<http://www.daftblogger.com/global-banks-have-become-an-enterprise-criminal-mafia/http://www.daftblogger.com/global-banks-have-become-an-enterprise-criminal-mafia/>Global
Banks Have Become An Enterprise Criminal Mafia
http://www.daftblogger.com/global-banks-have-become-an-enterprise-criminal-mafia/
http://www.911forum.org.uk/board/viewtopic.php?p=167535#167535
By
<http://www.daftblogger.com/global-banks-have-become-an-enterprise-criminal-mafia/http://www.daftblogger.com/author/rowan-bosworth-davies/>Rowan
Bosworth-Davies
In August 2012, I wrote a response to a British
Parliamentary Commission public request for
evidence concerning the state of the British
Banking Industry. In that document I made the following assertions;
"...The British banking sector has become an
organised criminal enterprise which has been
allowed to develop because of the criminogenic
environment in which it functions, which has
resulted from the absence of any meaningful
regulation which those who control and manage the banks would fear.
In this organised criminal category I include the
various mis-selling cases, including pensions,
PPI Insurance and interest rate swap derivatives;
the criminal manipulation by Barclays and other
banks of the LIBOR interest rate structures; the
institutionalised level of money laundering as
identified in the HSBC case; the serial abuse of
the US sanctions provisions as indicated in the
Standard Chartered Bank case; as well as many
other examples of criminal actions such as theft
of client funds, teeming and lading, abuse of
client instructions, insider dealing, front
running, churning, and market manipulation which
have become the subject of international regulatory interventions..."
I supported my assertions with three examples of
internationally-accepted definitions of organised crime.
Perhaps not surprisingly, the Parliamentary
Commission conveniently 'lost' my submission, and
subsequently claimed they had not received any
evidence from me. Later, when it was miraculously
discovered to have been in their possession all
the time, they told me that large parts of the
report would need to be redacted, because it
contained 'evidence which the banks would not like'.
I now realise that I was wrong about one element
of my reporting. It is not just the British
banking industry which has become an enterprise
criminal mafia, the definition extends to a
considerable number of global banks as well.
Today we learn of the settlement raised against
Banque Paribas (BNP Paribas SA, BNPP.PA) for
their part in overtly abusing US laws and
sanctions requirements. The French bank is likely
to pay $8 billion to $9 billion as part of a
potential settlement with U.S. authorities over
violations of sanctions, according to reports familiar with the matter.
U.S. authorities are probing whether BNP Paribas
evaded U.S. sanctions relating primarily to Sudan
between 2002 and 2009, and whether it stripped
out identifying information from wire transfers
so they could pass through the U.S. financial
system without raising red flags, sources have
said. The investigation has turned up more than
$100 billion in books and records violations
transactions involving Sudan, Iran and Cuba, one source said on Sunday.
The probes are being conducted by authorities
including the U.S. Justice Department, the U.S.
Attorney's office in Manhattan, the U.S. Treasury
Department, the Manhattan District Attorney's
office, and the New York Department of Financial Services.
Predictably, foreign politicians and industry
apologists are whining and bleating about the
actions of the US authorities, asserting that
this is all part of some concerted US attack on
European banking interests. Speaking for myself,
I rather doubt it, but I also don't give a damn
if it is. The issue is very simple, if you want
to play fast and loose with US regulations, then
don't whinge if the US regulators capture you.
This episode neatly identifies the state that the
global banking industry has reached, in terms of
its criminogenic potential and its overt criminal
behaviour. What these banks are doing is
committing large-scale criminal acts on a grand
scale. They are doing this because they think
that no-one will do anything to stop them, and it
has become a conscious decision to break the law
in pursuit of criminal profits. The sums of money
placed at risk from the actions of these
organised criminals beggars belief. In the UK
alone, the history of recent banking crime makes
for very unhappy reading indeed.
In the 1980s the financial industry sold around
8.5m endowment insurance policies for repaying
mortgage loans. These were not suitable for all
borrowers. Banking staff received commission for
selling the policies. The risks were often not
explained to the borrowers. Banks made profits
but eight out of 10 policies failed to pay the
promised returns and did not even provide the
amounts needed to redeem the mortgages. A 2000 UK
Government report estimated that 60% of borrowers
had been the victims of mis-selling, which is
merely another word for downright criminal fraud,
and were facing a shortfall of around £40bn.
This was followed by the pensions fraud scandal
where people were encouraged to abandon good
employer-based pension schemes and join a private
one instead. The £13.5bn scandal affected some
1.4 million people. The late 1990s saw the
precipice bonds scandal. Some 250,000 retired
people were lured to invest £5bn in investments
misleadingly described as low risk. Thousands of
investors lost 80% of their savings.
The 21st century did not provide any respite from
financial scandals. Payment protection insurance
(PPI)is still being played out; some 3 million
people were sold expensive and unnecessary
insurance and are likely to be paid up to £40bn
in compensation. More recently we have had the
Libor problems and small-company loan scandal. In
between the above, banks engaged in organised and
aggressive tax avoidance, tax fraud, money
laundering, and now we have the news of the
Barclays Dark Pool frauds, just to mention a few of their misdeeds.
If this kind of criminal activity and its
concomitant profitability were being carried on
by any other agency or group of individuals,
anywhere in the world, Governments and law
enforcement agencies would have been coordinating
their efforts to direct their organised crime
strike forces to take down the criminals
involved. But because the players in this
criminal game are bankers, then for some bizarre
reason, Governments and law enforcement take their hands off the controls.
At the moment, the US authorities are making
examples of foreign banks who abuse their systems
and controls, but they have also penalised their
own banking entities. I predict it will not be
too long before the US authorities start to
demand the extradition of key foreign players to
stand trial for their part in these banking
crimes. Locking up some bankers who have profited
too easily from these crimes, is a long-overdue
outcome. The air will be a whole lot sweeter when
the US courts start handing out some lengthy
sentences for this level of organised banking crime!
http://www.daftblogger.com/global-banks-have-become-an-enterprise-criminal-mafia/
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Please consider seriously the reason why these elite institutions are not discussed in the mainstream press despite the immense financial and political power they wield?
There are sick and evil occultists running the Western World. They are power mad lunatics like something from a kids cartoon with their fingers on the nuclear button! Armageddon is closer than you thought. Only God can save our souls from their clutches, at least that's my considered opinion - Tony
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