A list of crimes by big banks

J.E.D

Gold Member
Jul 28, 2011
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Here are some recent improprieties by the big banks:

Laundering money for drug cartels. See this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis)
Laundering money for terrorists
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
Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts
Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)
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
Cheating homeowners by gaming laws meant to protect people from unfair foreclosure
Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
Engaging in insider trading of the most important financial information
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 “frontrunning” to manipulate markets. See this, this, this, this, this and this
Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
Otherwise manipulating markets. And see this
Participating in various Ponzi schemes. See this, this and this
Charging veterans unlawful mortgage fees
Cooking their books (and see this)
Bribing and bullying ratings agencies to inflate ratings on their risky investments

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. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)
The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this
A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies
The big banks are literally killing the economy … and waging war on the people of the world
And our democracy and republican form of government as well

Are Big Banks Criminal Enterprises? | The Big Picture
 
Here are some recent improprieties by the big banks:

Laundering money for drug cartels. See this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis)
Laundering money for terrorists
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
Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts
Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)
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
Cheating homeowners by gaming laws meant to protect people from unfair foreclosure
Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
Engaging in insider trading of the most important financial information
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 “frontrunning” to manipulate markets. See this, this, this, this, this and this
Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
Otherwise manipulating markets. And see this
Participating in various Ponzi schemes. See this, this and this
Charging veterans unlawful mortgage fees
Cooking their books (and see this)
Bribing and bullying ratings agencies to inflate ratings on their risky investments

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. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)
The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and this
A huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidies
The big banks are literally killing the economy … and waging war on the people of the world
And our democracy and republican form of government as well

Are Big Banks Criminal Enterprises? | The Big Picture

These banks are backed by the full faith credit of the political parties. They allow it because they profit from it.
 
Mitt:
Goldman Sachs $593,080
JPMorgan Chase & Co $467,089
Bank of America $425,100
Morgan Stanley $399,850
Credit Suisse Group $390,360
Citigroup Inc $312,800
Kirkland & Ellis $264,302
Wells Fargo $237,550
Barclays $234,650
PricewaterhouseCoopers $227,250
Deloitte LLP $222,250
HIG Capital $216,995
UBS AG $207,750
Blackstone Group $198,800
Bain Capital $156,500
Elliott Management $146,275
Marriott International $137,827
General Electric $135,450
Bain & Co $130,550
EMC Corp $129,450

Obama:
Microsoft Corp $387,395
University of California $330,258
DLA Piper $306,727
Google Inc $271,300
Sidley Austin LLP $257,296
Harvard University $232,158
Comcast Corp $201,606
Stanford University $188,290
Time Warner $183,614
Skadden, Arps et al $169,753
US Government $149,458
US Dept of State $147,917
Kaiser Permanente $139,507
National Amusements Inc $138,955
Morgan & Morgan $135,145
Columbia University $134,497
Wells Fargo $127,807
University of Chicago $127,507
Wilmerhale Llp $117,661
Kirkland & Ellis $113,770

Ron Paul:
US Army $113,703
US Navy $89,993
US Air Force $89,009
Google Inc $42,478
US Dept of Defense $38,350
Microsoft Corp $30,259
US Marine Corps $29,703
Boeing Co $27,367
IBM Corp $27,006
Lockheed Martin $22,000
Northrop Grumman $21,813
US Government $21,482
Intel Corp $21,445
Ragingwire Enterprise Solutions $20,000
Corriente Advisors $20,000
Oracle Corp $17,405
Verizon Communications $17,243
AT&T Inc $16,652
US Postal Service $16,203
FedEx Corp $16,115

What does that say?
 
Mitt:
Goldman Sachs $593,080
JPMorgan Chase & Co $467,089
Bank of America $425,100
Morgan Stanley $399,850
Credit Suisse Group $390,360
Citigroup Inc $312,800
Kirkland & Ellis $264,302
Wells Fargo $237,550
Barclays $234,650
PricewaterhouseCoopers $227,250
Deloitte LLP $222,250
HIG Capital $216,995
UBS AG $207,750
Blackstone Group $198,800
Bain Capital $156,500
Elliott Management $146,275
Marriott International $137,827
General Electric $135,450
Bain & Co $130,550
EMC Corp $129,450

Obama:
Microsoft Corp $387,395
University of California $330,258
DLA Piper $306,727
Google Inc $271,300
Sidley Austin LLP $257,296
Harvard University $232,158
Comcast Corp $201,606
Stanford University $188,290
Time Warner $183,614
Skadden, Arps et al $169,753
US Government $149,458
US Dept of State $147,917
Kaiser Permanente $139,507
National Amusements Inc $138,955
Morgan & Morgan $135,145
Columbia University $134,497
Wells Fargo $127,807
University of Chicago $127,507
Wilmerhale Llp $117,661
Kirkland & Ellis $113,770

Ron Paul:
US Army $113,703
US Navy $89,993
US Air Force $89,009
Google Inc $42,478
US Dept of Defense $38,350
Microsoft Corp $30,259
US Marine Corps $29,703
Boeing Co $27,367
IBM Corp $27,006
Lockheed Martin $22,000
Northrop Grumman $21,813
US Government $21,482
Intel Corp $21,445
Ragingwire Enterprise Solutions $20,000
Corriente Advisors $20,000
Oracle Corp $17,405
Verizon Communications $17,243
AT&T Inc $16,652
US Postal Service $16,203
FedEx Corp $16,115

What does that say?



both sides like money?
 
both sides like money?
And I posted three. Third one doesn't like money? Or... Perhaps the third isn't bought by the same people.

they all love money, u can accept it or not, i just prefer to accept it and when they say its not about the money, its about the money. lo and behold u are now caught up.
First... It's "you"

Second... Why not try to buy Ron Paul, and why in the world are those people who are trying to buy him doing it? I feel kind of silly having to lay it out there for you like that... But if it's needed...
 
Feds Sue Wells Fargo Over Mortgages...
:clap2:
US sues Wells Fargo over FHA-insured loan defaults
Oct 9, 2012 : Bank accused of knowingly making reckless loans
The federal government has sued Wells Fargo in a New York court, accusing the nation's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance. The lawsuit, filed Tuesday in federal court in Manhattan, seeks to recover "hundreds of millions of dollars" that the Federal Housing Administration paid out after borrowers defaulted on Wells Fargo mortgage loans.

The bank had applied for FHA insurance for the loans, meaning that if the loans went bad, the bank could ask the government to pay for costs associated with the defaulted mortgages. The lawsuit charges that Wells Fargo falsely certified that some loans were eligible for government insurance when they actually weren't. Specifically, the lawsuit alleges that between May 2001 and October 2005, Wells Fargo & Co. certified that over 100,000 mortgage loans were eligible for the insurance. But "a very substantial percentage" of those loans were not eligible, according to the lawsuit.

Wells Fargo denied the allegations and vowed a vigorous defense. Many of the issues raised by the lawsuit have already been addressed with the Department of Housing and Urban Development, it said in a statement Tuesday. The bank also noted that it has already disclosed the issues in its latest quarterly report. "Wells Fargo is proud of its long involvement in the FHA program, which has helped so many people obtain affordable mortgages and become homeowners," the bank said.

U.S. Attorney Preet Bharara, who announced the lawsuit along with HUD officials, sought to portray the bank as driven by quantity instead of quality. Bharara said that Wells Fargo rewarded employees based on the number of loans they approved, a practice he called "an accelerant to a fire already burning." This marks the fifth lawsuit that the government has brought against major lenders over mortgage practices. Wells Fargo, based in San Francisco, is the country's fourth-biggest bank by assets and its biggest mortgage lender. Shares fell 70 cents, or 2 percent, to finish at $35.10.

Source
 
Feds Sue Wells Fargo Over Mortgages...
:clap2:
US sues Wells Fargo over FHA-insured loan defaults
Oct 9, 2012 : Bank accused of knowingly making reckless loans
The federal government has sued Wells Fargo in a New York court, accusing the nation's largest mortgage lender of misrepresenting the quality of thousands of loans in order to be eligible for federal loan insurance. The lawsuit, filed Tuesday in federal court in Manhattan, seeks to recover "hundreds of millions of dollars" that the Federal Housing Administration paid out after borrowers defaulted on Wells Fargo mortgage loans.

The bank had applied for FHA insurance for the loans, meaning that if the loans went bad, the bank could ask the government to pay for costs associated with the defaulted mortgages. The lawsuit charges that Wells Fargo falsely certified that some loans were eligible for government insurance when they actually weren't. Specifically, the lawsuit alleges that between May 2001 and October 2005, Wells Fargo & Co. certified that over 100,000 mortgage loans were eligible for the insurance. But "a very substantial percentage" of those loans were not eligible, according to the lawsuit.

Wells Fargo denied the allegations and vowed a vigorous defense. Many of the issues raised by the lawsuit have already been addressed with the Department of Housing and Urban Development, it said in a statement Tuesday. The bank also noted that it has already disclosed the issues in its latest quarterly report. "Wells Fargo is proud of its long involvement in the FHA program, which has helped so many people obtain affordable mortgages and become homeowners," the bank said.

U.S. Attorney Preet Bharara, who announced the lawsuit along with HUD officials, sought to portray the bank as driven by quantity instead of quality. Bharara said that Wells Fargo rewarded employees based on the number of loans they approved, a practice he called "an accelerant to a fire already burning." This marks the fifth lawsuit that the government has brought against major lenders over mortgage practices. Wells Fargo, based in San Francisco, is the country's fourth-biggest bank by assets and its biggest mortgage lender. Shares fell 70 cents, or 2 percent, to finish at $35.10.

Source
That would explain why banks have been more apt to support Willard.
 
wow, there is money in banking --- who would have guessed...

The left just hates success in business...

...and don't give me that crap about expecting companies to not try to make money for their investors.

Our moron president has gone so far as implementing ways for the gov't to take over banking in the US at the next sign of trouble. That's what we need --- the least efficient, least effective, least successful means to run any business (as proven by EVERY business they have ever got involved in) -- taking over the engine that drive the money in our Country.

You think we are running off a fiscal cliff now? Wait until Obamama gets his hooks into the Banks (in addition to destroying health care).
 
Mitt:
Goldman Sachs $593,080
JPMorgan Chase & Co $467,089
Bank of America $425,100
Morgan Stanley $399,850
Credit Suisse Group $390,360
Citigroup Inc $312,800
Kirkland & Ellis $264,302
Wells Fargo $237,550
Barclays $234,650
PricewaterhouseCoopers $227,250
Deloitte LLP $222,250
HIG Capital $216,995
UBS AG $207,750
Blackstone Group $198,800
Bain Capital $156,500
Elliott Management $146,275
Marriott International $137,827
General Electric $135,450
Bain & Co $130,550
EMC Corp $129,450

Obama:
Microsoft Corp $387,395
University of California $330,258
DLA Piper $306,727
Google Inc $271,300
Sidley Austin LLP $257,296
Harvard University $232,158
Comcast Corp $201,606
Stanford University $188,290
Time Warner $183,614
Skadden, Arps et al $169,753
US Government $149,458
US Dept of State $147,917
Kaiser Permanente $139,507
National Amusements Inc $138,955
Morgan & Morgan $135,145
Columbia University $134,497
Wells Fargo $127,807
University of Chicago $127,507
Wilmerhale Llp $117,661
Kirkland & Ellis $113,770

Ron Paul:
US Army $113,703
US Navy $89,993
US Air Force $89,009
Google Inc $42,478
US Dept of Defense $38,350
Microsoft Corp $30,259
US Marine Corps $29,703
Boeing Co $27,367
IBM Corp $27,006
Lockheed Martin $22,000
Northrop Grumman $21,813
US Government $21,482
Intel Corp $21,445
Ragingwire Enterprise Solutions $20,000
Corriente Advisors $20,000
Oracle Corp $17,405
Verizon Communications $17,243
AT&T Inc $16,652
US Postal Service $16,203
FedEx Corp $16,115

What does that say?
That people and corporations are active in government?

Or are you the only one who should be allowed to advocate for your desires?
 
Mitt:
Goldman Sachs $593,080
JPMorgan Chase & Co $467,089
Bank of America $425,100
Morgan Stanley $399,850
Credit Suisse Group $390,360
Citigroup Inc $312,800
Kirkland & Ellis $264,302
Wells Fargo $237,550
Barclays $234,650
PricewaterhouseCoopers $227,250
Deloitte LLP $222,250
HIG Capital $216,995
UBS AG $207,750
Blackstone Group $198,800
Bain Capital $156,500
Elliott Management $146,275
Marriott International $137,827
General Electric $135,450
Bain & Co $130,550
EMC Corp $129,450

Obama:
Microsoft Corp $387,395
University of California $330,258
DLA Piper $306,727
Google Inc $271,300
Sidley Austin LLP $257,296
Harvard University $232,158
Comcast Corp $201,606
Stanford University $188,290
Time Warner $183,614
Skadden, Arps et al $169,753
US Government $149,458
US Dept of State $147,917
Kaiser Permanente $139,507
National Amusements Inc $138,955
Morgan & Morgan $135,145
Columbia University $134,497
Wells Fargo $127,807
University of Chicago $127,507
Wilmerhale Llp $117,661
Kirkland & Ellis $113,770

Ron Paul:
US Army $113,703
US Navy $89,993
US Air Force $89,009
Google Inc $42,478
US Dept of Defense $38,350
Microsoft Corp $30,259
US Marine Corps $29,703
Boeing Co $27,367
IBM Corp $27,006
Lockheed Martin $22,000
Northrop Grumman $21,813
US Government $21,482
Intel Corp $21,445
Ragingwire Enterprise Solutions $20,000
Corriente Advisors $20,000
Oracle Corp $17,405
Verizon Communications $17,243
AT&T Inc $16,652
US Postal Service $16,203
FedEx Corp $16,115

What does that say?
That people and corporations are active in government?

Or are you the only one who should be allowed to advocate for your desires?
*chuckles*

Talk about missing the point and then promoting the point you missed at the same time.
 

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