Mega Banks Hired “Grass Roots” People to Write Letters Against Financial Reform

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EDITOR’S NOTE: Why would they pay a farmer to sign a letter telling regulators and legislators and newspapers that they are against financial reform? It is really very simple: letter writing works, and when they are published, ordinary people reading them believe a “neighbor” more than they do a politician. That’s how Bulls–t gets to shine. 🙂 Beware of mailbox stuffers and door hangers from grass roots organizations that appeal to your general ideological beliefs — they are pushing an agenda you would probably be against — who do you think comes up with the money for the printing and distribution of those things?

Don’t let anyone substitute a leaflet for your own thinking. Go for the facts and come to your own conclusions — but get the facts from RELIABLE sources.

Who Was Astroturfing Forged Letters Against FinReg?

Today, February 12, 2011, 44 minutes ago | Barry RitholtzGo to full article

Q: Why do Burger King Franchisees care about derivatives reform?
A: huh ?

NPR discusses what a Bloomberg reporter found:

Last summer, one still unnamed company hired a PR firm to launch a “grassroots letter writing campaign” on derivatives reform. The PR firm hired a contractor, who hired a subcontractor in Arkansas. And instead of finding real people who care about derivatives — financial contracts tied to some other asset — the subcontractor went ahead and forged letters from grassrootsy sounding people.

The scam is a firm (likely a bank) hires a PR firm, who then hires a sub-contractor, who hires a sub sub-contractor. They send letters to congress, signing them to individual business people as well as Judges and Sheriffs — despite the fact that impersonating law enforcement personnel is a a felony.

This is absolutely unnecessary and serves only to fabricate a false plausible deniability for the original bank. But its a giant scam, and the bank and its employees are still liable for their actions. Anyone fooled by this purposeful chain of contractors simply does not have a clue.

I keep saying this over and over: Its time to prosecute these criminals and put them into general prison population.

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NPR broadcast:

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Sources:
Forged Comment Letters Sent to U.S. Regulators Writing Derivative Rules
Silla Brush and Clea Benson
Bloomberg, Nov 30, 2010

http://www.bloomberg.com/news/2010-11-30/forged-comment-letters-sent-to-u-s-regulators-writing-derivatives-rules.html

Forged Letters, And Other Stories From The Trenches Of Financial Regulation
CHANA JOFFE-WALT
NPR, February 12, 2011

http://www.npr.org/blogs/money/2011/02/10/133660842/forged-letters-and-other-stories-from-the-trenches-of-financial-regulation

11 Responses

  1. Wow, sounds a lot like their foreclosure process, hand some other firm a large sum of money, wink and nod, shake hands and pretend you know nothing of how the work gets done, you just say, “we hired them to do a job. looks like those dingbats screwed it up.” It’s just sick how many scams they will pull to gain more and more control over the Gov-Bots. Ugh! I can’t stand it – I thought I lived in a free country governed for the people by the people. I’m the fool.

  2. ANONYMOUS,
    Thanks. I always try to give my best analysis of complex issues, in the most simple terms. Usually always from a logical standpoint.

  3. Anybody know about a campaign going on to set up a single day on which thousands if not millions of people–on one specific day–strategically “default”? As Max Keiser said, that could (and should) be the U.S. version of Egypt…

  4. DyingTruth – is correct as to derivatives — “incurring new obligations with promises of the same.”

    Derivatives simply remove collection rights from former “claimed” creditor — to new and unknown current creditor.

    Derivatives are not part of any stated trust to which any stated trustee claims to be acting on behalf of. Derivatives REMOVE collection rights from stated trust and trustee.

  5. Having created several Chase Bank Protest Blogs in 2008 and since, and having written comments on perhaps a thousand different articles that I have read that were written by others since then, I can verify that EVERY article has at least one absolutely heartless, rude, condescending opposing viewpoint that used to make me wonder, why would some bother to be so hostile against the victimization of another.

  6. Derivitives is the payment of debts with debts or incurring new obligations with promises of the same.

    Does anybody remember me or anyone else talking about “the Credit River decision” in the case of “The First Bank of Montgomery v. Daly”? Well here’s a link to a copy of the actual decision.

    http://www.scribd.com/doc/27036828/Jerome-Daly-vs-First-National-Bank-of-Montgomery

    I advise ALL to read it. It declared the FED unconstitutional and VOID.

  7. May G-d Have Mercy on America

    Rage Against The Machine – Testify Music Video

    http://www.youtube.com/watch?v=1JSBhI_0at0

    G-d Bless America

  8. The crime never stops. The Banks are at it again and since no one prosecutes them, they are just going to keep it up and keep it up. I am so happy that Egypt happened. Tunisia was first and now Egypt. It is going to go down all around the world. Very interesting. Burmese8@yahoo.com

  9. Right on A Man! All the corrupt Governments of the world should pay really close attention! They are completely out of control and are no longer operating with the consent of the Governed! There are MORE of us! Egypt prevailed because they ignored all the things that seperate us and concentrated on a common goal…Freedom from a corrupt Government. It was not about Race or Politics or Religion!

  10. We need to learn from the Egyptians in Cairo.

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