BARACK
OBAMA, THE MAN THAT PUNKED AMERCAN FOR HIS CRIMINAL WALL STREET BANKSTERS AND
SABOTAGED HOMELAND SECURITY TO BUILD HIS LA RAZA “THE RACE” PARTY BASE of
ILLEGALS!
“I’m not here to punish banks!”
Barack Obama in the faces of the American People his bankster donors looted –
State of the Union Message
BANKSTER PROFITS and CRIMES HAVE SOARED UNDER OBAMA. SO HAS
FORECLOSURES, AND THE MEXICAN DRUG CARTELS OPERATE IN 2,500 AMERICAN CITIES.
OBAMA’S BANKSTERS LAUNDER THEIR MONEY WITH IMPUNITY.
THERE IS A REASON WHY THE MEXICAN DRUG
CARTELS OPERATE IN MORE THAN 2,500 AMERICAN CITIES, INCLUDING OBAMA’S CHICAGO!
THE MEXICAN DRUG CARTELS IN OBAMA’S
HOMETOWN OF CHICAGO:
This
exchange occurred during a discussion of the Justice Department’s settlement
last month with British-based HSBC, the world’s third-largest bank. HSBC had
been charged with laundering billions of dollars for Mexican and Colombian drug
cartels. In exchange for avoiding charges, HSBC agreed to pay $1.9 billion, or
roughly two months’ profits.
NO PRESIDENTIAL CANDIDATE IN HISTORY HAS TAKEN MORE MONEY FROM
THE BANKSTERS THAN BARACK OBAMA, WHO THEN ULTIMATELY FILLED HIS ADMINISTRATION
WITH BANKSTERS or LA RAZA SUPREMACIST.
“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).”
Too big to jail - Obama's banksters above the law!
12 March 2013
In
testimony before the Senate Judiciary Committee last week, US Attorney General
Eric Holder made an extraordinary admission.
Responding
to questioning from Republican Senator Chuck Grassley, who noted that there had
been no major prosecutions of financial institutions or executives by the Obama
administration, Holder said: “I am concerned that the size of some of these
institutions becomes so large that it does become difficult for us to prosecute
them, when we are hit with indications that if we do prosecute—if we do bring a
criminal charge—it will have a negative impact on the national economy, perhaps
even the world economy…”
In
other words, major banks are so economically important that, according to
Holder, it is impossible to prosecute them for criminal activity. They are
above the law.
This exchange
occurred during a discussion of the Justice Department’s settlement last month
with British-based HSBC, the world’s third-largest bank. HSBC had been charged
with laundering billions of dollars for Mexican and Colombian drug cartels. In
exchange for avoiding charges, HSBC agreed to pay $1.9 billion, or roughly two
months’ profits.
Top US officials explicitly vetoed any criminal charges, even on lesser counts
than money laundering.
HSBC
is only the latest bank to have received a free pass. Earlier this year, ten
financial firms agreed to pay $3.3 billion in cash to settle charges of
mortgage fraud: amid the housing market collapse, they had employees fraudulently
sign off on thousands of mortgage foreclosures a month.
Last
year, the government ended an investigation into Goldman Sachs without charges
over its promotion of mortgage-backed securities at the height of the
speculative bubble—even as Goldman Sachs bet against the assets itself.
In 2010, the
Obama administration reached a settlement with Wachovia Bank on similar charges
as those brought against HSBC: laundering billions of dollars of drug money, in
this case for the Sinaloa Cartel. The fine was $160 million, less than 2
percent of the previous year’s profits.
Many
similar arrangements could be cited. In each case, a check is signed—if there
is any punishment at all—and business goes on as usual. Whatever money the financial institutions lose
is more than balanced by their take of the $85 billion funneled into the
markets every month by the US Federal Reserve.
In
justifying the administration’s refusal to prosecute, Holder cites the banks’
immense power over economic life. That these institutions exercise dictatorial
control over the economy and engage in unchecked criminal behavior is not an
argument for refusing to prosecute them, however. Rather, it is an argument for expropriating them, taking them out of
the hands of the criminals that run them, and placing them under the democratic
control of the working class.
In
its dealings with these institutions, however, the government acts as a direct
representative of the financial aristocracy. First Bush and then Obama
justified the bank bailouts after the 2008 crash by citing the need to “save
the economy.” Since then, millions of jobs have disappeared. To pay for such
bank bailouts, governments around the world are implementing brutal austerity
measures, wiping out public education, health care, retirement and other social
programs.
A stench of
corruption hangs over the whole process. There is hardly a single Obama
administration official in a position important to the banks that does not have
previous ties to Wall Street. These include:
Jacob
Lew was
confirmed this month by the Senate as Obama’s new treasury secretary. Lew,
Obama’s former chief of staff, is also the former chief operating officer of
Citigroup’s Alternative Investment Unit, which bet against the housing market
as it collapsed.
Mary
Jo White is
Obama’s pick to head the Securities and Exchange Commission. White, who will
likely be confirmed easily after hearings scheduled for today, is a former
attorney at the corporate law firm Debevoise & Pimpleton, where she
defended Wall Street banks and executives, often against investigations by the
SEC itself.
Then
there is the extraordinary case of David S. Cohen and Stuart Levey.
As members of corporate law firm Miller Cassidy in the 1990s, they defended
banks and other corporations from white-collar criminal charges, including
money laundering. They passed in and out of the Treasury Department and private
practice.
In
2004, Levey joined the Bush administration as undersecretary for terrorism and
financial intelligence, responsible for overseeing narcotics trafficking and
money laundering. He left in March 2011 to become HSBC’s chief legal officer.
His deputy at the treasury department, and his successor, was none other than
David S. Cohen. The two ex-colleagues would have both been heavily involved in
forging the recent deal to settle HSBC’s money-laundering charges.
No
banks or executives are prosecuted, because the individuals who would do the
prosecuting and the individuals who would be prosecuted are, more or less, the
same people.
Holder
made his statements on the banks at the same hearing in which he laid out the
Obama administration’s position that it has the authority to assassinate
citizens within the United States without judicial review.
The
coming together of these two statements is not simply coincidental. There is a
class logic at work. With the active assistance of the state, the financial
aristocracy is engaged in a looting operation, and criminality has become an
integral part of the mode of wealth accumulation.
Anticipating
social opposition, this same aristocracy is engaged in a conspiracy against
democratic rights. While the banks and executives cannot be touched, anyone
opposing these policies will face repressive police-state methods.
The
political and economic system is rotten to the core. The only rational and
appropriate response to such a state of affairs is to overturn this system,
capitalism, and institute a new form of social organization based on the
principle of social need—that is, socialism.
The
active involvement of the state and all its institutions and parties in the
criminal operation makes clear that the interests of the working class cannot
be advanced except through a mass social and political movement, which aims to
replace the government of the banks with a government of, by and for the
working class.
Joseph
Kishore
*
OBAMA’S WALL
STREET and the LOOTING of AMERICA – SECOND TERM
“The response of the administration was to rush to the
defense of the banks. Even before coming to power, Obama expressed his
unconditional support for the bailouts, which he subsequently expanded. He
assembled an administration dominated by the interests of finance capital,
symbolized by economic adviser Lawrence Summers and Treasury Secretary Timothy
Geithner.”
OBAMA’S WALL
STREET and the LOOTING of AMERICA – SECOND TERM
The corporate cash
hoard has likewise reached a new record, hitting an estimated $1.79 trillion in
the fourth quarter of last year, up from $1.77 trillion in the previous
quarter. Instead of investing the money, however, companies are using it to buy
back their own stock and pay out record dividends.
Megan
McArdle Discusses How America's Elites Are Rigging the Rules - Newsweek/The
Daily Beast special correspondent Megan McArdle joins Scott Rasmussen for a
discussion on America's new Mandarin class.
*
DID OBAMA PUNK AMERICANS AS BADLY AS IT LOOKS NOW?
"There
is a populist and conservative revolt against Wall Street and financial elites,
Congress and government," Democratic pollster Stanley Greenberg warned in
an analysis this week. "Democrats and President Obama are seen as more
interested in bailing out Wall Street than helping Main Street."
OBAMAnomics: Soaring Profits for Wall
Street, Soaring Crimes of Bankster Donors, Soaring Foreclosures and Soaring
Unemployment for Americans (Legals)…. STILL CALLING IT “CHANGE”???
*
OBAMAnomics: Soaring Profits for Wall
Street, Soaring Crimes of Bankster Donors, Soaring Foreclosures and Soaring
Unemployment for Americans (Legals)…. STILL CALLING IT “CHANGE”???
Obamanomics: How Barack Obama Is Bankrupting You and
Enriching His Wall Street Friends, Corporate Lobbyists, and Union Bosses…and
Muslim Dictators
“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).”
*
THE OBAMA DOCTRINE: No Legal Need Apply!
This report is another example of the obscene concentration of
wealth in America that has raised inequality to a level not seen in more than a
century. Wages for workers in the United States are at their lowest level since
the 1950s.
OBAMAnomics THE SCAM HE PERPETRATES
on the AMERICAN PEOPLE, WHOM HE HAS PUNKED OVER AND OVER AND OVER AGAIN!
OBAMA, THE BANKSTER OWNED LA RAZA
DEM
“The response of the
administration was to rush to the defense of the banks. Even before coming to
power, Obama expressed his unconditional support for the bailouts, which he
subsequently expanded. He assembled an administration dominated by the
interests of finance capital, symbolized by economic adviser Lawrence Summers
and Treasury Secretary Timothy Geithner.”
*
OBAMAnomics: FROM THE MAN THAT HATED
AMERICAN BUT LOVED AMERICAN BANKSTERS:
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