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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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BanksterWatch: Watching Bank$ters Shafting Taxpayers & Governments

Posted by on in Bankers A Law Unto Themselves
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The final lesson is that the big showdowns between democracy and Big Bank$ters are still to come – in Aust; US and Europe. On the 'surface', the banks remain powerful --yet their legitimacy continues to crumble. Banks and politics are deeply intertwined in all advanced economies. Diamond, a UK bank$ter, discovered that ultimately --politicians trump bankers.

In 2009, Obama told Wall Street bank$sters, Jamie Dimon, CEO of JP Morgan Chase et al --during a summit;

“My administration[&Denise] is the only thing between you and the pitchforks."

It appears Dimon chose not to heed the president's 'shot across the bow'; presided over reckless risk-taking to the tune of $6billion, yet his job apparently remains secure; even remains on the board of the Fed Reserve Bank of NY despite the Fed's investigation into JP's trading losses & Libor scandal involvement.

Archive for the ‘Fraud’ Category:

 

Beware of Squids and Sharks

Wednesday, September 5th, 2012

BR’s ten commandments for dealing with banksters ends with:

The never ending parade of stock scandals continues unabated. As history has shown us — from Mexico to Orange County to analyst banking crisis to derivatives — when the Street comes a-knockin’, best you hide your wallets.

The Romney presidency will certainly see unprecedented bailouts for banksters and not a single prosecution. The wallet of generations of Americans is impounded in DC to be opened whenever bankster cronies call.

There’s also a little vignette detailing never-convicted criminal Cohns dealing with Greece 10 years ago:

Back in 2001, a very curious deal was struck between the government of Greece and Goldman Sachs. It was an exotic dollar/yen swap for euros. What possessed Greece to do such an unusual — and expensive — financial transaction? It needed help to hide its large and rapidly growing debt in order to maintain its status as a euro-zone member in good standing.

Both parties had something to gain. Greece created the false appearance of being in compliance with the Maastricht Treaty. This mandates that European Union member states with high debt levels must reduce their debt-to-gross-domestic-product ratio. And Goldman Sachs scooped up a ridiculously large 600 million euro fee. According to Bloomberg News, this accounted for “about 12 percent of the $6.35 billion in revenue Goldman Sachs reported for trading and principal investments in 2001.”

600 million Euros reward for defrauding the European taxpayer and helping cause today’s European meltdown. Money well spent.

 

Wall Street is ruining America

Friday, July 20th, 2012

Another summary of recent bankster fraud and crime:

With our economy and indeed our very liberty at stake, it’s comforting to know that our predecessors fought similar problems and found creative solutions. I checked in with Robert Wright, an economic historian at Augustana College in Illinois, for some perspective on all this. He noted two things:

 
  • First, it’s unusual, and somewhat frightening, that, aside from GOP presidential candidate Rep. Ron Paul of Texas, there is no political figure sounding the anti-Wall-Street battle cry.

    There is no modern-day Andrew Jackson, who took down the Second Bank of the United States — one of our early central banks — out of concern that stockholders were earning easy profits from taxpayers via the privilege of using cheap government money to make loans. Sounds like the deal today’s Federal Reserve member banks get.
  • Second, although the Fed has held short-term interest rates near 0% since 2008 and has spent trillions pushing down long-term rates, many households still aren’t benefiting in a big way because of the problems of tightened credit standards, negative home equity and Wall Street’s need to protect profit margins.

Legitimacy and Optimism

Friday, July 20th, 2012

Simon Johnson is bit too optimistic:

The final lesson is that the big showdowns between democracy and big bankers are still to come – both in the United States and in continental Europe. On the surface, the banks remain powerful, yet their legitimacy continues to crumble.

Jamie Dimon, CEO of JP Morgan Chase, presided this year over reckless risk-taking to the tune of nearly $6 billion (we might call it a “three Grübel” debacle), yet his job apparently remains secure. Dimon even remains on the board of the Federal Reserve Bank of New York, despite the fact that the New York Fed is deeply involved in the investigation not only of JP Morgan Chase’s trading losses, but also of its potential involvement in the broadening Libor scandal.

[…]

Banks and politics are deeply intertwined in all advanced economies. Diamond discovered that, ultimately, politicians trump bankers – at least in the UK.

But what really matters is legitimacy and informed public opinion. Do you really believe the increasingly dubious notion that megabanks, as currently constituted, are good for the rest of the private sector, and thus for economic growth and job creation? Or do you begin to consider more seriously the increasingly mainstream proposition that global megabanks and their leaders have simply become too powerful and dangerous?

This paradigm shift won’t happen, not under Obama, nor Romney, nor Cameron, nor Hollande, nor Merkel etc. etc. Banksters first have to utterly ruin the real economy before politicians learn.

Pitchforks and Protection

Wednesday, May 9th, 2012

Obankmacare is being extended to pitchfork attacks:

In 2009 Obama reportedly told Wall Street executives during a White House summit, “My administration is the only thing between you and the pitchforks.”

Meanwhile

[…] financial-fraud prosecutions are at 20-year lows and down 39% since the Enron and Worldcom scandals of 2003.

As the U.S. economy will go down the tubes in the coming months from the ongoing massive fraud committed by banksters for decades, Romney will be an even greater protector of Wall Street, and he’s receiving four times more campaign contributions than Obama.

As for the pitchforks, come out they will.

Culprits Can’t Be Found

Saturday, May 5th, 2012

Glimpses into Griftopia:

http://www.advisorone.com/2012/04/25/finding-the-culprits-of-the-crisis

Green Slime is Poison

Wednesday, April 18th, 2012

Proponents of criminality called “Economists” like Mankiw are running the show in Washington. Surely they will continue to advocate a regulatory race towards the bottom, towards the economic abyss, regardless who becomes President in November. Surely they will advocated bailing out their bankster friends after the next Armageddon. Surely they won’t have to answer for their fraud.

The Sound of Fraud

Friday, April 6th, 2012

Wailing and crying must have echoed through the halls of bailed-out bankster outfit JP Morgan. A $20 million (yes, that’s an m, a thousand times 20,000 bucks, no sea-view in the Hamptons for this chump change) fine was issued by government cronies for a grave violation of financial regulation; JPM abused customer funds entrusted to them to defraud its own clients.

Meanwhile crime syndicate leader Dimon is gloating about “profits” of $19billion his outfit made thanks to the continuing government sanctioned asset transfer from the taxpayer to his criminal organization. He truly deserves a salary of $23 million.

Was the wailing we heard howls of laughter over government complicity and taxpayer stupidity?

 

 
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