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http://www.zerohedge.com/contributed/2013-06-03/holder-laid-groundwork-%E2%80%9Ctoo-big-jail%E2%80%9D-1999 CLICK ON LINK TO SEE RELATED LINKS EMBEDDED IN ORIGINAL ARTICLE Holder Laid the Groundwork for “Too Big to Jail” In 1999 Submitted by George Washington on 06/03/2013 17:34 -0400 Everyone knows that Eric Holder – the head of the Department of Not-Much Justice – has said that the big banks are too big to jail. And many people know that – prior to becoming the Attorney General – Holder was a partner at a big firm which did some despicable things to represent the big banks and MERS. But Holder’s see-no-evil act actually started more than a decade ago. Specifically, in 1999, as Deputy Attorney General, Holder wrote a memo arguing against prosecuting large financial service companies: Prosecutors may consider the collateral consequences of a corporate criminal conviction in determining whether to charge the corporation with a criminal offense. *** One of the factors in determining whether to charge a natural person or a corporation is whether the likely punishment is appropriate given the nature and seriousness of the crime. In the corporate context, prosecutors may take into account the possibly substantial consequences to a corporation’s officers, directors, employees, and shareholders, many of whom may, depending on the size and nature (e.g., publicly vs. closely held) of the corporation and their role in its operations, have played no role in the criminal conduct, have been completely unaware of it, or have been wholly unable to prevent it. Further, prosecutors should also be aware of non-penal sanctions that may accompany a criminal charges, such as potential suspension or debarment from eligibility for government contracts or federal funded programs such as health care. Whether or not such non-penal sanctions are appropriate or required in a particular case is the responsibility of the relevant agency, a decision that will be made based on the applicable statutes, regulations, and policies. Virtually every conviction of a corporation, like virtually every conviction of an individual, will have an impact on innocent third parties …. Matt Taibbi points out that – when the Department of Justice subsequently prosecuted accounting giant Arthur Andersen for covering up Enron’s fraudulent schemes – Anderson ran with Holder’s argument, and threatened the DOJ “using their employees as human shields”. Specifically, Andersen said that – unless the DOJ dropped the prosecution – innocent Andersen employees would lose their jobs. Andersen was prosecuted and convicted, and some innocent employees – as well as the big time fraudsters – lost their jobs. Since then, the Justice Department has gotten so gun-shy that we basically haven’t had any criminal indictments against a large financial services company since then. In the wake of the recent revelations that the big banks manipulate virtually every market in the world, and that HSBC blatantly laundered drug cartel money, Holder has said that we can’t indict big companies because that might harm the U.S. or world economy. And Matt Taibbi notes that – for the first time - Holder is now saying that not only can’t we indict the companies, but we can’t even indict any of the individual criminals at the companies. In other words, Holder is implementing a permanent shield for employees and executives at large institutions. The Big Banks and Commodities Future Trading Commission Conspired to Hide Speculation from Congress One of our favorite topics is the many ways that big banks manipulate prices. Last night, Rolling Stone financial writer Matt Taibbi gave some very interesting details about how the big banks have gamed commodities prices. For 60 to 70 years, the regulations preventing speculators from betting on commodities worked pretty well. Only commodity producers or buyers – you know, the people who are supposed set prices – could hedge their bets. But in the early 1990s, the big financial companies starting applying to the Commodity Futures Trading Commission (CFTC) for “exemptions” … so that they could speculate on commodities. Specifically, they asked to be artificially treated as real commodity producers or consumers – even though they weren’t producing or buying commodities – so that they could “hedge” bets (in name only) on products they didn’t even possess. (Sound familiar?) In 1991, the CFTC issuing exemption letters. The first letter was written to J. Aron, a subsidiary of … Goldman Sachs. Pretty soon, every major bank in the U.S. was given an exemption. Congress didn’t know about the exemptions. Indeed, the House Agricultural Commission – which oversees the CFTC – didn’t even find out about the exemptions until 6 years later … in 1997. When a congressman on the Agricultural Commission asked the CFTC for a sample of one of the exemption letters, the CFTC official said he had to ask Goldman Sachs whether or not the CFTC could show a copy to Congress. In other words, the banks were already running D.C. by the 90s. Commodities speculation has exploded since the exemption letters were issues. For example, in 2003, there was only $29 billion in speculative activity in the commodities markets. By 2007-2008, there was over $300 billion in commodities speculation. Icelandic Parliament: Big Icelandic Banks Were Public Banks … Which Were Privatized FOR FREE Shortly Before They Tanked Birgitta Jonsdottir is a member of the Icelandic parliament. She knows a good deal about the financial crisis. Indeed, before being elected to parliament, she made a documentary about the collapse of Iceland’s economy as an investigative journalist. Last night, Jonsdottir (pronounced “yont-Daughter”) disclosed a stunning fact in a speech I attended: All our banks were actually public. They were privatized a few years prior to the financial crisis. Jonsdottir explained that Iceland’s banks grew to 5-7 times the size of the country’s GDP during the county’s brief bubble after privatization. And the Icelandic parliament – in a fact-finding report – later found that the bankers never paid anything to “buy” the banks from the government or the people. In other words, sweetheart deals and corruption meant that a handful of people looted the banks without paying a penny. America is analogous. The prosperity which our ancestors worked so hard to build – and the very vision of prosperity of the Founding Fathers – has been looted. Jonsdottir says that it wasn’t just the bankers who were corrupt … it was also the Icelandic politicians, media, academia … all of the people in a position of power. She points out that - as bad as things are in America - they were as bad in Iceland. And yet they took the bulls by the horn and turned things around
World Bank Insider Blows Whistle on Corruption, Federal Reserve Wednesday, 22 May 2013 A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve. The network has seized control of the media to cover up its crimes, too, she explained. In an interview with The New American, Hudes said that when she tried to blow the whistle on multiple problems at the World Bank, she was fired for her efforts. Now, along with a network of fellow whistleblowers, Hudes is determined to expose and end the corruption. And she is confident of success. Citing an explosive 2011 Swiss study published in the PLOS ONE journal on the “network of global corporate control,” Hudes pointed out that a small group of entities — mostly financial institutions and especially central banks — exert a massive amount of influence over the international economy from behind the scenes. “What is really going on is that the world’s resources are being dominated by this group,” she explained, adding that the “corrupt power grabbers” have managed to dominate the media as well. “They’re being allowed to do it.” According to the peer-reviewed paper, which presented the first global investigation of ownership architecture in the international economy, transnational corporations form a “giant bow-tie structure.” A large portion of control, meanwhile, “flows to a small tightly-knit core of financial institutions.” The researchers described the core as an “economic ‘super-entity’” that raises important issues for policymakers and researchers. Of course, the implications are enormous for citizens as well. Hudes, an attorney who spent some two decades working in the World Bank’s legal department, has observed the machinations of the network up close. “I realized we were now dealing with something known as state capture, which is where the institutions of government are co-opted by the group that’s corrupt,” she told The New American in a phone interview. “The pillars of the U.S. government — some of them — are dysfunctional because of state capture; this is a big story, this is a big cover up.” At the heart of the network, Hudes said, are 147 financial institutions and central banks — especially the Federal Reserve, which was created by Congress but is owned by essentially a cartel of private banks. “This is a story about how the international financial system was secretly gamed, mostly by central banks — they’re the ones we are talking about,” she explained. “The central bankers have been gaming the system. I would say that this is a power grab.” The Fed in particular is at the very center of the network and the coverup, Hudes continued, citing a policy and oversight body that includes top government and Fed officials. Central bankers have also been manipulating gold prices, she added, echoing widespread concerns that The New American has documented extensively. Indeed, even the inaccurate World Bank financial statements that Hudes has been trying to expose are linked to the U.S. central bank, she said. “The group that we’re talking about from the Zurich study — that’s the Federal Reserve; it has some other pieces to it, but that’s the Federal Reserve,” Hudes explained. “So the Federal Reserve secretly dominated the world economy using secret, interlocking corporate directorates, and terrorizing anybody who managed to figure out that they were having any kind of role, and putting people in very important positions so that they could get a free pass.” The shadowy but immensely powerful Bank for International Settlements serves as “the club of these private central bankers,” Hudes continued. “Now, are people going to want interest on their country’s debts to continue to be paid to that group when they find out the secret tricks that that group has been doing? Don’t forget how they’ve enriched themselves extraordinarily and how they’ve taken taxpayer money for the bailout.” As far as intervening in the gold price, Hudes said it was an effort by the powerful network and its central banks to “hold onto its paper currency” — a suspicion shared by many analysts and even senior government officials. The World Bank whistleblower also said that contrary to official claims, she did not believe there was any gold being held in Fort Knox. Even congressmen and foreign governments have tried to find out if the precious metals were still there, but they met with little success. Hudes, however, believes the scam will eventually come undone. “This is like crooks trying to figure out where they can go hide. It’s a mafia,” she said. “These culprits that have grabbed all this economic power have succeeded in infiltrating both sides of the issue, so you will find people who are supposedly trying to fight corruption who are just there to spread disinformation and as a placeholder to trip up anybody who manages to get their act together.… Those thugs think that if they can keep the world ignorant, they can bleed it longer.” Of course, the major corruption at the highest levels of government and business is not a new phenomenon. Georgetown University historian and Professor Carroll Quigley, who served as President Bill Clinton’s mentor, for example, wrote about the scheme in his 1966 book Tragedy And Hope: A History Of The World In Our Time. The heavyweight academic, who was allowed to review documents belonging to the top echelons of the global establishment, even explained how the corrupt system would work — remarkably similar to what Hudes describes. "The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole,” wrote Prof. Quigley, who agreed with the goals but not the secrecy. “This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations." But it is not going to happen, Hudes said — at least not if she has something do to with it. While the media are dominated by the “power grabber” network, Hudes has been working with foreign governments, reporters, U.S. officials, state governments, and a broad coalition of fellow whistleblowers to blow the entire scam wide open. There has been quite a bit of interest, too, particularly among foreign governments and state officials in the United States. Citing the wisdom of America’s Founding Fathers in creating a federal system of government with multiple layers of checks and balances, Hudes said she was confident that the network would eventually be exposed and subjected to the rule of law, stopping the secret corruption. If and when that happens — even if it may be disorderly — Hudes says precious metals will once again play a role in imposing discipline on the monetary system. The rule of law would also be restored, she said, and the public will demand a proper press to stay informed. “We’re going to have a cleaned-up financial system, that’s where it is going, but in the meantime, people who didn’t know how the system was gamed are going to find out,” she said. “We’re going to have a different kind of international financial system.... It’ll be a new kind of world where people know what’s going on — no more backroom deals; that’s not going to keep happening. We’re going to have a different kind of media if people don’t want to be dominated and controlled, which I don’t think they do.” While Hudes sounded upbeat, she recognizes that the world is facing serious danger right now — there are even plans in place to impose martial law in the United States, she said. The next steps will be critical for humanity. As such, Hudes argues, it is crucial that the people of the world find out about the lawlessness, corruption, and thievery that are going on at the highest levels — and put a stop to it once and for all. The consequences of inaction would be disastrous. http://www.thenewamerican.com/economy/economics/item/15473-world-bank-insider-blows-whistle-on-corruption-federal-reserve?utm_source=feedly
I thought this was a great article to send to folks who aren't up to speed on how our bankers have been systematically stealing from us for a century...this is put in very simple terms, and may hopefully wake up some who haven't realized this yet. Pass it on!! thx all http://www.rickackerman.com/2012/04/why-the-global-banking-system-is-a-scam/ Why the Global Banking System Is a Scam BY RICK ACKERMAN ON APRIL 18, 2012 1:48 AM GMT · 60 COMMENTS [We have argued here before that it is lies, systematic fraud and blatant duplicity by the central banks that have kept the global economy afloat in recent years. In the essay below, a regular in the Rick’s Picks forum who goes by the handle ‘Buster’ provides as succinct and elegant an explanation of this as we have seen. His thoughts were originally published in the forum, but we are reprinting them below because they deserves a wider audience. RA] America is a great country. As with any business, its success is based on the balance of its assets against its liabilities. Its assets are a plentiful supply of natural resources; land & minerals, plus 300 million specimens of the most creative creature on planet Earth. These assets are hindered by one main liability, a ruling class who imported a monetary system of theirs from Europe a while ago. It is a non-free market system which is enough of a hindrance to negate all the positives of any country in time. A simple enough system to understand, yet very seldom understood, even by the most intelligent among us, it would seem. It operates on the simple rule that currency is borrowed into existence with interest bearing on it at a given rate. The critical point to recognise is that the interest owing is not issued by the lender, only the principal, thereby meaning that the interest either has to be paid out of the sum of principal borrowed, or by confiscation of real physical assets, i.e. “real wealth”. The only thing keeping this eventuality from occurring is if a new borrower adds more money, borrowed as yet more debt, into the economy. This is why such a monetary system requires ever more investing manias to perpetuate itself. After exhausting the supply of manias of things of no real consequence such as tulips, the wizards of this system centered mostly around a company known as Goldman Sachs, moved on to turning very critical wealth into the biggest mania in history, i.e. the buildings we all live in. Once this mania had run its course to the extreme by changing the rules or committing outright financial fraud as we now know, and no new borrowers could be dragged in off the street, the “flaw” in the system became manifest, as the interest payments were not being covered by new money borrowed into the economies of the world. Boiling of the Frog Now things got interesting. Since not enough currency is in existence to cover all the debt owed to the lender, then the assets, real things or “real wealth,” are now owed to the lenders. The problem with this is that if the lenders acted upon this fact the populations of the developed world would quickly realise that they are all in fact broke, as all property would get consumed by the Banksters as repayment, leading no doubt to a world-wide revolt against the secret overlords of this system. So, instead of this, things have been manoeuvred to allow a more gradual slow “boiling of the frog,” or austerity programs coupled with placing ex-Goldman Sachs employees into key government positions across the western world. On an accounting level, huge bail-outs will continue to be necessary to keep the system’s head above water, or rather to keep those within “the club” in the lifestyles they have become accustomed to, perpetually unless or until a new bigger mania is devised that could add enough borrowed debt currency into the system to cover the current interest payments, but bringing more burden in so doing. The carbon credit system is possibly such a new mania? Greenspan Detected a ‘Flaw’ Alan Greenspan famously said that they found a flaw in their financial model. Yeah, right! The flaw was the very foundation of the model deliberately designed so centuries ago. Understanding of this “flaw” is the last thing the powers that be wish for the masses to acquire. Simply put, due to the fact that only the principal is borrowed into existence, not the interest, the result is never-ending debt allowing that the real wealth of miners, farmers, builders, engineers, fisherman and any other positive endeavour to be taken for free by those in “the club” via theft or fraud. Some, educated to think just as the Wizards have designed, will argue that this is a simplistic way of seeing things, citing their training in financial models and graphs, yet all deliberately designed to confuse and hide the simplicity of it all. As Ricks Hidden Pivot Method [of technical analysis] no doubt demonstrates, the intelligent see just the complexity, but the wise find the simplicity. America, as every country exists in a world of unimaginable abundance and we humans are blessed with the minds to realise it. We’re just presently snookered by a self-seeking “liability” that thwarts it. May we all one day realise that abundance.