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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA warns: Grand Theft Model by Major Banks: Humanity suffers.

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by Stephen Lendman

 

At issue is a bad barrel, not a few rotten apples.

Western banking is rife with fraud.   The business model of major banks is grand theft.

 

UK-based Barclays bank was caught in a Libor rigging scandal. Other major banks are involved. 

Barclays reflects a corrupt system. Other major banks operate the same way.

Western politicians permit it. "They uphold the doctrine that whatever banks do is right."

 

They're failing. They're zombie banks. The entire system is corrupt. It's crumbling. Barlays is in the center of the UK storm, but watch out. Expect more globally, much more. It's coming.

 

The seriousness of what's known is that a system portrayed as just and sound is failing.

At issue is rampant speculation at the expense of stimulating real economic growth. 

Casino capitalism doesn't work. Economies suffer. So do ordinary people. The entire banking system risks collapse. Barclays is part of a far greater unresolved problem.

 

John McMurtry calls it the cancer system. The longer it goes unaddressed, the worst things get. "Organic, social and ecological life" harm grows.

 Life-system collapses define the problem. Societies are consumed. Humanity suffers.

 

Central bankers and complicit politicians bear full responsibility for what's happening.

They're heading economies for a worse disaster than the Great Depression.

 

As stated above, Western banking is rife with fraud.

 

All major banks commit grand theft. It's standard practice.

 

Corrupt politicians turn a blind eye.   So do regulators.

 

Governments and banks collude.

 Nothing gets reported unless scandals erupt. 

 Ordinary investors get trampled.

Financial history includes many examples of major financial institutions getting a free lunch at the public's expense. Methods include market manipulation, insider trading, front-running, theft and conspiracy, misrepresentation, Ponzi schemes, false accounting, embezzling, appointing industry favorites as regulators, tax frauds, profiting from loans that fail, creating phony financial products, and assuring world financial capitals are banker occupied territories.

 

Barclays is the tip of the current scandal. Traders in London, New York and Tokyo colluded to manipulate Libor. Top executives and traders are involved.

 

They bear full responsibility for the 2008 financial crisis and what followed. They're up to their ears in fraud today. Media scoundrels report an illusion of stability. Government probes are toothless. 

They're all in it together. CEOs and other top executives conspire with each other and traders to commit fraud.   Why not when corrupt politicians wink and nod and let them do it.

 Top executives are directly involved. They have to be because they set policy and stand to gain hugely from fraud-driven profits.

 In the wake of the Libor scandal, Chairman Marcus Agius and CEO Bob Diamond resigned.

They and other banking crooks should be prosecuted and imprisoned. 

 

Since banks caused the crisis, most complicit banks are given hand-slap fines. They're then free to steal again. It's standard practice.

 

On June 30, London Guardian writer Will Hutton headlined "Let's end this rotten culture that only rewards rogues," saying:

 "The Barclays rate-rigging scandal has once again exposed a world where men and women with little skill and no moral compass can become very rich very fast."

 "Investment banking is an organised scam masquerading as a business. It is defined by endemic conflicts of interest, systemic amoral behaviour and extreme avarice." 

 "Many of its senior figures should be serving prison sentences or disgraced – and would have been if British regulators had been weaned off the doctrine of 'light touch' regulation earlier and if the Serious Fraud Office’s budget had not been emasculated by Mr. Osborne (UK Chancellor of the Exchequer)." 

 "It is a tax on wealth generation and an enemy of honest endeavour – the beast that is devouring British capitalism."

 

It's far more than Britain, of course. It's global, unchecked, and hugely destructive. Regulatory oversight is absent.

 

Mary Schapiro heads America's SEC. 

She turns a blind eye to fraud and abuse. She protects Wall Street, not investors. She lets banks self-regulate. She's a consummate insider.

She's an expert at quashing fraud investigations.

 

Regulators: Instead of regulating, they collude.

Political leaders from major parties are involved.

 Whatever bankers want they get.  Stealing is legitimized without saying so.

 

Whitehall and Washington operate the same way. They facilitate fraud. It's institutionalized. 

 

Politicians profit hugely from generous campaign contributions and high-paying jobs when leave government. Central bankers know what's going on and fuel it with bailouts and easy money.

Fraud is part of the system.

WE MUST ALL WORK TOGETHER TO STOP THIS.

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  • doyla66
    doyla66 Saturday, 06 October 2012

    "banking is an organised scam masquerading as a business,where men&women with no moral compass become very rich very fast."

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