BARACK OBAMA'S BANKSTER RENT BOY ERIC HOLDER, A GAMER LAWYER FOR BANKSTERS
“Attorney General Eric Holder's tenure was a low point even within the disgraceful scandal-ridden Obama years.” DANIEL GREENFIELD / FRONTPAGE MAG
Holder has returned to Covington & Burling, a corporate law firm known for serving Wall Street clients in 2015. He had worked at Covington from 2001 until he was sworn in as attorney general in Feburary 2009. Covington literally kept an office empty for him, awaiting his return.
Jennifer Shasky, the AFMLS chief who requested the prosecution of HSBC but was overruled, recently resigned as the head of the Financial Crimes Enforcement Network to become a senior compliance officer with HSBC.
GLOBAL BANKSTER CRIME TIDAL WAVE
Chinese Intermediaries Launder Cartels' Drug Proceeds in the United States - From the U.S. to China to the cartels
https://mexicanoccupation.blogspot.com/2020/12/chinese-launder-drug-cartel-money-sen.html
“The other banks on the top 10 list are JPMorgan Chase (whose CEO Jamie Dimon was once known as Obama's "favorite banker"), New York Mellon, Standard Chartered, Barclays, HSBC, Bank of China, Bank of America, Wells Fargo and Citibank.”
BANKSTERS: GLOBAL PARASITES
the criminal bank HSBC - CHINESE BANKSTERS TO THE WORLD'S BIGGEST CRIMINALS INCLUDING THE MEXICAN DRUG CARTELS.
Banksters: The Untouchable Bank (Global Finance Scandal Documentary) | Real Stories
https://www.youtube.com/watch?v=8JVHotswhIk
JUDICIAL WATCH’S TEN MOST CORRUPT LIST
President Barack Obama: During his presidential campaign, President Obama promised to run an ethical and transparent administration. However, in his first year in office, the President has delivered corruption and secrecy, bringing Chicago-style political corruption to the White House. JUDICIAL WATCH
“Attorney General Eric Holder's tenure was a low point even within the disgraceful scandal-ridden Obama years.” DANIEL GREENFIELD / FRONTPAGE MAG
During his presidency, Obama bragged that his administration was “the only thing between [Wall Street] and the pitchforks.”
In fact, Obama handed the robber barons and outright criminals responsible for the 2008–09 financial crisis a multi-trillion-dollar bailout. His administration oversaw the largest redistribution of wealth in history from the bottom to the top one percent, spearheading the attack on the living standards of teachers and autoworkers.
The Republican staff of the US House Committee on Financial Services released a report Monday presenting its findings on why the Obama Justice Department and then-Attorney General Eric Holder chose not to prosecute the British-based HSBC bank for laundering billions of dollars for Mexican and Colombian drug cartels.
GLOBAL BANKSTER CRIME TIDAL WAVE
Chinese Intermediaries Launder Cartels' Drug Proceeds in the United States - From the U.S. to China to the cartels
https://mexicanoccupation.blogspot.com/2020/12/chinese-launder-drug-cartel-money-sen.html
“The other banks on the top 10 list are JPMorgan Chase (whose CEO Jamie Dimon was once known as Obama's "favorite banker"), New York Mellon, Standard Chartered, Barclays, HSBC, Bank of China, Bank of America, Wells Fargo and Citibank.”
HSBC Snaps up Collapsed Silicon Valley Bank UK as World Races to Stem Fallout
Steps to prevent a global banking crisis after the historic demise of Silicon Valley Bank (SVB) continued Monday, with governments in the UK, France, and Israel joining the U.S. to reassure institutions exposed to the fallout.
AP reports the UK Treasury and the Bank of England announced they had facilitated the sale of Silicon Valley Bank UK to HSBC, Europe’s biggest bank, thus ensuring the security of 6.7 billion pounds ($8.1 billion) of deposits.
A nominal £1 ($1.2) was paid for the acquisition.
British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank. Its implosion was the second-largest bank failure in history, as Breitbart News reported, and the largest failure of a bank since the 2008 financial crisis.
The UK Chancellor, Jeremy Hunt, said the deal has protected all customer deposits without involving taxpayer cash:
Regulators also announced late Sunday that New York-based Signature Bank had failed and was being seized. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.
lso Sunday, another beleaguered bank, First Republic Bank, announced it had bolstered its financial health by gaining access to funding from the Fed and JPMorgan Chase.
CONTAGION: Customers Wait Outside First Republic Bank to Withdraw Money After SVB Collapse:
Credit: @Dr_PhillipB via Spectee /TMX
In an effort to shore up wider confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said all Silicon Valley Bank clients would be protected and able to access their money, the AP report set out. Steps intended to protect the bank’s customers and prevent additional bank runs are also in the pipeline.
“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement as U.S. President Joe Biden called for calm.
Under the plan, depositors at SVB and Signature Bank, including those whose holdings exceed the $250,000 insurance limit, will be able to access their money on Monday.
Israel Prime Minister Benjamin Netanyahu said his government would assess the effect of SVB’s collapse on Israeli companies and determine whether or not to assist them.
Israel is home to a vibrant high-tech industry, and local media said hundreds of local firms could be exposed to the financial contagion.
The twin bankruptcies of SVB and Signature do not pose a danger to French financial institutions, Finance Minister Bruno Le Maire reassured investors Monday.
“I don’t see any risk of contagion, so there’s no special warning” to issue to local lenders, Le Maire told broadcaster FranceInfo.
France’s banks and financial system were “solid” with “a high liquidity ratio” to withstand shocks, added Le Maire.
ERIC HOLDER’S LONGTIME EXCUSE FOR NOT PROSECUTING BANKS JUST CRASHED AND BURNED
New evidence supports critique that Holder, for a combination of political, self-serving, and craven reasons, held his department back from prosecuting big banks.
July 12 2016, 8:05 a.m.
ERIC HOLDER HAS long insisted that he tried really hard when he was attorney general to make criminal cases against big banks in the wake of the 2007 financial crisis. His excuse, which he made again just last month, was that Justice Department prosecutors didn’t have enough evidence to bring charges.
Many critics have long suspected that was bullshit, and that Holder, for a combination of political, self-serving, and craven reasons, held his department back.
A new, thoroughly-documented report from the House Financial Services Committee supports that theory. It recounts how career prosecutors in 2012 wanted to criminally charge the global bank HSBC for facilitating money laundering for Mexican drug lords and terrorist groups. But Holder said no.
When asked on June 8 why his Justice Department did not equally apply the criminal laws to financial institutions in the wake of the 2008 economic crisis, Holder told the platform drafting panel of the Democratic National Committee that it was laboring under a “misperception.”
He told the panel: “The question you need to ask yourself is, if we could have made those cases, do you think we would not have? Do you think that these very aggressive U.S. attorneys I was proud to serve with would have not brought these cases if they had the ability?”
The report — the result of a three-year investigation — shows that aggressive attorneys did want to prosecute HSBC, but Holder overruled them.
In September 2012, the Justice Department’s Asset Forfeiture and Money Laundering Section (AFMLS) formally recommended that HSBC be prosecuted for its numerous financial crimes.
The history: From 2006 to 2010, HSBC failed to monitor billions of dollars of U.S. dollar purchases with drug trafficking proceeds in Mexico. It also conducted business going back to the mid-1990s on behalf of customers in Cuba, Iran, Libya, Sudan, and Burma, while they were under sanctions. Such transactions were banned by U.S. law.
Newly public internal Treasury Department records show that AFMLS Chief Jennifer Shasky wanted to seek a guilty plea for violations of the Bank Secrecy Act. “DoJ is mulling over the ramifications that could flow from such an approach and plans to finalize its decision this week,” reads an email from September 4, 2012, to senior Treasury officials. On September 7, Treasury official Dennis Wood describes the AFMLS decision as an “internal recommendation to ask the bank [to] plead guilty.” It was a “bombshell,” Wood wrote, because of “the implications of a criminal plea,” and “the sheer amount of the proposed fines and forfeitures.”
But after British financial minister George Osborne complained to the Federal Reserve chairman and the Treasury Secretary that DOJ was unfairly targeting a British bank, senior Justice Department leadership reportedly sought to “better understand the collateral consequences of a conviction/plea before taking such a dramatic step.”
The report documents how Holder and his top associates were concerned about the impact that prosecuting HSBC would have on the global economy. And, in particular, they worried that a guilty plea would trigger a hearing over whether to revoke HSBC’s charter to do banking in the United States.
According to internal documents, the DOJ then went dark for nearly two months, refusing to participate in interagency calls about HSBC. Finally,on November 7, Holder presented HSBC with a “take it or leave it” offer of a deferred prosecution agreement, which would involve a cash settlement and future monitoring of HSBC.
No guilty plea was required.
But even the “take it or leave it” offer was apparently not the last word. HSBC was able to negotiate for nearly a month after Holder presented that offer, getting more favorable terms in the ultimate $1.9 billion deferred prosecution agreement, announced on December 11, 2012.
The original settlement documents would have forced any HSBC executive officers to void their year-end bonuses if they showed future failures of anti-money laundering compliance. The final documents say that, in the event of such failures, senior executives merely “could” have their bonuses clawed back.
In addition, HSBC successfully negotiated to have individual executives immunized from prosecution over transactions with foreign terrorist organizations and other sanctioned entities, even though the original agreement only covered the anti-money laundering violations and explicitly left open the possibility of prosecuting individuals.
As a Justice Department functionary in 1999, Holder wrote the infamous “collateral consequences” memo, advising prosecutors to take into account economic damage that might result from criminally convicting a major corporation.
In 2013, he unwittingly earned his place in history for telling the Senate Judiciary Committee, “I am concerned that the size of some of these [financial] institutions becomes so large that it does become difficult for us to prosecute them,” which became known as the “Too Big to Jail” theory.
Holder told the Democratic platform drafting committee that “it was not lack of desire or lack of resources” that led to the lack of prosecutions for any major bank executive following the financial crisis. “We had in some cases statutory and sometimes factual inabilities to bring the cases that we wanted to bring,” he said.
The HSBC case, however, shows that lack of desire at the highest levels of the Justice Department was indeed the primary reason that no prosecutions took place.
Former Rep. Brad Miller, D-N.C., who also testified to the drafting committee, cited the HSBC case as an example of the lack of equal application of justice in the Holder era. Referring to the concern over destabilizing the financial system with an HSBC prosecution, Miller said, “That’s not an argument that’s available to too many people: ‘You can’t arrest me for selling cigarettes, it might destabilize the financial system!’ ”
The internal communications in the House report all come from the Treasury Department. The Justice Department, they say, did not comply with subpoenas for information about the settlement.
Holder has returned to Covington & Burling, a corporate law firm known for serving Wall Street clients in 2015. He had worked at Covington from 2001 until he was sworn in as attorney general in Feburary 2009. Covington literally kept an office empty for him, awaiting his return.
Jennifer Shasky, the AFMLS chief who requested the prosecution of HSBC but was overruled, recently resigned as the head of the Financial Crimes Enforcement Network to become a senior compliance officer with HSBC.
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