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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Tuesday, June 21, 2011

Who's Afraid of the Big Bad Banks?

From: BaitAndSwitchTV  | May 23, 2011
This video and others can be seen by clicking here.

This is a very well put together piece about The Federal Reserve and those banks that they empower. It is very much worth the 23 minutes to watch.

A little education so badly needed for our citizens.  The power of The Fed and the banks they work with have in fact, taken over the power in Washington.  The Federal Reserve building in Washington is our new White House and this house is all powerful.  This house is the headquarters for the "cartel" and as with all cartel's they broker power and money for themselves and their lieutenants, i.e. Goldman Sachs, JPMorgan (a key player in the Reserves organization), CitiBank, Wells Fargo and the rest of Ben's Band of Merry Bankers.  They are the new Sheriff's of Nottingham (once the USA).

As always, thanks for stopping by and be sure to visit BaitAndSwitch TV.


Anonymous said...

It's not what they's what they do!

Gensler Evolving in Derivatives Sees No Deed Go Unpunished

Gensler is an unlikely agitator for reform. While he was at the Treasury, the administration of President Bill Clinton refused to regulate OTC derivatives, the financial instruments that derive their value from an underlying asset. Gensler helped push an anti-regulation bill through Congress in 2000.
‘Deregulatory Orientation’

When President Barack Obama tapped him to head the CFTC in December 2008, Vermont’s independent senator, Bernie Sanders, said Gensler was beholden to Wall Street and blocked the nomination.

Senator Tom Harkin, an Iowa Democrat, foresaw more of the same anti-regulation sentiment.

“I remain concerned about the deregulatory orientation in this nominee’s past,” he said.

The CFTC commissioners voted 5 to 0 on June 14 to postpone the rules regulating derivatives trading until Dec. 31, 2011. Some parts of Dodd-Frank that relate to swaps rules were set to take effect on July 16.

Goldman and the others make more than $30 billion in annual profit in financial derivatives trading, according to financial consultant Oliver Wyman, a unit of Marsh & McLennan Cos., the world’s second-biggest insurance broker.

New Battleground

“Wall Street has moved the battleground from the halls of Congress to the corridors of CFTC,” says Tyson Slocum, director of the energy program at consumer advocate Public Citizen, who backs tighter regulation of swaps markets.

Goldman executives came calling at the CFTC 52 times from last August to mid-June, according to the agency’s website. Morgan Stanley (MS) managers paid 33 visits and JPMorgan Chase officials dropped by 26 times in the same period. It isn’t just big banks that are pestering Gensler: Asset manager BlackRock Inc. came for 25 meetings; hedge fund Citadel LLC had 15.
‘Perfect Lobbying Storm’

“This is a perfect lobbying storm,” says Marcus Stanley, policy director of Americans for Financial Reform, which is seeking greater regulation. “The people who understand the most about the fine print are the ones making money.”

Anonymous said...

Regarding the banks....

"The transparent Manipulation of Perspective Economics (“MOPE”) that we see in this report is the statement, “For JP Morgan, the settlement amounts to less than 1 percent of the bank’s 2010 net income of $17.4 billion – which amounts to less than what JP Morgan earns in one week.” The more important fact is that JP Morgan had to agree to repay every penny invested to the investors who lost money.

The better question then becomes, how many more deals exactly like this do JP Morgan and all the other major financial entities have to worry about?"

Anonymous said...

Not the regulators....

Senator Carl Levin had the right response to Walsh:

Mr Levin said: “It is past time for the president to nominate new leadership at the OCC to protect American families and businesses from the excesses of Wall Street.”

Anonymous said...

"Most of us will struggle to make a living while the Blankfeins and our political elites wallow in the decadence and greed of the Forbidden City and Versailles. These elites do not have a vision. They know only one word: more. They will continue to exploit the nation, the global economy and the ecosystem."

Anonymous said...

The NY Fed that bastion of integrity strikes again...doesn't the same guy head the Treasury?hmmm....

New York Fed Refuses To Disclose Data On "The Largest Theft Of Funds In National History"

A week ago we reported on the case of the "The Largest Theft Of Funds In National History" or the missing $6.6 billion in Iraq war reconstruction funding, which was literally composed of "shrink-wrapped bricks of $100 bills", which was part of a $20 billion total in "Marshall Plan" investment meant to stimulate the post-war economy. When discussing this so far undisclosed cash loss, "Stuart Bowen, special inspector general for Iraq reconstruction, an office created by Congress, said the missing $6.6 billion may be "the largest theft of funds in national history." Two new developments have emerged in this fascinating story. The first, as CNBCs Eamon Javers reports is that "The New York Fed is refusing to tell investigators how many billions of dollars it shipped to Iraq during the early days of the US invasion there." Javers adds: "The Fed's lack of disclosure is making it difficult for the inspector general to follow the paper trail of billions of dollars that went missing in the chaotic rush to finance the Iraq occupation, and to determine how much of that money was stolen."

Anonymous said...

In Europe, Stockman raged against a dichotomy of tax and debt slavery created by the EU: “They're attempting to go turn the prudent Europeans of the north into permanent tax slaves in order to bail out the big banks in France and Germany and elsewhere who don't deserve a bailout,” he said, adding that, “In order to accomplish that, they will attempt to turn the millions the of people who live in southern Europe into permanent debt slaves in order to pay the piper from the guarantees coming from the north.”

“Last week, we had the Republican ad committee cutting a program for poor infants and women by 35 percent, and yet we're going to spend $7 billion, send it to the EC bureaucrats so they can shovel it out to the big banks in Europe and make sure that Joseph Ackerman still gets his bonus?”


Joyce said...

Thank you all you faithful who are following the ramifications of the financial crisis. These are some very good links.

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