Fwd: [PEPIS] Ex Met Detective: Global Banks Now A Mafia Criminal Enterprise
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.
>Attorneys office in Manhattan, the U.S.
>Treasury Department, the Manhattan District
>Attorneys 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 dont give a damn
>if it is. The issue is very simple, if you want
>to play fast and loose with US regulations, then
>dont 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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