Saturday, June 30, 2012
GROUP TERAPY: Breaking => Lawsuit Filed Against Convicted Felon George Soros & Donald Trump ~ Colluded In Multi $Billion Money Laundering/Bankruptcy Fraud Scheme « Political Vel Craft
⋅ June 29, 2012 ⋅ 2 Comments
NEW YORK, NY – Law Offices of David H. Relkin, Esq. on behalf of Leslie Dick Worldwide Ltd. has filed a Federal RICO Complaint in the United States District Court for the Southern District of New York (Case No. 08-CV-7900) against George Soros, Deutsche Bank, Vornado Realty Trust, Fortress Investment Group, Donald J. Trump & 12 other RICO conspirators for $4.2 Billion in damages.
Excerpts from the 95 page RICO (Racketeering Influenced and Corrupt Organization Act) and Bid Rigging Complaint follow:
The action seeks to recover damages arising out of an ongoing, global RICO Enterprise which engaged in predicate acts of a pattern of racketeering and conspiracy to commit RICO, through and by means of Money Laundering, Bankruptcy Fraud, and Bid Rigging. ¶1.
The RICO conspiracy of the defendants was to invest in, operate, and acquire control of various entities involved in continuing fraudulent transactions and surreptitious and conspiratorial alliances and agreements through unlawful means, including but not limited to Money Laundering, Bankruptcy Fraud, and Bid Rigging, acquired Conseco’s prime assets, including Conseco Finance and the General Motors Building in New York City, and thereafter attempted to conceal their illicit activities.
Conseco’s Purchase of The General Motors Building With Donald J. Trump
In or about May 1998, Conseco and Donald J. Trump entered into a contract to purchase the General Motors Building in New York City, located at 767 Fifth Avenue between 57th and 58th Street, across the street from the Plaza Hotel.
The unlawful Money Laundering through the sale of the General Motors Building, orchestrated and carried out by the RICO Enterprise, including George Soros, Soros Fund Management, SFM Management, Vornado Realty Trust, German American Capital, Fortress Investment Group, Donald J. Trump, and the RICO conspirators Conseco, Deutsche Bank, Lazard, Eastdil Realty, Harry Macklowe, Cerberus Capital Management, Lazard, Kirkland & Ellis, Fried, Frank, Harris, Shriver & Jacobson, Carmel Fifth and 767 Manager, and, upon information and belief, other members of the Enterprise and co-conspirators, operated through a pattern of racketeering and forms one of the cornerstones of the defendants’ illicit activities of Money Laundering and Bankruptcy Fraud, predicate acts of RICO alleged herein and Bid Rigging.
The Orchestrated Dispute Regarding The General Motors Building Between Conseco And Donald J. Trump
Upon information and belief, this was because, at or about the beginning of March 2001, the mastermind of the RICO Enterprise, George Soros, had contacted, among others to be found in discovery, Gary C. Wendt and Donald J. Trump to contrive a Money Laundering scheme to launder money through the sale of the General Motors Building by Conseco, a co-conspirator, through a pattern of racketeering activity.
Behind The Scenes Of The General Motors Dispute Soros And Conseco Implement The RICO Activity
Upon information and belief, on June 7, 2002 Conseco retained Lazard to assist it with its grave financial difficulties. Lazard would later participate in the RICO conspiracy to analyze the value of Conseco Finance and provide such information to the RICO Enterprise including, Fortress Financial, to enable the RICO Enterprise to acquire and maintain an interest in Conseco’s affiliate Conseco Finance.
Upon information and belief, at or about this time, the head of the Enterprise, George Soros, or someone else acting on behalf of the Enterprise, began implementing the pattern of racketeering activities which could be accomplished by having Conseco file for Bankruptcy protection under Chapter 11 of the Bankruptcy Code, so as to acquire Conseco’s assets at a discount price, including Conseco Finance and the General Motors Building and launder money through these entities.
During secret negotiations that ensued between the members of the RICO Enterprise and its co-conspirators,the RICO Enterprise engaged in a pattern of racketeering activity involving interstate commerce to acquire an interest in Conseco, to invest proceeds of a pattern of racketeering activities in Conseco, and to conduct the affairs of Conseco through a pattern of racketeering, through Money Laundering, Bankruptcy Fraud and Bid Rigging.
The next maneuver in the pattern of racketeering was to use the RICO Enterprise to ensure the sale of the General Motors Building to the co-conspirator designee of the Enterprise, Harry Macklowe, so that Soros could launder money through the rigged sale of General Motors Building.
George Soros And His Pattern of Money Laundering Activities In Interstate Commerce
Upon information and belief, George Soros is the Chairman of Soros Fund Management, a private investment management firm that serves as a principal advisor to the Quantum Group of Funds, based in the tax free Caribbean Country of Curaçao, a Caribbean tax haven, and a possession of the Netherlands Antilles.¶173.
Upon information and belief, the Netherland Antilles has repeatedly been cited by the Task Force on Money Laundering of the Organization for Economic Cooperation and Development as one of the world’s most important centers for laundering illegal proceeds of Latin American cocaine and other drug traffic.¶174.
In August of 1990, according to Reuters News Agency, the US Drug Enforcement Agency agents claimed that Banco de Columbia and other banks were conduits for Latin American drug money.¶177.
Convicted Felon George Soros Euro Trials
According to the BBC, Soros was found guilty of felony criminal insider trading in France on January 29, 2002, and from profiting from inside knowledge of a 1998 takeover bid for Societé Generale, a French Bank, and was fined 2.9 Million Dollars, which felony conviction was upheld by the French Court of Appeals, the Cour de Cassation, France’s highest Court, on June 14, 2006.¶179.
George Soros Manipulates The Conseco Bankruptcy To Maximize The Acquisitions Of the RICO Enterprise To Launder Money and To Engage In Bid Rigging
Upon information and belief, from June 2002 to December 2002, the six month period prior to the planned Bankruptcy filing of Conseco, the Enterprise engaged in a pattern of racketeering activity with Soros, SFM Management, Soros Fund Management, Fortress Investment Group, Cerberus, Conseco, Lazard, Kirkland & Ellis, Fried Frank Harris Shriver & Jacobson, to prepare the Conseco bankruptcy proceeding to allow George Soros and the RICO Enterprise to Launder Money through the Conseco Bankruptcy using the purchase of Conseco Finance and the Debtor in Possession Financing to gain complete control of the Bankruptcy proceeding, and ultimately allowing Soros and the Enterprise to purchase the General Motors Building, to launder money through its sale.¶182.
Upon information and belief, the RICO Enterprise also set up FPS DIP, LLC (“FPS DIP”) to obtain the valuable position of Debtor in Possession financier to Conseco to Launder Money in the Conseco Bankruptcy. ¶190.
Upon information and belief, FPS DIP was also controlled by Fortress Investment Group and George Soros, who had been, and, upon information and belief, remain co-conspirators in Money Laundering through partnerships they maintain in Curaçao, N.A.¶191.
The Rico Enterprise Takes Control Of The Conseco Bankruptcy
The Bankruptcy filing of Conseco was the third largest Bankruptcy proceeding, smaller only than Enron and WorldCom. ¶202.
Upon information and belief, since the members of CFN Holdings had been reviewing the assets of Conseco Finance since at least July 2002, only CFN Holdings and the RICO Enterprise, George Soros, Fortress Investment Group, Conseco and Lazard knew the true worth of Conseco Finance, which facts were never disclosed by CFN Holdings or Conseco to the third parties who attempted to bid on the purchase of Conseco Finance.¶204.
The RICO Enterprise Commences The Flood of Motions To Take Control of The Bankruptcy of Conseco
On December 19, 2002, Conseco made an emergency motion for an Order seeking to allow FPS DIP and U.S. Bank to act as the Debtor in Possession financers of Conseco to approve the Secured Super-Priority Debtor in Possession Credit Agreement dated December 19, 2002 between Conseco Finance and FPS DIP to obtain secured post-petition financing up to the principal amount of 125 Million from FPS DIP.¶208.
In connection with the aforesaid motions, Conseco, by its counsel, Kirkland & Ellis, represented that it Fortress/Flowers as the potential purchaser of Conseco Finance but that without the approval of the FPS DIP financing order, Conseco “will not be able to continue operations for more than a few days, and will not allow them to fund the completion of their restructuring process.” (See Exhibit “T” annexed to the Compendium of Exhibits.)¶210.
The Illegal Acquisition of Conseco Finance By The Soros RICO Enterprise
On January 13, 2003, Conseco, through its counsel, Kirkland & Ellis, responded to the objections of the Committee of Unsecured Creditors of Conseco Finance by, inter alia, by falsely representing that the CFN Holdings Asset Purchase Agreement was entered into “at arms’ length,” which constituted Bankruptcy Fraud.¶224.
Since CFN Holdings had assessed the true value of Conseco Finance before the Bankruptcy, and since the Bankruptcy Court had granted CFN Holdings certain protections in connection with the purchase of Conseco Finance, only CFN Holdings had a realistic chance of acquiring Conseco Finance, on behalf of the RICO Enterprise.¶235.
The Machinations of Trump And Conseco to Resolve The Ownership of the General Motors Building In Furtherance Of the RICO Enterprise
Upon information and belief, as part of the racketeering activity engineered by the RICO Enterprise, Soros or someone else on behalf on behalf of the RICO Enterprise approached Trump with a proposal to use Bankruptcy Fraud to acquire the General Motors Building and, once acquired by the Enterprise, Soros and the other individuals associated in fact with Soros, including Trump, to engage in a Money Laundering scheme through which they could launder money through the General Motors Building sale. ¶241.
[After the dispute between Conseco and Trump was resolved by the American Arbitration Association in favor of Conseco] Despite the fact that Carmel Fifth could have entered judgment upon the Arbitration Award against Donald J. Trump which would have netted Trump approximately only 15 Million Dollars, and created a massive windfall for Conseco and Carmel Fifth, on or about June 24, 2003, in furtherance of the racketeering activity of the Enterprise, Carmel Fifth and 767 Manager and Donald J. Trump instead agreed to dismiss the state court proceeding to confirm the Arbitration Award with prejudice and entered into “a confidential agreement.” (See Exhibit “JJ” annexed to the Compendium of Exhibits.) ¶331.
Upon information and belief, the confidential agreement concerned the division of the proceeds of the sale of the General Motors Building by paying Trump 275 Million Dollars. ¶332.
This confidential agreement was in furtherance of the pattern of racketeering to launder money through the sale of the General Motors Building. ¶333.
The Money Laundering Is Set In Place By The Creation Of Ephemeral Entities And Illusory Obligations
During the twenty-eight days between the announcement that Macklowe had won the bidding and the closing date, Soros with the other members of the racketeering Enterprise and conspirators therewith engineered the creation of shell entities and various illusory obligations and transactions which would make it appear that Macklowe was buying the General Motors Building instead of the actual purpose of Money Laundering. ¶374. [see foot note below]
For further information contact: David H. Relkin, Esq. Law Offices of David H. Relkin, Esq. 575 Eighth Avenue New York, NY 10018
David@RelkinLaw.com 212.244.8722
Links: www.DavidRelkinLaw.com
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END OF ALL ENDINGS: Peter Madoff Arrested By FBI, Expected To Plead Guilty
June 30, 2012 by
Thanks to Marc G. – Laura
Reuters | Posted: 06/29/2012 7:19 am Updated: 06/29/2012 7:43 am
NEW YORK, June 29 (Reuters) – The FBI said on Friday it had arrested Peter Madoff, the younger brother of swindler Bernard Madoff, who is serving a 150-year prison sentence for his multibillion dollar Ponzi scheme.
The arrest of Peter Madoff was expected as he is due in federal court in Manhattan later Friday to plead guilty to crimes related to his brother’s decades-long fraud.
Peter Madoff was chief compliance officer at Bernard L. Madoff Investment Securities LLC when his brother was arrested on Dec. 11, 2008
Peter Madoff Arrested By FBI, Expected To Plead Guilty.
DELIVERY PACKAGE: itccs.org | Historic Lawsuit to be Filed in Federal Court Against Church and Crown
June 30, 2012 by
Thanks to Marc G. – Laura
Posted on June 29, 2012 by itccs
Toronto, Canada:A joint media release by The Association of Citizen Prosecutors (ACP) and The International Tribunal into Crimes of Church and State (ITCCS) is to be released on “Canada Day”, July 1, 2012.
It announces the first class action lawsuit in Canadian history to name as co-defendants the Vatican, the Crown of England, Canada and its churches, and big pharmaceutical companies, all of which are accused of crimes against humanity and criminal conspiracy.
The lawsuit is brought by Jason Bowman of the ACP and Rev. Kevin Annett of the ITCCS, on behalf of a group of many others.
The lawsuit will be explained in detail at a press conference held on the date of filing at the Federal Court Building, on Wednesday, July 4 at 1 pm EST at 180 Queen Street West in Toronto.
A copy of the July 1 press statement is attached.
“Victims of church, state and big pharma are finally uniting to put an end to their terror” said Kevin Annett today.
“Among other plaintiffs in our class action will be survivors of Canada’s genocide against native people, who have never had their day in court. The whitewash is over. More than 50,000 murdered children will finally be confronting Canada and the Catholic, Anglican and United Church, and placing them all on trial”.
For information contact Jason Bowman at 705-250-0221 and Kevin Annett at 250-591-4573.
___________________________________________________________________________
ACP Main Branch: 140 Victoria Street East, Alliston, ON L9R 1K6 | tel. / fax (705) 250-0221
E-mail: canada.acp@gmail.com | Website: http://federalclassactions.wordpress.com
Please click on link below to see the actual document
itccs.org | Historic Lawsuit to be Filed in Federal Court Against Church and Crown.
MONOPOLY GUY NO MORE: UK -Ed Miliband calls for public inquiry into banks | Business | guardian.co.uk
Labour leader pushes for 12-month investigation into industry’s ‘dark corners’ after week of revelations
- guardian.co.uk, Saturday 30 June 2012 07.37 BST
Ed Miliband said ‘institutional corruption’ in the banking industry should be investigated. Photograph: Chris Ison/PA
Ed Miliband
has called for a full-scale public inquiry into banking culture and
practices after the City was rocked by two major scandals in the space
of a week.
The Labour leader said the industry was plagued by an “institutional corruption” that could only be eradicated by introducing a tough new code of conduct and jail sentences for immoral bankers who abused the system.
His comments were echoed by the Bank of England governor, Sir Mervyn King, who demanded a “real change in culture” as Britain’s lenders were left reeling following a week blighted by controversy.
Miliband pushed for a 12-month probe to “find out what is going on in the dark corners of the banks” after the FSA uncovered “serious failings” in the sale of complex financial products to small businesses, just days after the rate-rigging affair emerged at Barclays.
The taxpayer-backed Royal Bank of Scotland (RBS) also confirmed it was being investigated for manipulating the rates at which banks lend to each other, known as Libor.
In an interview with the Times, Miliband said: “There hasn’t been a proper reckoning for what happened in the banking crisis. The bankers told us – it’s all fine, we’ve cleaned everything up. But I’m afraid that doesn’t hold water any more.”
Calling for a systematic look at the customs and practices of the industry, he added: “We’ve got to have an open, independent inquiry with hearings to find out what is going on in the dark corners of the banks.
“Some of it clearly was illegal, but it goes well beyond that.
“There is a problem with how people operate. This isn’t just about regulation, it’s also about culture and ethics.”
Miliband said the inquiry – set up with cross-party support – would be asked to draw up a bankers’ code of conduct going beyond the “narrow” professional standards enforced by the Financial Services Authority (FSA).
Calling for the worst offenders to receive prison sentences, he added: “It should be about probity, honesty, integrity. Bankers should be struck off if they do the wrong thing … this is not a victimless crime.”
King said he believed a Leveson-style inquiry was not needed, but slammed conduct in the industry.
He said: “From excessive levels of compensation, to shoddy treatment of customers, to a deceitful manipulation of one of the most important interest rates and now news of yet another mis-selling scandal we can see we need a real change in the culture of the industry.”
He added that hard-working bank staff had been “let down” and that banks now needed “leadership of an unusually high order”.
The Financial Services Authority (FSA) revealed earlier that Barclays, HSBC, RBS and Lloyds Banking Group had agreed to pay compensation to customers who were mis-sold interest-rate hedging products.
Some 28,000 of the products have been sold since 2001 and may have been offered as protection – or to act as a hedge – against a rise in interest rates without the customer fully grasping the downside risks.
The findings come after Barclays was fined £290m by UK and US regulators for manipulating the rate at which banks lend to each other, and echoes the costly payment protection insurance (PPI) mis-selling scandal that emerged last year.
Banks are facing the threat of a criminal investigation over the fixing of the interbank lending figures that affect millions of homeowners and small firms.
The Treasury has started to look at strengthening criminal sanctions for those responsible for market abuse after the FSA exposed the dealings at Barclays on Wednesday.
Serious Fraud Office investigators are in talks with the regulator over the scandal, while pressure is mounting on the Barclays chief executive, Bob Diamond, to stand down.
Miliband described the Barclays fiasco as “the unacceptable face of capitalism”, and called on Diamond to step down.
David Cameron had said the Barclay’s chief executive had “questions to answer”, but Diamond, who was head of the bank’s investment arm at the time of the allegations, reportedly told a meeting of analysts at US bank Morgan Stanley that he would not resign.
The American banker, who waived his bonus for 2012 in light of the claims, has agreed to appear in front of the Treasury select committee to account for his bank’s actions.
HSBC and RBS are among several other lenders being investigated by the City watchdog for trying to influence the Libor and Euribor interbank lending rates to boost their profits.
Meanwhile, the RBS boss Stephen Hester waived his 2012 annual bonus following the IT fiasco that caused major problems for thousands of NatWest customers.
The Labour leader said the industry was plagued by an “institutional corruption” that could only be eradicated by introducing a tough new code of conduct and jail sentences for immoral bankers who abused the system.
His comments were echoed by the Bank of England governor, Sir Mervyn King, who demanded a “real change in culture” as Britain’s lenders were left reeling following a week blighted by controversy.
Miliband pushed for a 12-month probe to “find out what is going on in the dark corners of the banks” after the FSA uncovered “serious failings” in the sale of complex financial products to small businesses, just days after the rate-rigging affair emerged at Barclays.
The taxpayer-backed Royal Bank of Scotland (RBS) also confirmed it was being investigated for manipulating the rates at which banks lend to each other, known as Libor.
In an interview with the Times, Miliband said: “There hasn’t been a proper reckoning for what happened in the banking crisis. The bankers told us – it’s all fine, we’ve cleaned everything up. But I’m afraid that doesn’t hold water any more.”
Calling for a systematic look at the customs and practices of the industry, he added: “We’ve got to have an open, independent inquiry with hearings to find out what is going on in the dark corners of the banks.
“Some of it clearly was illegal, but it goes well beyond that.
“There is a problem with how people operate. This isn’t just about regulation, it’s also about culture and ethics.”
Miliband said the inquiry – set up with cross-party support – would be asked to draw up a bankers’ code of conduct going beyond the “narrow” professional standards enforced by the Financial Services Authority (FSA).
Calling for the worst offenders to receive prison sentences, he added: “It should be about probity, honesty, integrity. Bankers should be struck off if they do the wrong thing … this is not a victimless crime.”
King said he believed a Leveson-style inquiry was not needed, but slammed conduct in the industry.
He said: “From excessive levels of compensation, to shoddy treatment of customers, to a deceitful manipulation of one of the most important interest rates and now news of yet another mis-selling scandal we can see we need a real change in the culture of the industry.”
He added that hard-working bank staff had been “let down” and that banks now needed “leadership of an unusually high order”.
The Financial Services Authority (FSA) revealed earlier that Barclays, HSBC, RBS and Lloyds Banking Group had agreed to pay compensation to customers who were mis-sold interest-rate hedging products.
Some 28,000 of the products have been sold since 2001 and may have been offered as protection – or to act as a hedge – against a rise in interest rates without the customer fully grasping the downside risks.
The findings come after Barclays was fined £290m by UK and US regulators for manipulating the rate at which banks lend to each other, and echoes the costly payment protection insurance (PPI) mis-selling scandal that emerged last year.
Banks are facing the threat of a criminal investigation over the fixing of the interbank lending figures that affect millions of homeowners and small firms.
The Treasury has started to look at strengthening criminal sanctions for those responsible for market abuse after the FSA exposed the dealings at Barclays on Wednesday.
Serious Fraud Office investigators are in talks with the regulator over the scandal, while pressure is mounting on the Barclays chief executive, Bob Diamond, to stand down.
Miliband described the Barclays fiasco as “the unacceptable face of capitalism”, and called on Diamond to step down.
David Cameron had said the Barclay’s chief executive had “questions to answer”, but Diamond, who was head of the bank’s investment arm at the time of the allegations, reportedly told a meeting of analysts at US bank Morgan Stanley that he would not resign.
The American banker, who waived his bonus for 2012 in light of the claims, has agreed to appear in front of the Treasury select committee to account for his bank’s actions.
HSBC and RBS are among several other lenders being investigated by the City watchdog for trying to influence the Libor and Euribor interbank lending rates to boost their profits.
Meanwhile, the RBS boss Stephen Hester waived his 2012 annual bonus following the IT fiasco that caused major problems for thousands of NatWest customers.
VIOLENCE IS NOT IN MY NATURE: Ex-Wall Street Banker Apparent Suicide In Courtroom After ‘Guilty’ Verdict For Arson
1
Moments after hearing a “guilty” verdict convicting former Wall Street trader and banker Michael Marin of arson for setting his mansion on fire, the cash-strapped defendant cupped his hands over his face and then collapsed.
He later died from what authorities have speculated may have been a deadly dose of poison in a suicide ploy to avoid prison.
After the verdict was read, the one-time high roller, age 53, turned to friends in the courtroom. As he did, he coughed. A woman handed him a tissue and Marin bent over in his seat and went into violent convulsions, a scene played out in video from the courtroom aired by Fox 10 News. Marin collapsed onto the floor.
In 2009, Marin was discovered by firefighters outside his burning mansion wearing scuba gear. He had escaped from a second-floor bedroom of the home he’d bought in the ritzy Biltmore Estates neighborhood of Phoenix, Arizona.
When boxes of flammable debris placed throughout the house were discovered, as well as evidence that Marin, a Yale graduate, had lost the small fortune he had earned and could no longer afford house payments, he was charged with arson. He faced nearly 16 years in a state prison if convicted.
“Michael Marin couldn’t pay his mortgage, so he burned down his house,” Deputy Maricopa County Attorney Chris Rapp told the jury in his opening statement in the May trial.
Fast forward to Thursday afternoon when Marin, with his attorneys, was called to the Maricopa County Superior Court to learn his fate. The video showed Marin removing a sports drink from his briefcase and drinking from it after he sat down at the defense table to hear the verdict.
“We the jury,” the foreman told the court, “duly impaneled and sworn in the above entitled action upon our oath, do find the defendant Michael James Marin guilty of arson of an occupied structure.”
With that, Marin dropped his head in his cupped hands and appeared to place something in his mouth. About 5 minutes later, he appeared to put something in his mouth again, and then he drank from the bottle.
After he collapsed into convulsions and fell into unconsciousness, paramedics were called and they took him to a local hospital, where he was later pronounced dead.
From the video, it appears Marin committed suicide. But toxicology test results by the medical examiner, which could take up to six weeks, will reveal exactly what Marin took in the Arizona courtroom that ended his life in a very public way.
FOOK ME... FOOK YOU...Green Light Issued by US Military for Mass Arrests to Begin – Thanks to L & J.
⋅ ⋅
Here is another one of those great summaries that Scott Mowry is becoming known for that even includes some ‘news to me’. Thanks, Scott! ~JeanMilitary poised to take action by 4th of July according to sources
News | June 28, 2012 | www.miraclesandinspiration.com/news_green-light-issued.html
Reported by Scott Mowry
For more news stories see our News Archives
As we approach our annual Fourth of July celebration, major historic world events continue to unfold which may be signaling an Independence Day like no other is about to occur.
On Wednesday evening, June 27, 2012, major breaking news lit up blogs, chat rooms and alternative news media sites across the internet landscape. It originated from a source named Drake, a purported Pentagon liaison who for months has been reporting of impending mass arrests of the major players in the world’s dark cabal is imminent.
Drake has proclaimed himself to be a quasi-spokesman for a burgeoning group of Pentagon white hats rumored to be extremely close to unleashing plans to rescue our country, if not the entire human race, from a complete New World Order take over. He further claimed that as much as 80% of the Pentagon is on board with these plans.
Over the past three months, Drake has become both a folk hero sensation and controversial figurehead after an exclusive interview with David Wilcock went viral over the internet within days after its release on March 28, 2012.
Prior to their interview, Drake and David Wilcock compared notes and determined that much of their information arising from various insiders categorically confirmed a mass arrest scenario was in the offing in short order. Yet, despite their shared enthusiasm and numerous inside sources, nothing has materialized into the public realm to date. (See David Wilcock’s Mass Arrests / Divine Intervention: New Briefings (Finally!) and ARREST WARRANTS: Liens Filed Against G7 Central Banks for further information.)
Admittedly, many of his followers, including Drake himself, had been growing increasingly frustrated with the military’s apparent lack of action regarding these rumored arrests, despite a number of deadlines that came and went. This has generated a fair share of criticism towards Drake and his folksy, Southern way of communication. Granted, he has frightened some with talk of executions and military intervention, which was followed by his belief of the direct involvement by extra-terrestrials into the equation.
However, on the night of June 27th, Drake arrived in a celebratory mood armed with a series sensational reports he had just received. Upon entering the radio broadcast, he confessed he could hardly contain his enthusiasm due to the “extraordinary intel” he had been given over the last few days which he claimed came directly from high levels within the US military. He termed it “enormous” and was anxious to deliver it all to an eager audience.
“What I am going to tell you is going to rock your world a little bit,” he prefaced his comments before delving into the meat of his breaking news.
Below is the gist of what Drake was asked by the military to convey:
– A) “The calvary is coming”, or in other words, the military is set to strike and are announcing their arrival.
– B) Should the military need assistance with the mass arrests and the protection of vital public services (ie, power plants, telephones, cell towers, etc.), the militias and civilians will be notified. However, the military stated they likely will not need militia or civilian participation.
– C) “The United States military says ‘sit back and watch the fireworks.’ Ladies and gentlemen, they are gonna try to give us the best 4th of July we have ever had! In other words, the cavalry is on its way, things are in process, the happening is happening now!,” Drake concluded.
For weeks, Drake had promised to inform his followers when the military had arrived at what was termed a “green light status” and for all intents and purposes that is precisely the overall message he delivered. He acknowledged the lack of action he had anticipated in the past and suggested this time the military is deadly serious.
He even went so far as to claim he was informed of the exact date action would officially begin and stated the time frame would be “this week” or at the latest by July 4th. “I have been working on this stuff for twenty years and it’s finally happening,” he declared.
He also reported that spies within the recent Rio+20 Summit (United Nations Conference on Sustainable Development) from June 20-22, 2012 in Rio De Janeiro, had leaked vital information that members had agreed on the formulation of a global constitution that would directly lead to the implementation of Martial Law in the US and other countries.
The Rio+20 was disguised as an environmental symposium but rather was intended to draw up strategies to enact oppressive and costly “green tax” laws, known as Agenda 21, to be administered by the UN. Agenda 21 was to be the final push for the New World Order agenda hammer to drop down upon the US population.
Instead, the conference organizers failed miserably in the objectives as revealed by Lord Christopher Monckton. Yet, nonetheless, Benjamin Fulford reported that $513 billion was pledged by 100 nations to fight poverty and environmental destruction.
In conjunction with those leaked reports, it was discovered that as many as twenty false flag operations had been planned around the country with the possibility of St. Louis, Missouri first on the list. Highly visible military maneuvers have been rumored to be underway in that city during this past week.
However, Drake reported that 99.9% of these false flag operations thus far, have been outright stopped but a very, very small percentage have yet to be neutralized. He also briefly commented on the Neil Keenan lawsuit against the cabal on behalf of the White Dragon Society and Asian resistance movement.
Further updates were provided on Thursday, June 28, 2012 at Drake’s official website, AmericanNationalMilitia.com
In addition, Benjamin Fulford reported that intense negotiations are well underway for the formal surrender of the New World Order legion directly with Rothschild, Rockefeller and other prominent family cabal members and the White Dragon Society.
Word emanating from a recent G20 Summit in Los Cabos, Mexico on June 18 and 19, 2012 indicate that China was quite forceful in their insistence of the introduction of a new economic system.
Historically, the Chinese people are keenly aware of the importance of energy or “chi” (also known as “qi”) in daily life. Therefore, their philosophical viewpoint is that a business deal should work in the best interest of both sides, unlike the West, where deals are often constructed around the idea of a winner and a loser.
Notice this quote from the June 21st China Daily news article on the G20 Summit in Mexico: “(Chinese President) Hu (Jintao) pointed out that the G20 members have to continue to uphold the spirit of unity and win-win cooperation, work on securing growth, increasing jobs and promoting stability.“
Very prophetic words, indeed, signaling that a wholly new cooperative spirit is being forged that will carry long into humanity’s future.
On other fronts, financial institutions all over the world are finding their usual practice of stealing from the pockets of the people is simply no longer working. They are being caught red handed as in the case of Barclays bank in England who are accused of rigging interest rates. A further 20 banks are now under investigation for running the same fraud racket.
The big five banks in the US –– Citigroup Inc., Bank of America Corp, JP Morgan Chase & Co. and Morgan Stanley –– have drafted “living wills” under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. This is likely due to the stipulations of the Basel II and Basel III accords which require financial institutions to operate in a much more transparent mode in preparation for a whole new financial system.
Even cable news channel CNBC got in on the act, openly admitting on air that the central banks of the world entrap the human race as virtual economic slaves. Bear in mind, what a startling admission this is by a mainstream news outlet.
Meanwhile, mainstream news ratings continue to be in a free fall as viewers shun corporate controlled information sources in record numbers and seek out alternatives on the internet. CNN, for one, has seen a major drop-off in viewership that reached a 21-year low.
And one last bit of ironic news, British bookmakers are offering 1000-1 odds that a UFO will appear above the opening ceremonies of the Summer Olympic Games in London on July 27, 2012. Let’s hope someone wins that bet!
US MILITARY FINALLY FULFILLING ITS CONSTITUTIONAL OATH
Obviously, this is all adds up as fantastic news. Whether Drake’s schedule of events is to unfold as he has outlined remains to be seen. Yet, we can conclude he is on target regarding the need for a strong military hand to be intimately involved in this process.
The bottom line is, we must realize that we, as a species, are in a war. We are in a war for our hearts and minds. The world as a whole has now reached a critical junction. It is ready –– or perhaps more apt to say, demanding –– to evolve to the next level.
On the one hand, an old way of life, or an old paradigm is desperately hanging on for its very existence. On the other, a whole new glorious world is emerging right in front of us –– a Golden Age, if you will.
One of the main obstacles standing in the way of our evolution is an insanely draconian and corrupt economic system. It has held the people of Earth in a state of slavery for as long as money has been around. It has reached the end of its life span and now must be quickly put to death.
Make no mistake about it, the so-called financial crisis holding the world hostage has been totally engineered by the international banking cartel, the Federal Reserve and their co-conspirators within the US government and European Union. It was designed to wreck the world’s middle class thereby destroying the US and other countries from within.
Fortunately, a very powerful resistance movement has emerged led by China, Russia, India, Brazil and South Africa (BRICS), along with many other nations who have aligned themselves with them. Now the US military is about to enter the fray in a major way.
We have reached a critical point in our collective evolution where we must expand ourselves. We must grow up. The powerful families who run and own the world’s monetary system and who are desperately holding on to their authoritarian positions are very, very reluctant to let go. They have outlived their usefulness. It is time for them to step aside and allow humanity to thrive.
The criminal cabal’s time is up. The world is demanding change and the Divine has heard the cries and pleas of the people and is answering their collective call from the very source of the Creator of all life in the universe –– the Divine Father.
This is where the US military arises to the occasion to truly become the heroes many have believed they are and honor their constitutional oath of enlistment ”to defend the Constitution of the United States against all enemies, foreign and domestic.” Other than a force of ET’s, the US military is the only entity on Earth that can pull together the resources necessary to stop the cabal dead in their tracks. And, it is highly likely that the military has had the cooperation of a number of ET factions.
At this point, the military’s duty is to identify the key people in the cabal, carry out the arrests with assistance from local law enforcement and Federal Marshals, incarcerate the criminals and install a temporary transitional government for a short period of time until new elections can be held.
Then, a massive re-education campaign will be introduced over the television airwaves and internet channels to reveal the truth to the people of the world. Somewhere within that complex scenario a new monetary system will be unveiled including a revaluation of most of the world’s currencies, the obliteration of the Federal Reserve, IRS, BIS, European Union and many, many other corrupt institutions.
Clearly, this is an enormous undertaking, beyond anything ever attempted in the history of humanity –– ever. The military needs our prayers and support. This is NOT to be Martial Law nor a military takeover nor a violent revolution by any means whatsoever. Although, we have to acknowledge when it gets rolling that at times it may appear that way.
THE DEFEAT OF THE NEW WORLD ORDER AGENDA
Unfortunately, for the last 100 years, the United States military has been used as the supreme police force to enforce the voracious and powerful New World Order agenda. These plans were formulated right after the Civil War, chiefly by a former Confederate General named Albert Pike, who was nothing less than a 33rd degree Mason, a top leader in the Knights of the Ku Klux Klan and an unabashed Luciferian.
- Architect of the One World Order –Albert Pike (1809 – 1891) -
It has been rumored that Pike possessed a special bracelet which he used to summon Lucifer, with whom he had constant communication. He was the Grand Master of a Luciferian group known as the Order of the Palladium (or Sovereign Council of Wisdom), which had been founded in Paris in 1737.
Pike’s evil plan called for three great world wars to totally dominate and conquer the planet –– World War I, World War II and now the so-called “war on terror,” which has been designed to lead us directly into World War III, if we are not there already. The objective was a final Armageddeon-style battle in the Middle East pitting the US, Russia and their allies against China and the Asian continent, all in the name of some warped view of Biblical prophecy.
In order to stop the New World Order take over from being fully implemented, we quite frankly need the US military to play a major strategic role. Their apparent bold decision to basically switch sides is absolutely key to the liberation of planet Earth. The US military will provide the ultimate trump card to the One World Order envisioned by Pike and his Illuminati and Jesuit conspirators.
And that trump card is about to be played –– big time!
DRIVE TOWARDS CRITICAL MASS POINT
The best way to deal with all of the news of mass arrests, a new economic system, etc. is to remain as optimistic as possible with the understanding that timing is everything. Regardless whether Drake has given out the correct dates or not, there is no doubt that the planet and the human race is deep within a rapid transformation into the Golden Age. Guaranteed. It’s a done deal.
It is step-by-step process well underway and the signs are everywhere. All that is required is to maintain a positive attitude and recognize the monumental steps that are being taken.
At this point down the rabbit hole, all that remains is an essential critical mass point when enough souls on the planet believe in their hearts that a new world is not only possible, but is here –– now!
In India, they are carefully counting the numbers and documenting the critical mass milestones. On June 21st, the Oneness University released statistics that indicated there are now 40,000 enlightened beings on the planet. The critical mass point they are striving for is 70,000 enlightened beings which will be the optimal number to shift all 7 billion inhabitants of planet Earth into a higher dimension also know as the Golden Age. This is targeted for the end of the year 2012.
There will continue to be timely updates, each and every month, throughout the remainder of the year to offer the evidence that the human race is very rapidly ascending to a higher state of consciousness. These numbers will rise dramatically with each passing month and well into 2013, 2014 and beyond.
In summation, your light and your prayers are vital. The more we can envision and embrace a glorious new world for humanity, the more it will come into fruition. Although you may not believe in the information coming from Drake, David Wilcock, Benjamin Fulford and others of their ilk, that is necessarily not important. Should July 4th come and go without a mass arrest scenario, fear not –– eventually that expected event will come.
Yet realize this –– as a collective, we are on the path towards our total and utter emancipation. It is within our grasp. It is our destiny.
Believe in it. See it. Breathe it. Taste it. Touch it. Love it into being.
Feel it take over your heart and your entire being. Heaven on Earth has arrived and it is banging on your front door. Do you hear it? Are you going to get up and answer the door? Are you going to let it into your home?
May I suggest you do. Or you just might miss out on the Mother of all Independence Days ever! Let us pray it is so.
DR. EVIL AND HIS RANSOM OF 100 BILLION: massive global banker scandal revealed – breaking news in the Mainstream Media
RTINGE
It’s finally coming out in the public spotlight in a big way, the semi-covert operation that has been going on behind the scenes for a few years now: the take down of the criminal bankers.
Now we know exactly why those hundreds of bankers have been resigning in droves all over the world these last several months, they knew this was coming. I’ve read that resigning won’t protect the from prosecution for their crimes, however, the authorities know who they are and what they’ve done.I like to point out how truly great this is because at the heart of all the greed, evil, war, poverty, and corruption in the world is finance. It’s through the control and manipulation of the monetary system that the oligarchs wield their sociopathic power.They are like the mafia, only much much bigger because they occupy powerful positions world wide in finance, politics, and corporations. So this is really striking at the heart of the beast, and that’s why it’s such a great thing and will hopefully have very far reaching positive consequences for the entire planet. If that seems is bit exaggerated or overly dramatic hehe, then just wait until the true extent of the theft is revealedApparently, or so I’ve read, it’s of a magnitude that is a little beyond most people’s comprehension, the vast amounts of wealth that has been illegally extracted from nearly every nation on the planet for generations.
Imagine stealing a significant % of everyone’s income (almost everyone in the world) for the last 80 years or so. That’s essentially what it boils down to, and it’s just an unimaginable amount of money, and most of it taken from people struggling to get by or just survive.And this is just the tip of the iceberg with regard to what’s been going on in this crazy world.____________20 more banks were rigging interest rates: British bankers now facing criminal inquiry over scandal that was kept secret for years
Daily Mail
- Barclays shares drop 15 per cent as pressure on Diamond grows
- George Osborne promises new criminal sanctions for market abusers
- RBS, HSBC and Lloyds all named as under investigation as scandal widens
By JAMES CHAPMAN, BECKY BARROW, RUTH SUNDERLAND and ROB DAVIES
PUBLISHED: 17:53 EST, 28 June 2012 | UPDATED: 01:56 EST, 29 June 2012
Hundreds of bankers across three continents are embroiled in the interest-rate fixing scandal that has left Barclays chief executive Bob Diamond fighting to save his job.
As pressure intensified on Britain’s highest paid banking boss to quit, MPs heard a string of other financial institutions across the world were under investigation.
At least 20 banks are believed to be under suspicion, with growing demands for a criminal investigation.
Barclays’ shares crashed by 15.5 per cent in a day as the implications sank in, wiping £3.7billion from its value, with other banks also hit.Barclays Bank Tower at Churchill Place, Docklands: The bank has been fined £290million over attempts to rig money market interest rates. HSBC is one of the twenty other banks also under investigation, it emerged today
Barclays has been fined £290million after devastating emails revealed that its traders manipulated the London Interbank Rate (Libor) – the rate at which banks lend money to each other.
Chancellor George Osborne told the Commons the exchanges ‘read like an epitaph to an age of irresponsibility’.
On the blackest day for Britain’s finance industry since the 2008 economic crisis:
- Serious Fraud Office investigators were revealed to be in talks with financial watchdogs over the scandal
- David Cameron and Ed Miliband piled pressure on Mr Diamond to resign
- Barclays and other banks were braced for a damning verdict today in an official report on mis-selling of complex loans to 28,000 small firms
- Mr Osborne promised new criminal sanctions for those guilty of market abuse
- Downing Street faced a growing clamour for a judge-led public inquiry into the ethics of Britain’s banks
David Cameron, who is at an EU summit in Brussels, described the situation as an ‘extremely serious scandal’.‘Epitaph to an age of irresponsibility’: George Osborne today briefed MPs in the Commons about the unfolding bank trading scandal
Mr Diamond, who was in charge of Barclays Capital at the time traders are now known to have been rigging the market, has offered to forgo his short-term bonus for this year. But he is still entitled to millions of pounds in salary and long-term share incentives.
Asked how much wider the rate-fixing scandal might go, the Chancellor told MPs: ‘HSBC and RBS are two of the banks under investigation, but international banks such as UBS and Citigroup are under investigation too, partly for activities conducted in this country.’
Mr Osborne said the total impact on the economy and on individuals was ‘extremely difficult to work out, because the Libor rate was manipulated up as well as down’.
‘Sometimes the rate was too low for the true market price, and sometimes it was too high,’ he said.
‘The Financial Services Authority has made it clear, however, that that contributed to a risk to the country’s financial stability, and the cost of that is enormous.’
Tracey McDermott, director of enforcement at the FSA, said: ‘The initial indications are that Barclays was not the only firm that was involved in this.’
As well as RBS and HSBC, others under scrutiny include Lloyds, JPMorgan Chase, Germany’s Deutsche Bank and Bank of Tokyo Mitsubishi.
A number of employees have already been fired, suspended or put on gardening leave at various banks including state-backed RBS, which has sacked and suspended ‘several’ staff, though the bank declined to comment.
Lloyds said it had suspended two traders. ICAP, the leading City broking firm headed by Tory donor Michael Spencer, has also been dragged into the scandal. It has suspended one employee and placed two on ‘administrative leave’.SACKED RBS TRADER ACCUSES BANK CHIEFS OF COLLUDING WITH STAFF TO RIG INTEREST RATES
Royal Bank of Scotland managers are accused of colluding to rig the financial markets in court papers filed by a former employee.The alleged behaviour at RBS started when Fred Goodwin was chief executive
Tan Chi Min, a former head of delta trading for RBS’s global banking and markets division in Singapore, alleges that managers condoned collusion between its staff to set the Libor rate artificially high or low to maximise profits.
He names five staff members he claims made requests for the Libor rate to be altered and three senior managers who he said knew what was going on. He also says the practice ‘was known to other members of [RBS]’s senior management’.
Mr Tan, who was eventually sacked for gross misconduct, worked for RBS from August 2006 to November 2011 and it is believed the alleged behaviour started when Fred Goodwin, pictured, was chief executive.
He claims that he was made a ‘scapegoat’ for malpractice condoned by managers and is suing for wrongful dismissal.
In the court papers filed in New York as part of a class action, Mr Lin also implicates hedge fund bosses who have given thousands of pounds to the Conservative Party.
It is claimed that hedge fund Brevan Howard asked RBS to fix financial data by making false submissions. The fund donated £10,000 to the Tories and spent £3,542 on flights for George Osborne to attend a conference in 2008.
RBS said it was confident of mounting a successful defence against Mr Tan’s claims.
Last night there were reports the bank is to be fined £150million for similar offences to those committed by Barclays.
A senior manager at U.S. giant Citigroup’s Japanese operation left the firm late last year after his division was temporarily banned from trading linked to Libor and its Tokyo equivalent, Tibor, by the authorities.
Giant Swiss bank UBS said it had approached regulators with information over abuses of the rate-setting system.
The Libor rate is crucial, since it is a key benchmark for trillions of pounds’ worth of financial products.
The £290million fine on Barclays from the UK and U.S. authorities, issued on Wednesday, is likely to be only the beginning of a wave of punishments and civil suits for damages against other banks caught up in the global web of deceit.
Experts said banks might have to set aside billions of pounds in damages to cover their liabilities resulting from the conspiracy.Royal Bank of Scotland and Lloyds are two other UK-based banks under scrutiny as part of the probe
Former Liberal Democrat Treasury spokesman Lord Oakeshott said that once any criminal probe was underway, a public inquiry – like the one being conducted by Lord Leveson into media ethics – would have to be held.
‘Clearly, the worms that are now crawling out from under the stones at the banking industry are even worse than any of us thought,’ he added.
THE WORDS THAT WILL COME BACK TO HAUNT BANK CHIEF
Speech: Bob Diamond alongside George Osborne at the Davos World Economic Forum
On 3 November 2011, Bob Diamond, chief executive of Barclays, delivered the BBC Today programme’s inaugural business lecture. Today, his words have come back to haunt him.
‘Rebuilding trust requires banks to be better citizens. I believe in this passionately.’
Within a few months of making this statement, Barclays was found guilty of a tax avoidance plot to rob taxpayers of around £500million.
Earlier in 2011, it had been found guilty of enticing elderly customers to gamble their life savings on the stock market. Around 12,000 customers lost half their savings. And this week it was found guilty of a ‘serious and widespread’ attempt to manipulate the Libor interest rates and ordered to pay a fine of £290million.
‘I know how angry customers are about issues such as payment protection insurance. That’s why we are working hard to clear claims as quickly as possible. We want to put things right.’
When a person takes out a credit card or personal loan, they buy the insurance to pay out if they lose their job, or have to stop working due to poor health. But banks, including Barclays, were selling the policies to people who did not need them. Barclays said the PPI scandal would cost them £1billion. Four months after making this speech, he admitted the bill had increased to £1.3billion.
‘But for me the evidence of culture is how people behave when no one is watching them. Our culture must be one where the interests of customers and clients are at the very heart of every decision we make, where we all act with trust and integrity.’
The Financial Services Authority this week found Barclays guilty of misconduct ‘extended over number of years’. The US Department of Justice said simply that the bank was guilty of ‘illegal conduct’ on its attempts to manipulate the Libor rate. The culture of Barclays allowed traders to manipulate Libor in a bid to make sure they scooped millions in bonuses, and to pretend the bank was in a healthier state than it was.
Friday, June 29, 2012
DANCE WITH ME, BABY: A new nightmare on Wall Street? U.S. banks face criminal probe into global interest rate-fixing scheme as Barclays blows the whistle on America's financial giants
By Toby Harnden and Thomas Durante
Some of America's top banks are set to be dragged into a major criminal investigation of a global interest rate-fixing scandal about to engulf some of Wall Street's biggest institutions.
The worldwide probe centres on claims traders at Barclays colluded with rival banks to keep interest rates at levels to their benefit.
Barclays agreed to pay a whopping $453million in fines to the U.S. Justice Department and the UK's Financial Services Authority.
But it emerged tonight the bank had struck a deal of 'extraordinary co-operation' with regulators in Washington and London - potentially exposing collusion on interest rates among banks across the globe.
Settlement: Barclays agreed to pay a whopping
$453million fine in an agreement struck with regulators in Washington,
London and the U.S. Justice Department
Cooperating: It is believed that part of
Barclays Chief Executive Bob Diamond¿s agreement with U.S. authorities
would be to give up other top banks around the world
The agreement came after coordinated investigations lasting years and is just the first in a series of potential cases against other financial firms, including HSBC, Citigroup and JPMorgan Chase.
But it is Barclays' decision to co-operate with authorities that has sent a wave of panic through financial institutions across America.
It is believed that part of Barclays chief executive Bob Diamond’s agreement with American authorities would be to give up other top banks around the world who may be involved.
HOW BARCLAYS TRADERS CONSPIRED TO FIX THE MARKETS
Between 2005 and 2009, more than 200
requests were sent, usually by email or instant messenger - by traders
to the Barclays Libor submitters. In one example of several provided by the FSA, a trader emailed the Barclays Libor submitter in March 2006, writing: 'The big day [has] arrived… My NYK are screaming at me about an unchanged 3(month) libor. As always, any help wd be greatly appreciated. What do you think you’ll go for 3(month)?'
The submitter replied: 'I am going 90 altho 91 is what I should be posting.'
The trader thanked him, saying: '..when I retire and write a book about this business your name will be written in golden letters.'
The submitter then replied: 'I would prefer this [to] not be in any book!'
In another example from April 2006, a trader requested low one month and three month US dollar Libor rates shortly before the submission was due.
He asked: 'If it’s not too late low 1m and 3m would be nice, but please feel free to say “no”... Coffees will be coming your way either way, just to say thank you for your help in the past few weeks.'
The submitter replied: 'Done... for you big boy.'
He added: 'It is in Barclays’ interest to prove the old adage that misery loves company and I expect they'll be implicating a lot of their colleagues in other banks.'
As a part of the deal, Barclays admitted its role in rigging the LIBOR (London Interbank Offered Rate) and EURIBOR interbank crucial interest rates to mask the scale of their bad debts.
And American authorities say Barclays is not alone, with a number of other banks also taking part in a full-scale, global fraud.
A senior manager at Citigroup’s Japanese operation left the firm late last year after his division was temporarily banned from trading linked to Libor and its Tokyo equivalent, Tibor, by theauthorities.
Giant Swiss bank UBS said it had approached regulators with information over abuses of the rate-setting system.
The Libor rate is crucial, since it is a key benchmark for trillions of pounds’ worth of financial products.
The $450million fine on Barclays from the UK and U.S. authorities, issued on Wednesday, is likely to be only the beginning of a wave of punishments and civil suits for damages against other banks caught up in the global web of deceit.
Experts said banks might have to set aside billions of dollars in damages to cover their liabilities resulting from the conspiracy.
Between 2005 and 2009, certain Barclays traders requested that their LIBOR and EURIBOR submitters contribute rates that would benefit the financial positions held by those traders.
Assistant Attorney General Lanny A. Breuer said in a statement: ‘For years, traders at Barclays encouraged the manipulation of LIBOR and EURIBOR submissions in order to benefit their financial positions; and, in the midst of the financial crisis, Barclays management directed that U.S. Dollar LIBOR submissions be artificially lowered.
‘For this illegal conduct, Barclays is paying a significant price.'
The requests were made by traders in New York and London, via electronic messages, telephone conversations and in-person conversations.
The employees responsible for the LIBOR and EURIBOR submissions went along those requests numerous times in submitting the bank’s contributions, according to the Justice Department.
Difficult day: Barclays shares plunged over
fears about the fate of its leadership and possible lawsuits in the wake
of the scandal
The Justice Department’s assistant director in charge, James W. McJunkin, said in a statement: 'Barclays Bank’s illegal activity involved manipulating its submissions for benchmark interest rates in order to benefit its trading positions and the media’s perception of the bank’s financial health.'
In the UK, Labour leader Ed Miliband has also demanded a criminal probe into the interest rate scandal.
Asked how much wider the rate-fixing scandal might go, British Chancellor George Osborne told MPs: ‘HSBC and RBS are two of the banks under investigation, but international banks such as UBS and Citigroup are under investigation too, partly for activities conducted in this country.’
Mr Osborne said the total impact on the economy and on individuals was ‘extremely difficult to work out, because the Libor rate was manipulated up as well as down’.
‘Sometimes the rate was too low for the true market price, and sometimes it was too high,’ he said.
‘The Financial Services Authority has made it clear, however, that that contributed to a risk to the country’s financial stability, and the cost of that is enormous.’
At least eight agencies, including Britain's Financial Services Authority and Japan's Financial Supervisory Agency, have carried out probes into the LIBOR and EURIBOR scandal.
A broader LIBOR probe dates to at least 2011 and includes Japanese, Canadian and Swiss authorities.
Last year, UBS agreed to cooperate with U.S. investigators in exchange for conditional immunity from prosecution.
Earlier this year, in documents filed in Ontario Superior Court, a Canadian antitrust regulator said that a 'cooperating party' provided information on how the alleged LIBOR manipulation took place.
HOW BANK 'TRIED TO COVER ITS TRACKS AND LIED TO REGULATOR'
Barclays
was yesterday shown to have ruthlessly covered up its attempts to
manipulate interest rates, as well as lying to the City regulator.
Emails released by the Financial Services Authority reveal that a whistleblower warned the bank was being ‘dishonest by definition’, but was ignored by his boss.
On December 4, 2007 – just a few months after the credit crunch began – a Barclays worker emailed ‘Manager E’, laying out his fears about the bank’s behaviour.
But the bank failed to do anything about it, providing further damning evidence of a culture of fraud and manipulation.
In the email, the ‘submitter’ – the person responsible for filing the daily Libor rates to the British Bankers’ Association – said he was ‘feeling increasingly uncomfortable’.
He said: ‘My worry is that we [both Barclays and the contributor bank panel] are being seen to be contributing patently false rates.
‘We are therefore being dishonest by definition and are at risk of damaging our reputation in the market and with the regulators.’
If he had a ‘free hand’, he wanted to submit a one-month, dollar Libor rate of around 5.45 per cent, but he actually filed a rate of 5.30 per cent.
Although the bank’s compliance department contacted the FSA two days after the email was sent, it failed to tell the whole truth, the regulator said.
Its report states: ‘Compliance relayed an unspecific concern about the levels at which other banks were setting US dollar Libor (at rates lower than Barclays’ submissions).
‘Compliance did not inform the FSA that Barclays’ own submissions were incorrect or that the submitter’s determination of where Libor should be set was being over-ruled.’
It said Barclays had told it the submissions were ‘within a reasonable range and could be justified’.
On another occasion, the emails reveal that senior staff at the bank simply lied to the regulator when quizzed about Libor submissions.
On March 5, 2008, the FSA asked the bank’s ‘money market desk’ about its Libor rates. A submitter discussed his response with his manager, saying he wanted to file a rate of ‘Libor plus 20 [basis points]’ – but was told to file a lower rate.
The manager, ‘Manager D’, said: ‘Yeah, I wouldn’t go there for the moment... I would rather we sort of left that at like zero or something.’
The lower rate of Libor plus nothing was filed.
The submitter wrote: ‘It is a sad thing really, because, you know, if they’re [the FSA] truly trying to do something useful... it would be nice if they knew.’
Emails released by the Financial Services Authority reveal that a whistleblower warned the bank was being ‘dishonest by definition’, but was ignored by his boss.
On December 4, 2007 – just a few months after the credit crunch began – a Barclays worker emailed ‘Manager E’, laying out his fears about the bank’s behaviour.
But the bank failed to do anything about it, providing further damning evidence of a culture of fraud and manipulation.
In the email, the ‘submitter’ – the person responsible for filing the daily Libor rates to the British Bankers’ Association – said he was ‘feeling increasingly uncomfortable’.
He said: ‘My worry is that we [both Barclays and the contributor bank panel] are being seen to be contributing patently false rates.
‘We are therefore being dishonest by definition and are at risk of damaging our reputation in the market and with the regulators.’
If he had a ‘free hand’, he wanted to submit a one-month, dollar Libor rate of around 5.45 per cent, but he actually filed a rate of 5.30 per cent.
Although the bank’s compliance department contacted the FSA two days after the email was sent, it failed to tell the whole truth, the regulator said.
Its report states: ‘Compliance relayed an unspecific concern about the levels at which other banks were setting US dollar Libor (at rates lower than Barclays’ submissions).
‘Compliance did not inform the FSA that Barclays’ own submissions were incorrect or that the submitter’s determination of where Libor should be set was being over-ruled.’
It said Barclays had told it the submissions were ‘within a reasonable range and could be justified’.
On another occasion, the emails reveal that senior staff at the bank simply lied to the regulator when quizzed about Libor submissions.
On March 5, 2008, the FSA asked the bank’s ‘money market desk’ about its Libor rates. A submitter discussed his response with his manager, saying he wanted to file a rate of ‘Libor plus 20 [basis points]’ – but was told to file a lower rate.
The manager, ‘Manager D’, said: ‘Yeah, I wouldn’t go there for the moment... I would rather we sort of left that at like zero or something.’
The lower rate of Libor plus nothing was filed.
The submitter wrote: ‘It is a sad thing really, because, you know, if they’re [the FSA] truly trying to do something useful... it would be nice if they knew.’
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