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Qtec
06-23-2012, 01:55 AM
Why are the networks not covering this?


The biggest ever bank fraud?


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> The "simple fraud" Waszmer described centered around public borrowing. Say your town wants to build a new elementary school. So it goes to Wall Street, which issues a bond in your town's name to raise $100 million, attracting cash from investors all over the globe. Once Wall Street raises all that money, it dumps it in a tax-exempt account, which your town then uses to pay builders, plumbers, the chalkboard company and whoever else winds up working on the project.

But here's the catch: Most towns, when they raise all that money, don't spend it all at once. Often it takes years to complete a construction project, and the last contractor isn't paid until long after the original bond is issued. While that unspent money is sitting in the town's account, local officials go looking for a financial company on Wall Street to invest it for them.

To do that, officials hire a middleman firm known as a broker to set up a public auction and invite banks to compete for the town's business. For the $100 million you borrowed on your elementary school bond, Bank A might offer you 5 percent interest. Bank B goes further and offers 5.25 percent. But Bank C, the winner of the auction, offers 5.5 percent.

In most cases, towns and cities, called issuers, are legally required to submit their bonds to a competitive auction of at least three banks, called providers. <span style='font-size: 14pt'>The scam Wall Street cooked up to beat this fair-market system was to devise phony auctions. </span>Instead of submitting competitive bids and letting the highest rate win, providers like Chase, Bank of America and GE secretly divvied up the business of all the different cities and towns that came to Wall Street to borrow money. One company would be allowed to "win" the bid on an elementary school, the second would be handed a hospital, the third a hockey rink, and so on.

<u>How did they rig the auctions? Simple: By bribing the auctioneers, those middlemen brokers hired to ensure the town got the best possible interest rate the market could offer.</u> Instead of holding honest auctions in which none of the parties knew the size of one another's bids, the broker would tell the pre*arranged "winner" what the other two bids were, allowing the bank to lower its offer and come in with an interest rate just high enough to "beat" its supposed competitors. This simple but effective cheat telling the winner what its rivals had bid was called giving them a "last look." The winning bank would then reward the broker by providing it with kickbacks disguised as "fees" for swap deals that the brokers weren't even involved in.

<span style='font-size: 14pt'>The end result of this (at least) decade-long conspiracy was that towns and cities systematically lost, while banks and brokers won big. By shaving tiny fractions of a percent off their winning bids, the banks pocketed fantastic sums over the life of these multimillion-dollar bond deals. Lowering a bid by just one-100th of a percent, called a basis point, could cheat a town out of tens of thousands of dollars it would otherwise have earned on its bond deposits.</span>

That doesn't sound like much. <u>But when added to the other fractions of a percent stolen from basically every other town in America on every other bond issued by Wall Street in the past 10 to 15 years, it starts to turn into an enormous sum of money.</u> In short, this was like the scam in Office Space, multiplied by a factor of about 10 gazillion: Banks stole pennies at a time from towns all over America, only they did it a few hundred bazillion times.

Read more: http://www.rollingstone.com/politics/new...0#ixzz1ybIQ9Zxu (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1ybIQ9Zxu)
</div></div>

And who was in on it?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The defendants in the case Dominick Carollo, Steven Goldberg and Peter Grimm worked for GE Capital, the finance arm of General Electric. Along with virtually every major bank and finance company on Wall Street not just GE, but<span style='font-size: 17pt'> J.P. Morgan Chase, Bank of America, UBS, Lehman Brothers, Bear Stearns, Wachovia and more </span> these three Wall Street wiseguys spent the past decade taking part in a breathtakingly broad scheme to skim billions of dollars from the coffers of cities and small towns across America.

Read more: http://www.rollingstone.com/politics/new...0#ixzz1ybJnrFOf (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1ybJnrFOf)
</div></div>

Q

LWW
06-23-2012, 02:37 AM
Why isn't it news?

GE Capital ran the scam and is a division of General Electric.

General Electric owns NBC, owned a large chunk of MSNBC at the time, And was partnered with COMCAST ... so they are in fact the largest voice in the Obamedia. This alone allowed them to keep the truth away from the moon bat crazy left ... however those who watch non party approved sources such as FOX have known about this for some time now.

Oh ... their CEO is Jeffrey Immelt who also happens to be a ember if the Obsma regime, and this type of news exposes the regime as the corrupt orcas that they are.

This is where you obediently erase all knowledge of the regime's involvement and blame Bush.

Any more use questions?

Class dismissed.

Gayle in MD
06-23-2012, 03:57 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> Why are the networks not covering this?


The biggest ever bank fraud?


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> The "simple fraud" Waszmer described centered around public borrowing. Say your town wants to build a new elementary school. So it goes to Wall Street, which issues a bond in your town's name to raise $100 million, attracting cash from investors all over the globe. Once Wall Street raises all that money, it dumps it in a tax-exempt account, which your town then uses to pay builders, plumbers, the chalkboard company and whoever else winds up working on the project.

But here's the catch: Most towns, when they raise all that money, don't spend it all at once. Often it takes years to complete a construction project, and the last contractor isn't paid until long after the original bond is issued. While that unspent money is sitting in the town's account, local officials go looking for a financial company on Wall Street to invest it for them.

To do that, officials hire a middleman firm known as a broker to set up a public auction and invite banks to compete for the town's business. For the $100 million you borrowed on your elementary school bond, Bank A might offer you 5 percent interest. Bank B goes further and offers 5.25 percent. But Bank C, the winner of the auction, offers 5.5 percent.

In most cases, towns and cities, called issuers, are legally required to submit their bonds to a competitive auction of at least three banks, called providers. <span style='font-size: 14pt'>The scam Wall Street cooked up to beat this fair-market system was to devise phony auctions. </span>Instead of submitting competitive bids and letting the highest rate win, providers like Chase, Bank of America and GE secretly divvied up the business of all the different cities and towns that came to Wall Street to borrow money. One company would be allowed to "win" the bid on an elementary school, the second would be handed a hospital, the third a hockey rink, and so on.

<u>How did they rig the auctions? Simple: By bribing the auctioneers, those middlemen brokers hired to ensure the town got the best possible interest rate the market could offer.</u> Instead of holding honest auctions in which none of the parties knew the size of one another's bids, the broker would tell the pre*arranged "winner" what the other two bids were, allowing the bank to lower its offer and come in with an interest rate just high enough to "beat" its supposed competitors. This simple but effective cheat telling the winner what its rivals had bid was called giving them a "last look." The winning bank would then reward the broker by providing it with kickbacks disguised as "fees" for swap deals that the brokers weren't even involved in.

<span style='font-size: 14pt'>The end result of this (at least) decade-long conspiracy was that towns and cities systematically lost, while banks and brokers won big. By shaving tiny fractions of a percent off their winning bids, the banks pocketed fantastic sums over the life of these multimillion-dollar bond deals. Lowering a bid by just one-100th of a percent, called a basis point, could cheat a town out of tens of thousands of dollars it would otherwise have earned on its bond deposits.</span>

That doesn't sound like much. <u>But when added to the other fractions of a percent stolen from basically every other town in America on every other bond issued by Wall Street in the past 10 to 15 years, it starts to turn into an enormous sum of money.</u> In short, this was like the scam in Office Space, multiplied by a factor of about 10 gazillion: Banks stole pennies at a time from towns all over America, only they did it a few hundred bazillion times.

Read more: http://www.rollingstone.com/politics/new...0#ixzz1ybIQ9Zxu (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1ybIQ9Zxu)
</div></div>

And who was in on it?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The defendants in the case Dominick Carollo, Steven Goldberg and Peter Grimm worked for GE Capital, the finance arm of General Electric. Along with virtually every major bank and finance company on Wall Street not just GE, but<span style='font-size: 17pt'> J.P. Morgan Chase, Bank of America, UBS, Lehman Brothers, Bear Stearns, Wachovia and more </span> these three Wall Street wiseguys spent the past decade taking part in a breathtakingly broad scheme to skim billions of dollars from the coffers of cities and small towns across America.

Read more: http://www.rollingstone.com/politics/new...0#ixzz1ybJnrFOf (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1ybJnrFOf)
</div></div>

Q </div></div>

How many years will it take to stop this high speed train of greed and corruption, resulting from the very philosophies, spoon fed to Repiglicans, by Repiglicans, and through their propaganda network, FUX NOISE.

Greed and corruption which not only went unchecked for eight years, but was promoted by the most destructive administration in American history, and by the two biggest liars and crooks to ever darken the White House, George Bush and Dick Cheney, divide and conquer, still the Repiglican motto!

G.

Soflasnapper
06-23-2012, 11:13 AM
General Electric owns NBC, owned a large chunk of MSNBC at the time, And was partnered with COMCAST ... so they are in fact the largest voice in the Obamedia. This alone allowed them to keep the truth away from the moon bat crazy left ... however those who watch non party approved sources such as FOX have known about this for some time now.

GE sold 51% controlling interest in NBC to Comcast a year or two back, so it no longer owns or controls NBC.

GE Capital was not the sole actor in the scam nor did they invent the practice.

NBC is not the only network out there (CBS and ABC and CNN and Fox News, etc.), nor did GE have anything to do with those other networks (their reach was to NBC, CNBC, MSNBC).

So, DID ANY OF THESE OTHERS, including FNC, really cover this? As a non-FNC viewer (except for 2 shows), I cannot say for sure.

You are very adamant they did. Without adducing any evidence for this so far. Do you have any?

Searching the FNC site for 'GE Capital trial' found mainly links to coverage of the Sandusky trial. On about page 8, there was a story link to a Fox Business story about this trial (but the link yielded a 'page not found' screen).

Apparently, Fox may have covered it on the least watched cable news channel that exists this side of CurrenTV, but not on their main flagship channel and/or website. So perhaps the vanishingly small audience of FB, or the still smaller number who visit that website may have seen it (it may not have actually run on FBC, and only been on the website, cannot tell).

Qtec
06-24-2012, 01:54 AM
I read a lot of blogs and I had never heard of this scam before stumbling onto Matt Tiabbi's excellent article..

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Over 10 years in the making, the case allowed federal prosecutors to make public for the first time the astonishing inner workings of the reigning American crime syndicate, which now operates not out of Little Italy and Las Vegas, but out of Wall Street.

Read more: http://www.rollingstone.com/politics/new...0#ixzz1yh1HMWI4 (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1yh1HMWI4)
</div></div>

<u>10 years!</u>

It must have been very hush-hush but now its out, its amazing to see the reaction of LWW.

The banks have been bribing public officials in order to steal money from every man, woman and child in the USA and LWW sees this as a partisan issue! /forums/images/%%GRAEMLIN_URL%%/crazy.gif

They settled for cash!
Yep, they got fined! These obvious crooks [ not the small fry that got thrown to the dogs ] walked away and carried on as if nothing happened.



I'm no lawyer but I'm sure they could be charged with at least 50 counts, including 'Conspiracy to defraud. Conspiracy to bribe public officials, etc etc.

Now the story is out, lets see what happens. My guess is nothing.

Q

Qtec
06-24-2012, 01:58 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> The banks achieved this gigantic rip-off by secretly colluding to rig the public bids on municipal bonds, a business worth $3.7 trillion. By conspiring to lower the interest rates that towns earn on these investments, <span style='font-size: 17pt'>the banks systematically stole from schools, hospitals, libraries and nursing homes from "virtually every state, district and territory in the United States,</span>" according to one settlement. <u>And they did it so cleverly that the victims never even knew they were being *cheated.
</u>
Read more: http://www.rollingstone.com/politics/new...0#ixzz1yhB8zPpo (http://www.rollingstone.com/politics/news/the-scam-wall-street-learned-from-the-mafia-20120620#ixzz1yhB8zPpo)
</div></div>

Q......got it? <span style='font-size: 20pt'>The banks are the New Mafia.</span>