all the links are within,,,,,,,,,,
Submitted by George Washington on 08/01/2012 19:01 -0400
Bank of America
Bank of America
Insider Trading
Main Street
Mortgage Loans
ratings
Ratings Agencies
Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior.
Here are just some of the improprieties by big banks:
Funding the Nazis
Laundering money for terrorists
Financing illegal arms deals, and funding the manufacture of cluster bombs (and see this and this) and other arms which are banned in most of the world
Launching a coup against the President of the United States
Handling money for rogue military operations
Laundering money for drug cartels. See this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis)
Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
Shaving 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 and here
Artificially suppressing gold prices
Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts
Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)
Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
Cheating homeowners by gaming laws meant to protect people from unfair foreclosure
Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
Manipulating the hundred trillion dollar derivatives market
Engaging in insider trading of the most important financial information
Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this
Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
Otherwise manipulating markets. And see this
Participating in various Ponzi schemes. See this, this and this
Charging veterans unlawful mortgage fees
Helping the richest to illegally hide assets
Cooking their books (and see this)
Bribing and bullying ratings agencies to inflate ratings on their risky investments
The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.
Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.
But at least the big banks do good things for society, like loaning money to Main Street, right?
Actually:
The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)
The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this
A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies
The big banks are literally killing the economy … and waging war on the people of the world
And our democracy and republican form of government as well
We can almost understand why Thomas Jefferson warned:
And I sincerely believe, with you, that banking establishments are more dangerous than standing armies ....
John Adams said:
http://www.zerohedge.com/contributed/2012-08-01/stunning-crimes-big-banks-worse-your-wildest-imagination
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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