Get Smart About Banks http://www.getsmartaboutbanks.com "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…I believe that banking institutions are more dangerous to our liberties than standing armies… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson Fri, 27 Apr 2012 21:17:53 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Marketwire: Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announces Filing of Landmark Lawsuit http://www.getsmartaboutbanks.com/2012/04/marketwire-home-owners-across-the-nation-sue-all-bank-servicers-and-their-offshore-havens-spire-law-officially-announces-filing-of-landmark-lawsuit/ http://www.getsmartaboutbanks.com/2012/04/marketwire-home-owners-across-the-nation-sue-all-bank-servicers-and-their-offshore-havens-spire-law-officially-announces-filing-of-landmark-lawsuit/#comments Fri, 27 Apr 2012 01:51:58 +0000 admin http://www.getsmartaboutbanks.com/?p=1901 SOURCE: Spire Law Group, LLP

April 23, 2012 00:01 ET
Home Owners Across the Nation Sue All Bank Servicers and Their Offshore Havens; Spire Law Officially Announces Filing of Landmark Lawsuit

Largest International Money Laundering Network in History Formed During Obama Administration; U.S. Banks’ Theft of Home Owners’ Money Laundered Through Cayman Islands, Isle of Man and Numerous Offshore-Based Affiliates

NEW YORK, NY–(Marketwire – Apr 23, 2012) – In a lawsuit alleged to involve the largest money laundering network in United States history, Spire Law Group, LLP — on behalf of home owners across the Country — has filed a mass tort action in the Supreme Court of New York, County of Kings. Home owners across the country have sued every major bank servicer and their subsidiaries — formed in countries known as havens for money laundering such as the Cayman Islands, the Isle of Man, Luxembourg and Malaysia — alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole hundreds of millions of dollars of home owners’ money during the last decade and then laundered it through offshore companies. The complaint, Index No. 500827, was filed by Spire Law Group, LLP, and several of the Firm’s affiliates and partners across the United States.

Far from being ambiguous, this is a complaint that “names names.” Indeed, the lawsuit identifies specific companies and the offshore countries used in this enormous money laundering scheme. Federally Chartered Banks’ theft of money and their utilization of offshore tax haven subsidiaries represent potential FDIC violations, violations of New York law, and countless other legal wrongdoings under state and federal law.

“The laundering of trillions of dollars of U.S. taxpayer money — and the wrongful taking of the homes of those taxpayers — was known by the Administration and expressly supported by it. Evidence uncovered by the plaintiffs revealed that the Administration ignored its own agencies’ reports — and reports from the Department of Homeland Security ‐‐ about this situation, dating as far back as 2010. Worse, the Administration purported to endorse a ‘national bank settlement’ without disclosing or having any public discourse whatsoever about the thousands of foreign tax havens now wholly owned by our nation’s banks. Fortunately, no home owner is bound to enter into this fraudulent bank settlement,” stated Eric J. Wittenberg of Columbus, Ohio — a noted trial lawyer, author and student of US history — on behalf of plaintiffs in the case.

The suing home owners reveal how deeply they were defrauded by bank and governmental corruption ‐‐ and are suing for conversion, larceny, fraud, and for violations of other provisions of New York state law committed by these financial institutions and their offshore counterparts.

This lawsuit explains why loans were, in general, rarely modified after 2009. It explains why the entire bank crisis worsened, crippling the economy of the United States and stripping countless home owners of their piece of the American dream. It is indeed a fact that the Administration has spent far more money stopping bank investigations, than they have investigating them. When the Administration’s agencies (like the FDIC) blew the whistle, their reports were ignored.

The case is styled Abeel v. Bank of America, etc., et al. — and includes such entities as ML Banderia Cayman BRL Inc., ML Whitby Luxembourg S.A.R.L. and J.P Morgan Asset Management Luxembourg S.A. — as well as hundreds of other obscure offshore entities somehow “owned” by federally chartered banks and formed “under the nose” of the Administration and the FDIC.

Commenting further on the case, Mr. Wittenberg stated: “As if it is not bad enough that banks collect money and do not credit it to homeowners’ accounts, and as if it is not bad enough that those banks then foreclose when they know they do not have a legally enforceable interest in the realty, we now learn that they have been operating under unbridled free reign given by the Administration and some states’ Attorneys General in formulating this international money laundering network. Now that the light of day has been shined on it, I believe we can all rest assured that the beginning of the end of the bank crisis has arrived.”

All United States home owners may have the right to bring a lawsuit of this kind if they paid money to a national bank servicer during the years 2003 through 2009.

One lawyer impacted by the corruption — Mitchell J. Stein, who formerly represented the FDIC, the RTC and the FSLIC during the Savings and Loan scandal of the 1990s, and who predicted all of the foregoing in open court two years ago — commented: “Two years ago, I remarked in open court to a Los Angeles Superior Court Judge, as well as to legislators including Senator Dianne Feinstein’s office during a multitude of in‐person meetings, that the ongoing violations of the Patriot Act by these financial institutions was outrageous and a breach of the public trust of unprecedented proportions,” said Stein.

“The size and scope of this misconduct — stretching to far‐away islands never before having standing as approved United States Bank affiliates — is remarkable and emblematic of what we have seen,” he continued. “The bank crisis represents the height of corruption and brazen behavior where our historically trusted financial institutions have no qualms about breaking the law, because they have the Administration behind them. Banks do well enough when they operate lawfully without needing to be permitted to operate as criminal enterprises that steal money from United States citizens.”

Additional plaintiffs’ counsel Nicholas M. Moccia commented: “Having been in the trenches of the bank crisis for years, I always knew that the misconduct was being conducted by a network. When I started litigating against banks, however, I could have never imagined that it would be this extensive. I look forward to taking discovery of these thousands of obscure foreign entities and to obtaining for homeowners their constitutionally entitled injuries for this international ring of theft and deception.”

Comments were requested from the Attorney Generals’ offices in NY, CA, NV, and MA and the White House, but no comment was provided.

About Spire Law Group

Spire Law Group, LLP is a national law firm whose motto is “the public should be protected — at all costs — from corruption in whatever form it presents itself.” The Firm is comprised of lawyers nationally with more than 250‐years of experience in a span of matters ranging from representing large corporations and wealthy individuals, to also representing the masses. The Firm is at the front lines litigating against government officials, banks, defunct loan pools, and now the very offshore entities where the corruption was enabled and perpetrated.

Contact Information

Contact:
James N. Fiedler, Esq.
Managing Partner
Spire Law Group, LLP
877‐475‐2448
Email Contact

]]> http://www.getsmartaboutbanks.com/2012/04/marketwire-home-owners-across-the-nation-sue-all-bank-servicers-and-their-offshore-havens-spire-law-officially-announces-filing-of-landmark-lawsuit/feed/ 0 Banksters, Tramps and Thieves… Max and Stacy’s latest http://www.getsmartaboutbanks.com/2012/04/banksters-tramps-and-thieves-max-and-stacys-latest/ http://www.getsmartaboutbanks.com/2012/04/banksters-tramps-and-thieves-max-and-stacys-latest/#comments Sat, 21 Apr 2012 03:34:32 +0000 admin http://www.getsmartaboutbanks.com/?p=1899 Goldman gets another smack on the wrist; technical violations… and huddle cuddles… Hank Paulson and more.

JPMorgan’s Chief Exec Jamie Dimon has ‘increased speculative bets and risk’ in his changes to the bank’s investment portfolio… no kidding, really? Investing in fraudulent mortgage backed securities, you say? Hmmmmm. Tsk tsk tsk..

And then… oh yeah baby, Matt Taibbi! GREAT interview: and Matt is clear, as are we: This is a continuing story of criminal actions NOT of economic stories.

The mob banksters are all colluding to submit artifically low bids in municipal bonds – just before they trash the whole dang market – oh, right. Like they did in Italy? Oh, like they did in the housing market? Oh Yeah. THAT. Mobster banksters controlling the world and basing operations in places where regulations are most lenient… Front-running, LIBOR fixing… The list goes on. And on, and on…

]]> http://www.getsmartaboutbanks.com/2012/04/banksters-tramps-and-thieves-max-and-stacys-latest/feed/ 0 It’s Assembly-Line Fraud: Life in 2012 in the Municipal Bond Market; This Just After MF Global’s “Plausible Deniability” Theft of Customer Funds http://www.getsmartaboutbanks.com/2012/03/its-assembly-line-fraud-life-in-2012-in-the-municipal-bond-market-this-just-after-mf-globals-plausible-deniability-theft-of-customer-funds/ http://www.getsmartaboutbanks.com/2012/03/its-assembly-line-fraud-life-in-2012-in-the-municipal-bond-market-this-just-after-mf-globals-plausible-deniability-theft-of-customer-funds/#comments Fri, 30 Mar 2012 09:31:45 +0000 admin http://www.getsmartaboutbanks.com/?p=1898 It is beyond ridiculous.  JP Morgan is now the biggest municipal bond player (even after Jefferson County)  _ Oh it’s Institutionalized Fraud… No problem..
Yup. The policy is shifting as multi-billionaire fraud and bribery controls all of the financial world…

 
How to get capital allocated to you: Simple, bribe them. Then steal everything from everyone and let the central banks flood the room with money and let the ‘muppets’ pay the price once again… Welcome to the new financial world: No matter what, you, dear citizen; consumer, customer…destruction paid for by you.

Thansk Max and Stacy, you’ve done it again. The end of the world of real finance is here. Join a local farmer’s market and grow your own food – much simpler and more reliable.

Stay tuned for Joshua Brown in part two as Max and Josh discuss “Back Stage Wall Street”. Great show.

 

 

 

]]> http://www.getsmartaboutbanks.com/2012/03/its-assembly-line-fraud-life-in-2012-in-the-municipal-bond-market-this-just-after-mf-globals-plausible-deniability-theft-of-customer-funds/feed/ 0 World Wide Bank CEO Resignations http://www.getsmartaboutbanks.com/2012/03/world-wide-bank-ceo-resignations/ http://www.getsmartaboutbanks.com/2012/03/world-wide-bank-ceo-resignations/#comments Fri, 02 Mar 2012 20:48:29 +0000 admin http://www.getsmartaboutbanks.com/?p=1894 Came across this one thanks to one of our readers – we don’t say we know what it means, but we do say, “Things that make you go hmmmm”…

109 RESIGNATIONS FROM WORLD BANKS 3/1/12

UPDATED 3/01/12
Removed duplicate entry for Nomura, added 2 more resignations. Updated links to Sri Lanka and Ukraine to better web sites (thanks to Rockingjude for links). Changed text URLs to be active URLs. Fixed year on dates before January (thanks Angie! arrghh dyslexia strikes again! keeps me humble)UPDATED 2/29/12

Note: I have extensively edited this list, re-verified links, shortened URLs to make this list more readable. Its grown very rapidly over the past week and was getting unwieldy in its prior form.  In some cases certain middle eastern bankers and European private bankers have managed to have their names removed from smaller blogs and news sites so I have updated those cases to larger news organizations less likely to bow to pressure. At the time of this posting all URLs listed work, I do not guarantee they always will.  I have also added missing names (in bold) and those URLSs where more than one person was resigning I expanded the item to have one line each, since everyone who copies this to their blogs (wow did this spread far and wide!) views each instance as one banker resigning I thought I’d make this listing more reflect that viewpoint.  I do not know under what circumstances these individuals have left their positions, I make no judgement on that. I just find the timing of so many resignations extremely curious and a bit of temporal marker in history of very high significance. No one should assume I make any judgement about the character of these people. I frankly don’t know their reputations except for a few rather famous ones.  I don’t mind if you re-blog this listing, information wants to fly free, just do me a favor of including http://americankabuki.blogspot.com and this header when you do so.  Save yourself the wear and tear on your karma. Thanks Kauilapele for the heads up on the broken links.

109 RESIGNATIONS FROM WORLD BANKS:

  1. 9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
    http://cli.gs/x80u7sk
  2. 09/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
    http://cli.gs/le7qon2
  3. 9/25/11 (SWITZERLAND) UBS  CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
    http://cli.gs/rn0tgj
  4. 9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
    http://cli.gs/9wpeq0q
  5. 10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
    http://cli.gs/b14tv6l
  6. 10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
    http://cli.gs/b14tv6l
  7. 11/01/11 (INDIA) More directors of the Beed district bank resign
    http://cli.gs/67gb6d
  8. 11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 - DEFACTO RESIGNATION)
    http://cli.gs/xg4snc1
  9. 11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
    http://cli.gs/gdm988q
  10. 12/15/11 (UK) Senior private banker James Fleming resigns from Coutts [private bank]
    http://cli.gs/icg7w7
  11. 12/23/11 (USA VA) Bank feud: Chairman Mark Giles quits VNB
    http://cli.gs/n9mabhs
  12. 12/23/11 (USA VA) Bank feud: Board Member Claire Gargalli quits VNB
    http://cli.gs/n9mabhs
  13. 12/23/11 (USA VA) Bank feud: Board Member Leslie Disharoon quits VNB
    http://cli.gs/n9mabhs
  14. 12/23/11 (USA VA) Bank feud: Board Member Neal Kassell quits VNB
    http://cli.gs/n9mabhs
  15. 1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
    http://cli.gs/1el9169
  16. 1/01/12 (ISRAEL) Israel’s Bank Leumi CEO Galia Maor steps down after 16 years
    http://cli.gs/6unkmlf
  17. 1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
    http://cli.gs/wwcyl71
  18. 1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
    http://cli.gs/guoevyf
  19. 1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
    http://cli.gs/x53cg1d
  20. 1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
    http://cli.gs/m9vec4y
  21. 1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
    http://cli.gs/s17bvj
  22. 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief Francisco Luzon quits
    http://cli.gs/5greru
  23. 1/30/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
    http://cli.gs/5b79fbd
  24. 1/20/12 (JAPAN) Normura’s head of wholesale banking Jasjit Bhattai quits
    http://cli.gs/x3hhykp
  25. 1/21/12 (Greece)  Institute of International Finance negotiator Charles Dallara quits http://cli.gs/iq071x
  26. 1/21/12 (Greece)  Institute of International Finance negotiator Jean Lemierre quits
    http://cli.gs/iq071x
  27. 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
    http://cli.gs/11fnco2
  28. 2/01/12 (SOUTH AFRICA) ABSA [Barclay's Bank] deputy CEO Louis von Zeuner resigns
    http://cli.gs/ilk3bw0
  29. 2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits
    http://cli.gs/6brhb0
  30. 2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
    http://cli.gs/vodr08j
  31. 2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
    http://cli.gs/6p4qud9
  32. 2/05/12 (USA – NY) Morgan’s investment banking chairman Joseph Perella quit
    http://cli.gs/3ww27st
  33. 2/05/12 (USA – NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
    http://cli.gs/3ww27st
  34. 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
    http://cli.gs/0t4ba4
  35. 2/7/12 (USA) Bank Of America’s Mortgage Business Chief Barbara Desoer Retires
    http://cli.gs/y5spl4b
  36. 2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
    http://cli.gs/dfnp5ph
  37. 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
    http://cli.gs/70dbtnx
  38. 2/09/12 (VATICAN) Four Priests Charged In Vatican Banking Scandal (names not known)
    http://cli.gs/ttahvxk
  39. 2/9/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
    http://cli.gs/b672wx
  40. 2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
    http://cli.gs/vr0sjf
  41. 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
    http://cli.gs/c93mgy8
  42. 2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
    http://cli.gs/wcw6ff
  43. 2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
    http://cli.gs/q5xaopa
  44. 2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
    http://cli.gs/r69lqgu
  45. 2/15/12 (WORLD) World Bank CEO Zoellick resigns
    http://cli.gs/72fyiup
    Did the White House tell the World Bank president that he’s out?
    http://cli.gs/ilii9a1
  46. 2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
    http://cli.gs/6olxu5w
  47. 2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
    http://cli.gs/6olxu5w
  48. 2/15/12 (KENYA) Govenor of Kenyan Central Bank Njuguna Ndung’u
  49. 2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
    http://cli.gs/4nkoven
  50. 2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
    http://cli.gs/89k57un
  51. 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
    http://cli.gs/an8tv23
  52. 2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
    http://cli.gs/twoigu
  53. 2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
    http://cli.gs/nnlsmn3
  54. 2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
    http://cli.gs/nnlsmn3
  55. 2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
    http://cli.gs/nnlsmn3
  56. 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
    http://cli.gs/0d5ess
  57. 2/17/12 (USA) Goldman Sachs CEO Lloyd Blankfein out as by summer
    http://cli.gs/odkdp4r
  58. 2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns http://cli.gs/sa7djft
  59. 2/18/12 (PAKISTAN) The Bank of Azad Jammu & Kashmir executive Zulfiqar Abbasi resigns http://cli.gs/ejjk61c
  60. 2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
    http://cli.gs/92eda1a
  61. 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
    http://cli.gs/xujb5lv
  62. 2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
    http://cli.gs/hogcc
  63. 2/20/12 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorporation, Inc. and Seneca National Bank
    http://cli.gs/k8jfru9
  64. 2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
    http://cli.gs/2bmr72
  65. 2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
    http://cli.gs/kik1ddd
  66. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
    conflict of interest with director seat on unknown bank
    http://cli.gs/a7vvmb2
  67. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
    conflict of interest with director seat on unknown bank
    http://cli.gs/a7vvmb2
  68. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
    conflict of interest with director seat on unknown bank
    http://cli.gs/a7vvmb2
  69. 2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
    conflict of interest with director seat on unknown bank
    http://cli.gs/a7vvmb2
  70. 2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
    conflict of interest with director seat on Eastland Insurance Company Limited
    http://cli.gs/a7vvmb2
  71. 2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
    http://cli.gs/uf759ex
  72. 2/22/12 (USA) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
    http://cli.gs/ikvo80v
  73. 2/23/12 (SOUTH AFRICA) Richard Gush resigns from Standard Bank
    http://cli.gs/eq6pqbo
  74. 2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns. http://cli.gs/auxu10f
  75. 2/24/12 (INDIA) Breaking: ICICI Bank GC Pramod Rao resigns
    http://cli.gs/ege43r2
  76. 2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
    http://cli.gs/li9sab1
  77. 2/24/12 (NEW ZEALAND) FSF Executive Director Kirk Hope resigns
    http://cli.gs/5u9i14e
  78. 2/24/12 (USA) Evercore Partners Head Eduardo Mestre steps down
    http://cli.gs/wnxafp9
  79. 2/25/12 (AUSTRALIA AND NZ) Goldman Sachs Chairman Stephen Fitzgerald quits
    http://cli.gs/7totmju
  80. 2/27/12 (GERMANY) Deutsche Bank Americas chief  Seth Waugh steps down
    http://cli.gs/5clft6j
  81. 2/27/12 (BAHRAIN) Khaleeji Commercial Bank CEO Ebrahim Ebrahim quits
    http://cli.gs/wgyujp
  82. 2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
    http://cli.gs/rk0scap
  83. 2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
    http://cli.gs/52f6qqn
  84. 2/27/12 (INDIA) Kotak Mahindra Bank Ms Falguni Nayar Quits
    http://cli.gs/kmjfmq
  85. 2/27/12 (GERMANY) Equiduct chairman Artur Fischersteps down
    http://cli.gs/rj2jp2b
  86. 2/27/12 (BAHRAIN) – Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
    http://cli.gs/ci9s3fy
  87. 2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns – Flees to Canada!
    http://cli.gs/iodk071
  88. 2/27/12 (IRAN) Bank Saderat CEO Mohammad Jahromi resigns
    http://cli.gs/yi5c66
  89. 2/27/12 (UK) Lloyds Banking Group Glen Moreno steps down
    http://cli.gs/n50yxmw
  90. 2/28/12 (HONG KONG) Hang Seng Bank CEO Margaret Leung Ko May-yee quits
    http://cli.gs/wr3rgye
  91. 2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
    http://cli.gs/exrndtm
  92. 2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
    http://cli.gs/kkbp2bl
  93. 2/28/12 (HONG KONG) Bank of America’s Asia-Pac. mrkts Brian Canniffe quits
    http://cli.gs/yrklslj
  94. 2/28/12 (BELGIUM) KBC’s CEO Jan Vanhevel is to retire after a career spanning 41 years.
    http://cli.gs/35yjxi0
  95. 2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
    http://cli.gs/o6b5mo3
  96. 2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
    http://cli.gs/x2t1wsm
  97. 2/28/12 (SRI LANKA) Sri Lanka Com Bank CEO Amitha Gooneratne retires
    http://cli.gs/9txnhn
  98. 2/28/12 (SOUTH AFRICA) REDEFINE INCOME FUND director Gerald Leissner resigns
    http://cli.gs/5d8qhmo
  99. 2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
    http://cli.gs/t9tts63
  100. 2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
    http://cli.gs/c86fbl0
  101. 2/29/12 (AUSTRALIA) Perpetual portfolio manager Matt Williams steps down
    http://cli.gs/atner3
  102. 2/28/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
    http://cli.gs/qk29c6c
  103. 2/29/12 (UK) Honister Capital CEO Richard Pearson steps down
    http://cli.gs/kmqsson
  104. 3/1/12 (MALAYSIA) RHB Bank Bhd deputy managing director Renzo Viegas quits
    http://cli.gs/e90q145 
  105. 3/1/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government’s legislation on boosting competition.http://cli.gs/3grh2a8
  106. 3/1/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
    http://cli.gs/53ys871
  107. 3/1/12 (USA) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG’s third party asset management business, PineBridge still manages AIG assets http://cli.gs/s8truky
  108. 3/1/12 (MALAYSIA) Elaf Bank chief executive Dr Jamil El Jaroudi will leave the bank http://cli.gs/s8xog4
  109. 3/2/12 (USA NH) Piscataqua Savings Bank CEO Jay Gibson retires
    http://cli.gs/cgvpvwf
]]> http://www.getsmartaboutbanks.com/2012/03/world-wide-bank-ceo-resignations/feed/ 0 Ellen Brown: Update on State Bank Component of Move Our Money U.S. Movement http://www.getsmartaboutbanks.com/2012/02/ellen-brown-update-on-state-bank-component-of-move-our-money-u-s-movement/ http://www.getsmartaboutbanks.com/2012/02/ellen-brown-update-on-state-bank-component-of-move-our-money-u-s-movement/#comments Wed, 29 Feb 2012 08:55:57 +0000 admin http://www.getsmartaboutbanks.com/?p=1890 Here’s the latest from Ellen Brown on the State Owned Bank movement as it’s shaping up across America.

 

Move Our Money: New State Bank Bills Address Credit and Housing Crises

Posted on February 26, 2012 by Ellen Brown

Seventeen states have now introduced bills for state-owned banks, and others are in the works.  Hawaii’s innovative state bank bill addresses the foreclosure mess.  County-owned banks are being proposed that would tackle the housing crisis by exercising the right of eminent domain on abandoned and foreclosed properties.  Arizona has a bill that would do this for homeowners who are current in their payments but underwater, allowing them to refinance at fair market value.       

The long-awaited settlement between 49 state Attorneys General and the big five robo-signing banks is proving to be a major disappointment before it has even been signed, sealed and court approved.   Critics maintain that the bankers responsible for the housing crisis and the jobs crisis will again be buying their way out of jail, and the curtain will again drop on the scene of the crime.

We may not be able to beat the banks, but we don’t have to play their game.  We can take our marbles and go home.  The Move Your Money campaign has already prompted more than 600,000 consumers to move their funds out of Wall Street banks into local banks, and there are much larger pools that could be pulled out in the form of state revenues.  States generally deposit their revenues and invest their capital with large Wall Street banks, which use those hefty sums to speculate, invest abroad, and buy up the local banks that service our communities and local economies.  The states receive a modest interest, and Wall Street lends the money back at much higher interest.

Rhode Island is a case in point.  In an article titled “Where Are R.I. Revenues Being Invested? Not Locally,” Kyle Hence wrote in ecoRI News on January 26th:

According to a December Treasury report, only 10 percent of Rhode Island’s short-term investments reside in truly local in-state banks, namely Washington Trust and BankRI. Meanwhile, 40 percent of these investments were placed with foreign-owned banks, including a British-government owned bank under investigation by the European Union.

Further, millions have been invested by Rhode Island in a fund created by a global buyout firm . . . . From 2008 to mid-2010, the fund lost 10 percent of its value — more than $2 million. . . . Three of four of Rhode Island’s representatives in Washington, D.C., count [this fund] amongst their top 25 political campaign donors . . . .

Hence asks:

Are Rhode Islanders and the state economy being served well here? Is it not time for the state to more fully invest directly in Rhode Island, either through local banks more deeply rooted in the community or through the creation of a new state-owned bank?

Hence observes that state-owned banks are “[o]ne emerging solution being widely considered nationwide  . . . . Since the onset of the economic collapse about five years ago, 16 states have studied or explored creating state-owned banks, according to a recent Associated Press report.”

2012 Additions to the Public Bank Movement

Make that 17 states, including three joining the list of states introducing state bank bills in 2012: Idaho (a bill for a feasibility study), New Hampshire (a bill for a bank), and Vermont (introducing THREE bills—one for a state bank study, one for a state currency, and one for a state voucher/warrant system).  With North Dakota, which has had its own bank for nearly a century, that makes 18 states that have introduced bills in one form or another—36% of U.S. states.  For states and text of bills, see here.

Other recent state bank developments were in Virginia, Hawaii, Washington State, and California, all of which have upgraded from bills to study the feasibility of a state-owned bank to bills to actually establish a bank.  The most recent, California’s new bill, was introduced on Friday, February 24th.

All of these bills point to the Bank of North Dakota as their model.  Kyle Hence notes that North Dakota has maintained a thriving economy throughout the current recession:

One of the reasons, some say, is the Bank of North Dakota, which was formed in 1919 and is the only state-owned or public bank in the United States. All state revenues flow into the Bank of North Dakota and back out into the state in the form of loans.

Since 2008, while servicing student, agricultural and energy— including wind — sector loans within North Dakota, every dollar of profit by the bank, which has added up to tens of millions, flows back into state coffers and directly supports the needs of the state in ways private banks do not.

Publicly-owned Banks and the Housing Crisis

A novel approach is taken in the new Hawaii bill:  it proposes a program to deal with the housing crisis and the widespread problem of breaks in the chain of title due to robo-signing, faulty assignments, and MERS.  (For more on this problem, see here.)  According to a February 10th report on the bill from the Hawaii House Committees on Economic Revitalization and Business & Housing:

The purpose of this measure is to establish the bank of the State of Hawaii in order to develop a program to acquire residential property in situations where the mortgagor is an owner-occupant who has defaulted on a mortgage or been denied a mortgage loan modification and the mortgagee is a securitized trust that cannot adequately demonstrate that it is a holder in due course.

The bill provides that in cases of foreclosure in which the mortgagee cannot prove its right to foreclose or to collect on the mortgage, foreclosure shall be stayed and the bank of the State of Hawaii may offer to buy the property from the owner-occupant for a sum not exceeding 75% of the principal balance due on the mortgage loan.  The bank of the State of Hawaii can then rent or sell the property back to the owner-occupant at a fair price on reasonable terms.

Arizona Senate Bill 1451, which just passed the Senate Banking Committee 6 to 0, would do something similar for homeowners who are current on their payments but whose mortgages are underwater (exceeding the property’s current fair market value).  Martin Andelman calls the bill a “revolutionary approach to revitalizing the state’s increasingly water-logged housing market, which has left over 500,000 of Arizona’s homeowners in a hopelessly immobile state.”

The bill would establish an Arizona Housing Finance Reform Authority to refinance the mortgages of Arizona homeowners who owe more than their homes are currently worth.  The existing mortgage would be replaced with a new mortgage from AHFRA in an amount up to 125% of the home’s current fair market value. The existing lender would get paid 101% of the home’s fair market value, and would get a non-interest-bearing note called a “loss recapture certificate” covering a portion of any underwater amounts, to be paid over time.  The capital to refinance the mortgages would come from floating revenue bonds, and payment on the bonds would come solely from monies paid by the homeowner-borrowers. An Arizona Home Insurance Fund would create a cash reserve of up to 20 percent of the bond and would be used to insure against losses. The bill would thus cost the state nothing.

Critics of the Arizona bill maintain that it shifts losses from collapsed property values onto banks and investors, violating the law of contracts; and critics of the Hawaii bill maintain that the state bank could wind up having paid more than market value for a slew of underwater homes.  An option that would avoid both of these objections is one suggested by Michael Sauvante of the Commonwealth Group, discussed earlier here: the state or county could exercise its right of eminent domain on blighted, foreclosed and abandoned properties.  It could offer to pay fair market value to anyone who could prove title (something that with today’s defective title records normally can’t be done), then dispose of the property through a publicly-owned land bank as equity and fairness dictates.  If a bank or trust could prove title, the claimant would get fair market value, which would be no less than it would have gotten at an auction; and if it could not prove title, it legally would have no claim to the property.  Investors who could prove actual monetary damages would still have an unsecured claim in equity against the mortgagors for any sums owed.

Rhode Island Next?

As the housing crisis lingers on with little sign of relief from the Feds, innovative state and local solutions like these are gaining adherents in other states; and one of them is Rhode Island, which is in serious need of relief.  According to The Pew Center on the States, “The country’s smallest state . . . was one of the first states to fall into the recession because of the housing crisis and may be one of the last to emerge.”

Rhode Islanders are proud of having been first in a number of more positive achievements, including being the first of the 13 original colonies to declare independence from British rule.  A state bank presentation was made to the president of the Rhode Island Senate and other key leaders earlier this month that was reportedly well received.  Proponents have ambitions of making Rhode Island the first state in this century to move its money out of Wall Street into its own state bank, one owned and operated by the people for the people.

____________________

Ellen Brown is an attorney and president of the Public Banking Institute, http://PublicBankingInstitute.org.  In Web of Debt, her latest of eleven books, she shows how a private cartel has usurped the power to create money from the people themselves, and how we the people can get it back.  Her websites are http://WebofDebt.com and  http://EllenBrown.com.

]]> http://www.getsmartaboutbanks.com/2012/02/ellen-brown-update-on-state-bank-component-of-move-our-money-u-s-movement/feed/ 0 When Fraud is Not Fraud: When You’re a Banker http://www.getsmartaboutbanks.com/2012/02/when-fraud-is-not-fraud-when-youre-a-banker/ http://www.getsmartaboutbanks.com/2012/02/when-fraud-is-not-fraud-when-youre-a-banker/#comments Fri, 24 Feb 2012 22:36:51 +0000 admin http://www.getsmartaboutbanks.com/?p=1888 How is it possible that the simple rule of law does not apply to Banks?

Witht he recent resport that 84% of all foreclosures going through the system are illegal; how is it that the foreclosures continue to go on? Why hasn’t a national moratorium imposed a stop to all foreclosures until such time as it can be shown that at least 8 our of 10 of them are not illegal???

How is it that fraud and perjury on the courts is not a crime when a bank does it?And how can Americans stand by in silence as their fellow citizens are thrown to the streets using fraudulent and illegal means?

This piece from TruthOut sheds a little light on the reality of the current financial crisis for all Americans: and the final line of the piece puts it all in very clear perspective…

The Obama administration has just made everyone else the sucker.

Why the Banks Are Too Big to Jail

Washington, DC – Among the fundamental principles of any functioning justice system is the following: Don’t lie to a judge or falsify documents submitted to a court, or you will go to jail. Breaking an oath to tell the truth is perjury, and lying in official documents is both perjury and fraud. These are serious criminal offenses, but apparently not if you are at the heart of America’s financial system. On the contrary, key individuals there appear to be well compensated for their crimes.

As Dennis Kelleher of Better Markets has argued, the recent so-called “robo-signing” settlement – in which five large banks “settled” their legal liability for carrying out fraudulent foreclosures on mortgages – is a complete sell-out to the financial industry.

Read the Full Aricle Here: Why The Banks are Too Big to Jail

]]> http://www.getsmartaboutbanks.com/2012/02/when-fraud-is-not-fraud-when-youre-a-banker/feed/ 0 Getting Down to the Truth on Citizens United, Justice Powell and The American Chamber of Commerce http://www.getsmartaboutbanks.com/2012/02/getting-down-to-the-truth-on-citizens-united-justice-powell-and-the-american-chamber-of-commerce/ http://www.getsmartaboutbanks.com/2012/02/getting-down-to-the-truth-on-citizens-united-justice-powell-and-the-american-chamber-of-commerce/#comments Fri, 24 Feb 2012 21:48:47 +0000 admin http://www.getsmartaboutbanks.com/?p=1886 There is a great deal of noise out there regarding Citizens United; there is a serious need for clarity and understanding of the true underlying legal precepts and concepts in order to properly address this serious issue of keeping money out of politics.

There are critically important reasons to AVOID a Constitutional Amendment in dealing with this obscenity of law they call Citizens United; not the least of which is that it is not necessary in order to actually solve the problem.

As the articles below will attest and clarify, the issue is not one of corporate personhood but of money in politics; not one of constitutional bias but of a failure to uphold the constitution and existing law as written.  Corporations have now been given carte blanche by virtue of an idea which has no ground in law: that Money is equal to Speech. But money is NOT speech; and a 40 plus year campaign by the plutocrats to alter the way this nation and its politics operate will take a little more serious study by her people than simply rushing into the unproven and precarious land of constitutional amendments.

We highly recommend the following articles as required reading on the subject:

Five reasons why a constitutional amendment is the wrong way to get money out of politics

 

The Problem With Citizens United Is Not Corporate Personhood

 

Reversing Citizens United: stripping the Roberts 5 of power over elections

]]> http://www.getsmartaboutbanks.com/2012/02/getting-down-to-the-truth-on-citizens-united-justice-powell-and-the-american-chamber-of-commerce/feed/ 0 San Francisco Audit Reveals 84% of Foreclosures Illegal; Experts Say Statistic Applies Nationwide. Just Lost Your House? Not to Worry – It was Most Likely Stolen From You. http://www.getsmartaboutbanks.com/2012/02/san-francisco-audit-reveals-84-of-foreclosures-illegal-experts-say-statistic-applies-nationwide-just-lost-your-house-not-to-worry-it-was-most-likely-stolen-from-you/ http://www.getsmartaboutbanks.com/2012/02/san-francisco-audit-reveals-84-of-foreclosures-illegal-experts-say-statistic-applies-nationwide-just-lost-your-house-not-to-worry-it-was-most-likely-stolen-from-you/#comments Thu, 23 Feb 2012 21:05:24 +0000 admin http://www.getsmartaboutbanks.com/?p=1884 As we watch the foreclosure mills continue to grind people out of homes at ever increasing rates, a new audit out of San Francisco finds that 84 percent fo the foreclosures being conducted are illegal.

And, futher, that this statistic is applicable nationwide.

So for all you homeowners finding that nothing has changed and that you are still being kicked to the curb in spite of ‘legal aid attorneys’ and ‘housing counselors’ and any and all of the other ‘apparoved’ soruces of ‘help’ you’ve discovered are as useless as doing nothing, it’s at least nice to know that the foreclosure which just cost you your home was 84% likely to have been illegal.

Now the government is going to give you 2grand and tell you it’s all okay.

Works for us, right? Sure. Lose a house to an illegal foreclosure and get a few happy days shopping, as Mandelman would say…

Good on ya, America.  Good on ya.  We can create massive homelessness for women and children across the land and do it illegally while doing absolutely nothing of value for the people and handing the bankers the rest of the money the FED is busy printing.

Just gotta love it.

San Francisco Foreclosure Audits Estimates 84 Percent Are Illegal

San Francisco recently carried out an audit on a number of foreclosures. Their findings were released in a report this week that shows just how rampant mortgage fraud has been. From Reuters:

The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released by the California city on Wednesday.

Similar studies around the country show comparable results. These numbers are astounding. And worse, they’ve essentially gotten away with it.

In many cases during the housing bubble that burst in 2008, original mortgages were repackaged and sold to so many investors that it is now unclear who actually holds the loans. O’Brien could only find the current owners of the mortgages he studied in 287 out of 473 cases.

In the San Francisco study, which studied properties subject to foreclosure sales between January 2009 to November 2011, 45 per cent were sold to entities improperly claiming to be the owner of the loan.

“It is not impossible that there are homeowners who are alleged to have defaulted on loans to which they never fully agreed to and, further, are being foreclosed upon by lenders that might not even own such loans,” the report stated.

 

Read the full article over at Crooks and Liars here

 

]]> http://www.getsmartaboutbanks.com/2012/02/san-francisco-audit-reveals-84-of-foreclosures-illegal-experts-say-statistic-applies-nationwide-just-lost-your-house-not-to-worry-it-was-most-likely-stolen-from-you/feed/ 0 Fitch Raises Iceland’s Rating; Says “unorthodox crisis policy response has succeeded.” http://www.getsmartaboutbanks.com/2012/02/fitch-raises-icelands-rating-says-unorthodox-crisis-policy-response-has-succeeded/ http://www.getsmartaboutbanks.com/2012/02/fitch-raises-icelands-rating-says-unorthodox-crisis-policy-response-has-succeeded/#comments Thu, 23 Feb 2012 20:44:55 +0000 admin http://www.getsmartaboutbanks.com/?p=1882 Is it too late for the rest of the world to take a lesson from Iceland’s playbook?

This week Business Week reports that Fitch has raised the island’s rating to Investment grade while stating that their ““unorthodox crisis policy response has succeeded.”  Take that in.

The rating agency is essentially saying that protecting its citizens and holding the banks accountable for their bad behavior was the correct and successful approach to the crisis…  That the ‘citizen’s anger’ has ‘paid off.’

Too bad the rest of the world’s governments have not been wise enough to defend their citizens against the ruthless looters in the financial sector who continue, in all these other nations to wreak havoc upon the defenseless peoples of the world.

Ireland, Greece, the U.K. and the U.S. leaders might want to take another look at their own playbook and adjust their plan -if they had not already proven that they are merely pawns of the looters; that might be possible…

Icelandic Anger Brings Debt Forgiveness in Best Recovery Story

Feb. 20 (Bloomberg) — Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”

In even more stunning language later on in the piece, an economics professor from the University of Iceland makes a clear case for the correctness of Iceland’s response to the crisis:

Crisis Lessons

“The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110 percent agreement was here,” said Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik, in an interview. “It’s the broadest agreement that’s been undertaken.”

Without the relief, homeowners would have buckled under the weight of their loans after the ratio of debt to incomes surged to 240 percent in 2008, Matthiasson said.

Read the full story including statements by Fitch concluding that Iceland’s approach has succeeded.

 

]]> http://www.getsmartaboutbanks.com/2012/02/fitch-raises-icelands-rating-says-unorthodox-crisis-policy-response-has-succeeded/feed/ 0 Criminal Ongoing Greek Tragi-Comedy; Spreading Global Crime http://www.getsmartaboutbanks.com/2012/02/criminal-ongoing-greek-tragi-comedy-spreading-global-crime/ http://www.getsmartaboutbanks.com/2012/02/criminal-ongoing-greek-tragi-comedy-spreading-global-crime/#comments Thu, 23 Feb 2012 01:45:33 +0000 admin http://www.getsmartaboutbanks.com/?p=1880 Max and Stacy bring the latest on the world criminal banking racket. From Greece to the U.K. banker and spreading trickle down crime…

]]> http://www.getsmartaboutbanks.com/2012/02/criminal-ongoing-greek-tragi-comedy-spreading-global-crime/feed/ 0