So the banks themselves have disclosed the fact that they were laundering money for all sorts of people. And while they probably were paid higher fees than normal money transfers, that doesn’t completely explain why banks, of all business entities, did such a thing on such a wide scale. I have an explanation.
First of course is the fact that they were making these disclosures to regulators who had no capability of even reading the disclosures, much less acting upon them. The argument about regulation is a false choice. There is no argument. Corporations, limited partnerships, trusts and yes, banks are creatures of the state — they are legal fictions whose existence is entirely dependent on state and Federal law. There is no corporation in the natural world. They are allowed because government decided they facilitate commerce, and capitalism in particular. It’s the government that allows them to exist and it is the government that should therefore regulate them. There is no such thing as a free market if only some of the players are allowed to dictate the terms of play. That’s fascism. In the case of false claims of securitization of loans, there is no free market if nobody knows what is really happening. That’s fraud.
Second, this reminds me of 2008 when Bernie Madoff was exposed for committing the “largest economic” crime. That reveal diverted attention from an economic crime that dwarfed the $60 billion that Madoff took. Investment banks converted data about loans into “assets” deriving their value from bets about — rather than ownership of — the loans. In so doing they were able to print counterfeit money. They sold the “data” multiple times without ever having to credit the debt account because there was no debt account. They drove up home prices by selling payments that homeowners could afford in a failing deal based upon falsely inflated appraisals. Then to add insult to injury, they foreclosed on millions of homes. They are about to do that again, with the number of foreclosure filings and reported “delinquencies” (on loan accounts that don’t exist) soaring.
Third, illegal money laundering for terrorists, drug cartels and criminals was a cover for how the banks moved trillions of the money they siphoned out of the U.S. economy. Buried in these reports are clues to what they did with the money. We already know that Goldman Sachs became the leading owner and operator of storage and distribution for precious metals. Where do you think that money came from?
It’s doubtful that our government will find any effective way of clawing back $ trillions of dollars taken out of the US economy and leaving us in fragile condition. But that doesn’t mean we shouldn’t stop them from doing it again. Every foreclosure is another highway robbery. There is no loan account, there is no loss and the money they get from any payments by borrowers or any sales of property goes into the pocket of the investment banks who, in turn, park it off shore for rainy days. When they need money for bonuses, reserves or earnings announcements they need only “repatriate” the stolen money in the form of trading profits.
Pizza delivery guys started earning hundreds of thousands of dollars selling what appeared to be loan products and inreality were invitations to self-sabotage. If something looks too good to be true, then it is too good to be true. The banks wouldn’t hire, much less pay, someone with no formal education, training or experience selling “loan products” unless the investment banks (i.e. securities brokerage firms) were making a thousand times their normal fees through sleight of hand.
*Neil F Garfield, MBA, JD, 73, is a Florida licensed trial attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.*
FREE REVIEW: Don’t wait, Act NOW!
CLICK HERE FOR REGISTRATION FORM. It is free, with no obligation and we keep all information private. The information you provide is not used for any purpose except for providing services you order or request from us. In the meanwhile you can order any of the following:
*CLICK HERE ORDER ADMINISTRATIVE STRATEGY, ANALYSIS AND NARRATIVE. This could be all you need to preserve your objections and defenses to administration, collection or enforcement of your obligation.
*CLICK HERE TO ORDER TERA – not necessary if you order PDR PREMIUM.
*CLICK HERE TO ORDER CONSULT (not necessary if you order PDR)
*CLICK HERE TO ORDER CASE ANALYSIS
*CLICK HERE TO ORDER PRELIMINARY DOCUMENT REVIEW (PDR) (PDR PLUS or BASIC includes 30 minute recorded CONSULT)
*FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.
- But challenging the “servicers” and other claimants before they seek enforcement can delay action by them for as much as 12 years or more.
- Yes you DO need a lawyer.
- If you wish to retain me as a legal consultant please write to me at neilfgarfield@hotmail.com.
*Please visit www.lendinglies.com for more information.
Filed under: foreclosure |
Contribute to the discussion!