Published on The Galactic Free Press (//soundofheart.org/galacticfreepress)

AK: The Many Ways Banks Commit Criminal Fraud [1]

The Many Ways Banks Commit Criminal Fraud

[2]

by American Kabuki Posted at Zerohedge.com [3]

The Libor scandal [4] 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 [5] (and see this [6])

Pledging the same mortgage multiple times to different buyers. See this [7], this [8], this [9], this [10] and this [11]

Cheating homeowners [12] - especially veterans [13] - from laws meant to protect people from unfair foreclosure

Engaging in mafia-style big-rigging fraud against local governments. See this [14], this [15] and this [16]

Cooking their books [17]

Bribing [18] and bullying [19] 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 [20], this [21], this [22] and this [23]

Engaging in unlawful "frontrunning [24]" to manipulate markets. See this [25],this [26], this [27], this [28], this [29] and this [30]

Engaging in unlawful "Wash Trades" to manipulate asset prices. See this [31],this [32] and this [33]

Otherwise [34] manipulating markets. And see this [35]

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 [36],here [37], here [38], here [39], here [40], here [41], here [42],here [43], here [44], here [45], here [46] andhere

Participating in various Ponzi schemes. See this [47], this [48] and this [49]

Laundering money for drug cartels. See this [50], this [51] and this [52] (indeed, drug dealers kept the banking system afloat [53] during the depths of the 2008 financial crisis)

Owning [54] and largely running [55] the Federal Reserve ... which is itself arguably a Ponzi scheme [56]

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 [57].Instead, they are mainly engaged in financial speculation and derivatives. (and see this [58])

The big banks have slashed lending since they were bailed out by taxpayers ... while smaller banks have increased lending. See this [59],this [60] and this [61]

A huge portion [62] of the banks' profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies [63]

The big banks are literally killing the economy [64] ... and waging war on the people of the world [65]

And our democracy [66] and republican form of government [67] as well

Category:

Freedom Project [68]

Source URL: //soundofheart.org/galacticfreepress/content/ak-many-ways-banks-commit-criminal-fraud?page=0

Links
[1] //soundofheart.org/galacticfreepress/content/ak-many-ways-banks-commit-criminal-fraud
[2] http://2.bp.blogspot.com/-ED0IWj7FXDg/T_Rq359JtgI/AAAAAAAAC94/5NDpTX0qk9Y/s1600/Bankers-go-to-jail.png
[3] http://www.zerohedge.com/contributed/2012-07-03/many-ways-banks-commit-criminal-fraud
[4] http://www.washingtonsblog.com/2012/07/big-banks-criminally-conspire-to-rig-800-trillion-dollar-market.html
[5] http://www.washingtonsblog.com/2010/10/at-the-root-of-the-crisis-we-find-the-largest-financial-swindle-in-world-history-where-counterfeit-mortgages-were-laundered-by-the-banks.html
[6] http://www.washingtonsblog.com/2011/12/the-fbi-estimates-that-80-percent-of-all-mortgage-fraud-involves-collaboration-or-collusion-by-industry-insiders.html
[7] http://www.washingtonsblog.com/2010/10/professors-black-and-wray-confirm-that.html
[8] http://www.washingtonsblog.com/2010/10/mortgages-were-fraudulently-pledged-to-multiple-buyers-at-the-same-time.html
[9] http://www.washingtonsblog.com/2010/10/was-abacus-the-business-model-for-the-entire-mortgage-industry.html
[10] http://www.washingtonsblog.com/2010/10/the-fraud-perpetrated-upon-investors-and-insurers-due-to-multiple-pledges-of-collateral-could-be-massive.html
[11] http://www.washingtonsblog.com/2010/10/how-did-the-banks-get-away-with-pledging-mortgages-to-multiple-buyers.html
[12] http://www.reuters.com/article/2012/03/08/bank-of-america-whistleblower-idUSL2E8E804820120308
[13] http://www.sfgate.com/business/article/Banks-allegedly-charged-vets-illegal-mortgage-fees-2328659.php
[14] http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620
[15] http://www.rollingstone.com/politics/blogs/taibblog/notes-on-wall-streets-bid-rigging-scandal-20120622
[16] http://www.bloomberg.com/news/2011-11-14/governments-using-swaps-emulate-subprime-victims-of-wall-street.html
[17] http://www.washingtonsblog.com/2010/03/lehman-fraudulently-cooked-its-books-accounting-giant-ernst-young-helped-geithner-and-bernanke-winked-and-slapped-them-on-the-back.html
[18] http://www.washingtonsblog.com/2009/09/credit-rating-agencies-took-bribes-for-higher-ratings.html
[19] http://www.zerohedge.com/news/unsealed-documents-expose-morgan-stanley-forcing-rating-agencies-inflate-ratings
[20] http://www.washingtonsblog.com/2011/07/goldman-bet-against-entire-european-nations-who-were-clients-the-same-way-it-bet-against-its-subprime-mortgage-clients.html
[21] http://www.zerohedge.com/article/jp-morgan-sold-investors-mbs-covered-sack-shit-loans-goldman-aig-redux
[22] http://www.teribuhl.com/2012/05/12/sec-tells-jp-morgan-enforcement-action-coming-over-bears-mortgage-backed-securities-violations/
[23] http://www.sec.gov/news/press/2010/2010-123.htm
[24] http://en.wikipedia.org/wiki/Front_running
[25] http://www.dailyfinance.com/2009/09/17/exclusive-nobel-winner-joseph-stiglitz-predicts-recessions-end/
[26] http://www.zerohedge.com/article/whoa-glitch-hft
[27] http://www.washingtonsblog.com/2009/07/corporate-media-spotlights-distortion-of-market-by-high-frequency-trading.html
[28] http://www.zerohedge.com/taxonomy_vtn/term/8356
[29] http://www.washingtonsblog.com/2009/07/what-is-high-frequency-trading-and-how.html
[30] http://www.globalresearch.ca/index.php?context=va&aid=18809
[31] http://news.yahoo.com/jpmorgan-fined-wash-trades-oil-gasoline-151048338--sector.html
[32] http://www.bloomberg.com/news/2012-04-02/rbc-sued-by-u-s-regulators-over-wash-trades-seeking-tax-benefit.html
[33] http://www.bloomberg.com/news/2012-06-22/wash-trading-by-high-frequency-firms-said-to-face-u-s-scrutiny.html
[34] http://dealbook.nytimes.com/2012/07/03/jpmorgan-role-in-power-market-comes-under-scrutiny/
[35] http://www.washingtonsblog.com/2010/05/will-silver-and-gold-prices-rise-now-that-the-feds-are-launching-criminal-and-civil-investigations-into-manipulation-of-the-silver-market.html
[36] http://www.huffingtonpost.com/2011/12/28/bny-mellon-case_n_1172575.html
[37] http://www.nydailynews.com/money/2009/02/21/2009-02-21_bank_of_new_york_mellon_scored_3b_bailou.html
[38] http://www.nytimes.com/2011/10/05/business/new-york-state-says-bank-of-new-york-mellon-cheated-pension-funds.html
[39] http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/10/6_Madoff_Whistleblower_Tells_KWN_Banks_Stealing_From_Pensions.html
[40] http://articles.businessinsider.com/2011-10-07/wall_street/30253397_1_trial-dates-bny-mellon-bank
[41] http://online.wsj.com/article/SB10001424052748703652104576122220220538048.html
[42] http://blogs.reuters.com/financial-regulatory-forum/2011/02/04/analysis-madoff-whistleblower-tries-new-shield-tactic-in-bank-fraud-suits/
[43] http://www.cjr.org/the_audit/wsj_on_harry_markopolos_whistl.php
[44] http://online.wsj.com/article/SB10001424052748703960804576120544029594566.html?mod=ITP_pageone_0#articleTabs%3Darticle
[45] http://www.bloomberg.com/news/2011-05-12/sec-probes-state-street-foreign-exchange-pricing.html
[46] http://www.nytimes.com/2009/10/21/business/21street.html
[47] http://dealbook.nytimes.com/2011/02/15/in-prison-madoff-says-banks-had-to-know-of-fraud/
[48] http://online.wsj.com/article/BT-CO-20120417-716851.html
[49] http://www.miamiherald.com/2012/02/28/2665114/55-victims-of-ponzi-schemer-rothstein.html
[50] http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs
[51] http://www.reuters.com/article/2012/05/03/us-hsbcusa-probes-idUSBRE8420FX20120503
[52] http://articles.latimes.com/2011/nov/27/world/la-fg-mexico-money-laundering-banks-20111128
[53] http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims
[54] http://www.washingtonsblog.com/2011/11/federal-reserve-analyst-fed-banks-are-private.html
[55] http://www.washingtonsblog.com/2011/10/federal-reserve-riddled-with-corruption.html
[56] http://www.youtube.com/watch?v=UhfvE9bNls4
[57] http://www.washingtonsblog.com/2010/01/less-than-a-tenth-of-bank-of-americas-assets-comes-from-traditional-banking-deposits.html
[58] http://www.washingtonsblog.com/2011/10/do-we-need-banks-or-can-we-cut-out-the-middleman.html
[59] http://www.bloomberg.com/news/2012-06-26/biggest-u-s-banks-curb-loans-as-regional-firms-fill-gap.html
[60] http://www.washingtonsblog.com/2010/04/mega-banks-which-received-bailouts-slashed-lending-more-gave-higher-bonuses-and-reduced-costs-less-than-banks-which-didnt-get-bailed-out.html
[61] http://www.washingtonsblog.com/2011/01/%E2%80%9Cthe-vast-majority-of-this-contraction-of-credit-availability-to-american-industry-has-been-by-the-larger-banks%E2%80%9D.html
[62] http://www.washingtonsblog.com/2012/03/big-banks-continue-to-suck-at-the-government-teat-with-never-ending-stealth-bailouts.html
[63] http://www.washingtonsblog.com/2012/07/77-of-jp-morgans-net-income-comes-from-government-subsidies.html
[64] http://www.washingtonsblog.com/2011/10/the-only-way-to-save-the-economy-break-up-the-giant-insolvent-banks.html
[65] http://www.washingtonsblog.com/2011/07/big-banks-are-waging-warfare-against.html
[66] http://www.washingtonsblog.com/2010/04/krugman-break-up-the-giant-banks-to-stop-their-domination-of-the-political-process.html
[67] http://player.vimeo.com/video/44511301
[68] //soundofheart.org/galacticfreepress/type-post/galactic-free-press/freedom-project