fraud

Lying Karl Rove's lying about Elizabeth Warren and TARP

Simon Johnson provides his separate assessment of the lies and distortions used in attacking MA Senate candidate, Elizabeth Warren, at BaseLineScenario:

Karl Rove’s Crossroads GPS has another ad out attacking Elizabeth Warren. This is beyond ludicrous – the ad attempts to blame Ms. Warren for the Troubled Asset Relief Program (TARP) and for bank bailouts. The principle here seems to be that when the truth cannot be slanted in a way you want, just ignore the facts and go all out for disinformation.

I count at least five misrepresentations in the ad, and I suggest the following corrections (here):...

In case it's not so obvious, Karl Rove and American Crossroads / GPS are in full-blown service to launder the electoral interests of the richest 1% who don't have the numbers but have the money that designed the Citizens United decision exactly in order to be able to buy corporate speech, instead. 

Senator Bernie Sanders, just yesterday, offered a Constitutional amendment in what I consider to be the last-ditch effort to reverse the Citizens United-induced spiral into a straight-up representative fascism.

Until that Amendment is passed, I guess, American Crossroads Watch will continue to respond to, for further example, what is likely to be a ramping of attacks on the efforts of candidates or officials like Virginia Governor Tim Kaine.

But it takes more than documenting the expose, and your help is needed to get the word out.  Please help spread it to your friends and families.

Michael Collins: The Budget Betrayal - Questions and Answers

This president will never do a single thing to oppose the the agenda of the ruling financial elite unless, of course, members of the ruling elite tell him to oppose something meaningless just for the sake of appearances.

Question: Why did President Obama put Social Security and Medicare on the table in the budget negotiations when 80% of the people oppose cuts to these programs?

Answer: The president is not in office to represent those people. He was selected, funded and carried over the finish line by corporate America. Look at the appointment of Wall Streeter Timothy Geithner, the bailouts, and the failure to prosecute any of the crooks who caused the current recession. He's serving the people who put him in office. Those people don't need Social Security and Medicare.

Will the NY Attorney General Bring Doomsday Charges Against Wall Street? If So, How Long Will He Survive?

Michael Collins


Gretchen Morgenson of the New York Times just published one of the few feel good stories in months following the 2008 financial crisis. She describes a possible day of reckoning for the perpetrators of the 2008 crisis and much of the pain that has followed.

The newly elected New York attorney general, Eric Schneiderman (D), wants information from Goldman Sachs, Bank of America, and Morgan Stanley. Among other things, the information concerns mortgage pooling and bundling. This may well include information on collateralized debt obligations (CDO's) and mortgage backed securities (MBS). New York state officials told Morgenson:

"The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses." New York Investigates Banks’ Role in Financial Crisis New York Times, May 16

 

From HuffPo: US Government Suing Deutsche Bank for $1 Billion

According to an article in the Huffington Post, the US Government is going after Deutsche Bank for at least $1 Billion for fraud:

__________

The Justice Department sued Deutsche Bank AG, one of the world's 10 biggest banks by assets, on Tuesday for at least $1 billion for defrauding taxpayers by "repeatedly" lying to a federal agency when securing taxpayer-backed insurance for thousands of shoddy mortgages.

MortgageIT, a subsidiary of Germany's largest lender, egregiously violated federal rules that came with government backing on more than 39,000 mortgages worth more than $5 billion since 1999, according to the lawsuit filed in Manhattan federal court.

__________

This could have an interesting impact on world markets if it's the start of an ongoing accountability initiative...(I know - wishful thinking...)

Keep in mind, Deutsche Bank is one of core members of the Thieves Guild.

Beyond ForeclosureGate - It Gets Uglier

Michael Collins

The ForeclosureGate scandal poses a threat to Wall Street, the big banks, and the political establishment. If the public ever gets a complete picture of the personal, financial, and legal assault on citizens at their most vulnerable, the outrage will be endless. (Image)

Foreclosure practices lift the veil on a broader set of interlocking efforts to exploit those hardest hit by the endless economic hard times, citizens who become financially desperate due medical conditions. A 2007 study found that medical expenses or income losses related to medical crises among bankruptcy filers or family members triggered 62% of bankruptcies. There is no underground conspiracy. The facts are in plain sight.

Phishing, Taxes, The US Treasury and You

It's that time of the year, folks -- a swarm of emails have been coming out from spoofed addresses, claiming to be from the customer service section of Electronic Federal Tax Payment System (eftps.gov).

NOTE: The IRS never sends emails to taxpayers. Pass that tidbit on, and help take a bite out of cybercrime...

It starts off with the following:

__________
From: EFTPS Tax Payment [mailto:customers@eftps.gov]
Sent: today, this month, real recent time
To: yourbusinessname@yourbusinessurl.com
Subject: Your Federal Tax Payment has been rejected. Report ID: xxxxxxxx (some numbers, sometimes sequential if from the same spammer/phisher/cyber-criminal/needle-dicked bugfvcker)

Your Federal Tax Payment ID: 012345678 has been rejected.

Return Reason Code R21 - The identification number used in the Company Identification Field is not valid.

Please, check the information and refer to Code R21 to get details about your company payment in transaction contacts section: http://eftps.gov/R21

In other way forward information to your accountant adviser.

EFTPS: The Electronic Federal Tax Payment System
PLEASE NOTE: Your tax payment is due regardless of EFTPS online
availability. In case of an emergency, you can always make your tax payment by calling the EFTPS.
__________

What changes, slightly, is the subject (sometimes the message has "URGENT" at the start of the subject, sometimes not), the content (sometimes the line "In other way forward information to your accountant adviser" is present, sometimes not). The URL "eftps.gov/R21" is not the actual URL that the message redirects you to -- that's just the URL label. The actual URL differs, usually directing people to a server in Russia through a variant of the domain name "eftpsxxxxx.com" where the "xxxx" is a series of numbers. A traceroute on the various URLs comes back with different domain hosts / admin information, but the email headers from any message you receive usually include an ip address (and sometimes a source node) for where the message may actually be from -- or at least one of the potential zombie machines it was sent from.

Should you receive any such emails (I've received about 12 so far over the past few days), there's a quick and easy way to report them to the IRS (see below). In general, any time you receive a suspicious email claiming to be from the Treasury or US government, you can go to the US Treasury's website for contact information about how to report the phishing attempt, or -- if you've been a victim of a cybercrime, particularly if you've lost money or property -- you can go straight to the IC3 site and file a complaint (or 2, or 3 -- or 12 -- as the case may be).

For this particular email scam and for cases specifically involving the IRS and tax scams, go to the IRS page for more information. The IRS is already aware of this particular scam, but you should still report it and provide the details of the email source to help their cybercrime investigators track the perpetrators. Usually, a great and simple method to do this as well as report these types of fraud involves the following:

  1. View and copy the full header information of the email,
  2. Forward the email message to phishing@irs.gov, with a copy of the full header information pasted within

Easy-peasy.

Whatever you do, do not click on the links of any suspicious emails, even those purporting to be from the IRS or US Government, unless you can be sure that the link goes to where it says it is going.

More information is available about this at the IRS site on fraud/phishing/abuse (same IRS link as provided a few sentences ago).

Be careful out there, and remain ever-vigilant for those cyber-criminals who'll try to steal you blind almost as fast as the Bush/Cheney Administration and their Republican Congressional majority gutted the national treasury and destabilized our entire economy and infrastructure.

Gibbs Outed as Republican Mole

Michael Collins
(Satire)

White House Press Secretary, Robert "the mole" Gibbs, was outed last night for his lead role in throwing the 2010 congressional election to the Republican Party. The White House refused to return calls to comment on the charge or verify the outline of the carefully orchestrated plot. But a variety of off the record sources spoke as one - the plot is real and has been going on long before the 2008 general election. The scope of the plot goes well beyond the upcoming congressional contests.

In a recent interview for The Hill newspaper, Gibbs used an entirely new technique in election tactics - offend and humiliate a key element of your voting block right before a critical election. Gibbs ridiculed progressives as part of the "Professional Left" and said, “They will be satisfied when we have Canadian health care and we’ve eliminated the Pentagon. That’s not reality.” Research indicates that this approach has never been used within 90 days of a general election.

But the story goes much deeper than simple electoral politics. The planned outburst has a short term benefit for Republicans but, as we will see, Gibbs is reporting to a higher authority.

What's a capitalist to do?

AIG's Joe Cassano - An American Tragedy

By Numerian

What’s a capitalist to do when he loses $500 billion and almost single-handedly destroys the global economy? In Japan you would bow deeply in public and express the deepest possible remorse and shame, that is if you already had not committed seppuku. In America, where the Ayn Rand ethos of objectivism reigns supreme, you weasel your way out of any explanation or regret, while riding off in the sunset with your undeserved fortune.

"Proving Election Fraud" by Richard Charnin (TruthIsAll)

By Michael Collins

Stock deals are rigged for insiders. Big money runs Congress. And we've gone to war based on a series of calculated lies.

Are you willing to accept the fact that our elections are subject to the same type of corruption?

If you are, then Proving Election Fraud by Richard Charnin pulls back the curtain and exposes the pattern of election fraud over the past four decades. It's not a mystery when your look at the numbers and check them against multiple public sources. The information is all there - if the experts care to look.

First Iceland, then the World



The public is angry. Why should the public pay for the bankers mistakes. Iceland blogger Halldor Sigurdsson

Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn't fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks. Covering the debt would have cost Iceland's 317,000 citizens around $17,000 each.

Iceland's national referendum was the first opportunity for the people of any nation to vote directly on who pays when the financial elite fail.

As citizens voted, Iceland's Prime Minister was dismissing the importance of the vote and promising to negotiate a payment scheme obligating citizen subsidies for bad debt created by Iceland's beyond-bad bankers.

Icelanders are struggling with a collapsed economy. Businesses are failing at a startling rate, unemployment is soaring, and the prospects for the future are simply not there. Yet the British and Dutch governments demand that their swindled citizens receive compensation from beleaguered Icelanders. Where were the British and Dutch central banks and politicians while their citizens were being fleeced? Aren't the rulers of these countries aware that the failed Icelandic bank was owned by wealth investors, not the citizens?

The Hoi Poloi v Goldman Sachs

Numerian (Feb 15)  Posted by Michael Collins with permission of the author

Ask yourself who knows how much has really been borrowed by various governments around the world?

Greece is turning into a battle royal between the global financial
elites and the average worker in the industrial West. This started out
as a more limited struggle, pitting the finance ministers and central
banks of the European Union against the Greek unions, but the fight has
unexpectedly broadened with news of the surreptitious involvement of
Goldman Sachs in helping Greece avoid borrowing constraints.

The picture painted in the Western financial press makes the unions
the villain in this play. The unions are described as greedy, lazy, too
quick to strike, and insensitive to the burdens they were imposing on
the Greek economy. To cope with union threats and extortion, various
Greek governments had no choice but to borrow excessively, and well
beyond the European Union target range that allowed domestic budget
deficits to be no higher than 3% of GDP. As of last year, Greece’s
budget deficit was 12.7% of GDP.

The sheer level of these deficits – the highest in the European
community – has spooked international investors and the ratings
agencies like Moody’s, which have dropped the Greek sovereign credit
rating and threatened further demotions if nothing is done. This, along
with the prospect of default on their government debt, has thrown
Greece into a crisis and into the hands of the EU commissioners and
finance officials who are contemplating a bailout.

Xe Neverending Corruption and Crimes of Blackwater

From TPM, we get this little tidbit of news concerning Blackwater, a corporation so tarnished with corruption, gun running, muder, prostitution and rape of minors and other legal issues that they changed their name to Xe to try and dump the image they had built for themselves and other mercenary groups:

A lawsuit filed by two former employees of Blackwater charges that
the controversial security contractor defrauded the U.S. government,
including charging it for strippers and prostitutes, the New York Times reports.

Perhaps the most explosive charge in the lawsuit -- filed by a
married couple, Brad and Melan Davis, is that the company put a
Filipino prostitute in Afghanistan on its payroll under the "Morale
Welfare Recreation" category, then billed the government for her salary
and plane tickets.

I think TPM gets this story mostly right... But it seems that Blackwater/Xe may have actually been double billing for the prostitues' flights, as well as pretty much anyone else they could book on their privatized fraudulent err farce:

Cuomo Takes on The Money Party

Bank of America Looks Like  First of Many

Michael Collins

"This merger (Bank of America and Merrill Lynch) is a classic
example of how the actions of our nation’s largest financial
institutions led to the near-collapse of our financial system," said
Attorney General Cuomo. "Bank of America, through its top management,
engaged in a concerted effort to deceive shareholders and American
taxpayers at large. This was an arrogant scheme hatched by the bank’s
top executives who believed they could play by their own set of rules.
In the end, they committed an enormous fraud and American taxpayers
ended up paying billions for Bank of America’s misdeeds."
(Image)

New York State Attorney General Andrew Cuomo

Andrew Cuomo's complaint filed in the New York Supreme Court, County
of New York against the Bank of America and two former top executives
has the potential to push that too big to fail entity off the edge of a very steep cliff. The charges of massive fraud are based on a compelling and exhaustive filing on February 4.

A trial will likely involve testimony by the current Bank of America CEO and President Brian Moynihan against defendants Kenneth Lewis, the bank's former CEO and board chairman, former chief financial officer (CFO) Joseph L. Price, and the bank itself. Price is currently in charge of BofA's credit card division.

The complaint charges fraud before, during and after the bank's
merger with struggling brokerage firm Merrill Lynch in late 2008. The
fraud cost bank shareholders and citizens billions of dollars. This is
the first major case brought against our nation's largest financial institutions. These are the same financial institutions and executives that nearly destroyed the economy.

A karmatastic flushing out of bankster crap?

Bank of america, JPMorgan Chase and co., UBS AG, Merril LynchFrom Bloomberg, Bank of America, JPMorgan Chase and Co. and UBS AG have assets frozen by Italy:

Italy’s financial police are seizing 73.3 million euros ($102
million) of assets from Bank of America Corp. and a unit of Dexia SA as
part of a probe into an alleged derivatives fraud in the region of
Apulia.

Police are investigating losses on derivatives linked to the sale of
870 million euros of bonds sold by the regional government in 2003 and
2004, according to an e-mail from the prosecutor’s office in Bari
today. The banks misled the municipality, located in the heel of Italy,
on the economic advantages of the transaction and concealed their fees,
the prosecutor said.

The region, also known as Puglia, joins more than 519 Italian
municipalities that face 990 million euros in derivatives losses,
according to data compiled by the Bank of Italy. In Milan,
prosecutors seized assets from four banks including JPMorgan Chase
& Co. and UBS AG in April and requested they stand trial for
alleged fraud. Hearings started this month.

And BoA owned Merril Lynch is in deep doodoo too.

If our American politicians have sold their souls to the financial sectors (As has our SCROTUS) it doesn't mean the rest of the world will turn a blind eye to theft on a trillion dollar scale.

Triumph of the Money Party

Triumph of the Money Party

Image cc

Health Care Reform DOA. Why the Surprise?

They Did what they Always Do

Michael Collins

The Money Party is a small group of enterprises and individuals who have most of the money in this country. They use that money to make more money. Controlling who gets elected to public office is the key to more money for them and less for us September 30, 2007

Dr. Howard Dean, MD, just said pull the plug on the current health care reform effort. The cure is worse than the disease according to the good doctor.

Why the surprise?

Last week the president announced that he's sending 30,000 troops to
Afghanistan without a declaration of war by Congress and without
Afghanistan posing a direct threat to the United States violating both
the United States Constitution and international law at the same time.

The bailed out Wall Street failures are paying back just enough of
their loans to the Treasury Department to allow a new round of huge bonuses.
At the same time, they continue to get tons of cash through the Federal
Reserve. Pay back a few billion, get seven trillion dollars  in credit.
Not a bad deal.