Submitted by rcwhalen on 08/20/2012 22:08 -0400
Federal Deposit Insurance Corporation
Federal Reserve
Well I won't back down, no I won't back down
You could stand me up at the gates of hell
But I won't back down
Gonna stand my ground, won't be turned around
And I'll keep this world from draggin' me down
Gonna stand my ground and I won't back down
Tom Petty
There is a very important article on Jesse's Cafe Americain blogspot, “Warren Pollock and Ann Barnhardt On the Increased Risk to Customers In the US Financial System,” that illustrates how the US bankruptcy laws now enable theft brazen theft of customer funds by the largest banks. I have written about this issue in the past on ZH, but Pollock and Barnhart really do a nice job of presenting the issue.
http://jessescrossroadscafe.blogspot.com/2012/08/this-is-interesting-dis...
My friend and mentor Walker Todd of AIER, who worked as a legal counsel at the Federal Reserve Banks of New York and Cleveland, states the situation succinctly:
“Basically, there is a new 7th Circuit opinion saying that there is no reason to impose a constructive trust on a lender's takings of customers' funds from client commodity firms that were used (inappropriately) to secure the firms' borrowings, as long as the lender can say that it did not know WITH CERTAINTY that customers' funds were being repledged. Negligence and misappropriation (vs. knowing criminal intent) are now a
More,,,,,,,,,,,,,,,,,,,
http://www.zerohedge.com/contributed/2012-08-20/how-congress-helps-tbtf-banks-steal-your-money-impunity?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
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.
| 