Fwd: [PEPIS] Ex Met Detective: Global Banks Now A Mafia Criminal Enterprise

Tony Gosling tony at cultureshop.org.uk
Fri Jul 4 00:03:56 BST 2014

>Banks Have Become An Enterprise Criminal Mafia
>In August 2012, I wrote a response to a British 
>Parliamentary Commission public request for 
>evidence concerning the state of the British 
>Banking Industry. In that document I made the following assertions;
The British banking sector has become an 
>organised criminal enterprise which has been 
>allowed to develop because of the criminogenic 
>environment in which it functions, which has 
>resulted from the absence of any meaningful 
>regulation which those who control and manage the banks would fear.
>In this organised criminal category I include 
>the various mis-selling cases, including 
>pensions, PPI Insurance and interest rate swap 
>derivatives; the criminal manipulation by 
>Barclays and other banks of the LIBOR interest 
>rate structures; the institutionalised level of 
>money laundering as identified in the HSBC case; 
>the serial abuse of the US sanctions provisions 
>as indicated in the Standard Chartered Bank 
>case; as well as many other examples of criminal 
>actions such as theft of client funds, teeming 
>and lading, abuse of client instructions, 
>insider dealing, front running, churning, and 
>market manipulation which have become the 
>subject of international regulatory interventions
>I supported my assertions with three examples of 
>internationally-accepted definitions of organised crime.
>Perhaps not surprisingly, the Parliamentary 
>Commission conveniently ‘lost’ my submission, 
>and subsequently claimed they had not received 
>any evidence from me. Later, when it was 
>miraculously discovered to have been in their 
>possession all the time, they told me that large 
>parts of the report would need to be redacted, 
>because it contained ‘evidence which the banks would not like’.
>I now realise that I was wrong about one element 
>of my reporting. It is not just the British 
>banking industry which has become an enterprise 
>criminal mafia, the definition extends to a 
>considerable number of global banks as well. 
>Today we learn of the settlement raised against 
>Banque Paribas (BNP Paribas SA, BNPP.PA) for 
>their part in overtly abusing US laws and 
>sanctions requirements. The French bank is 
>likely to pay $8 billion to $9 billion as part 
>of a potential settlement with U.S. authorities 
>over violations of sanctions, according to reports familiar with the matter.
>U.S. authorities are probing whether BNP Paribas 
>evaded U.S. sanctions relating primarily to 
>Sudan between 2002 and 2009, and whether it 
>stripped out identifying information from wire 
>transfers so they could pass through the U.S. 
>financial system without raising red flags, 
>sources have said. The investigation has turned 
>up more than $100 billion in books and records 
>violations transactions involving Sudan, Iran 
>and Cuba, one source said on Sunday.
>The probes are being conducted by authorities 
>including the U.S. Justice Department, the U.S. 
>Attorney’s office in Manhattan, the U.S. 
>Treasury Department, the Manhattan District 
>Attorney’s office, and the New York Department of Financial Services.
>Predictably, foreign politicians and industry 
>apologists are whining and bleating about the 
>actions of the US authorities, asserting that 
>this is all part of some concerted US attack on 
>European banking interests. Speaking for myself, 
>I rather doubt it, but I also don’t give a damn 
>if it is. The issue is very simple, if you want 
>to play fast and loose with US regulations, then 
>don’t whinge if the US regulators capture you.
>This episode neatly identifies the state that 
>the global banking industry has reached, in 
>terms of its criminogenic potential and its 
>overt criminal behaviour. What these banks are 
>doing is committing large-scale criminal acts on 
>a grand scale. They are doing this because they 
>think that no-one will do anything to stop them, 
>and it has become a conscious decision to break 
>the law in pursuit of criminal profits. The sums 
>of money placed at risk from the actions of 
>these organised criminals beggars belief. In the 
>UK alone, the history of recent banking crime 
>makes for very unhappy reading indeed.
>In the 1980s the financial industry sold around 
>8.5m endowment insurance policies for repaying 
>mortgage loans. These were not suitable for all 
>borrowers. Banking staff received commission for 
>selling the policies. The risks were often not 
>explained to the borrowers. Banks made profits 
>but eight out of 10 policies failed to pay the 
>promised returns and did not even provide the 
>amounts needed to redeem the mortgages. A 2000 
>UK Government report estimated that 60% of 
>borrowers had been the victims of mis-selling, 
>which is merely another word for downright 
>criminal fraud, and were facing a shortfall of around £40bn.
>This was followed by the pensions fraud scandal 
>where people were encouraged to abandon good 
>employer-based pension schemes and join a 
>private one instead. The £13.5bn scandal 
>affected some 1.4 million people. The late 1990s 
>saw the precipice bonds scandal. Some 250,000 
>retired people were lured to invest £5bn in 
>investments misleadingly described as low risk. 
>Thousands of investors lost 80% of their savings.
>The 21st century did not provide any respite 
>from financial scandals. Payment protection 
>insurance (PPI)is still being played out; some 3 
>million people were sold expensive and 
>unnecessary insurance and are likely to be paid 
>up to £40bn in compensation. More recently we 
>have had the Libor problems and small-company 
>loan scandal. In between the above, banks 
>engaged in organised and aggressive tax 
>avoidance, tax fraud, money laundering, and now 
>we have the news of the Barclays Dark Pool 
>frauds, just to mention a few of their misdeeds.
>If this kind of criminal activity and its 
>concomitant profitability were being carried on 
>by any other agency or group of individuals, 
>anywhere in the world, Governments and law 
>enforcement agencies would have been 
>coordinating their efforts to direct their 
>organised crime strike forces to take down the 
>criminals involved. But because the players in 
>this criminal game are bankers, then for some 
>bizarre reason, Governments and law enforcement 
>take their hands off the controls.
>At the moment, the US authorities are making 
>examples of foreign banks who abuse their 
>systems and controls, but they have also 
>penalised their own banking entities. I predict 
>it will not be too long before the US 
>authorities start to demand the extradition of 
>key foreign players to stand trial for their 
>part in these banking crimes. Locking up some 
>bankers who have profited too easily from these 
>crimes, is a long-overdue outcome. The air will 
>be a whole lot sweeter when the US courts start 
>handing out some lengthy sentences for this level of organised banking crime!

+44 (0)7786 952037
Twitter: @TonyGosling http://twitter.com/tonygosling
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"Capitalism is institutionalised bribery."


"The maintenance of secrets acts like a psychic 
poison which alienates the possessor from the community" Carl Jung

Fear not therefore: for there is nothing covered 
that shall not be revealed; and nothing hid that 
shall not be made known. What I tell you in 
darkness, that speak ye in the light and what ye 
hear in the ear, that preach ye upon the housetops. Matthew 10:26-27

Die Pride and Envie; Flesh, take the poor's advice.
Covetousnesse be gon: Come, Truth and Love arise.
Patience take the Crown; throw Anger out of dores:
Cast out Hypocrisie and Lust, which follows whores:
Then England sit in rest; Thy sorrows will have end;
Thy Sons will live in peace, and each will be a friend.
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