So Why No Bankers Criminally Charged Personally?
In the latest scandal where five major banks agreed to plead guilty to criminal charges brought by the U.S. Department of Justice for manipulating the foreign exchange rates of U.S. dollars and euros, only the corporations were changed, no bankers be they traders or executives. The banks were Citicorp, J.P. Morgan Chase, Barclays, Bank of America, and the Royal Bank of Scotland. UBS Group was the sixth bank, but the only agreed to plead guilty to manipulating the interest rates. The fines were an estimated $5.7+ billion in fines to the United States.
So why were only corporations charged criminally? The reason was not some payoff, it was a matter of how much the government wanted to expose. This deal is clean. The corporations handover a fist-full of cash and the Justice Department gets a gold star instead of just the SEC with civil charges. This time, because it was the Justice Department and the charges were criminal, these banks are now legally convicted felons and under the law, they should have lost their banking licenses.
This is where it gets interesting. Commissioner Kara M. Stein dissented for the waivers that the banks can keep their licenses despite being felons and rightly so since that is the law (see: SEC Karla Stein Dissent regarding banks). The waivers were supported by Mary Jo White who was the head criminal prosecutor in my own case who waived all criminal indictments against the bankers or the banks involved themselves. She criminally charged the subsidiary Republic NY Securities which HSBC then shut down moving the business to its own companies. So Mary Jo White never charged anyone in the bank back then at the top so here she did it again in this case. (See:SEC Waiver for Banks). The President of Republic NY Securities pleaded criminally guilty on a deal with no jail time.
Mary Jo White even supported a lifetime Gag Order on myself to prevent me from helping our clients against the banks – namely HSBC. So she is very much NYC legal establishment – you do not shit where you eat.
Ok! Why are those in government protecting the bankers personally? It is fundamental that banks are market makers who have the accounts of the client and that is inside info being used to trade against the client. The clients are the prey and corporations are too uninformed to figure out you cannot ask a wolf to guard the sheep.
Quite simply, putting the banking system actually on trial would exposeTransactional Banking. As long as let everyone think the problem is Fractional Banking, which has existed since ancient times, the banks can still be traders. Expose the truth behind the curtain, and only a madman would trade anything with the place who sees all his positions.
Public Trials are rare – not common, They are nonexistent among banks. This was the same reason they would never allow me to have a trial. If you stand trial, you put on a defense and you get to call witnesses. In my case, I would call the bankers and ask them why were they using our accounts for their trading? That would have exposed the very same scheme that M.F. Global went down for. Yes, on the one hand you can argue that Corzine was friends with Obama. But that is just the fluff. If you really put Corzine on trial, his defense would have been that was standard operational procedure that the SEC knows this takes place as does the Banking Commission yet nobody writes any rule to stop it.
In London, a bank NEEDS the signature of a client to sell their funds in the overnight market. In the USA, no such rule exists. So the US bank sends the money to London to be sold overnight and the London branch says they have permission from the US bank. So they have been playing the rules and law back and forth – one against the other. Never have an account with a bank that has international offices. That should be something a mother should tell her newborn child.
So it is not that someone is paying off someone else. That is too superficial. If they go that far, the truth about everything will be exposed. You just do not air the dirty laundry in public for it would illustrate that the regulators are into this neck deep.
I have stated before. There was a journalist at the NY Post who interviewed me – Isabella Ring. She was interested in the fact that my defense was the bankers were illegally trading in our accounts. She was researching the subject and then asked me right out of the box – Was Republic laundering money through your accounts for the Russian Mafia and Columbia Drug Cartel AS THEY WERE DOING IN MADOFF’S? In my opinion, Madoff plead guilty to protect someone shutting down any further investigation. Talk about the suicide contagion on Wall Street, well Madoff’s son also supposedly committed suicide. Was he going to spill the truth behind the curtain?
Here is the letter from the Forensic Accountant in my case to the court appointed lawyer. He states right there that besides the Receiver never providing any documentation in six years to prevent a trial, then what limited material was finally produced failed to show what was alleged and about 40% of the trades in the accounts were ERRORS being backed out after weekends by the bank. That certainly smells like they were doing money laundering for someone. This was what the reporter was curious about and the way she asked me the question implied they were doing the similar schemes elsewhere. That interview wasNEVER published. Interesting that HSBC got caught with alleged laundering money in Geneva.
When this letter was even sent to the court and I requested the discovery that I had never received in 7 years, Judge Keenan replied: You have enough. I was denied access to the very records I would need for a trial. It was clear. There was no intent to allow a trial or to hand me more evidence against the banks.
There will NEVER be a public trial having to do with NY Banking. It would expose way too much and that would collapse the confidence in the entire financial system supported by the pretend Regulators. So they bring criminal indictments only against the corporation and the deal is signed before it is announced.
There are no PAYOFFS or bribes, because the people in charge of Regulating are part of the scam – they know what goes on but turn a blind eye because NY has a policy carved in stone- you do not shit where you eat.
Ecuador – A Preview of What is Coming?
Parallel pro-government employees and right-wing demonstrations have been going in in protest all week in Ecuador. Large numbers of supporters of President Rafael Correa gathered in Shyris Avenue who were generally government employees to confront their rivals whose money they want to steal. Both sides remained largely peaceful for now, as extra police were drafted in to avoid the pockets of violence of the previous evening.
The people are protesting changes President Correa is too make on Monday where his Socialist Agenda is bordering on virtual Communism. The protesters argue he is to impose a 77% inheritance tax on all estates, impose capital gains tax on real estate and after raiding the social security fund, he is to confiscate 40% more. Additionally, he is to change the military charter from protecting the country and people, to protecting the Government.
The Government has set up a web site to allow you to calculate what you will owe in inheritance tax, but of course this will then capture your contact info. You will see two sets of protestors, the larger group are the people and the smaller are government employees. Correa forces all government employees to protest in opposition, of course many don’t comply.There are also protests and shootings occurring in the Galapagos Islands (Ecuadorian territory) where Correa has imposed a media black out and any pictures that do make it out, the government claims they are pictures of Venezuela.
This is the sad direction the entire world is heading. Socialism supports sustaining government, which of course paints the picture it is there to support the people against the evil rich. But the rich are effectively anyone with a non-government job.
Forecast NYC Would be Underwater by June 2015 – Oops
ABC News reported the dire forecast about Global Warming 7 years ago that the scientists predicted New York City would be under water by June 2015. Well, they also predicted Gasoline would be over $9 a gallon and a carton of milk would be almost $13. Well, hope you didn’t have call options on oil, eggs, and milk.
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