Financial Fraud on Wall Street

[Brave7]

The re-nomination of Ben Bernanke, as Chairman of the Federal Reserve, has to be one of the ultimate political insults, particularly coming from Republicans, as did his predecessor, Alan Greenspan, both have taken America and the world down the sewer. Ben Bernanke saved Wall Street, the banks, insurance companies and a myriad of other financial firms.

This is the same Ben who refused to release records to uncover where $2 trillion had gone in the loan program that followed the collapse of Lehman Brothers. This is an appellate defeat for the Fed. We would expect they will next appeal to the Supreme Court. This is important to the Fed, because a loss would not only expose which institutions were insolvent, US and foreign, but it would expose what collateral was accepted for these so-called loans, and have they been paid back?

The Fed and American and foreign bankers gambled and lost, so it was up to American taxpayers to bail them out. Needless to say, these actions were outrageous. The Fed not only had no authority to do what they did, but they did, but they also suborned perjury. We wonder how the Appeals Court missed that? The Fed has buried our country in debt, allowed unbelievable leverage and absolutely refuses to tell us what they are up too. Except for a few in Senate and House hearings, questioning is a total farce. The Fed has done as it pleases for 97 years and that has to stop. We cannot allow Ben Bernanke to lie before Congress and get away with it either. We also cannot allow any corporation or financial institution to keep two sets of books and not mark their investment to market.

The financial world is a very small world and everyone knew what was going on at Lehman, just as they knew what Berne Madoff was up too. As usual a conspiracy of silence prevailed in order to allow the wholesale fleecing of the American public to continue unabated. In Wall Street and banking there is still honor among thieves. The Fed knew what was going on at Lehman and let it continue. That is how Mr. Bernanke purgered himself before Congress. Merrill Lynch had already warned the SEC and Fed as to what was actually going on at Lehman. Lehman committed fraud and its officers have thus far gotten away with it. Where is the SEC with civil charges and where is our Justice Department? They both only make selective prosecutions, most of which are based upon politics or the connections of the players. The only time they go after insiders is when they are forced to, like in the recent fine against Berkshire Hathaway, Warren Buffett’s firm, for accounting fraud of $200 million. The fine was $100 million, so as you can see crime pays. What is worse is that other firms are doing the same thing. This is all part of the mantra that no major financial firm should be allowed to fail. They are too big to fail.

The big bad secret is that if banks and other financial companies reported their true financial positions they’d be out of business – insolvent. The Fed and the SEC are certainly well aware of these problems, but the game goes on. The fraud is intentional and conscience. They know there are two sets of books, that MBS on their books are virtually worthless, they just bought $1.1 trillion worth of the toxic waste and they are well aware that the shadow inventory on their books is at best worth $0.30 on the dollar. In fact, everyone within the beltway knows it, just like seven years ago they all knew Fannie Mae and Freddie Mac were broke. As you can see, there is no law; it is only what these people want it to be. Faithfully all regulators and our elected representatives look the other way. They allow corruption to flourish. One thing that can be guaranteed is that if you report any of these frauds nothing is liable to happen.

http://www.globalresearch.ca/index.p...t=va&aid=18366

[Brave7]

JPMorgan Chase is cutting a deal with your government for a $1.4 billion tax refund. This is a benefit for taking over Washington Mutual. JPM paid only $1.9 billion for Wamu. If the tax break is allowed they have 73.6% of the purchase price back. JPM wants to score $10’s of billions for a $500 million investment.

The Wall Street Casino charges the losses of their customers to the taxpayers...

[~kev~]

Until the people change the way they vote - nothing is going to change. The people walk around , mop, complain, belly ache,,, but they will not check a different box on the ballot sheet.

Put the blame where it belongs - on the voters.