A concise list of recent bank fraud

This came across my transom from Facebook and I just did a cut and paste of the entire list because the reader has to see it for themself.

Over the years, have seen I don’t know how many articles where this and that bank was fined and paid the fine in the millions for money laundering without admitting to wrongdoing. Out of that, two points emerged in my mind.

The first is why would a bank pay such stiff fines in the millions without contesting the charge. It seems as if there must have been so much money laundered that the money they made off of the money laundering made the fine look like chump change.

The second was that the law went after the bank and not those in the bank responsible for setting in place the laundering mechanism much less those that had supervisor responsibilities. It appears that it was just an ‘oh well’ such is life day and business as usual.

Then I starting looking at where the money went and it went into the law enforcement community of which the Department of Justice was the big winner. Then it started looking to me like we were talking of money laundering on a massive scale sanctioned by the government for the profit of the government.  What we have is a law enforcement agencies or agencies that are becoming independent of the tax payers sole means of control. In other words they are free to set their own agendas.

A late entry: Report: Cronyism, political donations likely behind Obama, Holder failure to charge any bankers after 2008 financial meltdown

Agenda one appears to be harvesting the ill gotten profits of the drug dealers. Sound out of this world. Then follow the links below and make your own determination.

Another thought keeps crossing my mind. Just why do all the big politicos keep going to Wall Street for campaign contributions? Banks don’t invest money where there is not a profit to be made. Big Banks Don’t Commit Any Crimes … Do They?

A concise list of recent bank fraud

Big Banks Don’t Commit Any Crimes … Do They?

Here are some recent improprieties by the big banks:

  • Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
  • 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, here, here, here, here, here, here, here, here, here, here and here
  • Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
  • Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
  • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
  • Participating in various Ponzi schemes. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments

The executives of the big banks invariably pretend that the hanky-panky was only committed by a couple of low-level rogue employees. But studies show that most of the fraud is committed by management.

Indeed, one of the world’s top fraud experts – professor of law and economics, and former senior S&L regulator Bill Black – says that most financial fraud is “control fraud”, where the people who own the banks are the ones who implement systemic fraud. See this, this and this.

But at least the big banks do good things for society, like loaning money to Main Street, right?


  • The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this
This entry was posted in Corruption, Politics, Re-entry, The Journey, The Problem, Women and Children and tagged , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s