WELLS FARGO HAS LONG BEEN THE BANKSTERS TO THE MEXICAN DRUG CARTELS.
WELLS FARGO and BANK of AMERICA ARE BOTH GENEROUS DONORS TO THE MEXICAN FASCIST PARTY of LA RAZA "THE RACE".
HSBC lax in preventing money laundering by cartels, terrorists
NEW YORK (CNNMoney) -- Global banking giant HSBC failed to prevent billions of dollars worth of money transfers that Senate investigators believe were linked to drug cartels and terrorist groups, according to a report released Monday.
The Senate's Permanent Subcommittee on Investigations said London-based HSBC (HBC) failed to review thousands of suspicious transactions and properly vet clients over the past decade.
Among other issues, the report notes that in 2007 and 2008, HSBC's Mexico unit shipped $7 billion in cash to the bank's U.S. affiliate, a volume of shipments that law enforcement officials said could reach that size "only if they included illegal drug proceeds."
HSBC Mexico had a number of high-profile clients linked to drug trafficking, the report says, as well as "a huge backlog of accounts marked for closure due to suspicious activity, but whose closures were delayed."
The subcommittee also found that HSBC worked extensively with Saudi Arabia's Al Rajhi Bank, some owners of which have been linked to terrorism financing. Some evidence suggests Al Rajhi's "key founder" was "an early financial benefactor of al Qaeda," the report says.
HSBC's U.S. affiliate supplied Al Rajhi with nearly $1 billion worth of U.S. banknotes up to 2010, and also worked with two banks in Bangladesh that some evidence links to terrorism financing as well.
"From an oversight perspective, the failure of accountability here is dramatic," Sen. Carl Levin, chairman of the subcommittee, said Monday.
The Department of Justice is also investigating HSBC over the issue. A DOJ spokeswoman declined to comment, citing the ongoing probe.
The report comes ahead of a hearing by the Senate subcommittee Tuesday that will feature testimony from HSBC executives and government officials from the Treasury Department, the Department of Homeland Security and the Office of the Comptroller of the Currency.
The report also said HSBC's U.S. affiliate handled nearly 25,000 transactions involving Iran between 2001 and 2007, despite U.S. sanctions against the country. Other HSBC affiliates making transfers to the U.S. frequently stripped information from the transactions that linked them to Iran in order to evade scrutiny.
Some HSBC executives in the U.S. were aware of this practice as far back as 2001, the report says. An outside review commissioned by HSBC found nearly $20 billion worth of transactions between 2001 and 2007 that may have been subject to U.S. sanctions.
HSBC said in a statement ahead of the hearing that it "takes compliance with the law, wherever it operates, very seriously."
"We will acknowledge that, in the past, we have sometimes failed to meet the standards that regulators and customers expect," HSBC said. "We believe that this case history will provide important lessons for the whole industry in seeking to prevent illicit actors entering the global financial system."
The bank added that it has beefed up its compliance efforts over the past year, increasing its due diligence requirements for affiliates and devoting more resources to the issue.
The Senate subcommittee noted that HSBC was "fully cooperative" with the investigation, providing documents from around the world beyond what was legally required.
HSBC isn't the first large bank to face scrutiny over money laundering issues from U.S. regulators and law enforcement.
Last month, Dutch bank ING agreed to pay a $619 million penalty for moving billions of dollars through the U.S. financial system at the behest of Cuban and Iranian clients, acts that violated economic sanctions.
In 2010, the former Wachovia Bank paid $160 million to resolve allegations that it lacked robust anti-money laundering measures, allowing Mexican cartels to launder millions of dollars worth of drug proceeds. Wells Fargo (WFC,Fortune 500) bought Wachovia in 2008.
HSBC is also being investigated in connection with alleged manipulation of the London Interbank Offered Rate, or Libor.
Last month, British bank Barclays (BCS) reached a $453 million settlement on the issue with U.S. and U.K. regulators, and firms including Deutsche Bank (DB), Credit Suisse (CS), Citigroup (C,Fortune 500) and JPMorgan (JPM,Fortune 500) are also being investigated.
First Published: July 16, 2012: 6:05 PM ET
NO PRESIDENT IN HISTORY HAS TAKEN MORE LOOT FROM CRIMINAL BANKSTERS THAN BARACK OBAMA! WHILE HIS DOJ IS OUT HARASSING LEGALS ON BEHALF OF OBAMA’S LA RAZA PARTY BASE OF ILLEGALS, THE BANKSTER GO UNPUNISHED!
DURING OBAMA’S FIRST TWO YEARS ALONE, HIS CRIMINAL BANKSTERS’ PROFITS SOARED GREATER THAN ALL EIGHT UNDER BUSH!
BANKSTERS’ PROFITS AND CRIMES ARE SOARING… so are foreclosures!
OBAMA and HIS CRIMINAL BANKSTERS – THE LOOTING OF A NATION CONTINUES!
Records show that four out of Obama's top five contributors are employees of financial industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and Citigroup ($358,054).
Consider the Obama administration's choices for the four most important positions in financial sector law enforcement. The attorney general (Eric Holder) and the head of the Justice Department's criminal division (Lanny Breuer) both come to us from Covington & Burling, a law firm that represents and lobbies for most of the major banks and their industry associations; indeed Breuer was co-head of its white collar criminal defense practice, and represented the Moody's rating agency in the Enron case. Mary Schapiro, the head of the SEC, spent the housing bubble in charge of FINRA, the investment banking industry's "self-regulator," which gave her a $9 million severance for a job well done. And her head of enforcement, perhaps most stunningly of all, is Robert Khuzami, who was general counsel for Deutsche Bank's North American business during the entire bubble. So zero prosecutions isn't much of a surprise, really.
Banking Is a Criminal Industry Because Its Crimes Go Unpunished
Posted: 07/16/2012 8:23 am
Consider just thismonth's news in financial services.
First, Barclay's has been manipulating the Libor, the main interest rate upon which most other interest rates and financial transactions are based, since 2005. Moreover, Barclay's traders were colluding with traders in many other banks to assist them in manipulating the Libor too, so that they could all profit from their bets on it.
Second, JP Morgan Chase is having a really great month. Recent reports describe how it is resisting Federal subpoenas related to price-fixing in U.S. electricity markets. It is also accused (by former employees among others) of deliberately inflating the performance of its investment funds to obtain business. And finally, JP Morgan's failed "London whale" trade, which has now cost over $5 billion, is being investigated to determine whether the loss was initially concealed from regulators and the public.
Third, HSBC is paying a fine because it allowed hundreds of millions, perhaps billions, of dollars of money laundering by rogue states and sanctioned firms, including some related to terrorist activities and Iran's nuclear efforts. But HSBC is only one of at least 12 banks now known to have tolerated, and in some cases aggressively courted, money laundering by rogue states, terrorist organizations, corrupt dictators, and major drug cartels over the last decade. Others include Barclay's, Lloyds, Credit Suisse, and Wachovia (now part of Wells Fargo). Several of the banks created special handbooks on how to evade surveillance, created special business units to handle money laundering, and actively suppressed whistleblowers who warned of drug cartel activities.
Fourth, a new private lawsuit cites documents indicating that Morgan Stanley successfully pressured rating agencies into inflating the ratings of mortgage-backed securities it issued during the housing bubble.
Fifth, Visa and Mastercard have just agreed to pay $7 billion to settle a private antitrust case filed by thousands of merchants, who alleged that Visa and Mastercard colluded to fix fees and terms of service.
Just another month in financial services. Is it unusual? No, it's not. If we go back just a little further, we have UBS, HSBC, Julius Baer, and other banks actively marketing tax evasion services to wealthy U.S. and European citizens. We have senior executives of several banks (including JP Morgan Chase and UBS) strongly suspecting that Bernard Madoff was running a Ponzi scheme, but deciding to make money from him rather than turn him in. And then, of course, we have the financial crisis and everything that led to it. As I show in great detail in my book Predator Nation, we now possess overwhelming evidence of massive securities fraud, accounting fraud, perjury, and criminal Sarbanes-Oxley violations by mortgage lenders, investment banks, and credit insurers (including senior executives of Countrywide, Citigroup, Morgan Stanley, Goldman Sachs, Bear Stearns, AIG, and Lehman Brothers) during the housing bubble that caused the financial crisis. If we go back to the late 1990s, we have the massively fraudulent hyping of Internet stocks, and several banks (including Merrill Lynch and Citigroup) actively aiding Enron in committing its frauds.
So, July 2012 really isn't abnormal at all. The reason for this is very simple. Over the past two decades, the financial services industry has become a pervasively unethical and highly criminal industry, with massive fraud tolerated or even encouraged by senior management. But how did that happen?
Well, deregulation helped, of course. But something else was far more important. It is the one critical factor that unites all of the episodes cited above, including those of this month. This critical unifying factor is the total number of criminal prosecutions of major firms and senior executives as a result of all of these crimes combined.
And what is that number?
Zero.
Literally zero. A number that neither President Obama nor Mitt Romney shows the slightest interest in changing.
Consider the Obama administration's choices for the four most important positions in financial sector law enforcement. The attorney general (Eric Holder) and the head of the Justice Department's criminal division (Lanny Breuer) both come to us from Covington & Burling, a law firm that represents and lobbies for most of the major banks and their industry associations; indeed Breuer was co-head of its white collar criminal defense practice, and represented the Moody's rating agency in the Enron case. Mary Schapiro, the head of the SEC, spent the housing bubble in charge of FINRA, the investment banking industry's "self-regulator," which gave her a $9 million severance for a job well done. And her head of enforcement, perhaps most stunningly of all, is Robert Khuzami, who was general counselfor Deutsche Bank's North American business during the entire bubble. So zero prosecutions isn't much of a surprise, really.
In contrast, what do you think would happen to you if, as a lone individual, you were caught supporting Iran's nuclear program? Do you think that you would get off with a "deferred prosecution agreement" and a fine equal to a few percent of your annual salary? No?
But that's because you don't live right. You probably haven't been to the White House a dozen times since President Obama took office, or attended White House state dinners, like Lloyd Blankfein has. Nor have you probably overseen millions of dollars in lobbying and campaign donations, or hired senior administration officials, or sent your executives into the government in senior regulatory positions, or paid $135,000 for a speech by someone who later became chairman of the National Economic Council. And, well, you get the law enforcement that you pay for.
Charles Ferguson is the author of Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America.
WILL MEXICO
BANKRUPT AMERICA LIKE IT HAS MEXIFORNIA?
BOOK: Mexifornia: SHATTERING OF AN
AMERICAN DREAM (illegals call it their DREAM ACT)
Calif.
Hospitals Spend $1.25 Bil On Illegal Immigrants
July 05, 2011
While
the Obama Administration halts deportations to work on its secret amnesty plan, hospitals across the
U.S. are getting stuck with the exorbitant tab of medically treating illegal
immigrants and some are finally demanding compensation from the federal
government.The group that represents most of the nation’s hospitals and medical
providers recently urged President Obama to work with Congress to reimburse
them for the monstrous cost of treating illegal immigrants. Federal law
requires facilities to “treat and stabilize individuals” regardless of their
immigration status, but federal support for the services remains “virtually nonexistent,” according to a letter
submitted by the American Hospital Association to the president.This week
officials in California, the state with the largest concentration of illegal
immigrants, joined the call for federal compensation after revealing that
hospitals there spend about $1.25 billion annually to care for illegal
aliens. The figure skyrocketed from $1.05 billion in 2007, according to
California Hospital Association figures quoted in a local news report.The
problem will only get worst, according to officials, who say the $1.25 billion
for 2010 could actually be higher. They complain that federal law forces them
to treat patients in emergency rooms regardless of immigration status yet they
get stuck with the financial burden. This has forced many hospitals to curtail
services or close beds and could ultimately compromise healthcare.Nationwide,
U.S. taxpayers spend tens of billions of dollars annually to provide free
medical care for illegal immigrants with states that border Mexico taking the biggest
hit. Adding to the problem is the fact that Mexico, the country that provides
the largest amount of illegal immigrants in the U.S., has long promoted
America’s generous public health centers. It even operates a Spanish-language program (Ventanillas de Salud,
Health Windows) in about a dozen U.S. cities that refers its nationals—living
in the country illegally—to publicly funded health centers where they can get
free medical care without being turned over to immigration authorities.
Read more about illegal immigration
*
Most Illegal
Immigrant Families Collect Welfare
April 05, 2011
Surprise,
surprise; Census Bureau data reveals that most U.S. families headed by illegal
immigrants use taxpayer-funded welfare programs on behalf of their
American-born anchor babies.Even before the recession, immigrant households
with children used welfare programs at consistently higher rates than natives,
according to the extensive census data collected and analyzed by a
nonpartisanWashington D.C. group dedicated to researching legal and illegal
immigration in the U.S. The results, published this month in a lengthy report,
are hardly surprising.Basically, the majority of households across the country
benefitting from publicly-funded welfare programs are headed by immigrants,
both legal and illegal. States where immigrant households with children have
the highest welfare use rates are Arizona (62%), Texas, California and New York
with 61% each and Pennsylvania(59%).The study focused on eight major welfare
programs that cost the government $517 billion the year they were examined.
They include Supplemental Security Income (SSI) for the disabled, Temporary
Assistance to Needy Families (TANF), a nutritional program known as Women,
Infants and Children (WIC), food stamps, free/reduced school lunch, public
housing and health insurance for the poor (Medicaid).Food assistance and
Medicaid are the programs most commonly used by illegal immigrants, mainly on
behalf of their American-born children who get automatic citizenship. On the other
hand, legal immigrant households take advantage of every available welfare
program, according to the study, which attributes it to low education level and
resulting low income.The highest rate of welfare recipients come from the
Dominican Republic (82 %), Mexico and Guatemala (75%) and Ecuador (70%),
according to the report, which says welfare use tends to be high for both new
arrivals and established residents.
Read more about illegal immigration
*
CA
UNDER MEX OCCUPATION OPERATES $16 BILLION IN DEFICITS, WHILE PUTTING OUT $20
BILLION IN SOCIAL SERVICES TO ILLEGALS. THESE ARE STATE COSTS. ADD WHAT THE
COUNTIES ARE FORCED TO PAY OUT AND THEN THE AMOUNT PRIVATE HOSPITALS MUST PAY
FOR MEXICO’S “FREE” MEDICAL ($1.3 BILLION YEARLY!).
WILL
MEXICO BANKRUPT AMERICA? OR JUST TAKE ALL OUR JOBS?
*
LOS ANGELES ANCHOR BABY WELFARE PROGRAM:
THESE FIGURES ON WELFARE FOR ILLEGALS IN LOS ANGELES COUNTY ARE DATED. IT NOT EXCEEDS $600 MILLION PER YEAR!!! (source: Los Angeles County & JUDICIAL WATCH)
California
spending annually $22 billion to support illegals
Going To the Top!
By Susan Tully
I've been at the immigration reform and enforcement table for about 20 years. I've worked with activists during all those years. But last week, in Los Angeles, I had a first-time-ever experience at an activist brain storming session.
Gathered for an update on Stop AB131, the petition drive to gather signatures to force a ballot initiative as to whether the California taxpayers should fund college grants to illegal aliens, I asked the top activist leaders from Southern California how the signature drive was going.
They started updating me with the positive response from California residents who signed the petitions, but then admitted about 500,000 more signatures were still needed. When I said there was only a little more than three weeks to go to meet the January 5th deadline, suddenly their faces dropped at once, and the room went completely silent.
It was easy to read on each of their faces; the task was nearly impossible! Without big money to pay signature gatherers or a tsunami of petitions flooding in, the taxpayers of California will be forced to give grant money to illegal aliens for college, on top of the $22 billion they are spending annually in California to support the illegal alien population.
While all of our minds were racing and searching for suggestions as to how to accomplish this daunting task of gathering signatures, Lupe Moreno, long time Hispanic leader from Santa Ana, said "Can we have a prayer?" Everyone agreed to pray.
As the prayer went around the table, people expressed their sorrow for the lack of leadership in the State of California and in the nation to protect the interest of American citizens, and asked for divine guidance in helping them understand the harm their policies are inflicting on millions of innocent people in the state. In all the years I have worked on this issue, I had not witnessed the sort of sincere emotion that was expressed in that room.
(THE FASTEST GROWING POLITICAL PARTY IN AMERICA IS THE MEXICAN FASCIST PARTY of LA RAZA! AND WE ARE FORCED TO FUND IT!)
You see, the politicians in California are happy to give money the state doesn't have to illegal aliens to attend college, while they cut the budgets and slash programs for public safety, right and left. The American citizen's interests and safety are simply collateral damage for seeking and appealing to the illegal alien lobby.
These activists in California have already learned what the rest of the nation is about to learn. We the people. . . are the only ones looking out for the best interest of American citizens. With few exceptions, we have no national leadership on the issue of stopping the illegal migration flow into our nation.
American citizenship or the benefits thereof have become a commodity for politicians to pander and barter away. They will grant de facto citizenship through sanctuary policies, in-state tuition, non-compliance with Secure Communities, grants for college, etc., etc., etc. President Obama and most the Republican presidential hopefuls are peddling various versions of amnesty proposals if they are elected next year.
What do these politicians want in return? They are hoping to leverage enough votes in key states to put them over the top in 2012, no matter what it costs the American people. This is futures betting: The politicians are gambling the nation's future in hopes of winning the next election.
So while the state can't afford to pay its bills or provide decent services to citizens, these California activists watch their elected leaders lavish still more benefits for people who don't have a legal right to be in the country. And while their child might have to pay out-of-state tuition to go to college in another state, thousands of illegal aliens are going to college at in-state tuition rates in California that they are subsidizing.
In addition they know that millions of other illegal alien parents are receiving food stamps, Medicaid, housing assistance and dozens of other state and local benefits for their American-born children, while they have to decide which bills will be paid this month and which will have to wait.
It's not hard to understand why the activist of California need all the help they can get. Please go to www.stopAB131.com and lend a hand to our friends and family and the people of California to do what needs to be done for the good of our children first.
Going To the Top!
By Susan Tully
I've been at the immigration reform and enforcement table for about 20 years. I've worked with activists during all those years. But last week, in Los Angeles, I had a first-time-ever experience at an activist brain storming session.
Gathered for an update on Stop AB131, the petition drive to gather signatures to force a ballot initiative as to whether the California taxpayers should fund college grants to illegal aliens, I asked the top activist leaders from Southern California how the signature drive was going.
They started updating me with the positive response from California residents who signed the petitions, but then admitted about 500,000 more signatures were still needed. When I said there was only a little more than three weeks to go to meet the January 5th deadline, suddenly their faces dropped at once, and the room went completely silent.
It was easy to read on each of their faces; the task was nearly impossible! Without big money to pay signature gatherers or a tsunami of petitions flooding in, the taxpayers of California will be forced to give grant money to illegal aliens for college, on top of the $22 billion they are spending annually in California to support the illegal alien population.
While all of our minds were racing and searching for suggestions as to how to accomplish this daunting task of gathering signatures, Lupe Moreno, long time Hispanic leader from Santa Ana, said "Can we have a prayer?" Everyone agreed to pray.
As the prayer went around the table, people expressed their sorrow for the lack of leadership in the State of California and in the nation to protect the interest of American citizens, and asked for divine guidance in helping them understand the harm their policies are inflicting on millions of innocent people in the state. In all the years I have worked on this issue, I had not witnessed the sort of sincere emotion that was expressed in that room.
(THE FASTEST GROWING POLITICAL PARTY IN AMERICA IS THE MEXICAN FASCIST PARTY of LA RAZA! AND WE ARE FORCED TO FUND IT!)
You see, the politicians in California are happy to give money the state doesn't have to illegal aliens to attend college, while they cut the budgets and slash programs for public safety, right and left. The American citizen's interests and safety are simply collateral damage for seeking and appealing to the illegal alien lobby.
These activists in California have already learned what the rest of the nation is about to learn. We the people. . . are the only ones looking out for the best interest of American citizens. With few exceptions, we have no national leadership on the issue of stopping the illegal migration flow into our nation.
American citizenship or the benefits thereof have become a commodity for politicians to pander and barter away. They will grant de facto citizenship through sanctuary policies, in-state tuition, non-compliance with Secure Communities, grants for college, etc., etc., etc. President Obama and most the Republican presidential hopefuls are peddling various versions of amnesty proposals if they are elected next year.
What do these politicians want in return? They are hoping to leverage enough votes in key states to put them over the top in 2012, no matter what it costs the American people. This is futures betting: The politicians are gambling the nation's future in hopes of winning the next election.
So while the state can't afford to pay its bills or provide decent services to citizens, these California activists watch their elected leaders lavish still more benefits for people who don't have a legal right to be in the country. And while their child might have to pay out-of-state tuition to go to college in another state, thousands of illegal aliens are going to college at in-state tuition rates in California that they are subsidizing.
In addition they know that millions of other illegal alien parents are receiving food stamps, Medicaid, housing assistance and dozens of other state and local benefits for their American-born children, while they have to decide which bills will be paid this month and which will have to wait.
It's not hard to understand why the activist of California need all the help they can get. Please go to www.stopAB131.com and lend a hand to our friends and family and the people of California to do what needs to be done for the good of our children first.
*
LA RAZA DEMS BUILD THE "DREAM ACT" LIFE FOR LA RAZA OFF THE AMERICANS BACK! NOT ONE AMERICAN VOTED FOR ONE DREAM ACT HANDOUT!
http://mexicanoccupation.blogspot.com/2012/01/mexifornia-la-raza-supremacy-legals.html
THE
OBAMA CATCH, RELEASE AND REGISTER (ILLEGALS) TO VOTE PROGRAM:
ARTICLE
8 Out of 10 Illegals Apprehended in 2010 Never Prosecuted
http://www.alipac.us/article-6162-thread-1-0.html
8 Out of 10 Illegals Apprehended in 2010 Never Prosecuted
http://www.alipac.us/article-6162-thread-1-0.html
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