corporate rogues fingered

[james armstrong]

Banks are being sued for  $60billion (D Tel  today) see below
The Tel has not realised the significance of this .

The UK Gross national product is  £1,500 billion

The banks bail out cost one eighth of this amount at £124billion,  (D Tel today) 

If those banks can handle repaying the amount they are being sued for, they , together with the largest firms in the  FT 100  
list, can  pay off the bail out amount  between them with ease.

Why should they pay?
1 Because they can.
2 Its either them or us
3 It was corporations not indivuduals who were bailed out and cor[porations legally responsible for the  crisis.
4 The clincher- corporations are derivative of the nation's goodwill.  (people are not derivatives)  
   When Bank of England was incorporated in 1694 it was given a charter for 12 years. (and renewed later)
We humans have been conned into forgetting to make all corporations' charters renewable.  Until now.
To-day, call in their charters and  renew them for a small fee - divide the  £104billion by the 2 million UK registered companies
in proportion to their capitalisation/ turnover/profits.  Job done.
5  Precedent? Cast iron and three hundred years old.  The Bank of England no less was chartered only for twelve years.  Issuing  charters     
 for each company is so obviously necessary  we are being delibetately blind if we dont do it.
6 And legally we can do it.
7 Oh yes- the final argument why they should pay- They are crooks - just about every large company and brand you can think of  has got a fine from one of the regulatory agencies of eye watering size for fraud, lying, cartels,--- you name it.
I have the list from only FSA, OFT , Sec and Exch Commission in US and Fed High Court only and they are all there.
Read on-

How do we take this forward when the  press wont touch it since the same fraudsters pay to advertise in their columns?
and the BBC are too thick?  





Federal Housing Finance Agency Suing Top
Banks Over Mortgage-Backed Securities for $60 billion

The Federal Housing Finance Agency filed suit
today against 17 of the world's largest financial firms, seeking to recover
losses suffered by Fannie Mae and Freddie Mac on private-label mortgage-backed
securities.The suits, filed in New York federal or state court or federal court
in Connecticut, target firms including Bank of America Corp., Citigroup, Inc.,
Deutsche Bank AG, Goldman Sachs & Co., JPMorgan Chase & Co., Merrill
Lynch & Co. and Morgan Stanley, as well as their officers and lead
underwriters.

The federal housing agency serves as
conservator for Fannie Mae and Freddie Mac, and is is charged with preserving
the companies’ assets on behalf of taxpayers.

Represented by lawyers from Quinn Emanuel
Urquhart & Sullivan and Kasowitz, Benson, Torres & Friedman, the agency
is seeking damages and civil penalties under the Securities Act of 1933, as
well compensatory damages for negligent misrepresentation. Some of the
complaints also allege state securities law violations or common law fraud. 

“The complaints filed today reflect FHFA’s
conclusion that some portion of the losses that Fannie Mae and Freddie Mac
incurred on private-label mortgage-backed securities (PLS) are attributable to
misrepresentations and other improper actions by the firms and individuals
named in these filings,” according to the agency’s
press release, issued late Friday afternoon.

In the complaint
against Bank of America, for example, the agency alleges that “Between
September 30, 2005 and November 5, 2007, Fannie Mae and Freddie Mac purchased
over $6 billion in residential mortgage-backed securities...Significant
percentages of the underlying mortgage loans were not originated in accordance
with the represented underwriting standards and origination practices and had
materially poorer credit quality than what was represented in the Registration
Statements.”

Goldman
Sachs allegedly sold Fannie and Freddie over $11.1 billion in residential
mortgage-backed securities, also “not originated in accordance with the
represented underwriting standards and origination practices.”

Royal Bank of Scotland is alleged to have sold more than $30.4 billion in
faulty mortgage-backed securities, while Merrill Lynch is blamed for about $25
billion and Deutsche Bank for $14.2 billion. 

The companies being sued  (13 Sept 2011) are: 

Ally
     Financial Inc. f/k/a GMAC, LLC Bank
     of America Corporation Barclays
     Bank PLC Citigroup,
     Inc. Countrywide
     Financial Corporation Credit
     Suisse Holdings (USA), Inc. Deutsche
     Bank AG First
     Horizon National Corporation General
     Electric Company Goldman
     Sachs & Co. HSBC
     North America Holdings, Inc. JPMorgan
     Chase & Co. Merrill
     Lynch & Co. / First Franklin Financial Corp. Morgan
     Stanley Nomura
     Holding America Inc. The
     Royal Bank of Scotland Group PLC Société
     Générale 


  
 		 	   		  
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