Democratic Sen. Carl Levin of Michigan, a leading advocate of the VolckeR rule, said on "Meet the Press" that because of this mistake, Dimon and other opponents of the rule "will lose their battle in Washingtonto weaken the rule. That is the real price."
New information indicates that $15 Trillion was transferred in three segments of $5 Trillion each via the Royal Scotland Bank into the UK.
“I think we have to drive that activity out of the bank
Ed Clark is ruffling some feathers. In a television interview with Bloomberg News that aired Monday, the chief executive officer of Toronto-Dominion Bank (TD-T79.91-0.60-0.75%) waded into the debate on speculative trading and tighter bank restrictions, and he made his positions quite clear.
“Given, frankly, the privileged role that we play in society, and I think it
is a privileged role,” he added, “then we should not... be speculators.”
He also made his position on Basel III unequivocal. “I’m a big advocate of Basel III. I think the industry should be saying, ‘We want everyone to have lots of capital, adequate capital, and we want [the banks] to have lots of liquidity.” Bloomberg dubbed the segment “old-fashioned banking,” and many of Mr. Clark’s statements made reference to returning to the old way of doing things. The way he sees it, Basel III and the Volcker Rule are intended to get banks back to their traditional businesses, and “I think there are some of us that cheer that and think it’s fundamentally right.”
“Given, frankly, the privileged role that we play in society, and I think it is a privileged role,” he added, “then we should not... be speculators.”
And just in case all of that wasn’t 100 per cent clear, for good measure he threw in: “We’ve taken shareholder value added to the extreme.”
The television segment can be found here – but be warned, it makes Canadians seem... folksy, what with our love of hockey and our spelling of ‘centre.’
Some of the quotes mentioned above did not air on television, and were taken from a transcript posted on Bloomberg.
As for some balance, keep in mind that in the fourth quarter of 2008, TD announced after tax credit trading losses of $350-million.http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/if-you-want-to-speculate-dont-call-yourself-a-bank-td-ceo/article2432231/
CORPORATE TRUST The bet that went horribly wrong
Chemical Bank
Those leaving are Ina Drew, who since 2005
has run the risk-management unit that is responsible for the losses;Ms. Drew had a steady ascent after she joined Chemical Bank, one of the predecessor companies at JPMorgan Chase, in 1982. http://news.yahoo.com/report-3-jpmorgan-executives-resign-204933877--finance.html
ROYAL LAW ????? ATTORNATUS PRIVATUS
Counterfeiting of documents Main article: Forgery Forgery is the process of making or
adapting documents with the intention to deceive. It is a form of fraud, and is often a key technique in the
process for investigating many aspects of various documents, and is often used to examine the provenance and verity of a suspected forgery. Security printing is a printing industry specialty, focused on creating
legal documents which are difficult to forge.
career dealmaker and architect form of deliberate capital destruction
The bet that went horribly wrong for JPM, which has led the U.S. banking lobby’s noisy opposition to banking reforms post-meltdown, was conceived and botched by a sophisticated, computer-modeled system put in place by CEO Jamie Dimon, a career dealmaker and architect of unwieldy financial conglomerates who has no business running a straightforward bank.
At this writing, investors in J.P. Morgan Chase have lost more than $10 billion in shareholder value as JPM’s stock has plunged a stunning 8 per cent in early trading. More worrisome, in overnight trading elsewhere in the world following Dimon’s disclosure of JPM’s ineptitude, bank stocks globally have abruptly shed tens of billions of dollars in stock market value.
It is a sector that still doesn’t understand it’s playing with fire every time it fails to resist the temptation of a quick buck on, in this case, “synthetic credit products.” That’s a fancy term for a wager on crowd sentiment as it affects a financial instrument the bettor doesn’t actually take possession of and is held fleetingly enough that what it consists of exactly isn’t fully known.
Dimon’s timing, to put it charitably, could not have been more perfectly horrible.
The Fed: Mend It or End It? by Ron Paul Last week I held a hearing to examine the various proposals that have been put forth both to mend and to end the Fed. The purpose was to spur a vigorous and long-lasting discussion about the Fed's problems, hopefully leading to concrete actions to rein in the Fed. First, it is important to understand the Federal Reserve System. Some people claim it is a secret cabal of elite bankers, while others claim it is part of the federal government. In reality it is a bit of both. The Federal Reserve System is the collusion of big government and big business to profit at the expense of taxpayers. The Fed's bailout of large banks during the financial crisis propped up poorly-run corporations that should have gone under, giving them a market-distorting advantage that no business in the United States should receive. The recent news about JP Morgan is a case in point. JP Morgan, a recipient of $25 billion in bailout money, recently announced it lost another $2 billion. If a corporation shows itself to be a bottomless money pit of "errors, sloppiness and bad judgment," the Fed shouldn't have expected $25 billion in free money to change that or teach anyone a lesson in fiscal discipline. But it determined that this form of deliberate capital destruction was preferable to one business suffering bankruptcy. Clearly, some changes need to be made.
SpookdFebruary 22, 2012 7:42 PM New information indicates that $15 Trillion was transferred in three segments of $5 Trillion each via the Royal Scotland Bank into the UK.
There is also a link to Indonesia, and to Riyadi in Indonesia.
Key to the transfer were Timothy Geitner, then President of the NY Federal Reserve Bank;
There have also been a series of unusual resignations of senior officials from key international banks.
We'll be tying all these pieces together to see if we can establish a pattern, and an audit of how much of the $15 Trillion was laundered through their banks.
It appears this operation is slowly unraveling, and the conspirators will be identified -- if not brought to justice.
To counterfeit means to illegally imitate something. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product. The word counterfeit frequently describes both the forgeries of currency and documents,
We learn from Reuters [but not the WSJ, the NYT or the WashPost, or any other US
news source other than Yahoo] that the Italian police have seized US$6 Trillion in in US Treasury bonds.
"Police videos showed images of the trunks, with "Federal Reserve System, Treaty of Versailles" stamped on the side in large, golden letters. Bond certificates marked 'Chicago, Illinois, Federal Reserve Bank' and other securities, some for one billion dollars, were also shown."
And we promised to get back to you when we learned more.
In our original story, it appeared the seized bonds were part of the $16 Trillion the Fed had transferred surreptitiously to Europe between late 2008 and 2009. Although the US Government authorities [i.e., the Fed] declared the bonds to be fake, it appeared rather that these bonds were real and had been diverted from the US Fed bailout of 2009. [Officially, the counterfeits were "hard to distinguish from the real th
Will they be remembered as the three biggest scam artists in US history?As far as we can tell, the Fed failed to coordinate the transfer of these funds with Congress, although it appears IToccurred following conversations between Bernanke and Obama prior to Obama's Inauguration.
It also appears that AIG was the conduit through which These financial packages were transferred to Europe; we're not sure which other financial institutions were involved, although one destination was most certainly Switzerland since the "Fake Bonds" keep turning up there.
Interestingly, bond traders at Morgan Stanley and Citigroup found this episode amusing and joked about it -- as they declared it essentially irrelevant. These would likely be be the same shysters who laughed as the US financial system was destroyed in 2008 -- so there may be merit in taking a closer look at them come January 2013 with Eric Holder's replacement.
As for counterfeiting the bonds, we recall Operations Andrew and Bernhard, the Nazi counterfeiting operations which created nearly £150 million [about US$600 Million then] during WWII with the intent of creating inflation in England. The notes were virtually indistinguishable from the real thing, and after WWII, the counterfeit notes found their way into Israel, which used them to bankrollthe new country [to the great annoyance of the Brits].
Interestingly, the Nazis originally planned to fly over England and drop
millions of these notes into the countryside, thus creating inflation.
Counterfeiting of money or government bonds
This section requires expansion. Main article: Counterfeit money Counterfeit money is currency that is produced without the legal sanction of the state or government and in deliberate violation of the laws thereof; the United States Secret Service, better known as the official bodyguard detail for the President and/or the Vice President of the United States, their families, and/or other officials/dignitaries and/or their
families, was initially organized primarily to combat the counterfeiting of
American money; counterfeit government bonds are public debt instruments that are produced without legal sanction, with the intention of "cashing them in" for authentic currency or using them as collateral to secure legitimate loans or lines of credit.
Helicopter Ben Nearly 70 years later, Fed Chairman Bernanke was dubbed "Helicopter Ben" when he proposed the same solution to the wrecked economy, i.e., fly over the countryside and throw out millions of dollars from a helicopter.
The counterfeiting of US currency, though details remain secret, was effectively carried out following the theft of a trainload of the special paper on which US currency was then printed -- making the counterfeits virtually impossible to detect.
The same counterfeiters, drawn from prisoners at Auschwitz and Mauthausen-Gusen, likely continued to create counterfeit currency after the war.
Interestingly, the nexus of financial transfers for the counterfeit instruments was South Tyrol, Northern Italy,
in the same Swiss border region as the current operation -- Chiasso.
So, counterfeit or real? We're going with real on this
operation since Chiasso has been the distribution point for illicit [vs
counterfeit] money laundering operations for the last 50 years or so. Looks
like an excellent place to launder real bonds, and move legitimate money into Swiss bank accounts -- for when Bernanke, Geithner, and Obama retire from the US Government.
As for the US officials who identified the bonds as "counterfeit" who were from the Fed -- they would have plenty of
'splainin" to do if they admit the bonds are
real.
[Credibility Check: I worked as an intelligence analyst at the State Department (INR) researching and analyzing international banking/finance and money laundering; my assessments in NIEs provided the basis for the Money Laundering Control Act of 1986.]http://spookdblog.blogspot.ca/2012/02/forged-bonds-or-real-stuff-accidentally.html
1913 A PRIVATE CORPORATION OWNED BY EUROPEAN BANKERS FEDERAL RESERVE ACT GAVE THE AUTHORITY FOR EUROPEAN BANKERS TO ISSUE US CURRENCY FEDERAL RESERVE ACT PRIORITIES THAT ALL PRE 1913 US DEBT WOULD BE ASSUMED BY THE FEDERAL RESERVE
PACIFIC STOCK TRANSFER 2000 SECRETARY OF STATE FRANKIE SUE DEL PAPPA CAPITAL COMPLEX CARSON CITY NEVEDA 88710
HOLDER OF AN OLD AND EXTREMELY VALUABLE GOLD CERTIFICATE
SEPT 8 1994 IN COMPLIANCE WITH CONSTITUTIONAL COMMON LAWS OF THE STATE OF ILLINOIS
DECEASED AND NOTICE OF "NO TAXABLE ESTATE "AN AMERICAN INDIAN " RUSSELL HERRMAN RUSSELL HERRMANN RUSSELL HERMAN RESIDENT OF OAKVILLE COUNTY OF
WASHINGTON STATE OF ILLINOIS
VK DURHAM -EXECUTRIX ATTORNEY IN FACT WITNESSED BY DR ANDY NICKOLAW 9693 CAMININTO SAN DIEGO