The problem the Greek elite have is that if they are not seen to be doing anything against the rampant corruption so prevalent amongst them it could very well end with the Guillotine for all of them. So last week the ex-mayor of the second biggest city disappeared to jail for life for embezzling $17 […]
Tag Archives: Fraud
Scores of bankers have failed in a bid to prevent their names being revealed during preliminary hearings of a High Court case centred on the rigging of a lending rate by Barclays staff. More than 100 employees or former employees of Barclays wanted their identities kept secret during pre-trial hearings in London on Monday. But […]
No Kidding! The financial crisis has been as economically devastating as a world war and may still be a burden on “our grandchildren”, a top Bank of England official has said. Andy Haldane, the Bank’s executive director for financial stability, added that public anger at the banks was fully justified and that pay in the […]
Echo’s of Enron! Emails and phone messages between foul-mouthed Barclays traders in New York reveal how they bragged about rigging energy prices in America to make huge profits. Critics yesterday said the expletive-ridden correspondence provides further evidence of the ‘rotten culture of casino banking’ that built up under disgraced former boss Bob Diamond. The bank […]
As more and more of us begin to understand the grand scam that is the banking world here are what is happening to some of the top banksters and it seems they are getting ready to ramp up the scam a notch even though some of them are in jail. First of all there was […]
Updated with correct link! If you are or know a New Zealand Farmer who lost his/her farm as the result of the Derivatives sold to him you might want to watch this and give the link to your farming colleagues! The first half lays out why the selling of these fraudulent instruments and the subsequent […]
Update: received a photo of a bill! News is beginning to reach me that Auckland residents are receiving bills for water of around a $100 a month. They are receiving these from a company called Watercare. I would like to have a copy of the contract the receiver of these bills has signed with this […]
63% of fraud is committed by the boss. That is according to research by accountants KPMG. If this is true it is simple to extrapolate that to our society in general. If powerful insiders are the most prone to corruption simply because they are in a position of power and are able to get away […]
A very interesting article on the LIBOR scam. I don’t subscribe to their assertion that a Cartel formed under the noses of the CEO’s of the too big to fail banks without them knowing. I would even go as far as asserting that the real cartel of bankers, the ones who pushed the Reserve bank […]
Update: As I was writing this I realised that if we accept that some of the big players in the financial world were involved in insider trading just before the events of 9/11 making money of the events of 9/11 and if we accept that LIBOR was manipulated from as early as mid 2004 with […]
When you or I get caught doing something illegal such as smoke pot or burgling someone else’s house we probably end up in jail which in the US means having to do slave labour in a privately owned jail. In China if you get caught scamming the banking system as a banker, even a rich […]
Update on the developing European banking crisis! Fitch has downgraded Greece again and Moody only downgraded 16 Spanish banks after it had announced it would downgrade 21 banks. And Jamie Dimon the CEO of JP Morgan has been invited (What is wrong with old fashioned arrests and police investigations I wonder) to testify before the […]
Now that people are catching on to what a nasty piece of work Johnny “Derivatives” Key really is I thought I’d repost Matt Taibi’s excellent essay on the Bank of America which holds most of his wealth making him the most compromised Prime minister this country has ever seen. At least Bank of America got […]
Here is what Bucket shop means for those who don’t know. And so the spirit of Mark Pittman lives on. Bloomberg, which last year sued the Fed in a landmark FOIA case, and won (a decision which is being appealed by the kleptocrats but not the Fed), has decided to go transatlantic, and is now […]
According to the Wall Street Journal, the Greek threshold for “successful” CAC passage is now expected to be just 66%, far below the 95% discussed yesterday. Says the WSJ: “The Greek government is aiming for a minimum participation of least two-thirds of bond holders in a planned debt exchange, a finance ministry official said Tuesday, […]
Too late, too little and after the damage is done! A RadioLive show hosted by the Prime Minister John Key prior to the election has been referred to the police for breaching the Broadcasting Act. The Electoral Commission confirmed this morning that it had referred the broadcaster to police. Key hosted the hour-long show on […]
From Zero hedge: The only quote worth noting from the just delivered speech by ECB executive board member José Manuel González-Páramo is the following: “We cannot completely delegate governance to financial markets. The euro area is the world’s second largest monetary area. It cannot depend solely on the opinions of ratings agencies and markets. It […]
Now there’s a concept. You rip people off you get the death penalty! That would sort the banks out real quick wouldn’t it? A real estate tycoon in Lishui, Zhejiang Province, has received a death sentence for illegally raising 5.5 billion yuan ($800 million) from the public, reported the Procuratorial Daily on Monday. Ji Wenhua, […]
It’s Nov. 2, 1993, and two employees of Bankers Trust Co. are discussing a leveraged derivative deal the bank had recently sold to Proctor & Gamble Co. “They would never know. They would never be able to know how much money was taken out of that,” says one employee, referring to the huge profits the […]
Here are my two cents on the coordinated evictions of the OWS encampments. I totally support any resistance to the powers that be. I am a pacifist and hate violence but we are facing an enemy who was prepared to kill its own and people from other peaceful Nations living in the US in a […]
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing […]
Yesterday, President Obama released his long form birth certificate. He did so by breaking in on all TV stations throughout the US. A measure of intrusion usually reserved for Calamities like say declaring the state of emergency in the case of 161 tornado’s killing hundreds of people and destroying entire areas of America’s infrastructure. As […]
The saying goes that if it walks like a duck, quack likes a duck and looks like a duck it, in all probability, is a duck. So if a fat man, dressed like a member of the ruling elite becomes the first Carbon billionaire you are in all probability looking at a man who is […]
Yesterday I zapped passed NZTV only to zap away quickly again when I saw Bill English’s ugly mug spread all over the screen. I don’t know about you but doesn’t it strike you as odd that a disgraced financial predator who shamelessly rorted the system for his own benefit (including an extra $ 20.- cleaning […]
So if the Taliban were not involved in 9/11 and al Qaeda is now “spread” all over the Muslim word then why did we send New Zealand’s finest to prop up a corrupt government? The fraudulent Afghan election of last August 20th has delayed the possibility of a new regime taking over promptly to replace […]
Ambassador Peter Galbraith, we want to thank you very much for joining us, joining us from Bergen, Norway. He was the top American diplomat at the UN, number two man at the UN in Afghanistan, just fired by the UN Secretary-General Ban Ki-moon. His books include The End of Iraq: How American Incompetence Created a […]
In shocking testimony made by the Pentagon’s top auditor on Monday, the Defense Department revealed that a former unit of the company where Vice President Cheney was CEO is under investigation for allegedly billing for unallowable costs, accepting bribes, falsifying time cards and overbilling. The onetime unit of Halliburton, KBR, is now an independent company. […]
Bank of America reported its fiscal first quarter 2009 earnings today in a fraudulent sham and spectacle rigged to exaggerate profits while hiding losses. It was an old page torn from the remarkably thin play book called Masters Shaft the Universe. Once again, America’s decrepit financial sector has proved that it’s better to have weak […]
Let me put it this way: If we did the same we’d go to jail for fraud and embezzling. Goldman Sachs posted a profitable quarter by skipping December, during which it realized huge losses. Now Morgan Stanley is doing the same thing. Specifically, Morgan’s first quarter results report states: As a result of the change […]
