911:Financial scandals

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Intro

Institutional Fraud

Institutional fraud can consist of various fraud and corruption crimes, such as: money laundering, insider trading, bribing, racketeering, loan sharking, insurance scams, evidence destruction.

BCCI Bank

Vatican Bank

Vatican Bank / Banco Ambrosiano

  • Vatican Bank - "The Vatican Bank was involved in a major political and financial scandal in the 1980s, concerning the 1982 $3.5 billion collapse of Banco Ambrosiano, of which it was a major share-holder. The head of the Vatican Bank from 1971 to 1989, Paul Marcinkus, was indicted in 1982 in Italy as an accessory of the bankruptcy."
  • See also:
    • P2 masonic lodge: "P2 was implicated in numerous Italian crimes and mysteries, including the nationwide bribe scandal Tangentopoli, the collapse of the Vatican-affiliated Banco Ambrosiano, and the murders of journalist Mino Pecorelli, Prime Minister Aldo Moro, and banker Roberto Calvi."
      • Roberto Calvi - (1920-1982, murdered) an Italian banker dubbed by the press as "God's Banker", due to his close association with the Vatican.
        • The entire tangle of intrigue began to unravel five years ago in June when a well-dressed corpse was found hanging by a red nylon noose from scaffolding under Blackfriars Bridge in London. His pants were stuffed with large bricks, his feet washed by the Thames--in what seemed to be a masonic ritual murder or suicide.God's Banker by Edward Jay Epstein
    • Clearstream scandal with the Banco Ambrosiano scandal
    • "At the time, Archbishop Marcinkus, an American-born friend of William A. Wilson, was under investigation by Italian authorities for the role he and the Vatican bank played in Italy's largest banking scandal, the 1982 collapse of the $1.2 billion Banco Ambrosiano." [2]
      • "William A. Wilson (born November 3, 1914) was an American diplomat and businessman from Los Angeles. A close friend of President Ronald Reagan, was appointed as first (or re-instigation?) United States Ambassador to the Holy See, in 1984. Previously he was personal representative of the United States President to the Holy See, from 1981." [3]
      • To research: Leo Wanta fund hoax.

HUD fraud scandal

  • HUD fraud scandal - HUD "Loses" $59 Billion
    • more links
    • United States Department of Housing and Urban Development (http://www.hud.gov)
    • CIA ‘black budget’ and HUD's
      • The report investigates the legal challenges to the constitutionality of the CIA’s black budget; how the CIA uses its legal authority to extract appropriations from government agencies such as HUD; how the CIA launders non-appropriated money through other federal agencies; and the efforts the CIA goes to prevent these financial transfers from being exposed. Using as a case study the legal difficulties faced by an innovative mortgage finance company, Hamilton Securities, the report will argue that the CIA’s covert role in Hamilton’s demise is compelling evidence that the CIA was involved in funding irregularities in HUD. [4]

Savings and Loan fraud

Teamsters Union fraud

Guarantee Security Life Insurance Company

  • Guarantee Security Life Insurance Company (GSLIC)
    • "According to the Florida Insurance Commissioner: [GSLIC] was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest. The fraud at Guaranteed Security was a carefully orchestrated bank robbery. But the thieves disguised themselves with the help of accountants and brokers and lawyers rather than wearing silk-stocking masks." ... "Together they looted the company of more than $80 million."

Stock market fraud cases

  • todo: insider trading studies
  • todo: Option fraud study NYSE (2000 of 2500 NYSE companies suspect of insider trading)
  • todo: 9/11 put options (United Airlines, American Airlines, Marsch & Mclennan, ...)

Parmalat

  • "At the end of 2003, one of the biggest corporate scandals in history came to light as an €8 billion hole was discovered in Parmalat's accounting records."


Ponzi scheme

Bernard Madoff

  • "Bernard Madoff was not some sort of weird outsider...but rather a key developer of the modern system of electronic trading and a founder and chairman of NASDAQ. Madoff often was called upon to help write the rules on financial regulation and therefore became quite expert at subverting them... At the very time back in 1999 when the SEC was being formally warned that a Madoff scam was under way, Madoff was consulting with then-SEC Chairman Arthur Levitt Jr. on regulatory matters... When Levitt worked for Clinton as head of the SEC, he teamed up with Alan Greenspan, Robert Rubin and Lawrence Summers to destroy what remained of financial service industry regulation..." -- Robert Scheer article Park Avenue Parasites


New Kabul Bank


Financial crisis of 2007–08

  • The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s.[1] It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of US dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis.[2][3] The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 7, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".[4]

Todo: No convictions so far - May 2013 - (see Jon Stewart Parody on the priorities of the FBI/DOJ [5])

Financial-crime evidence destruction

1992 NYC WTC bombing

1995 Oklahoma bombing

2001 NYC WTC complex bombing

  • WTC 1
  • ...
  • WTC 2
  • ...
  • WTC 7
    • SEC
    • Intelligence service
  • ...

2001 Pentagon

Manipulation

Interest rates

XXXXXX [1]


Currency rates

  • FX Traders Criminally Charged With Currency Rigging
    • U.S. prosecutors charged three traders who made up the infamous "Cartel" currency rigging chat room, and who were at the heart of a criminal investigation that has ensnared the world’s biggest banks over the rigging of currency rates. Richard Usher, formerly head of G10 spot trading at JPMorgan, Rohan Ramchandani, formerly of Citigroup and Chris Ashton, formerly of Barclays, were indicted Tuesday for conspiring to fix prices. [6]

Commodity Markets

Price fixing

Gold

  • The Gold Price Fixing (Conspiracy)
    • For many years now, a number of people in the financial arena have been alleging that there is an active conspiracy to suppress the price of gold. Some see it as a sinister backroom affair. Others claim that it’s just the way the world works, and that it happens right out in the open, if only you know where to look. Among the latter is the Gold Anti-Trust Action Committee (GATA), the source of much of the material that has been written on the subject in recent years.
    • The central banks and their agents, the bullion banks. The central banks include the ECB (European Central Bank), as well as those of virtually all the European countries, including Britain, along with the Federal Reserve and Treasury Department in this country. Any of the big Western holders of gold. All of whom communicate directly with each other and also through the BIS, the Bank for International Settlements (the subject of an article The Most Powerful Bank You’ve Never Heard Ofin the March 7, 2006 issue of What We Now Know). “By the bullion banks shorting gold,” Chris says, “they deceived the world about the level of inflation and money supply growth, and basically they shorted gold to buy U.S. government bonds and collect the difference. If you’ve been assured that the gold price is going down, you short the metal and use the proceeds to buy government bonds. You’re getting 5% on government bonds and the gold price is going down 5% a year, enabling you to close the short profitably, so you have a risk-free trade. You’re getting 10%, as long as the central banks are willing to back you with more gold sales to keep the gold price going down. And I think everybody was happy with that. Financial houses, recruited as the banks’ agents, were happy with their easy profits. The Treasury Department was happy because it boosted bond prices and kept interest rates down. And the whole world was deceived about the vast growth that was going on in the money supply. It worked for a while. Until they started worrying that they were running out of gold reserves.”
  • Are Big Banks Using Derivatives To Suppress Bullion Prices?
    • We have explained on a number of occasions how the Federal Reserve’s agents, the bullion banks (principally JPMorganChase, HSBC, and Scotia) sell uncovered shorts (“naked shorts”) on the Comex (gold futures market) in order to drive down an otherwise rising price of gold. By dumping so many uncovered short contracts into the futures market, an artificial increase in “paper gold” is created, and this increase in supply drives down the price .... Obviously fraud and price manipulation are at work, but no heads roll. The Federal Reserve and US Treasury support this fraud and manipulation, because the suppression of precious metal prices protects the value and status of the US dollar as the world’s reserve currency and prevents gold and silver from fulfilling their role as the transmission mechanism that warns of developing financial and economic troubles. The suppression of the rising gold price suppresses the warning signal and permits the continuation of financial market bubbles and Washington’s ability to impose sanctions on other world powers that are disadvantaged by not being a reserve currency.

Mercury

  • To American companies a few years ago in South America competing companies called into life, the Society of Jesus had also monopolized mercury. The financial expert of the order it was in fact succeeded in 1923, to take possession of all shares of the famous Spanish mercury mines of Almaden, which were owned by the Madrid Banco Hispano-Americano. Market Historically, it was a masterful coup, because the Jesuit America's largest chemical company Du Pont de Nemours hit out of the field, who also wanted to purchase the Almaden shares. The founder of this trust, Alfred II, du Pont de Nemours; said at the time: "I've made a lot of experience, you should never argue with priests, especially not with the Jesuits." In 1932 the Jesuits bought the Tuscan mercury mines in Italy to the world market together with Almaden served until recently almost exclusively. During World War II, the Order earned with this armor important commodity on both sides. While the Spanish firm mainly supplied to the Allies and Russia, provided the Italian mines German armaments. [7]

Gas Prices

Food

Stock Market

  • The Rothschilds and The Napoleonic Wars
    • The Rothschilds had such an efficient system of couriers that they knew Napoleon lost at Waterloo a day before everyone else. Nathan Rothschild, in one of the most audacious moves in financial history, immediately bought up the government bond market. He then sold for a 40% profit, a huge sum.
  • Great Stock Exchange Fraud of 1814
  • Microcap stock fraud
    • Pump and dump
      • Anthony Elgindy
      • One of the most incredible stories was not in the Financial Times, but in Global Mining Observer (GMO). The source tells us that insiders at Anglo-Swiss commodities giant Glencore are planning to poke naïve shareholders in the eye. This is a perfect example of why Wall Street is no place for innocent mom-and-pop investors. Glencore cronies took the company public in May 2011 at $59 billion… loaded it up with debt… and used the money to fix themselves up with huge bonuses, payouts, fees, and options. According to GMO, having enjoyed the choice pieces of meat, they are now planning to dump the carcass on good ’ol Mom and Pop. “What a colossal piece of black-hearted chicanery,” says colleague Dan Denning in our London office. This will go down as one of the “greatest pump-and-dump schemes ever.” The insiders are now planning to take Glencore private again. Having sold at the top, they will buy back the assets at what appears to be the bottom. Glencore’s share price is now at about $136 – down from $790 at its 2011 IPO. - Bill Bonner Private Newsletter (No Links)
  • Guinness share-trading fraud
  • Emulex hoax

Money laundering

  • Cartels
    • Cali
    • Medellin
    • Sinaloa narco-trafficking cartel


Notable cases

  • Illegal drug money saved banks during global finance disaster: Billions of dollars from the illegal drug business was the only thing that kept the global financial system from collapsing at the height of the banking crisis just over a year ago, according to the head of the U.N. Office on Drugs and Crime.

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