Wednesday, July 11, 2012

America's Culture of Cronyism, Gambling and Living High With Customer Funds....

America's Culture of Cronyism, Gambling and Living High With Customer Funds....

It has all the hallmarks of a Third world Zioconned banana republic. The economic hitmen have truly come home....

MF Global is a prime example of crony capitalism at work, and the capture of the political process by the easy money of the Fed supported financial system.

Perhaps capture is not the right word anymore. It is more like a marriage of corruption, sealed with a credibility trap of mutual self-destruction should the naked truth appear.

Just Between Friends...
By Nick Knight
July 7th, 2012

When facts, data and information are gathered, dots can be connected to reveal relationships and new information as patterns emerge.

There is a pattern. Scratch just below the surface of who is who and we find the intricate network of power players and patterns of events circling the MF Global crimes. I am not talking about Governor-Senator Jon Corzine, but Eric Holder, Edith O’Brien and Reid Weingarten. Who is Reid Weingarten? “Defense attorney Reid H. Weingarten is a Washington fixture,” Brook Masters of The Washington Post writes.
Weingarten, a long time close friend of Eric Holder is also Edith O’Brien’s defense attorney. O’Brien is apparently seeking immunity from Holder’s Department of Justice because she, and she alone, holds the threads in the investigation of the illegal use of customer funds at MF Global, Inc. and Holdings. To date, after eight months, she has not received immunity. (Yet notably the DOJ has already granted Barclay’s Bank immunity from prosecution for cooperating in its Libor-gate investigation.)
With time, evidence becomes stale to a prosecution. The longer she is kept off any witness stand and the longer DOJ waits to uncover all evidence, the weaker discovery becomes. Putrefying the evidence through delays and time decay is a tried and true practice. So it is reasonable to ask if there even a desire by the DOJ to uncover all the facts of the plundering of over 1.6 billion of private funds and build a case of wrong doing?

O’Brien can blow open the investigation....

It was Edith who clarified to CFO Christine Serwinski that a shortfall of over $1 billion (depending on how it is counted) resulted from messy and hastily carried out transactions in the days before the bankruptcy filing. O’Brien made the transactions, she knew where the money came from and where it went. Very early on, it was known that an-mail from O’Brien noted that one major transfer was done “Per JC’s [Jon Corzine's] direct instructions.” Yet to date, we hear nothing from her, nor are there charges against her.

It was Edith O’Brien who was asked by MF Global general counsel, Laurie Ferber, to sign a letter to JP Morgan confirming that no customer funds were being sent to the bank. Even under pressure of Executive staff, she refused to sign the overly-broad, bogus statement Ferber asked her to sign. It is of note to remember that JP Morgan’s chief risk officer, Barry Zubrow personally called Jon Corzine asking him to verify that no funds transferred belonged to customers. Barry did not call Edith O’Brien.

Recall that under oath, Corzine pinned O’Brien by name as the one who provided assurances to him that all transfers were legal.

Eric Holder’s friendship with Edith’s attorney is very close, goes back years

When the Zioconned DOJ or treasury etc. in the US ZOG are on your back, friendships and access goes a long way.

The personal and professional relationship between Holder and Weingarten go back decades: As young attorneys, they worked together in the Public Integrity section of the DOJ in the late 1970’s. There, as reported in Main Justice, they became “best friends.” In the 1980’s, Reid left the DOJ for the rich pastures of partnership with Steptoe & Johnson.

In 1997, Weingarten and Holder raised money together to launch a non profit foundation in the District of Columbia. Weingarten’s bio states that “He is the chairman and co-founder, along with US Attorney General Eric Holder, of a non-profit program, See Forever Foundation, which is designed to assist juvenile offenders in rehabilitation to prevent recidivism.”

As Weingarten was in the private sector, Holder remained with the DOJ only to come under investigation in 2001 for what was determined to be his inappropriate influence on the final approval to pardon fugitive, Marc Rich. Here, it is agreed by many that Holder massively blundered when he overstepped White House legal counsel opposition and gave a DOJ seal of support for the pardon. This was said to have “significant impact” for the final green light on the Marc Rich pardon fiasco.

When Holder came under investigation for his heavy hand in the Rich’s pardon, Reid Weingarten was his personal and strong-armed defense attorney as reported by Eric Lichtblaue and David Johnson of the New York Times in 2008.

More recently, and shortly after Holder took over the reins of the Department of Justice, he hired Weingarten’s son, Ross Weingarten for a job with the DOJ as a press staffer...

Read the rest
And another failure of self-regulatory industry groups and the inept CFTC.

Once again I must turn to Lauren Lyster on RT for the in depth look into US financial fraud coverage.

The mainstream financial news networks in the States are an extended infomercial for Wall Street. And their coverage of economic news and issues might make even Rupert Murdoch blush.

And so many watch these official Wall Street channels with the volume turned low, for just the numbers and any headlines, and turn to alternative sources for the real news, judging from the ratings reports.

Increasingly surreal, as life imitates Orwell....

ZIOCONNED and utterly criminal US Federal Reserve REWARDS Fraud By Throwing Money At Criminal Manipulators....

You know that Libor is the largest economic scam in world history and the largest insider trading scandal ever.

You know that the Federal Reserve knew about the manipulation by August 2007. And see this.

But did you realize that the Fed and Treasury threw billions of dollars of taxpayer money at Barclays and the other Libor-manipulating banks after they knew about the manipulation … and did nothing to stop it?

As Richard Eskow notes:

Thanks to the GAO audit of the Fed — an audit which it vigorously resisted — we know that Barclays was the fifth largest recipient of emergency loans. Bailout loans for Barclays came to $868 billion. That means that Barclays probably made billions off the reduced interest rate alone, courtesy of the American people.

Those loans were granted between December 2007 and July 2010. That means the Fed was doling out billions to Barclays after it learned that the bank was lying about its LIBOR rates.

Indeed, all of the probable Libor manipulators – including Citi, JP Morgan Chase, Bank of America, UBS, RBS and Deutsche – were huge recipients of bailout money courtesy of the American taxpayer:

Table 8: Institutions with Largest Total Transaction Amounts (Not Term-Adjusted) across Broad-Based Emergency Programs (Borrowing Aggregated by Parent Company and Includes Sponsored ABCP Conduits), December 1, 2007 through July 21, 2010

Bailout U.S. Gave Tens of Billions to Libor Manipulating Banks ... Even AFTER Learning about the Manipulation

Source: GAO analysis of Federal Reserve System data.
(Click table for larger image)

No, the criminals haven’t paid back the bailout money, American taxpayers are still bailing them out and helping them grow bigger, and the banks are committing more fraud every day.

The Zioconned and utterly criminal and corrupt ZOG government in DC isn’t doing anything to rein in the big banks … no wonder people are starting to call for bankers’ heads.....

No comments:

Post a Comment