attempt to predict the outcomes and thus prices.

With the advent of supercomputers manipulation becomes much simpler. Swamp a website showing trends of something, like the US labour market, and with the insider information gained take a position and start trading while already knowing what the outcome is. Alternatively, buy a large quantity of something, like gold, but defer delivery. As a bulk purchase you should get a better price and the gold price goes up. Sell before taking delivery when the price has reached a high and at the same time take a short position on gold prices which you already know will go down. Job done!

Called Insider Trading, it's supposed to be illegal, but with everyone from Governments down prepared to do it...

...almost everyone who trades believes they have insider information but the reality is only the traders have an idea of what's going on.

The outcome is that the dipshits lose money hand over fist and the traders get rich.

That's an extreme example but it pretty much sums it up without any complex economics - your High Street bank will do a few deals with unsuspecting members of the public every day...

Oil is in the news this morning now too