The Many Ways Banks Commit Criminal Fraud

The Many Ways Banks Commit Criminal FraudPosted on July 4, 2012 by WashingtonsBloghttp://www.washingtonsblog.com/2012/07/the-many-ways-banks-commit-criminal-fraud.htmlLibor Manipulation Is Only One of MANY Types of Fraud Committed by the Big BanksThe Libor scandal seems to be waking people up to manipulation and fraud by the big banks.There are many other types of fraud they’ve engaged in as well …Here is a partial list:Engaging in mafia-style big-rigging fraud against local governments. See this, this and thisLaundering money for drug cartels. See this, this and thisCooking their booksEngaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and thisEngaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and thisOtherwise manipulating markets. And see thisShaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and hereCommitting massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)Pledging the same mortgage multiple times to different buyers. See this, this, this, this and thisCheating homeowners – especially veterans – from laws meant to protect people from unfair foreclosureBribing and bullying ratings agencies to inflate ratings on their risky investmentsSinging the glories of investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this and thisParticipating in various Ponzi schemes. See this, this and thisOwning and largely running the Federal Reserve … which is itself arguably a Ponzi schemeBut at least the big banks do good things for society, like loaning money to Main Street, right?Actually:The big banks no longer do very much traditional banking. Most of their business is from financial speculation. For example, less than 10% of Bank of America’s assets come from traditional banking deposits. Instead, they are mainly engaged in financial speculation and derivatives. (and see this)The big banks have slashed lending since they were bailed out by taxpayers … while smaller banks have increased lending. See this, this and thisA huge portion of the banks’ profits comes from taxpayer bailouts. For example, 77% of JP Morgan’s net income comes from taxpayer subsidiesThe big banks are literally killing the economy … and waging war on the people of the worldAnd our democracy and republican form of government as well

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