+++ 22. August 2012 +++
While Obama Administration Protects Banksters, U.S. States Move against Them
With the Obama Administration compiling the worst record in recent history for its refusal to prosecute financial crimes committed by the largest Wall Street and European banks, actions are being taken by other officials to hold them accountable.
This has been evident in recent moves around the interest-rate rigging conspiracy around LIBOR (the London Interbank Offered Rate), as well as against the British Empire's No. 2 dope bank, Standard Chartered. The No. 1, HSBC, has also been targetted for investigation - again not by the Obama Administration, but in this case by the U.S. Senate Permanent Subcommittee on Investigations, which issued a devastating report on HSBC's money-laundering for Mexican drug cartels, and its allowing transactions by "terrorists, drug kingpins and rogue nations."
The Senate report also put a spotlight on the collusion with the money-launderers by federal government regulators, particularly those in the U.S. Treasury Department.
Standard Chartered Bank (SCB) was hit with a show-cause order on Aug. 6 by the New York State Department of Financial Services (DFS), which gave the bank until Aug. 15 to explain why their license to do business in New York should not be revoked. The order stated that SCB's actions had "left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes." The New York action triggered howls of protests from both the City of London, and from U.S. federal regulators - the Federal Reserve, and the U.S. Treasury and Justice Departments -- who were on the verge of "concluding" that SCB had not committed any criminal wrongdoing and that it should be let off the hook.
Under tremendous pressure from the Obama Administration and top financial regulators, New York DFS head Benjamin Lawsky, just eight days after filing the order, agreed to a $340 million settlement with SCB, and did not proceed to a hearing on revoking the bank's license. It is reported that SCB acknowledged that there were $250 billion in transactions which violated anti-money-laundering laws, even though up to the point of the settlement, it had insisted that the amount involved was only $14 million. This admission is a major embarrassment to federal regulators who were not only willing to accept the lower figure, but to let SCB off with, at most, a mild slap on the wrist. And the fact that Lawsky obtained one of the largest settlements ever, in less than ten days, further put to shame those Obama Administration officials who have been dawdling for years on the same case.
On the LIBOR matter, New York Attorney General Eric Schneiderman and Connecticut Attorney General George Jepsen, who are working jointly on the investigation, reportedly subpoenaed records from JPMorgan Chase, Citigroup, UBS, Deutsche Bank, Royal Bank of Scotland, Barclays, and HSBC. Other states are likely to join their effort. While it has been demonstrated that Treasury Secretary Geithner knowingly covered up the interest rate rigging, which bankrupted countless municipalities and other public services, Obama has not demanded his resignation.
Likewise, he and his Administration have refused to prosecute bank officials responsible for the 2007-08 financial collapse and the frauds that contributed to the collapse and to the ensuing suffering of millions of people. Just a week ago, the Securities and Exchange Commission (SEC) dropped its investigation against Goldman Sachs, and the Justice Department announced that it would not bring criminal charges against Goldman Sachs or any of its employees, on the excuse that the charges would be too hard to prove in court.
~ deutsch + english ~
+++ 7. Mai 2013 +++
AfD: National Monetarism in “Anti-Euro” Clothing
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+++ 7. Mai 2013 +++
South-West Asia on the Verge of All-out War?
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+++ 7. Mai 2013 +++
Südwestasien vor einem umfassenden Krieg?
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