Banksters Gone Wild
By PAM MARTENS
Now, these very same banks don't know what's hidden off each others balance sheets, how much their largest industrial customers have hidden off balance sheet, courtesy of Citigroup's propensity to set up SPEs for others; if the bank that is a counterparty to its credit-default swaps is going to be in business when those insurance policies are most needed. Therefore, they say, we'll just stop doing business with each other since we're all guilty by association with the same corrupt enablers in Washington.
And while the Securities and Exchange Commission (SEC), Federal Reserve Board (FRB), and Congress bear much blame for the financial crisis, the Office of the Controller of the Currency (OCC) stands out as the quintessential enabler of corruption on Wall Street.
Consider the July 25, 2007 testimony of the Consumer Federation of America on behalf of itself and other leading consumer groups to the Committee on Financial Services in the U.S. House of Representatives:
Any discussion about the quality of federal financial services regulation must begin by mentioning the “elephant in the living room.... ” The Supreme Court’s recent ruling in Watters vs. Wachovia Bank, N.A., upheld a regulation by the Department of Treasury’s Office of the Comptroller of the Currency (OCC) that permits operating subsidiaries of national banks to violate state laws with impunity. The court ruled that the bank’s operating subsidiary is subject to OCC superintendence – even if there effectively is none – and not the licensing, reporting and visitorial regimes of the states in which the subsidiary operates... The OCC has even sought to prevent state attorneys general and regulators from enforcing state laws that it concedes are not preempted. The recent court ruling encourages national banks and their subsidiaries to ignore even the most reasonable of state consumer laws.
Hold on to your pocketbooks, because before this latest massive scam perpetuated upon the American people has shaken out, WE the People will get soaked with the costs of paying for a massive scheme to defraud the public that will dwarf the
1980's S & L Scandal.
While Bush the Younger is in charge of the presidency during this theft of people's money, his father, Bush the Elder, was first Vice President, then President during the S & L scam that will wind up costing the American public around ONE TRILLION DOLLARS.
The collapse of Neil's Silverado S & L wound up costing the American public nearly 1.3 BILLION, but Neil walked away virtually unscathed, paying a measly $50,000 dollar fine.
How did this member of the Bush Crime family, Neil, perpetuate this fraud? Here's one of the schemes: "As a director of a failing thrift in Denver, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners. Federal banking regulators later followed the trail of defaulted loans to Neil Bush oil ventures, in particular JNB International, an oil and gas exploration company awarded drilling concessions in Argentina -- despite its complete lack of experience in international oil and gas drilling. It probably helped that the Bush family had cultivated close ties with the fabulously corrupt Carlos Menem, former president of Argentina.
Daddy Bush even personally intervened in one of his kid's cases that came before the SEC (Security and Exchange Commission) so his son Neil would escape without any jail time.
And Daddy Bush didn't want his beloved agency the CIA, to get any mud on it's name, even though it had helped swindle
banks out of billions of dollars, to help pay for black ops and drug running.
Never let it be said the Bush Crime Family doesn't have a nose for money to pilfer, as brother Jeb also got in on this massive theft of people's money.
It should also be noted that shortly after news of Neil Bush’s involvement in the S&L scandal hit the press his father, George Bush Sr., announced the Desert Storm campaign in Iraq, which subsequently had the result of making Neil’s name quickly fade from the headlines.
Boy, is that Bush family lucky or what? Damn near anytime bad news arrives that shows the Bush Crime Family in their true light, something else, usually involving a massive amount of violence, pops up to divert us proletariat from the real news.
Personally, i have more respect for gangsters like Jesse James or Al Capone. At least they were upfront and honest about their intentions when they'd stick a gun in your face and demand your money.
Unlike some of the notorious crime families stealing America blind these days, using corrupt regulators, bought and paid for politicians and horse thieves who hide behind a black robe.
