More Bankster Fraud

Posted on July 4, 2012 by WashingtonsBlog

Libor Manipulation Is Only One of MANY Types of Fraud Committed by the Big Banks

The Libor scandal seems to be waking people up to manipulation and fraud by the big banks.

There are many other types of fraud they’ve engaged in as well …

Here is a partial list:

• Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)

• Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this

• Cheating homeowners by gaming laws meant to protect people from unfair foreclosure

• Charging veterans unlawful mortgage fees

• Engaging in mafia-style big-rigging fraud against local governments. See this, this and this

• Cooking their books (and see this)

• Bribing and bullying ratings agencies to inflate ratings on their risky investments

• Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this

• Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this

• Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this

• Otherwise manipulating markets. And see this

• Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here,here, here, here, here, here, here andhere

• Participating in various Ponzi schemes. See this, this and this

• Charging “storage fees” to store gold bullion … without even buying or storing any gold . Andraiding allocated gold accounts

• Laundering money for drug cartels. See this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis)

• Owning and largely running the Federal Reserve … which is itself arguably a Ponzi scheme

But at least the big banks do good things for society, like loaning money to Main Street, right?

Actually:

• The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)

• The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this

• A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies

• The big banks are literally killing the economy … and waging war on the people of the world

• And our democracy and republican form of government as well

http://www.washingtonsblog.com/2012/07/the-many-ways-banks-commit-criminal-fraud.html