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Tuesday, July 3, 2012

Bankers constantly lying, defrauding; most still not in jail -

The LIBOR scandal involving Barclay’s bank of England proves once again that there are no markets anywhere in the world, just fraud at the highest levels of Finance, Politics, and Media. The fact that the media dubs such outright fraud and criminal acts as ‘Scandal’ not illegal activity shows the media’s complicity in these scandals that keep coming ‘Fast and Furious’, especially since 2008. Yet all the perpetrators get is a golden handshake worth millions, and even billions, instead of capital punishment for destroying capitalism and defrauding millions of people worldwide out of billions of their hard earned money. The fact that Barclay’s has been fined 500 million dollars for their role in the LIBOR (London Interbank Offered Rate) setting fraud proves that this organization is guilty of illegal activity on a scale that most of us cannot even comprehend. And it is not some low level bank teller that would have had the authority to commit such fraud as to set the LIBOR rates. The authorization for such a fix could only have come from the very highest levels of not just Barclay’s but the Bank of England itself and even from the highest levels of government. If a bank teller steals $1000 from the bank, the police are immediately called in, criminal charges are laid and the guilty person goes to prison. Fraud on the part of Barclay’s has been proven, and the allegations of involvement on the part of other institutions in this criminal activity are growing! It is logical that other banks are involved since this activity involves more than one institution. So where are the indictments of the executives of Barclay’s? As in the case of MF Global, fraud by well-connected executives like Jon Corzine, do not even result in a slap on the wrist, let alone criminal charges!

What cases like the Barclay’s LIBOR case, the MF Global case, and the Fast and Furious case involving Attorney General Eric Holder prove beyond doubt is that there is a cabal of high placed executives, politicians and media personalities that bend and break laws that they themselves make, that rob and defraud with impunity, that are literally above the law! So for whose benefit does this elite cabal engage in such criminal activity, their own or that of the masses? The answer to that question should be obvious to all who would consider themselves to be a part of the masses, and not the elite. The problem that now confronts us is that as the System itself unravels, more and more such fraudulent activity will come to light. Though a banker or two or a politician or two may be made sacrificial lambs to promote the idea of justice being done, the fact is that the more the collapse develops, the more of us will be the ones that will be sacrificed. Whole nations, like Greece are now on the sacrificial altar and do not expect the elites to suddenly become your friends; they have never been the friends of the masses, and their contempt for the masses will not be hidden beneath their veneer of philanthropy much longer. Rather than go into detail about the LIBOR and other fraud that is commonplace among the elite, I have included a clip here from Max Kesier’s Keiser Report # 309 that more than adequately explains the fraud and downright criminality of highly placed bankers, politicians and media personalities.  

Has there ever been a better time to be a disastrously inept banker? Well, probably — over the course of human civilization it’s almost always been a pretty good time to be a banker — but today’s finance titans seem uniquely immune to punishment of any sort
Remember how JPMorgan Chase accidentally lost $2 billion in a “hedge”-slash-huge stupid bet placed by a guy in the Chief Investment Office? Funny story, it will actually end up being closer to $6 billion, or maybe like $9 billion — who can be sure, math is pretty complicated, it’s all imaginary money anyway — as the bank attempts to extricate itself from the insanely complex losing trade made by the office that is supposed to manage the bank’s risk.
Bankers constantly lying, defrauding; most still not in jailFunnier story: Remember when Mr. Jamie Dimon, the head of JPMorgan Chase and the World’s Sagest Banker, was asked to sit before the Senate Banking Committee and be repeatedly complimented and praised? And remember how he kept mentioning “claw-backs,” the weird bank term for taking bonuses away from people who screw up? Turns out Ina Drew, the former head of the Chief Investment Office — the one who lost somewhere between more money than you’ll ever see in your entire life and more money than God has ever seen in His entire life — will not have any of her money clawed back.
Here’s Felix Salmon explaining how the job creators of high finance successfully created one really good job in this particular instance:
Drew wasn’t fired; she was allowed to resign. As a result, she gets to keep, for herself, a whopping great slew of unvested stock and options. Understand: the whole point of vesting is as a retention device. You hand out stock which doesn’t vest for four or five years, as a way of ensuring that the employee in question hangs around for that long: they know that if they leave prior to the vesting date, that element of their compensation is worthless.
Unless, it seems, you work for JPMorgan: Drew had $17.1 million in unvested restricted shares and about $4.4 million in options, and all of them seem to have vested as of May 14, when she resigned. They were meant to incentivize her to work hard; instead, they have turned into a lovely farewell gift from the bank.
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This is the most important rule of finance: It reall

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