Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts

Saturday, November 8, 2014

The Way Frozen Bank Accounts are used by the West

Gaddafi was just a bit overboard in the wardrobe department

What isn't stated in this article is how many trillions in derivatives can be created from the "frozen money"... and its money they likely won't have to release for quite a while... -AK

Thursday, November 6th, 2014
Posted by Jim W. Dean

NEO – How are Frozen bank accounts used by the West?
The Way Frozen Bank Accounts are used by the West
…  by  Sofia Pale,   …  with  New Eastern Outlook, Moscow

[ Editor's note: Sofia Pale takes us into the murky waters of asset confiscation and the under the radar scandal it has become. Identified and seized funds seem to remain under control of the banks holding them for their use for years and years.

When we first heard the stories of Gaddafi’s hidden stolen funds being run down by investigators, we expected a repatriation delay while the new government was going through its birthing process.

But here we are nearing the end of 2014, and we learn that the banks are still sitting on most of those billions.

An unknown part of this story is how the “non bank” assets of Mr. G have been looted via a “finders keepers” game. We first learned through our sources that entire warehouses of Gaddafi-stashed goods in France were just being grabbed by those lucky enough to get there first, with no, or “adjusted” accounting being made to the Libyan government.

Much of this was driven by a cold unfortunate reality, “If I don’t steal it, the next guy coming behind me will, so the Libyan people will never see it anyway… so better me than the other guy.” France of course might have felt they deserved to be refunded its out-of-pocket no-fly-zone expenses.

The public knows little about this, and governments and politicians like that just fine. Why?... because most of this “captured” wealth will end up in political coffers, which are always hungry, and that builds great loyalty when the loot is divided among the faithful... Jim W. Dean ]

- First published  …  March 5, 2014 -

By 2005, thanks to the recommendations of international organizations for combating economic crime, Transparency International and the Financial Action Task Force on Money Laundering (FATF), as well as the UN, the OECD, and the European Union adopted the relevant directives, allowing to freeze bank accounts of the so called “politically exposed people” (PEP). The main task was to combat tax evasion and other financial frauds.

Since accounts of PEPs are usually registered in the name of nominees in offshore jurisdictions, sometimes it is very difficult to track the real beneficiaries officially (i.e., true owner of the accounts).
The UK was the first to address this problem in 2012-2013, by ordering its banks to disclose all real beneficiaries in their corporate registries. Britain has always been a favourite place for concealing illegally acquired funds of foreign PEPs. Soon, other EU countries followed its example.

Gulnara Karimova,
and older daughter of
Uzbekistan’s President
It is because of these new rules that daughters of Uzbek President Islam Karimov lost over $1 billion in 2013. Since they are hardly able (even through the efforts at the government level) to prove the legality of such huge amounts of money, we can think that this amount will stay on the accounts of European banks forever. This case was not a unique instance after the introduction of the new rules.

Being inspired by the success of appropriating illegally acquired wealth of foreign PEPs who believed in the inviolability of their deposits in safe European banks until recently, Europe did not stop at that, and went further.

Following the successful example of the UK in February 2014, the European Union also adopted provisions for the establishment of registers of ultimate owners of companies and trusts in the EU countries.

Given that, according to the Bloomberg agency, more than $1 trillion is concealed from taxes in Europe annually, the “cash crop” is going to be rich for European banks. The rules have been tightened so much that the funds on the accounts are frozen in case of “suspicious transactions” at first, and then an investigation is conducted from what source – legal or not – the money was received.

Wednesday, December 25, 2013

Shiny Brass Plates on Banks

Friday, October 25, 2013

Half of nation's foreclosed homes still occupied

Its quite amazing this nonsense still goes on almost 5 years after 2008, banks who had no real money at risk of their own, insured against mortgage failures and collected it (and in many cases insured with 4 or 5 different insurance companies - which is insurance fraud - remember AIG insured debt against loss), then are able to foreclose on homes for which they own absolutely no title...violating all the laws that define what a mortgage is and how they operate... -Bill

Half of nation's foreclosed homes still occupied
By Les Christie | – 14 hours ago

Foreclosure sounds like the end of the line, but actual eviction can take months or years -- even after the bank has repossessed a home.

RealtyTrac estimates that 47% of the nation's foreclosed homes are currently occupied. The percentage actually tops 60% in some hot housing markets, like Miami and Los Angeles.
Those still living in repossessed homes include both former owners and renters. Either way, their time in the homes is mortgage and rent free.

To arrive at its estimate, RealtyTrac compared its database of foreclosed homes with postal records showing whether mail was still being collected and whether change-of-address forms had been filed.

Even when occupants leave voluntarily, old owners typically take about two months to vacate.
With renters, it can take a year or more. "If someone has a bona fide rental agreement, we have to abide by that," said Amy Bonitatibus, a spokeswoman for JP Morgan Chase.

One issue, according to Wells Fargo spokesman Tom Goyda, is that the eviction process can take months as it winds through the legal process. The timing varies widely based on local laws and the backlog of cases in individual courts.

Goyda said the bank has been trying to speed up the process by offering cash to prompt occupants to leave.

In addition, some states, like Alabama and Utah, have so-called redemption periods of up to a year during which former owners can get their home back if they can find the means to pay off their mortgages.

And banks may be in no rush to kick people out. They will take their time in markets with a lot of homes for sale and depressed prices. Plus, letting homeowners stick around can help protect homes from abuse.

"Although one thinks lenders take losses by not moving evictions forward, they're still faring better by keeping the properties occupied," said Pauliana Lara of the Consumer Action Law Group in Los Angeles, which works with homeowners to fight foreclosures. "Many foreclosed homes get vandalized or squatters move in."

Saturday, August 17, 2013 Your mortgage documents are fake!

MONDAY, AUG 12, 2013 04:58 AM PDT
Your mortgage documents are fake!
Prepare to be outraged. Newly obtained filings from this Florida woman's lawsuit uncover horrifying scheme (Update)

Your mortgage documents are fake!
Lynn Szymoniak (Credit: CBS News/60 MInutes)

If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)

A newly unsealed lawsuit, which banks settled in 2012 for $95 million, actually offers a different reason, providing a key answer to one of the persistent riddles of the financial crisis and its aftermath. The lawsuit states that banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.

This reality, which banks did not contest but instead settled out of court, means that tens of millions of mortgages in America still lack a legitimate chain of ownership, with implications far into the future. And if Congress, supported by the Obama administration, goes back to the same housing finance system, with the same corrupt private entities who broke the nation’s private property system back in business packaging mortgages, then shame on all of us.

The 2011 lawsuit was filed in U.S. District Court in both North and South Carolina, by a white-collar fraud specialist named Lynn Szymoniak, on behalf of the federal government, 17 states and three cities. Twenty-eight banks, mortgage servicers and document processing companies are named in the lawsuit, including mega-banks like JPMorgan Chase, Wells Fargo, Citi and Bank of America.

Saturday, July 6, 2013

Margin call on US banks (or rather too-big-to-fail banks)

Margin call on US banks (or rather too-big-to-fail banks)
Steen Jakobsen, Chief Economist & CIO, Saxo Bank
Filed in Steen's Chronicle
Denmark, Tuesday at 23:28 GMT-7 Recommend

This week's biggest news is not the Nonfarm Payrolls (which will be 160,000 again), or the European Central Bank (which will not introduce quantitative easing) or even Portugal's government falling. No — this week's big deal is the openness with which the Federal Reserve is preparing a major margin call on the too-big-to-fail banks in the US.

This has been a long time coming since the introduction of the Dodd-Frank law back in 2010 but it is a game changer. Remember all macro paradigm shifts come from policy impulses, often mistakes.

Fed approves step one in a three step plan
Under the final rule, minimum requirements will increase for both the quantity and quality of capital held by banking organisations. Consistent with the international Basel framework, the rule includes a new minimum ratio of common equity tier 1 capital to risk-weighted assets of 4.5 percent and a common equity tier 1 capital conservation buffer of 2.5 percent of risk-weighted assets that will apply to all supervised financial institutions. The rule also raises the minimum ratio of tier 1 capital to risk-weighted assets from four percent to six percent and includes a minimum leverage ratio of four percent for all banking organisations. In addition, for the largest, most internationally-active banking organisations, the final rule includes a new minimum supplementary leverage ratio that takes into account off-balance sheet exposures. (See the press release here)

I know you are thinking: Wow, this is the most interesting thing I have seen in years :-) but alas it is - because it is in fact a major margin call on the US holding banks.

Note how this adoption is only the first set of a series of new rules. Let me introduce you to: Daniel Tarullo, The Federal Reserve Governor in charge of regulation after the implementation of the Dodd-Frank law in 2010. (As a consequence of Dodd-Frank, the Fed got a permanent regulatory governor.)

I had nothing else to do so I read his latest speeches which are surprisingly clear (considering that he's a policy guy).

Sunday, April 28, 2013

Petition of the Century in Sweden

"You should know that we Banks own the courts in this country! We will crush you like a little bug." 
S-E Bank Chief
Executive Lawyer
Goteborgsposten, 23
Januari 2000

The Fight in Sweden against the crooked criminal cabal banksters continues!

Monday, March 25, 2013

NEW SCIENTIST: Banks gone bad: Our evolved morality has failed us

Banks gone bad: Our evolved morality has failed us

25 March 2013 by Christopher Boehm

We seem to be unable to punish bankers for their scandalous behaviour. That's because our moral instincts can’t cope, says a professor of biological sciences and anthropology

Why is it so hard to punish bankers for their scandalous behaviour? Have our evolved moral instincts failed us?

ROB a bank and you risk a long stretch in jail. Run a bank whose dubious behaviour leads to global economic collapse and you risk nothing of the sort, more likely a handsome pay-off.

Illegal and dangerous mistakes associated with the financial industry have caused serious harm to US and world economies. That is beyond doubt. And the scandals keep coming – rate rigging, money laundering, mis-selling and sanctions busting. The wider backlash against the industry shows no sign of easing.

So given the scale of damage and public anger, fuelled by the industry's bonus culture, it is curious that those responsible have largely avoided punishment in the traditional judicial sense, despite the clamour for it.

That we so want those involved to get their just deserts has its roots in ancient human forms of social control, which led to our modern sense of morality.

Wednesday, October 24, 2012

ICELAND. No news from the Icelandic Revolution?

This is not a new blog post, but one I haven't seen before on Iceland. -AK

Reblogged from:

Wednesday, May 9, 2012

ICELAND. No news from the Icelandic Revolution?

No news from Iceland? Why? How come we hear everything that happens in Egypt but no news about what's happening in Iceland:

In Iceland, the people has made the government resign, the primary banks have been nationalized, it was decided to not pay the debt that these created with Great Britain and Holland due to their bad financial politics and a public assembly has been created to rewrite the constitution. And all of this in a peaceful way. A whole revolution against the powers that have created the current global crisis. This is why there hasn’t been any publicity during the last two years: What would happen if the rest of the EU citizens took this as an example? What would happen if the US citizens took this as an example.

Friday, September 28, 2012

South African Banks Must Pay Out Big Time

SA Banks must pay out big time

Dear Citizen,
Up to a trillion rand could be refunded to South African customers by the banks. This is precisely the kind of cash injection that will help bring our country out of debt slavery and into a new age of prosperity.

Millions of South Africans who have loans or credit could see their monthly repayments reduced substantially. And tens of thousands of people who have had judgments against them over the past two decades may be eligible for compensation. Garnishee orders should be slashed and small businesses struggling with overdrafts should be released from the shackles of debt slavery.

In simple terms – it is very possible that your credit card, home loan, personal loan, vehicle loan or any form of credit you may have, has been settled in full by a third party, called a Special Purpose Vehicle (SPV).  Because your loan has been settled in full (ie. the bank has been paid out for your loan), the bank cannot bring your case to court. Under these circumstances, the collections process undertaken by banks, and any judgments taken by the bank as a result, would be unlawful.

Once a loan has been securitised (this is the technical term for this process), the bank loses the legal right to the asset. Confirmation of this was given to the New Economic Rights Alliance in the form of the attached letter from the South African Reserve Bank (see page 5, para AD8).

Wednesday, September 12, 2012



September 10th, 2012
Author: Matthew D. Weidner, Esq.

It’s been a while since I’ve dropped a BOMBSHELL….I’ve frankly been a bit per-occupied with several more important things.

But the documentation of the biggest crime spree ever perpetrated on a nation continues to be rolled out….and it continues to be ignored by EVERYONE IN THIS ENTIRE NATION!

I can only pound on the indictment of insurance fraud documented in the 49 State Attorney General Sellout.  The press refuses to report on how we’ve all been sold out by the government that serves the banks…but I digress.  No one cares about that anymore.

Wednesday, July 25, 2012

South Korea's President Lee Myung-bak Gives National Apology; Brother Arrested For Accepting Bank Bribes

24 July 2012 Last updated at 03:24 ET 

South Korea's Lee Myung-bak in national apology
Mr Lee's apology came in a brief statement to the nation
South Korea leader's brother arrested

South Korean President Lee Myung-bak has apologised to the nation over corruption investigations involving his brother and former aides.

"I bow my head and apologise for causing the public concern as a result of these incidents," he said in a short address on television.

His brother, Lee Sang-deuk, was detained by police on corruption charges earlier this month.

Mr Lee's five-year presidential term comes to an end in February.

Lee Sang-deuk, a former lawmaker for six terms and reportedly the president's political mentor, faces allegations of taking 600m won (£338,200; $525,000) in bribes from two savings banks to help them avoid an audit.

As the elder brother to South Korea's head of state, his arrest and possible trial could affect support for the ruling party in December's presidential elections, says the BBC's Lucy Williamson in Seoul.

There has been widespread anger over the savings bank scandal. Since the start of this year, South Korean regulators have closed 20 of the nation's weakest banks.

Many of them were so-called savings banks, which were created following the 1997 Asian financial crisis. There used to be more than 100 of these small regional lenders, which were either private or rural co-operatives.

However, a rising number of mortgage defaults in the country's lacklustre real-estate market following the 2008 financial crisis led many of these lenders to face capital and liquidity shortages.

In January 2011, the financial regulator began suspending operations of banks that did not have enough money.

Two of the troubled savings banks were Solomon Savings Bank, which was shut two months ago, and Mirae Savings Bank. Both allegedly made payments to the elder Mr Lee.

But prosecutors investigating the savings bank scandal allege the illegal activity goes much wider, and have indicted nearly 200 people, including politicians, lobbyists and bankers.

Monday, May 7, 2012

Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announces Filing of Landmark Lawsuit

Got a heads up on this in my EMAIL, THANKS LAURA!

April 23, 2012, 12:01 a.m. EDT

Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announces Filing of Landmark Lawsuit

Largest International Money Laundering Network in History Formed During Obama Administration; U.S. Banks' Theft of Home Owners' Money Laundered Through Cayman Islands, Isle of Man and Numerous Offshore-Based Affiliates

NEW YORK, NY, Apr 23, 2012 (MARKETWIRE via COMTEX) -- In a lawsuit alleged to involve the largest money laundering network in United States history, Spire Law Group, LLP -- on behalf of home owners across the Country -- has filed a mass tort action in the Supreme Court of New York, County of Kings. Home owners across the country have sued every major bank servicer and their subsidiaries -- formed in countries known as havens for money laundering such as the Cayman Islands, the Isle of Man, Luxembourg and Malaysia -- alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole hundreds of millions of dollars of home owners' money during the last decade and then laundered it through offshore companies. The complaint, Index No. 500827, was filed by Spire Law Group, LLP, and several of the Firm's affiliates and partners across the United States.
Far from being ambiguous, this is a complaint that "names names." Indeed, the lawsuit identifies specific companies and the offshore countries used in this enormous money laundering scheme. Federally Chartered Banks' theft of money and their utilization of offshore tax haven subsidiaries represent potential FDIC violations, violations of New York law, and countless other legal wrongdoings under state and federal law.
"The laundering of trillions of dollars of U.S. taxpayer money -- and the wrongful taking of the homes of those taxpayers -- was known by the Administration and expressly supported by it. Evidence uncovered by the plaintiffs revealed that the Administration ignored its own agencies' reports -- and reports from the Department of Homeland Security -- about this situation, dating as far back as 2010. Worse, the Administration purported to endorse a 'national bank settlement' without disclosing or having any public discourse whatsoever about the thousands of foreign tax havens now wholly owned by our nation's banks. Fortunately, no home owner is bound to enter into this fraudulent bank settlement," stated Eric J. Wittenberg of Columbus, Ohio -- a noted trial lawyer, author and student of US history -- on behalf of plaintiffs in the case.
The suing home owners reveal how deeply they were defrauded by bank and governmental corruption -- and are suing for conversion, larceny, fraud, and for violations of other provisions of New York state law committed by these financial institutions and their offshore counterparts.
This lawsuit explains why loans were, in general, rarely modified after 2009. It explains why the entire bank crisis worsened, crippling the economy of the United States and stripping countless home owners of their piece of the American dream. It is indeed a fact that the Administration has spent far more money stopping bank investigations, than they have investigating them. When the Administration's agencies (like the FDIC) blew the whistle, their reports were ignored.
The case is styled Abeel v. Bank of America, etc., et al. -- and includes such entities as ML Banderia Cayman BRL Inc., ML Whitby Luxembourg S.A.R.L. and J.P Morgan Asset Management Luxembourg S.A. -- as well as hundreds of other obscure offshore entities somehow "owned" by federally chartered banks and formed "under the nose" of the Administration and the FDIC.
Commenting further on the case, Mr. Wittenberg stated: "As if it is not bad enough that banks collect money and do not credit it to homeowners' accounts, and as if it is not bad enough that those banks then foreclose when they know they do not have a legally enforceable interest in the realty, we now learn that they have been operating under unbridled free reign given by the Administration and some states' Attorneys General in formulating this international money laundering network. Now that the light of day has been shined on it, I believe we can all rest assured that the beginning of the end of the bank crisis has arrived."
All United States home owners may have the right to bring a lawsuit of this kind if they paid money to a national bank servicer during the years 2003 through 2009.
One lawyer impacted by the corruption -- Mitchell J. Stein, who formerly represented the FDIC, the RTC and the FSLIC during the Savings and Loan scandal of the 1990s, and who predicted all of the foregoing in open court two years ago -- commented: "Two years ago, I remarked in open court to a Los Angeles Superior Court Judge, as well as to legislators including Senator Dianne Feinstein's office during a multitude of in-person meetings, that the ongoing violations of the Patriot Act by these financial institutions was outrageous and a breach of the public trust of unprecedented proportions," said Stein.
"The size and scope of this misconduct -- stretching to far-away islands never before having standing as approved United States Bank affiliates -- is remarkable and emblematic of what we have seen," he continued. "The bank crisis represents the height of corruption and brazen behavior where our historically trusted financial institutions have no qualms about breaking the law, because they have the Administration behind them. Banks do well enough when they operate lawfully without needing to be permitted to operate as criminal enterprises that steal money from United States citizens."
Additional plaintiffs' counsel Nicholas M. Moccia commented: "Having been in the trenches of the bank crisis for years, I always knew that the misconduct was being conducted by a network. When I started litigating against banks, however, I could have never imagined that it would be this extensive. I look forward to taking discovery of these thousands of obscure foreign entities and to obtaining for homeowners their constitutionally entitled injuries for this international ring of theft and deception."
Comments were requested from the Attorney Generals' offices in NY, CA, NV, and MA and the White House, but no comment was provided.
About Spire Law Group
Spire Law Group, LLP is a national law firm whose motto is "the public should be protected -- at all costs -- from corruption in whatever form it presents itself." The Firm is comprised of lawyers nationally with more than 250-years of experience in a span of matters ranging from representing large corporations and wealthy individuals, to also representing the masses. The Firm is at the front lines litigating against government officials, banks, defunct loan pools, and now the very offshore entities where the corruption was enabled and perpetrated.
        James N. Fiedler, Esq.
        Managing Partner
        Spire Law Group, LLP
        Email Contact

SOURCE: Spire Law Group, LLP

Wednesday, February 29, 2012

USA Conducting Criminal Probe of LIBOR Rate Setting by Banks

The LIBOR rate underpins loans to consumers, companies derivatives,  interest-rate swaps, floating- and fixed-rate interest payments. 
(Reuters) - The Justice Department is conducting a criminal probe into whether the world's biggest banks manipulated a global benchmark rate that is at the heart of a wide range of loans and derivatives, from trillions of dollars of mortgages and bonds to interest rate swaps, a person familiar with the matter said.

Thursday, February 23, 2012

David Wilcock's Latest Update of Financial Tyranny

David Wilcock

Those of you tracking the unfolding expose of the criminal cabal that has ruled the western world for at least 300 years, can find a complete indexed pdf version of Financial Tyranny here:

Thanks to Kauilapele for pointing us to this on his blog!

Also be sure to check out what has become a living document, Financial Tyranny at

David says its complete but I have a feeling this document will continue to grow as collective minds on the Internet unravel the enigmas that are the banking cabal. David Wilcock has an amazing mind and ability to synthesize knowledge from a wide variety of disciplines.