Senate Investigations Committee: Utter Hypocrisy
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-07-17 15:56
by Karl Denninger
in Corruption
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Senate Investigations Committee: Utter Hypocrisy
 

The hypocrisy is dripping, yet the people of this nation refuse to rise.

HSBC Holdings Plc (HSBA)’s head of group compliance, David Bagley, told a Senate hearing he will step down amid charges the bank gave terrorists, drug cartels and criminals access to the U.S. financial system by failing to guard against money laundering.

....

Senior executives from HSBC, credited with providing millions of pages of documents for the investigation, expressed contrition and promised changes in response to the findings after Levin said the bank’s failings should provide sufficient cause for U.S. regulators to consider revoking its charter.

Ok, so money laundering for drug cartels and terrorists (bad things, natch) are cause for revoking a charter.  I agree.

Now how about The Fed's charter and all those who bilked people for years with LIeBOR?

Where's Senator Levin's faux outrage and threats to revoke charters leveled at all of the banks involved in that, including the Central Bank?

After all it is now a matter of record and admission that The Fed knew damn well that Libor submissions were at best dodgy and at worst outright fraudulent and not only did they fail to refer that information to anyone with law enforcement authority despite any fraud involving a bank being a criminal offense but in addition they didn't inform anyone in the markets either so they could tell the scammers to pound sand!

The number of entities damaged as a consequence are almost impossible to enumerate -- individuals, businesses, anyone with a dollar-denominated swap where Libor was part of it (e.g. your state or municipal government) and more.  Determining exactly who got hosed and when is difficult but the fact of the matter is that since derivatives are zero-sum games for each dollar that one of these banks "made" through this manipulation someone got screwed in an equal amount.

Levin is the worst sort of jackass and our Congress is not only complicit, they're active co-conspirators in these frauds by refusing to demand that all of these firms' charters be revoked.

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User Info Senate Investigations Committee: Utter Hypocrisy in forum [Market-Ticker]
Wis/min
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Gold A True American Patriot!
On the border
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Carl is not going to be happy with you Karl. smiley

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Turningtide4536
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No one in our government is going to do anything about drug trafficking and money laundering, either. Open borders, fast and furious, CIA and DOJ drug scandals and conspiracies, and the U.S.'s "drug war"... it's all connected. Keep drugs illegal and the borders open= protect the Mexican cartels' and the CIA's monopoly on the American drug trade.

In fact, I have a feeling that if there weren't some kind of cozy relationship between our government and the Mexican drug cartels, we would have much bigger problems with border violence-- possibly even full-scale invasion. The cartels are the barbarian hordes to our faltering Rome.
Floridasandy
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he is the worst kind of a jackass.

he voted for the EPA to spy on cattle farmers with video and aerial surveillance.
Zanni-baby
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Green A True American Patriot!
the Valley
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Karl: Thank you for your commitment to bringing economic justice back into the system.

I have noticed that there is an affront on news regarding Liebor--and it would appear as if it may be a media-black-out. Not to sound alarmist, but the various videos of interviews by Aaron Task, of the Yahoo financial news--namely by Rickards, Spitzer, and Bair, just to name a few--have all been disabled.

In addition, I have also seen other related videos as well--being disabled. Not that people hold Spitzer, and Bair, as exemplary role models, but the fact is that they are expressing Outrage, and total Contempt for the corruption of Wall Street, the Banking Cartel, and Tim Geithner, and it summons the public to question.

Who would be constructing this censorship--and why? Is censorship of US media news an effort to privatize the loss of the US Banking Cartel? Does Liebor go directly to the core, that it has come to this?

I believe that censorship of this kind implies guilt, and the implications are very grave.

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Let them eat stocks!
Crzymorse
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Carl "it's a ****ty deal" Levin looking out for American People. God Bless America, throw that Hong Kong based communist bank that launders money to terrorists to buy weapons from the ATF out of the country.
Duc888
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My opinion.

LIBOR goes to the core. It is FRAUD at the core. Now what was it again that Karl wrote tickers on regarding entering into fraudulent contracts?

Looks like every single contract that got it's rates "set" by the LIBOR fraud is null and void. Mortgages, car loans, student loans, credit card "rates"......all initially set by a fraudulent system.

Jubilee.

"poof".....and it's gone.

:)

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...burp
Tesla
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Don't need to ask why -

http://www.zerohedge.com/news/chuck-schu....
Chuck Schumer To CTRL-P "Get To Work Mr. Chairman"... For The Benefit Of My Donors

Yes, Chuck Schumer just said "Get to work, Mr. Chairman" right after saying that "The Fed is the only game in town... You have to take whatever actions are necessary to ensure a strong recovery." What he really meant is that my biggest donors demand a solid bonus for 2012. Who are these donors you may ask? Here they are.

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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes

"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
Jal
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Quote:
In other words, while we may have an idea of what's going on, we dismiss it because it doesn't immediately affect us. And we have hope and faith in the future. Tomorrow will be better. All tomorrows. Every single one of them.


so true ... so sad :(

Small fraud ... MBS
medium fraud ... Money laundering
big fraud ... LIEBOR

Its the way the system was meant to operate.
Its not the way were were taught to operate.
Donethat
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RICO them. Any chance of a False Claims Act with Qui Tam? Oh those claims may already be filed under seal?

Reason: whistleblower lawsuit...
Antone
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If it weren't for fraud, there would be no system. The Bezzle is what keeps the financial system "moving forward."

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As if anything has changed:

Wir sind gefickt.
Tallystick
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HSBC has been laundering drug money from day 1. It's what they were founded to do. All the way back to the Opium Wars.
Lumpeninvestor
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I read this book, and while its more narrative of this guy's experiences in life & at HSBC, there is a lot that reveals about the culture of fraud and coverup at HSBC.

http://www.prnewschannel.com/2011/09/27/....

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Distributing insolvency only destroys the last remaining islands of solvency in a bankrupt world. - Charles Hugh Smith 8/23/2012
Bohemian
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Dude, they are rubbing it in our faces, ****ing hookers, gangbanging regulators - literally - and laughing in our faces. **** is out in the open, no one gives a flying ****.

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"The politicians are put there to give you the idea you have freedom of choice. You don't. You have no choice; you have owners. They own you. They own everything." - George Carlin
Mannfm11
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This is a treasury operation as much as anything. Would they really question Turbo? Remember, he had never been a regulator prior to being Secretary. After listening to a friend who went to DC and hung around where the lobbyists hang out, I believe it is in our best interest the whole game be shrunk. Somehow, they justify us giving up our freedom and rights so they can continue to facilitate what they are asking us to give them up. The real purpose of much of these actions is to preserve monopolies.

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
Jonesapple10
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Don't worry, Kudlow on "Delivering Douchebag" just asked Geitner (after cowering to him and saying I hesitate to call the Libor a scandal - yeah how about complete criminal fraud you pussy)about the scandal and Geitner said they are taking strong measures, blah blah bah. He is 100% guilty himself. They don't even think twice about rubbing **** in our face over and over - there are simply no consequences, why shouldn't they?

And this HSBC guy is stepping down? How about going to prison or being shot for treason?
Wis/min
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Geitner also said the problems the financial problems we face are doable and must include more revenue from those who can afford it.(paraphrase)

More Obama agitprop

Genesis
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Timmy should be serving up dates to Bubba.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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