''Andy Haldane, the Bank’s executive director for financial stability, added
that public anger at the banks was fully justified and that pay in the
industry remained too high.
“In terms of the loss of incomes and outputs, this is as bad as a world war,”
he said. “It would be astonishing if people weren’t asking big questions
about where finance has gone wrong.''
''Regulators are worried about the explosive growth of
shadow banking, and they should be. Shadow banks were at the heart of
the last financial crisis and they’ll be at the heart of the next
financial crisis as well. There’s no doubt about it. It’s simply
impossible to maintain a system where unregulated, non-bank financial
institutions are able to create their own money (credit) without
oversight or supervision. The money they create–via off-balance sheets
operations, securitization, repo or other unmonitored mega-leveraging
activities–feeds into the economy, creates artificial demand, lowers
unemployment, and fuels growth. But when the cycle slams into reverse
(and debts are no longer serviced on time), then thinly-capitalised
shadow banks begin to default one-by-one, creating a daisy-chain of
counterparty bankruptcies that push stocks into a nosedive while the
economy slips into a long-term slump.''
just the cost of doing business............From Reuters
''JPMorgan Chase & Co (JPM.N) and Credit Suisse Group AG (CSGN.VX)
will pay a combined $416.9 million to settle U.S. civil charges that
they misled investors in the sale of risky mortgage bonds prior to the
2008 financial crisis, regulators said on Friday.
JPMorgan will pay $296.9
million, while Credit Suisse will pay $120 million in a separate case,
with the money going to harmed investors, the U.S. Securities and
Exchange Commission said.''
''News of a fresh high level probe into the Canary Wharf-based bank
comes in the wake of a devastating US Senate investigation committee
into HSBC’s role in facilitating Mexican drug cartels shifting billions
of dollars through its offshore branch network.
HSBC’s Swiss branch is under investigation by international tax
authorities for possible tax evasion among its bank account holders
there. The Bureau in July received information from investigators close to the HMRC which suggest UK residents who had HSBC Swiss accounts may have dodged at least £200m in taxes.''
''A veritable crime wave[1] has invaded the City of London, where
millionaire investment bankers cook the books for billionaire clients
and bilk the Treasury to pay their fines and flout the Law. Courses in
business ethics are obligatory at Oxford and Cambridge since it has
become standard operating procedure for mega-swindlers to plead guilty
,to pay a fine and avoid jail and to solemnly promise to never, ever,
flout the law….. until the next mega-deal.''
''London has become the center of global financial capital by engaging in
long term large scale active collaboration with multi-billion pound
drug, arms, people smuggling and sex-slave cartels. The “Brits”
specialize in laundering funds from the Mexican, Colombian, Peruvian,
Russian, Polish, Czech, Nigerian narco-kings. Albanian white slavers
have their ‘private bankers’ at prestigious City banks with a preference
for graduates of the London School of Economics.''
''The number of violent crimes rose by 18 percent in the United States
last year while property crimes went up by 11 percent, the government
reported Wednesday.
It was the first year-to-year increase for
violent crime since 1993, marking the end of a long string of declines.
Violent crime fell by 65 percent since 1993, from 16.8 million to 5.8
million last year.''
From RT.com................''In this episode, Max Keiser and Stacy Herbert discuss banksters having
the 'eyes of used enema resellers' as 'transflation' rages and the bond
markets teeter on the verge of collapse. In the second half of the show,
Max Keiser talks to a former fraud squad detective, Rowan
Bosworth-Davies of Rowans-blog.blogspot.co.uk, about the organized
criminal conspiracy and racket happening right now in the City of London
and why the police are not allowed to investigate without approval from
politicians.''
''But perhaps the most telling anecdote is from early October 2008, when
Henry M. Paulson Jr., the Treasury secretary, summoned Ms. Bair to his
office. No reason was given for the meeting. When she arrived, Ben S.
Bernanke, the Federal Reserve chairman, was already there. Timothy F. Geithner, then the president of the New York Fed, was on the phone.
Handed a piece of paper, Ms. Bair saw that she had been ambushed. It was
a script, prepared for her by the Treasury and the Fed, stating that
the F.D.I.C. was moving to guarantee all the liabilities in the
financial system. Astonishingly, the guarantee would cover all bank
depositors and even protect unsecured claims against institutions. In
short, the F.D.I.C. was being asked to back “everybody against
everything in the $13 trillion banking system,” Ms. Bair writes.''
From RT.com...................''In this episode, Max Keiser and Stacy Herbert discuss workers of the
world 'uniting' to give up their rights and nations of the world
'uniting' to give up their sovereignty. And the IMF sees for Europe an
Irish like future where JP Morgan, Citibank, Bank of America and the Big
Four accounting firms write the laws. In the second half of the show,
Max Keiser talks to Nick Verbitsky, director of CONFIDENCE GAME, about
the civil mortgage fraud suit filed against JP Morgan.''
''A group of Australian councils, charities and churches has won a Federal
Court case against defunct investment bank Lehman Brothers in a case
which could have global ramifications.''
''Members of the group were advised by Lehman's Australian arm before
buying subprime mortgage-related derivatives or collateralised debt
obligations (CDOs) branded locally as federation notes.''
''A Citizen and Immigration Services worker charged $1,500 to approve citizenship applications. A Customs and Border Patrol agent collected $5,000 to smuggle 30 undocumented aliens across the border. Another officer received $10,000 to let a car filled with 1,700 pounds of marijuana through a port of entry into the United States.''
''Neither Goldman Sachs Group Inc nor its employees will face U.S. criminal charges related to trades they made during the financial crisis that were highlighted in a 2011 U.S. Senate report, the Justice Department said on Thursday.
The unusual announcement not to prosecute criminally came in an unsigned statement attributed to the department.''
''From the street, the two decomposing bodies were nearly invisible, concealed in an overgrown lot alongside worn-out car tires and a moldy sofa. The teenagers had been shot, stripped to their underwear and left on a deserted block.
They were just the latest victims of foul play whose remains went undiscovered for days after being hidden deep inside Detroit's vast urban wilderness - a crumbling wasteland rarely visited by outsiders and infrequently patrolled by police.''
From InfoWars http://www.cloudedtitles.com/''The aftermath of the 2008 housing bust is only now starting to surface. It may take a century of litigation and legislation to straighten out the mess caused in slightly more than a decade of chicanery. This book reveals the truth about the foreclosure crisis and outlines the reasons why millions of property owners across America may be forced to file a quiet title suit just to be able to convey clear title to their properties.
The book covers the issues that borrowers and property owners are now facing as a result of this corporate corruption. It also guides homeowners with suggestions and ideas for seeking remedy in state courts, the only place in America with any saving grace. The author delves into the quiet title action and what it means to property owners with clouded titles. Clouded Titles will inform readers about foreclosure defense, strategic default, quiet title actions and county land record functions. It includes a detailed Index and Table of Case Citations and comes highly regarded by attorneys.''
and from Revolution Radio..........
''Doctor John Waterman with guest investgative journalist and paralegal Dave Krieger - discussing clouded titles
[10:22:00 AM] Neo: author of the book "Clouded Titles" talks about MERS and how it has corrupted millions of titles on homes making a disaster of the country's county recorder's office and their ability to know who owns the properties that are being foreclossed on all over America''
''This week evidence emerged that HSBC abetted massive money laundering by Iran, terrorist organisations, drug cartels and organised criminals. By this point, should this surprise us? Selling defective mortgage securities during the housing bubble; creating and selling securities to bet on their failure; bringing the world to the brink of collapse; colluding to manipulate interest rates; hyping your failing company while secretly selling your own stock; cooking the books; assisting Bernard Madoff.''
From Peak Prosperity ''Author and social critic James Howard Kunstler has been one of the earliest, most direct, and most articulate voices to warn of the consequences -- economic and otherwise -- of modern society's profligate wasting of the resources that underlie its growth. In his new book Too Much Magic, Jim attacks the wishful thinking dominant today that with a little more growth, a little more energy, a little more technology -- a little more magic -- we'll somehow sail past our current tribulations without having to change our behavior.''
''Flint and Detroit remain the most violent cities in the country, according to preliminary 2011 crime statistics released this week by the FBI.
Both cities saw a drop in overall violent crimes — murder, aggravated assaults, robberies and rapes — but Flint's was negligible as it leapfrogged Detroit among cities with more than 100,000 people.''
''The dollar financial system of Wall Street was born not at a conference in Bretton Woods New Hampshire in 1944. It was born in the first days of August, 1945 with the dropping of the atomic bomb on Hiroshima and Nagasaki. After that point the world was in no doubt who was the power to reckon with. This book is no ordinary book about money and finance. Rather it traces the history of money as an instrument of power; it traces the evolution of that power in the hands of a tiny elite that regards themselves as, quite literally, gods-The Gods of Money. How these gods abused their power and how they systematically set out to control the entire world is the subject.''
