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Gary Edwards

Major Banksters, Governmental Officials and Their Comrade Capitalists Targets of Spire ... - 0 views

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    "NEW YORK, Oct. 25, 2012 /PRNewswire via COMTEX/ -- Spire Law Group, LLP's national home owners' lawsuit, pending in the venue where the "Banksters" control their $43 trillion racketeering scheme (New York) - known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the "Banksters" and their U.S. racketeering partners and joint venturers - now pinpoints the identities of the key racketeering partners of the "Banksters" located in the highest offices of government and acting for their own self-interests. In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) - involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver - Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former "communications director" for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the "Banksters" themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patri
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    This is the first time anyone has tried to go after the Bankster class of midievil (mediæval) elites to recover theft of funds. Charges include racketeering, fraud and international money laundering. The mass tort action is now in the Brooklyn Federal Courts. Dead bodies are starting to show up as the Banksters move to shut down press coverage. Amazing stuff.
Gary Edwards

Is Standard and Poor's Manipulating US Debt Rating to Escape Liability for the Mortgage... - 0 views

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    Half way decent expose of those criminals at the S&P credit rating and risk analysis sham.  These clowns should be in jail for what they did with mortgage securities!  One thing the article doesn't mention is that without the S&P triple A credit ratings on the fraudulent mortgage security instruments, main street America 401K, city, state and county investment funds, and the bulk of pension funds could not have been invested in those phony securities.  Forget the Bankster losses and the taxpayers $23 Trillion bailout of the Banksters.  Real Americans got wiped out because of those phony triple A ratings! Another point missed in this article is that Dodd-Frank is designed for massive extortion instead of massive imprisonment, fines and retribution for criminal actions.  The way it works is that the Bankster pony up a billion plus in campaign funds, and the elected criminals pass on the prosecution of criminal violations and reporting failures.  Easy money for the ruling class.  And who pays the S&P's of the world anyway?  Right, the Banksters! Conclusion: It's becoming more and more obvious that Standard and Poor's has a political agenda riding on the notion that the US is at risk of default on its debt based on some arbitrary limit to the debt-to-GDP ratio. There is no sound basis for that limit, or for S&P's insistence on at least a $4 trillion down payment on debt reduction, any more than there is for the crackpot notion that a non-crazy US can be forced to default on its debt. Whatever S&P's agenda, it has nothing to do with avoiding default risks or putting the US on sound fiscal footing. It appears to be intertwined with their attempts to absolve themselves from responsibility for their role in the 2008 financial crisis, and they are willing to manipulate not only the 2012 election but the world economy to escape the SEC's attempts to regulate them. It's time the media and Congress started asking Standard and Poors what their political a
Gary Edwards

Obama still flush with cash from financial sector despite frosty relations - The Washin... - 0 views

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    Obama has raised more money from Wall Street Banksters than all the repubican candidates combined! But to see this connection, one has to add funds contributed to the democrat - socialist parties coffers. The more the Obama - Soros machine stirs the class warfare pot, the more money the Banksters are willing to shell out for his re-election. Maybe they know that the only way to get to a New World Order is to collapse the USA in economic and political anarchy and end the Constitution. Once the NWO is in place, there will of course be no further need for the marxist rable. excerpt: Despite frosty relations with the titans of Wall Street, President Obama has still managed to raise far more money this year from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data.

    Obama's key advantage over the GOP field is the ability to collect bigger checks because he raises money for both his own campaign committee and for the Democratic National Committee, which will aid in his reelection effort.

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    As a result, Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all of the GOP candidates combined, according to a Washington Post analysis of contribution data. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate four years ago.
Paul Merrell

The American Deep State, Deep Events, and Off-the-Books Financing | Global Research - 0 views

  • It is alleged that some of the bail money that released Sturgis and the other Watergate burglars was drug money from the CIA asset turned drug trafficker, Manuel Artime, and delivered by Artime’s money-launderer, Ramón Milián Rodríguez. After the Iran-Contra scandal went public, Milián Rodríguez was investigated by a congressional committee – not for Watergate, but because, in support of the Contras, he had managed two Costa Rican seafood companies, Frigorificos and Ocean Hunter, that laundered drug money.6
  • In the 1950s Wall Street was a dominating complex. It included not just banks and other financial institutions but also the oil majors whose cartel arrangements were successfully defended against the U.S. Government by the Wall Street law firm Sullivan and Cromwell, home to the Dulles brothers. The inclusion of Wall Street conforms with Franklin Roosevelt’s observation in 1933 to his friend Col. E.M. House that “The real truth … is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson.”18 FDR’s insight is well illustrated by the efficiency with which a group of Wall Street bankers (including Nelson Rockefeller’s grandfather Nelson Aldrich) were able in a highly secret meeting in 1910 to establish the Federal Reserve System – a system which in effect reserved oversight of the nation’s currency supply and of all America’s banks in the not impartial hands of its largest.19 The political clout of the quasi-governmental Federal Reserve Board was clearly demonstrated in 2008, when Fed leadership secured instant support from two successive administrations for public money to rescue the reckless management of Wall Street banks: banks Too Big To Fail, and of course far Too Big To Jail, but not Too Big To Bail.20
  • since its outset, the CIA has always had access to large amounts of off-the books or offshore funds to support its activities. Indeed, the power of the purse has usually worked in an opposite sense, since those in control of deep state offshore funds supporting CIA activities have for decades also funded members of Congress and of the executive – not vice versa. The last six decades provide a coherent and continuous picture of historical direction being provided by this deep state power of the purse, trumping and sometimes reversing the conventional state. Let us resume some of the CIA’s sources of offshore and off-the-books funding for its activities. The CIA’s first covert operation was the use of “over $10 million in captured Axis funds to influence the [Italian] election [of 1948].”25 (The fundraising had begun at the wealthy Brook Club in New York; but Allen Dulles, then still a Wall Street lawyer, persuaded Washington, which at first had preferred a private funding campaign, to authorize the operation through the National Security Council and the CIA.)26 Dulles, together with George Kennan and James Forrestal, then found a way to provide a legal source for off-the-books CIA funding, under the cover of the Marshall Plan. The three men “helped devise a secret codicil [to the Marshall Plan] that gave the CIA the capability to conduct political warfare. It let the agency skim millions of dollars from the plan.”27
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  • The international lawyers of Wall Street did not hide from each other their shared belief that they understood better than Washington the requirements for running the world. As John Foster Dulles wrote in the 1930s to a British colleague, The word “cartel” has here assumed the stigma of a bogeyman which the politicians are constantly attacking. The fact of the matter is that most of these politicians are highly insular and nationalistic and because the political organization of the world has under such influence been so backward, business people who have had to cope realistically with international problems have had to find ways for getting through and around stupid political barriers.21
  • In the 1960s and especially the 1970s America began to import more and more oil from the Middle East. But the negative effect on the U.S. balance of payments was offset by increasing arms and aviation sales to Iran and Saudi Arabia. Contracts with companies like Northrop and especially Lockheed (the builder of the CIA’s U-2) included kickbacks to arms brokers, like Kodama Yoshio in Japan and Adnan Khashoggi in Saudi Arabia, who were also important CIA agents. Lockheed alone later admitted to the Church Committee that it had provided $106 million in commissions to Khashoggi between 1970 and 1975, more than ten times what it had paid to the next most important connection, Kodama.31 These funds were then used by Khashoggi and Kodama to purchase pro-Western influence. But Khashoggi, advised by a team of ex-CIA Americans like Miles Copeland and Edward Moss, distributed cash, and sometimes provided women, not just in Saudi Arabia but around the world – including cash to congressmen and President Nixon in the United States.32 Khashoggi in effect served as a “cutout,” or representative, in a number of operations forbidden to the CIA and the companies he worked with. Lockheed, for one, was conspicuously absent from the list of military contractors who contributed illicitly to Nixon’s 1972 election campaign. But there was no law prohibiting, and nothing else to prevent their official representative, Khashoggi, from cycling $200 million through the bank of Nixon’s friend Bebe Rebozo.33
  • The most dramatic use of off-the-books drug profits to finance foreign armies was seen in the 1960s CIA-led campaign in Laos. There the CIA supplied airstrips and planes to support a 30,000-man drug-financed Hmong army. At one point Laotian CIA station chief Theodore Shackley even called in CIA aircraft in support of a ground battle to seize a huge opium caravan on behalf of the larger Royal Laotian Army.30
  • At the time of the Marshall Plan slush fund in Europe, the CIA also took steps which resulted in drug money to support anti-communist armies in the Far East. In my book American War Machine I tell how the CIA, using former OSS operative Paul Helliwell, created two proprietary firms as infrastructure for a KMT army in Burma, an army which quickly became involved in managing and developing the opium traffic there. The two firms were SEA Supply Inc. in Bangkok and CAT Inc. (later Air America) in Taiwan. Significantly, the CIA split ownership of CAT Inc.’s plane with KMT bankers in Taiwan – this allowed the CIA to deny responsibility for the flights when CAT planes, having delivered arms from Sea Supply to the opium-growing army, then returned to Taiwan with opium for the KMT. Even after the CIA officially severed its connection to the KMT Army in 1953, its proprietary firm Sea Supply Inc. supplied arms for a CIA-led paramilitary force, PARU, that also was financed, at least in part, by the drug traffic.28 Profits from Thailand filtered back, in part through the same Paul Helliwell, as donations to members from both parties in Congress. Thai dictator Phao Sriyanon, a drug trafficker who was then alleged to be the richest man in the world, hired lawyer Paul Helliwell…as a lobbyist in addition to [former OSS chief William] Donovan [who in 1953-55 was US Ambassador to Thailand]. Donovan and Helliwell divided the Congress between them, with Donovan assuming responsibility for the Republicans and Helliwell taking the Democrats.29
  • The power exerted by Khashoggi was not limited to his access to funds and women. By the 1970s, Khashoggi and his aide Edward Moss owned the elite Safari Club in Kenya.34 The exclusive club became the first venue for another and more important Safari Club: an alliance between Saudi and other intelligence agencies that wished to compensate for the CIA’s retrenchment in the wake of President Carter’s election and Senator Church’s post-Watergate reforms.35
  • As former Saudi intelligence chief Prince Turki bin Faisal once told Georgetown University alumni, In 1976, after the Watergate matters took place here, your intelligence community was literally tied up by Congress. It could not do anything. It could not send spies, it could not write reports, and it could not pay money. In order to compensate for that, a group of countries got together in the hope of fighting Communism and established what was called the Safari Club. The Safari Club included France, Egypt, Saudi Arabia, Morocco, and Iran.36 Prince Turki’s candid remarks– “your intelligence community was literally tied up by Congress. …. In order to compensate for that, a group of countries got together … and established what was called the Safari Club.” – made it clear that the Safari Club, operating at the level of the deep state, was expressly created to overcome restraints established by political decisions of the public state in Washington (decisions not only of Congress but also of President Carter).
  • Specifically Khashoggi’s activities involving corruption by sex and money, after they too were somewhat curtailed by Senator Church’s post-Watergate reforms, appear to have been taken up quickly by the Bank of Credit and Commerce International (BCCI), a Muslim-owned bank where Khashoggi’s friend and business partner Kamal Adham, the Saudi intelligence chief and a principal Safari Club member, was a part-owner.37 In the 1980s BCCI, and its allied shipping empire owned by the Pakistani Gokal brothers, supplied financing and infrastructure for the CIA’s (and Saudi Arabia’s) biggest covert operation of the decade, support for the Afghan mujahedin. To quote from a British book excerpted in the Senate BCCI Report: “BCCI’s role in assisting the U.S. to fund the Mujaheddin guerrillas fighting the Soviet occupation is drawing increasing attention. The bank’s role began to surface in the mid-1980′s when stories appeared in the New York Times showing how American security operatives used Oman as a staging post for Arab funds. This was confirmed in the Wall Street Journal of 23 October 1991 which quotes a member of the late General Zia’s cabinet as saying ‘It was Arab money that was pouring through BCCI.’ The Bank which carried the money on from Oman to Pakistan and into Afghanistan was National Bank of Oman, where BCCI owned 29%.”38
  • In 1981 Vice-president Bush and Saudi Prince Bandar, working together, won congressional approval for massive new arms sales of AWACS (airborne warning and control system) aircraft to Saudi Arabia. In the $5.5 billion package, only ten percent covered the cost of the planes. Most of the rest was an initial installment on what was ultimately a $200 billion program for military infrastructure through Saudi Arabia.41 It also supplied a slush fund for secret ops, one administered for over a decade in Washington by Prince Bandar, after he became the Saudi Ambassador (and a close friend of the Bush family, nicknamed “Bandar Bush”). In the words of researcher Scott Armstrong, the fund was “the ultimate government-off-the-books.” Not long after the AWACS sale was approved, Prince Bandar thanked the Reagan administration for the vote by honoring a request by William Casey that he deposit $10 million in a Vatican bank to be used in a campaign against the Italian Communist Party. Implicit in the AWACS deal was a pledge by the Saudis to fund anticommunist guerrilla groups in Afghanistan, Angola, and elsewhere that were supported by the Reagan Administration.42 The Vatican contribution, “for the CIA’s long-time clients, the Christian Democratic Party,” of course continued a CIA tradition dating back to 1948.
  • The activities of the Safari Club were exposed after Iranians in 1979 seized the records of the US Embassy in Tehran. But BCCI support for covert CIA operations, including Iran-Contra, continued until BCCI’s criminality was exposed at the end of the decade. Meanwhile, with the election of Ronald Reagan in 1980, Washington resumed off-budget funding for CIA covert operations under cover of arms contracts to Saudi Arabia. But this was no longer achieved through kickbacks to CIA assets like Khashoggi, after Congress in 1977 made it illegal for American corporations to make payments to foreign officials. Instead arrangements were made for payments to be returned, through either informal agreements or secret codicils in the contracts, by the Saudi Arabian government itself. Two successive arms deals, the AWACS deal of 1981 and the al-Yamamah deal of 1985, considerably escalated the amount of available slush funds.
  • It is reported in two books that the BCCI money flow through the Bank of Oman was handled in part by the international financier Bruce Rappaport, who for a decade, like Khashoggi, kept a former CIA officer on his staff.39 Rappaport’s partner in his Inter Maritime Bank, which interlocked with BCCI, was E.P. Barry, who earlier had been a partner in the Florida money-laundering banks of Paul Helliwell.40
  • After a second proposed major U.S. arms sale met enhanced opposition in Congress in 1985 from the Israeli lobby, Saudi Arabia negotiated instead a multi-billion pound long-term contract with the United Kingdom – the so-called al-Yamamah deal. Once again overpayments for the purchased weapons were siphoned off into a huge slush fund for political payoffs, including “hundreds of millions of pounds to the ex-Saudi ambassador to the US, Prince Bandar bin Sultan.”43 According to Robert Lacey, the payments to Prince Bandar were said to total one billion pounds over more than a decade.44 The money went through a Saudi Embassy account in the Riggs Bank, Washington; according to Trento, the Embassy’s use of the Riggs Bank dated back to the mid-1970s, when, in his words, “the Saudi royal family had taken over intelligence financing for the United States.”45 More accurately, the financing was not for the United States, but for the American deep state.
  • This leads me to the most original and important thing I have to say. I believe that these secret funds from BCCI and Saudi arms deals – first Khashoggi’s from Lockheed and then Prince Bandar’s from the AWACS and al-Yamamah deals – are the common denominator in all of the major structural deep events (SDEs) that have afflicted America since the supranational Safari Club was created in l976. I am referring specifically to 1) the covert US intervention in Afghanistan (which started about 1978 as a Safari Club intervention, more than a year before the Russian invasion), 2) the 1980 October Surprise, which together with an increase in Saudi oil prices helped assure Reagan’s election and thus give us the Reagan Revolution, 3) Iran-Contra in 1984-86, 4) and – last but by no means least – 9/11. That is why I believe it is important to analyze these events at the level of the supranational deep state. Let me just cite a few details.
  • 1) the 1980 October Surprise. According to Robert Parry, Alexandre de Marenches, the principal founder of the Safari Club, arranged for William Casey (a fellow Knight of Malta) to meet with Iranian and Israeli representatives in Paris in July and October 1980, where Casey promised delivery to Iran of needed U.S. armaments, in exchange for a delay in the return of the U.S. hostages in Iran until Reagan was in power. Parry suspects a role of BCCI in both the funding of payoffs for the secret deal and the subsequent flow of Israeli armaments to Iran.46 In addition, John Cooley considers de Marenches to be “the Safari Club player who probably did most to draw the US into the Afghan adventure.”47 2) the Iran-Contra scandal (including the funding of the Contras, the illegal Iran arms sales, and support for the Afghan mujahideen There were two stages to Iran-Contra. For twelve months in 1984-85, after meeting with Casey, King Fahd of Saudi Arabia, in the spirit of the AWACS deal, supported the Nicaraguan Contras via Prince Bandar through a BCCI bank account in Miami. But in April 1985, after the second proposed arms sale fell through, McFarlane, fearing AIPAC opposition, terminated this direct Saudi role. Then Khashoggi, with the help of Miles Copeland, devised a new scheme in which Iranian arms sales involving Israel would fund the contras. The first stage of Iran-Contra was handled by Prince Bandar through a BCCI account in Miami; the second channel was handled by Khashoggi through a different BCCI account in Montecarlo. The Kerry-Brown Senate Report on BCCI also transmitted allegations from a Palestinian-American businessman, Sam Bamieh, that Khashoggi’s funds from BCCI for arms sales to Iran came ultimately from King Fahd of Saudi Arabia, who “was hoping to gain favor with Ayatollah Ruhollah Khomeini.”48
  • 3) 9/11 When the two previously noted alleged hijackers or designated culprits, al-Mihdhar and al-Hazmi, arrived in San Diego, a Saudi named Omar al-Bayoumi both housed them and opened bank accounts for them. Soon afterwards Bayoumi’s wife began receiving monthly payments from a Riggs bank account held by Prince Bandar’s wife, Princess Haifa bint Faisal.49 In addition, Princess Haifa sent regular monthly payments of between $2,000 and $3,500 to the wife of Osama Basnan, believed by various investigators to be a spy for the Saudi government. In all, “between 1998 and 2002, up to US $73,000 in cashier cheques was funneled by Bandar’s wife Haifa … – to two Californian families known to have bankrolled al-Midhar and al-Hazmi.”50 Although these sums in themselves are not large, they may have been part of a more general pattern. Author Paul Sperry claims there was possible Saudi government contact with at least four other of the alleged hijackers in Virginia and Florida. For example, “9/11 ringleader Mohamed Atta and other hijackers visited s home owned by Esam Ghazzawi, a Saudi adviser to the nephew of King Fahd.”51
  • But it is wrong to think of Bandar’s accounts in the Riggs Bank as uniquely Saudi. Recall that Prince Bandar’s payments were said to have included “a suitcase containing more than $10 million” that went to a Vatican priest for the CIA’s long-time clients, the Christian Democratic Party.52 In 2004, the Wall Street Journal reported that the Riggs Bank, which was by then under investigation by the Justice Department for money laundering, “has had a longstanding relationship with the Central Intelligence Agency, according to people familiar with Riggs operations and U.S. government officials.”53 Meanwhile President Obiang of Equatorial Guinea “siphoned millions from his country’s treasury with the help of Riggs Bank in Washington, D.C.”54 For this a Riggs account executive, Simon Kareri, was indicted. But Obiang enjoyed State Department approval for a contract with the private U.S. military firm M.P.R.I., with an eye to defending offshore oil platforms owned by ExxonMobil, Marathon, and Hess.55 Behind the CIA relationship with the Riggs Bank was the role played by the bank’s overseas clients in protecting U.S. investments, and particularly (in the case of Saudi Arabia and Equatorial Guinea), the nation’s biggest oil companies.
  • The issue of Saudi Embassy funding of at least two (and possibly more) of the alleged 9/11 hijackers (or designated culprits) is so sensitive that, in the 800-page Joint Congressional Inquiry Report on 9/11, the entire 28-page section dealing with Saudi financing was very heavily redacted.56 A similar censorship occurred with the 9/11 Commission Report: According to Philip Shenon, several staff members felt strongly that they had demonstrated a close Saudi government connection to the hijackers, but a senior staff member purged almost all of the most serious allegations against the Saudi government, and moved the explosive supporting evidence to the report’s footnotes.57 It is probable that this cover-up was not designed for the protection of the Saudi government itself, so much as of the supranational deep state connection described in this essay, a milieu where American, Saudi, and Israeli elements all interact covertly. One sign of this is that Prince Bandar himself, sensitive to the anti-Saudi sentiment that 9/11 caused, has been among those calling for the U.S. government to make the redacted 28 pages public.58
  • This limited exposure of the nefarious use of funds generated from Saudi arms contracts has not created a desire in Washington to limit these contracts. On the contrary, in 2010, the second year of the Obama administration, The Defense Department … notified Congress that it wants to sell $60 billion worth of advanced aircraft and weapons to Saudi Arabia. The proposed sale, which includes helicopters, fighter jets, radar equipment and satellite-guided bombs, would be the largest arms deal to another country in U.S. history if the sale goes through and all purchases are made.59 The sale did go through; only a few congressmen objected.60 The deep state, it would appear, is alive and well, and impervious to exposures of it. It is clear that for some decades the bottom-upwards processes of democracy have been increasingly supplanted by the top-downwards processes of the deep state.
  • But the deeper strain in history, I would like to believe, is in the opposite direction: the ultimate diminution of violent top-down forces by the bottom-up forces of an increasingly integrated civil society.61 In the last months we have had Wikileaks, then Edward Snowden, and now the fight between the CIA and its long-time champion in Congress, Dianne Feinstein. It may be time to see a systemic correction, much as we did after Daniel Ellsberg’s release of the Pentagon Papers, which was followed by Watergate and the Church Committee reforms. I believe that to achieve this correction there must be a better understanding of deep events and of the deep state. Ultimately, however, whether we see a correction or not will depend, at least in part, on how much people care.
Gary Edwards

Scribd: Obama Green Energy Investment Scam - Your money, his campaign funding - 0 views

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    The Solyndras are coming!  The Solyndras are coming!  Thanks to Republican congressman Darryl Issa, California, and his investigation into the Obama Energy Department, we now know that Obama has funneled $6.5 BILLION in taxpayer money into a growing collection of Solyndras.   The Solyndras are turning out to be bankrupt green energy companies headed by wealthy investors actively bundling and raising campaign finance funds for Obama.  Ex: Solyndra investor George Kaiser raised over $100,000 for Obama's election campaign, and got a kick back / bankruptcy bailout of over a half Billion Dollars from the Energy Department.  Not enough to save the already failed Solyndra, but enough to make the bundlers and fund raisers whole.  Lesser shareholders and over a thousand employees took the hit. Thanks to Rep Issa, we now know that the Obama - Solyndra scam was actually a formula for transforming (moving) taxpayer funds into private bundler investments.  Awful stuff.  Corruption on steroids in that the Energy Department knew far in advance of the bankruptcy filings that these companies were going down.  Yet the bailout funds were still approved.  Also note that Obama bundlers, banksters, and financiers have open access to the White House.  The visitor log is itself an explosive indictment of the corrosive crony socialism - banksterism that has become the hallmark of the Obama regime. Most of the money for the Solyndras comes out of the failed $1 Trillion Obamulous bill passed by his socialist party early on his administration - February of 2009.
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    Awful stuff. We are no longer a republic. This is fascism.
Paul Merrell

Eric Cantor's Opponent Beat Him By Calling Out GOP Corruption | - 0 views

  • “All of the investment banks, up in New York and D.C., they should have gone to jail.” That isn’t a quote from an Occupy Wall Street protester or Senator Elizabeth Warren. That’s a common campaign slogan repeated by Dave Brat, the Virginia college professor who scored one of the biggest political upsets in over a century by defeating Majority Leader Eric Cantor in the Republican primary last night. The national media is buzzing about Brat’s victory, but for all of the wrong reasons.
  • Did the Tea Party swoop in and help Brat, as many in the Democratic Party are suggesting? Actually, the Wall Street Journal reports no major Tea Party or anti-establishment GOP group spent funds to defeat Cantor. Did Cantor, the only Jewish Republican in Congress, lose because of his religion, as some have suggested? There’s no evidence so far of anti-Semitism during the campaign. Was Cantor caught flatfooted? Nope; Cantor’s campaign spent close to $1 million on the race and several outside advocacy groups, including the National Rifle Association, the National Realtors Association and the American Chemistry Council (a chemical industry lobbying association) came in and poured money into the district to defeat Brat. The New York Times claims that Brat focused his campaign primarily on immigration reform. Brat certainly made immigration a visible topic in his race, but Republic Report listened to several hours of Brat stump speeches and radio appearances, and that issue came up far less than what Brat called the main problem in government: corruption and cronyism. Brat told Internet radio host Flint Engelman that the “number one plank” in his campaign is “free markets.” Brat went on to explain, “Eric Cantor and the Republican leadership do not know what a free market is at all, and the clearest evidence of that is the financial crisis … When I say free markets, I mean no favoritism to K Street lobbyists.” Banks like Goldman Sachs were not fined for their role in the financial crisis — rather, they were rewarded with bailouts, Brat has said.
  • rat, who has identified with maverick GOP lawmakers like Representative Justin Amash of Michigan, spent much of the campaign slamming both parties for being in the pocket of “Wall Street crooks” and D.C. insiders. The folks who caused the financial crisis, Brat says, “went onto Obama’s rolodex, the Republican leadership, Eric’s rolodex.” During several campaign appearances, Brat says what upset him the most about Cantor was his role in gutting the last attempt at congressional ethics reform. “If you want to find out the smoking gun in this campaign,” Brat told Engelman, “just go Google and type the STOCK Act and CNN and Eric Cantor.” (On Twitter, Brat has praised the conservative author Peter Schweizer, whose work on congressional corruption forced lawmakers into action on the STOCK Act.) The STOCK Act, a bill to crack down on insider trading, was significantly watered down by Cantor in early 2012. The lawmaker took out provisions that would have forced Wall Street “political intelligence” firms to register as traditional lobbyists would, and removed a section of the bill to empower prosecutors to go after public officials who illegally trade on insider knowledge. And Brat may be right to charge that Cantor’s moves on the STOCK Act were motivated by self interest. Cantor played a leading role in blocking legislation to fix the foreclosure crisis while his wife and his stock portfolio were deeply invested in mortgage banks.
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  • Most self-described Tea Party Republicans, including Rand Paul and Ted Cruz, have railed against Washington in a general sense without calling out the powerful – often Republican-leaning — groups that wield the most power. Not Brat. “Eric is running on Chamber of Commerce and Business Roundtable principles,” Brat told a town hall audience, later clarifying that he meant the U.S. Chamber of Commerce, the largest lobbying trade group in the country. He also called out the American Chemistry Council for funding ads in his race with Cantor, telling a radio host that his opponent had asked his “crony capitalist friends to run more ads.” Brat repeats his mantra: “I’m not against business. I’m against big business in bed with big government.” Indeed, Cantor has been a close ally to top lobbyists and the financial industry. “Many lobbyists on K Street whose clients include major financial institutions consider Cantor a go to member in leadership on policy debates, including overhauling the mortgage finance market, extending the government backstop for terrorism insurance, how Wall Street should be taxed and flood insurance,” noted Politico following Cantor’s loss last night. In 2011, Cantor was caught on video promising a group of commodity speculators that he would roll back regulations on their industry. 
  • There are many lessons to be learned from the Cantor-Brat race. For one, it’s worth reflecting on the fact that not only did Cantor easily out raise and outspend Brat by over $5 million to around $200,000 in campaign funds, but burned through a significant amount on lavish travel and entertainment instead of election advocacy. Federal Election Commission records show Cantor’s PAC spent at least $168,637 on steakhouses, $116,668 on luxury hotels (including a $17,903 charge to the Beverly Hills Hotel & Bungalows) and nearly a quarter million on airfare (with about $140,000 in chartered flights) — just in the last year and a half! But on the policy issues and political ramifications of this race, it’s not easy to box Brat into a neat caricature of an anti-immigration zealot or Tea Party demagogue, or, in TIME’s hasty reporting, a “shopworn conservative boilerplate.” If Brat ascends to Congress, which is quite likely given the Republican-leaning district that he’ll run in as the GOP nominee, he may actually continue taking on powerful elites in Washington.  
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    The Cantor defeat was not a Tea Party upset victory as claimed by MSM, according to this article. Instead, Brat's stump speeches were about crony capitalism, bankster corruption of Congress, and libertarian principles. So if this article is correct, then MSM would rather claim that Cantor was a victim of the Tea Party than acknowledge the issues that Brat actually raised, Congressional corruption and big government/big corporation cronyism.  Very interesting food for thought.
Gary Edwards

The Washington-Wall Street Revolving Door Keeps Spinning - 0 views

  • President Obama may call bankers “fat cats” and stir the rabble against them with populist rhetoric when it serves his interest, but after the fiscal fiasco, he allowed the culprits to escape virtually scot-free. When he’s in New York he dines with them frequently and eagerly accepts their big contributions. Like his predecessors, his administration also has provided them with billions of taxpayer dollars – low-cost money that they used for high-yielding investments to make big profits. The largest banks are bigger than they were when he took office and earned more in the first two-and-a-half years of his term than they did during the entire eight years of the Bush administration. That’s confirmed by industry data. And get this. It turns out, according to The New York Times, that as President Obama’s inner circle has been shrinking, his “rare new best friend” is Robert Wolf. They play basketball, golf, and talk economics when Wolf is not raising money for the president’s campaign. Robert Wolf runs the U.S. branch of the giant Swiss bank UBS, which participated in schemes to help rich Americans evade their taxes. During hearings in 2009, Michigan’s Senator Carl Levin, chairman of the permanent subcommittee on investigations, described some of the tricks used by UBS: “Swiss bankers aided and abetted violations of U.S. tax law by traveling to this country with client code names, encrypted computers, counter- surveillance training, and all the rest of it, to enable U.S. residents to hide assets and money in Swiss accounts.
    • Gary Edwards
       
      First time i've heard about Robert "the Bankster" Wolf!  Didn't realize how complicit he was in perfecting Bankster tax evasion schemes.
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    Nice grab by Marbux.   The old maxim holds true and is more important today than ever before: "Don't listen to what they say.  Watch carefully what they do!" excerpt: We've already made our choice for the best headline of the year, so far: "Citigroup Replaces JPMorgan as White House Chief of Staff." When we saw it on the website Gawker.com we had to smile - but the smile didn't last long. There's simply too much truth in that headline; it says a lot about how Wall Street and Washington have colluded to create the winner-take-all economy that rewards the very few at the expense of everyone else. The story behind it is that Jack Lew is President Obama's new chief of staff - arguably the most powerful office in the White House that isn't shaped like an oval. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase, where he was maestro of the bank's global lobbying and chief liaison to the White House. Daley replaced Obama's first chief of staff, Rahm Emanuel, who once worked as a rainmaker for the investment bank now known as Wasserstein & Company, where in less than three years he was paid a reported eighteen and a half million dollars. The new guy, Jack Lew - said by those who know to be a skilled and principled public servant - ran hedge funds and private equity at Citigroup, which means he's a member of the Wall Street gang, too. His last job was as head of President Obama's Office of Management and Budget, where he replaced Peter Orzag, who now works as vice chairman for global banking at - hold on to your deposit slip - Citigroup. Still with us? It's startling the number of high-ranking Obama officials who have spun through the revolving door between the White House and the sacred halls of investment banking.
Paul Merrell

Corrupt "Secret" Global Trade and Investor Agreements: EU Facilitating Corporate Plunde... - 0 views

  • Since the economic crisis hit Europe, international investors have begun suing EU countries struggling under austerity and recession for a loss of expected profits, using international trade and investment agreements. Speculative investors are claiming more than 1.7 billion Euros in compensation from Greece, Spain and Cyprus in private international tribunals for the impact of measures implemented to deal with economic crises. This is the conclusion from a new report released by the Transnational Institute (TNI) and Corporate Europe Observatory (CEO). The report, ‘Profiting from Crisis – How corporations and lawyers are scavenging profits from Europe’s crisis countries’ (1), exposes a growing wave of corporate lawsuits against Europe’s struggling economies, which could lead to European taxpayers paying out millions of euros in a second major public bailout, this time to speculative investors. These lawsuits provide a warning of the potential high costs of the proposed trade deal between the US and the EU, which has just begun its fourth round of negotiations in Brussels.
  • Pia Eberhardt, trade campaigner with CEO and co-author of the report says: “Speculative investors are already using investment agreements to raid the cash-strapped public treasuries in Europe’s crisis countries. It would be political madness to grant corporations the same excessive rights in the even more far-reaching EU-US trade deal.”  The report examines a number of investor disputes launched against Spain, Greece and Cyprus in the wake of the European economic crisis. In most cases, the investors were not long-term investors, but rather invested as the crisis emerged and were therefore fully aware of the risks. They have used the investment agreements as a legal escape route to extract further wealth from crisis countries when their risky investment didn’t pay off.
  • For example, in Greece, Poštová Bank from Slovakia bought Greek debt after the bond value had already been downgraded and was then offered a very generous debt restructuring package, yet sought to extract an even better deal by suing Greece, using the bilateral investment treaty between Slovakia and Greece. In Cyprus, a Greek-listed private equity-style investor, Marfin Investment Group is seeking €823 million in compensation for their lost investments after Cyprus had to nationalise the Laiki Bank as part of an EU debt restructuring agreement. In Spain, 22 companies (at the time of writing), mainly private equity funds, have sued at international tribunals for cuts in subsidies for renewable energy. While the cuts in subsidies have been rightly criticised by environmentalists, only large foreign investors have the ability to sue.
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  • Growing controversy around the EU-US trade talks has forced the European Commission to temporarily halt negotiations on the investor rights chapter in the proposed transatlantic deal and announce a public consultation on the issue expected to start this month. ‘Investor rights’ is essentially a big business agenda that constitutes little more than a recipe for the further plundering of economies by powerful corporations. This agenda allows big business to bypass democracy and bully sovereign states into instituting policies that trample over ordinary citizens’ rights in the name of even higher profits (2).  However, the Commission has already indicated that it does not want to abandon these controversial corporate rights, but rather reform them.
  • This whole scenario is but one more ploy to facilitate what has been the biggest shift of wealth from the poor to the rich in modern history (3). The authors state that it is time to turn a spotlight on the bailout of investors and call for a radical rewrite of today’s global investment regime. In particular, European citizens and concerned politicians should demand the exclusion of investor-state dispute mechanisms from new trade agreements currently under negotiation, such as the proposed EU-US trade deal. A total of 75,000 cross-registered companies with subsidiaries in both the EU and the US could launch investor-state attacks under the proposed transatlantic agreement. Europe’s experience of corporate speculators profiting from crisis should be a salutary warning that corporations’ rights need to be curtailed and peoples’ rights put first.
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    In my lifetime, I have encountered only a single trade agreement, the Agreement on Technical Barriers to Trade, that I would have supported had I been given the opportunity, and its mandates have been trashed in their implementation. Beware "trade agreements" in general. They are almost uniformly the tools of banksters seeking greater profits at the expense of non-banksters. 
Paul Merrell

Looting the Pension Funds: How Wall Street Robs Public Workers | Politics News | Rollin... - 0 views

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    The Rolling Stone's Matt Taibbi strikes again. 
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    Awesome article Paul. A must read for anyone trying to understand the 2008 financial collapse. The same Wall Street Banksters who collapsed the world economy are back at it. This time raiding the public workers pension funds, spending millions on politicians and press campaigns to blame cops, firefighters, and teachers for mounting municipal fiscal failures and the coming collapse. Blame anyone but these triple dipping Banksters and their political toadies. Excellent piece of writing too. Check out this opening excerpt introducing the five page story: "In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, Gina Raimondo - an ostentatiously ambitious 42-year-old Rhodes scholar and former venture capitalist - the state declared war on public pensions, ramming through an ingenious new law slashing benefits of state employees with a speed and ferocity seldom before seen by any local government. Detroit's Debt Crisis: Everything Must Go Called the Rhode Island Retirement Security Act of 2011, her plan would later be hailed as the most comprehensive pension reform ever implemented. The rap was so convincing at first that the overwhelmed local burghers of her little petri-dish state didn't even know how to react. "She's Yale, Harvard, Oxford - she worked on Wall Street," says Paul Doughty, the current president of the Providence firefighters union. "Nobody wanted to be the first to raise his hand and admit he didn't know what the fuck she was talking about." Soon she was being talked about as a probable candidate for Rhode Island's 2014 gubernatorial race. By 2013, Raimondo had raised more than $2 million, a staggering sum for a still-undeclared candidate in a thimble-size state. Donors from Wall Str
Gary Edwards

Follow the Money: Banksters & Wall Streeters Top Obama Re-Election Supporters - 0 views

  •  
    excerpt: A just-released study by the Center for Responsive Politics shows that President Obama is relying more on Wall Street to fund his re-election this year than he did in 2008, according to CNBC, which obtained an advance copy of the report.  The report says that one-third of the money Obama's elite fund-raising corps has raised on behalf of his re-election has come from the financial sector.  "Individuals who work in the finance, insurance, and real estate sector are responsible for raising at least $11.3 million for Obama's campaign and the Democratic National Committee," the report says.  And, all of Obama's "bundlers" - top fundraisers who obtain donations from people and groups in their business, professional, and personal networks - have raised a minimum of $34.95 million.  Obama has even added new Wall Streeters who did not work for him in 2008, including former Goldman Sachs CEO Jon Corzine, Evercore Partners executive Charles Myers, Greenstreet Real Estate Partners CEO Steven Green, and Azita Raji, a former investment banker for JPMorgan.  Obama and the DNC combined are on pace to far exceed the amounts Obama raised from Wall Street donors in 2008, both in raw dollar amounts and as a percentage of what he raises overall.
Gary Edwards

Ukraine's Oligarchs Turn on Each Other | Consortiumnews - 0 views

  • n the never-never land of how the mainstream U.S. press covers the Ukraine crisis, the appointment last year of thuggish oligarch Igor Kolomoisky to govern one of the country’s eastern provinces was pitched as a democratic “reform” because he was supposedly too rich to bribe, without noting that his wealth had come from plundering the country’s economy.In other words, the new U.S.-backed “democratic” regime, after overthrowing democratically elected President Viktor Yanukovych because he was “corrupt,” was rewarding one of Ukraine’s top thieves by letting him lord over his own province, Dnipropetrovsk Oblast, with the help of his personal army.
  • Last year, Kolomoisky’s brutal militias, which include neo-Nazi brigades, were praised for their fierce fighting against ethnic Russians from the east who were resisting the removal of their president. But now Kolomoisky, whose financial empire is crumbling as Ukraine’s economy founders, has turned his hired guns against the Ukrainian government led by another oligarch, President Petro Poroshenko.Last Thursday night, Kolomoisky and his armed men went to Kiev after the government tried to wrest control of the state-owned energy company UkrTransNafta from one of his associates. Kolomoisky and his men raided the company offices to seize and apparently destroy records. As he left the building, he cursed out journalists who had arrived to ask what was going on. He ranted about “Russian saboteurs.”It was a revealing display of how the corrupt Ukrainian political-economic system works and the nature of the “reformers” whom the U.S. State Department has pushed into positions of power. According to BusinessInsider, the Kiev government tried to smooth Kolomoisky’s ruffled feathers by announcing “that the new company chairman [at UkrTransNafta] would not be carrying out any investigations of its finances.”
  • Yet, it remained unclear whether Kolomoisky would be satisfied with what amounts to an offer to let any past thievery go unpunished. But if this promised amnesty wasn’t enough, Kolomoisky appeared ready to use his private army to discourage any accountability.On Monday, Valentyn Nalyvaychenko, chief of the State Security Service, accused Dnipropetrovsk officials of financing armed gangs and threatening investigators, Bloomberg News reported, while noting that Ukraine has sunk to 142nd place out of 175 countries in Transparency International’s Corruptions Perception Index, the worst in Europe.The see-no-evil approach to how the current Ukrainian authorities do business relates as well to Ukraine’s new Finance Minister Natalie Jaresko, who appears to have enriched herself at the expense of a $150 million U.S.-taxpayer-financed investment fund for Ukraine.
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  • Regarding Kolomoisky’s claim about “Russian saboteurs,” the government said that was not the case, explaining that the clash resulted from the parliament’s vote last week to reduce Kolomoisky’s authority to run the company from his position as a minority owner. As part of the shakeup, Kolomoisky’s protégé Oleksandr Lazorko was fired as chairman, but he refused to leave and barricaded himself in his office, setting the stage for Kolomoisky’s arrival with armed men.On Tuesday, the New York Times reported on the dispute but also flashed back to its earlier propagandistic praise of the 52-year-old oligarch, recalling that “Mr. Kolomoisky was one of several oligarchs, considered too rich to bribe, who were appointed to leadership positions in a bid to stabilize Ukraine.”Kolomoisky also is believed to have purchased influence inside the U.S. government through his behind-the-scenes manipulation of Ukraine’s largest private gas firm, Burisma Holdings. Last year, the shadowy Cyprus-based company appointed Vice President Joe Biden’s son, Hunter Biden, to its board of directors. Burisma also lined up well-connected lobbyists, some with ties to Secretary of State John Kerry, including Kerry’s former Senate chief of staff David Leiter, according to lobbying disclosures.
  • Jaresko, a former U.S. diplomat who received overnight Ukrainian citizenship in December to become Finance Minister, had been in charge of the Western NIS Enterprise Fund (WNISEF), which became the center of insider-dealing and conflicts of interest, although the U.S. Agency for International Development showed little desire to examine the ethical problems – even after Jaresko’s ex-husband tried to blow the whistle. [See Consortiumnews.com’s “Ukraine Finance Minister’s American ‘Values.’”]Passing Out the BillionsJaresko will be in charge of dispensing the $17.5 billion that the International Monetary Fund is allocating to Ukraine, along with billions of dollars more expected from U.S. and European governments.
  • As Time magazine reported, “Leiter’s involvement in the firm rounds out a power-packed team of politically-connected Americans that also includes a second new board member, Devon Archer, a Democratic bundler and former adviser to John Kerry’s 2004 presidential campaign. Both Archer and Hunter Biden have worked as business partners with Kerry’s son-in-law, Christopher Heinz, the founding partner of Rosemont Capital, a private-equity company.”According to investigative journalism in Ukraine, the ownership of Burisma has been traced to Privat Bank, which is controlled by Kolomoisky.So, it appears that Ukraine’s oligarchs who continue to wield enormous power inside the corrupt country are now circling each other over what’s left of the economic spoils and positioning themselves for a share of the international bailouts to come.
  • As for “democratic reform,” only in the upside-down world of the State Department’s Orwellian “information war” against Russia over Ukraine would imposing a corrupt and brutal oligarch like Kolomoisky as the unelected governor of a defenseless population be considered a positive.(Early Wednesday morning, President Poroshenko dismissed Kolomoisky from his post as Dnipropetrovsk regional governor.)
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    Another of the greatest U.S. exports: corruption.
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    Corporate oligarchs leading private but well armed armies in raids against the Ukrainian government holdings - controlled by other corporate oligarchs? This article dives into the mess that the USA and European NATO allies have stirred in the Ukraine, and through this lens we get to see what the world will look like when corporate oligarchs and their Bankster masters rule the world. The article is revealing, but it fails to connect the corporatist to the Banks that are sending in billions of dollars. The connection instead is made to the democratic governments intent on pushing the world into world war 3. Nor is there much mention of the oil and natural gas pipeline and supply geographics that dominate battlefields from the Ukraine, to Syria, Iraq and Lybia. The New World Order needs a third World War if it's to truly overturn the fragile post World War II economic order loosely based on free market capitalism, individual liberty and democratic governance. The end of national sovereignty, religious and cultural identities has one more hurdle. And there is no doubt in my mind that the elites are ready to jump that hurdle. World War III has spread from the middle east to middle Europe. Best we all hold on. .................. "Exclusive: Ukraine's post-coup regime is facing what looks like a falling-out among thieves as oligarch-warlord Igor Kolomoisky, who was given his own province to rule, brought his armed men to Kiev to fight for control of the state-owned energy company, further complicating the State Department's propaganda efforts, reports Robert Parry. In the never-never land of how the mainstream U.S. press covers the Ukraine crisis, the appointment last year of thuggish oligarch Igor Kolomoisky to govern one of the country's eastern provinces was pitched as a democratic "reform" because he was supposedly too rich to bribe, without noting that his wealth had come from plundering the country's economy. In other words, the new U.S.-b
Gary Edwards

Sheriff…Time to arrest members of Congress! | Scanned Retina Blog - 0 views

  • Title 26, USC, is a private law that applies to “U.S. corporate ‘citizens’”, all employees of the corporation identified at 28 USC, section 3002.
    • Gary Edwards
       
      There is no explanation or quote to explain Title 26 and 28 USC, section 3002!  At the least we should be provided with a link here.
  • When the Sheriff seizes property from a Citizen under the non-authority of the IRS agent, the Sheriff has committed a Second Degree Felony, Conversion of Property.
  • Tyranny is defined as:
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  • Dominance through threat of punishment and violence, oppressive rule, abusive government, cruelty and injustice. What better definition than this fits the abusive IRS.
  • Title 12, USC
  • The Federal Reserve Notes in use are mere evidence of a debt.
  • The legal definition of “dollar” is “a gold or silver coin of a specific weight and with specific markings
  • The Federal Reserve Banking system is a private cartel that has usurped the authority of the Congress to coin Money.
  • Article I, section 8, we find that only Congress was given the authority “To coin money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”.
  • The Federal Reserve Act is a “private law” passed by four Congressmen after the Congressional session closed in December of 1913.
  • The “Killing Blow”, the coup de grace[pronounced gra] was delivered upon the American People by Franklin D. Roosevelt in 1933 by removing the Gold Standard from the American economy.  FDR assisted the FRB in heisting the gold supply from this country right out from under our noses. 
  • If you still refuse to pay, the IRS will file a document called a “Notice of Federal Tax Lien” in the local County Clerk’s office.
  • a “Notice” is not the “Lien” itself. The “Lien” is a totally separate and distinct document from the “Notice”.
  • The County Clerk, through abysmal ignorance files the “Notice of Federal Tax Lien” as if it was an actual “Lien”. These are two separate and distinct documents. The County Clerk never requests the actual “Lien” from the IRS agent.
  • The Seventh Amendment of the Bill of Rights of this Constitution for the united States of America guarantees you the Right of Trial by Jury in any controversy where the amount shall exceed twenty dollars.
  • You have never owed any money to the IRS. The IRS is simply the enforcer, the debt collector for the Federal Reserve Banking System. However, because you are using a private credit system, wherein the medium of exchange are fancy pieces of paper called Federal Reserve Notes, you owe the Federal Reserve Bank a “user fee”.
  • All the current paycheck garnishments in the entire country could be stopped by having your employer request the above mentioned documents, to wit:
  • A copy of the Driver’s License of the IRS agent A copy of the “Pocket Commission” showing the authority of the IRS agent A copy of the assessment shown on form 23C against the American Citizen A copy of the “Abstract of the Court Judgment” that verifies that you had a trial by jury.
  • As Sheriff of San Miguel County, I will provide educational classes to the County Clerk and the employers who are currently garnishing wages and paychecks to identify areas where they may have broken the law and unwittingly stolen their employees Federal Reserve Notes and thus committed “Conversion of Property”, a second degree felony. Furthermore, I will work closely with the County Clerk through education and knowledge so that the Clerk can stop breaking the law and committing financial terrorism against the Citizens of San Miguel County.
  • When the Citizens of San Miguel County elect me as their new Sheriff in town, I will ban the IRS from San Miguel County, and if I catch an IRS agent within the boundaries of the county, without my permission, I will arrest them for TRESPASSING.
  • In the 1950’s, with the stroke of the pen, the BIR was transformed into the current notorious IRS and brought onto the 50 united States.
  • The IRS is formerly the Bureau of Internal Revenue (BIR) situated in and with authority only in the Philippine Islands (Trust Fund # 61), and moved into Puerto Rico (Trust Fund # 62).
  • Here it is in a nutshell. The IRS is a private, debt collection agency for the private banking system known as the Federal Reserve Bank. The IRS is not a government agency. I repeat, the IRS is not a government agency. Never has been, never will be.
  • This was done without any Congressional authority whatsoever.
  • the IRS is the “Private, debt collection agency for the private banking system known as the Federal Reserve Banks”.
  • Title 26, Internal Revenue Code, is the “Debt Collection Manual” for the IRS.  This manual has nothing with “Constitutitonal Rights”.
  • The IRS does not collect an “income tax”.  The IRS is simply collecting a user fee due to the Federal Reserve Banks because we, Americans, are using a private credit systeem.
  • Title 26, United States Code, is “non-positive” law, which means that no American Citizen is subject to it.  However, all “U.S. citizens” are subject to it.  In order to understand “U.S. citizen” you must go to 28 USC, section 3002.
  • Most American Citizens have voluntarily given up their Sovereignty in exchange for “immunities and privileges” of the 14th Amendment.
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    On accessing federal law, two sites to bookmark: Legal Information Institute, Cornell University, http://www.law.cornell.edu/lii/get_the_law Justia.com, http://www.justia.com/ A further resource, the Jureeka extension for Chrome and Firefox will automatically link legal citations in your brower's display to the corresponding web pages on the LII site. http://www.law.cornell.edu/jureeka/download/
Gary Edwards

The Quiet Coup - The Atlantic (May 2009) - 0 views

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    Incredible article by Simon Johnson, former chief economist at the International Monetary Fund (IMF). He puts the focus of the financial crisis on the shoulders of a powerful and politically influential group he calls the "financial oligarchs". I caught Simon on Charlie Rose, and hunted down his article. This is a must read. Simon manages to put everything into the larger context of how things work in this world. "....Of course, the U.S. is unique. And just as we have the world's most advanced economy, military, and technology, we also have its most advanced oligarchy. In a primitive political system, power is transmitted through violence, or the threat of violence: military coups, private militias, and so on. In a less primitive system more typical of emerging markets, power is transmitted via money: bribes, kickbacks, and offshore bank accounts. Although lobbying and campaign contributions certainly play major roles in the American political system, old-fashioned corruption-envelopes stuffed with $100 bills-is probably a sideshow today, Jack Abramoff notwithstanding." Instead, the American financial industry gained political power by amassing a kind of cultural capital-a belief system. Once, perhaps, what was good for General Motors was good for the country. Over the past decade, the attitude took hold that what was good for Wall Street was good for the country. The banking-and-securities industry has become one of the top contributors to political campaigns, but at the peak of its influence, it did not have to buy favors the way, for example, the tobacco companies or military contractors might have to. Instead, it benefited from the fact that Washington insiders already believed that large financial institutions and free-flowing capital markets were crucial to America's position in the world.
Paul Merrell

FBI Celebrates Duping Another Mentally Ill Man Into Fake Terror Plot - 0 views

  • Following a series of similar widely ridiculed so-called “sting” operations, the Federal Bureau of Investigation announced last week that it had foiled yet another “terror plot” that, like virtually every supposed “terrorist” case in recent years, was created and managed from start to finish by the FBI itself. This time, the dupe was a 28-year-old California man, Matthew Aaron Llaneza, with a documented history of mental illness, who apparently believed his government handlers were helping him wage “jihad.” Critics, however, say the whole scheme smacks of entrapment and a waste of taxpayer money. Llaneza was arrested by federal agents on February 7 in Oakland after he supposedly tried to blow up a bogus bomb the FBI helped him create. According to authorities, the mentally ill San Jose suspect planned to detonate the fake explosives outside a Bank of America branch. The alleged plan, officials said, was to start a “civil war” by making it appear as if the attack had been carried out by “anti-government militias,” sparking a crackdown by the government on right-of-center dissidents.       “Unbeknownst to Llaneza, the explosive device that he allegedly attempted to use had been rendered inoperable by law enforcement and posed no threat to the public,” the FBI admitted in a press release celebrating the arrest of its mentally unstable stooge. The man was charged in a criminal complaint with “attempted use of a weapon of mass destruction against property used in an activity that affects interstate or foreign commerce.” If convicted, he could face life in prison.
  • According to the government’s court filings, the mentally ill man met with an undercover FBI agent late last year under mysterious circumstances. The federal official somehow managed to convince the naïve dupe that he was connected to the “Taliban and the mujahidin in Afghanistan” — Islamist forces that were originally armed and trained by the U.S. government before becoming official enemies. From there, federal handlers worked with the man to develop the half-baked plot and the fake bomb to blow something up.  
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    The trend continues. Still no Terrorist™ criminal charges brought against anyone by the FBI other than alleged 9/11 participants that the FBI did not incite to commit an act of Terrorism™; i.e., no real Terrorist™ threat resulting in criminal charges. Hard to justify continuation of all that funding the FBI gets for chasing domestic Terrorists™ if there aren't any, so the FBI continues to manufacture them in sting operations. Not to mention that the whole War on Terror™ government propaganda campaign would fall apart and the TSA would have to stop forcing air passengers to choose between being groped or viewed naked in those nifty body scanners. Heaven forbid that we might begin restoring civil rights and spending those trillions of dollars on the War on Terror™. No! No! We must maintain Cold War military spending as a percentage of GDP or we'd be flooded with unemployed military veterans and former government contractor workers. We only start wars to defend the U.S., not to enrich military contractors, seize natural resources from those that own or control them, enable the banksters to siphon more from a bigger bucket, or  expand the Globalist Empire. We are America! We are the good guys. Our motives for waging the War on Terror™ are entirely altruistic. Ditto for our professional politicians.   Not.     
Gary Edwards

The Federal Reserve is a privately owned Corporation « orwelliania - 0 views

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    Incredible.  Watch your breathing rate as you read this.  Otherwise you might pass out. excerpt: Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed: Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of New York Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York (Reference 14, P. 13, Reference 12, P. 152) These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt (Reference 4, 22). The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank. (Reference 22) First National Bank of New York James Stillman National City Bank, New York Mary W. Harnman National Bank of Commerce, New York A.D. Jiullard Hanover National Bank, New York Jacob Schiff Chase National Bank, New York Thomas F. Ryan Paul Warburg William Rockefeller Levi P. Morton M.T. Pyne George F. Baker Percy Pyne Mrs. G.F. St. George J.W. Sterling Katherine St. George H.P. Davidson J.P. Morgan (Equitable Life/Mutual Life) Edith Brevour T. Baker (Reference 4 for above, Reference 22 has details, P. 92, 93, 96, 179) How did it happen? After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. He had committed to sign this act. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefell
Gary Edwards

Tomgram: Nomi Prins, Goldmanizing Donald Trump | TomDispatch - 0 views

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    "The Goldman Sachs Effect How a Bank Conquered Washington By Nomi Prins This is a MUST READ document. Yeah, and it should scare the crap out of all of us. .............................................. Irony isn't a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, "For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people did not share in its wealth."  Under Trump, an even smaller group will flourish -- in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come. Infusing Washington with Goldman alums isn't exactly an original idea. Three of the last four presidents, including The Donald, have handed the wheel of the U.S. economy to ex-Goldmanites. But in true Trumpian style, after attacking Hillary Clinton for her Goldman ties, he wasn't satisfied to do just that.  He had to do it bigger and better.  Unlike Bill Clinton and George W. Bush, just a sole Goldman figure lording it over economic policy wasn't enough for him. Only two would do. The Great Vampire Squid Revisited Whether you voted for or against Donald Trump, whether you're gearing up for the revolution or waiting for his next tweet to drop, rest assured that, in the years to come, the ideology that matters most won't be that of the "forgotten" Americans of his Inaugural Address. It will be that of Goldman Sachs and it will dominate the domestic economy and, by extension, the global one. At the dawn of the twentieth century, when President Teddy Roosevelt governed the country on a platform of trust busting aimed at reducing corporate power, even he could not bring himself to bust up the banks.  That was a mistake
Gary Edwards

The obscure legal system that lets corporations sue countries | Claire Provost and Matt... - 0 views

  • Every year on 15 September, thousands of Salvadorans celebrate the date when much of Central America gained independence from Spain. Fireworks are set off and marching bands parade through villages across the country. But, last year, in the town of San Isidro, in Cabañas, the festivities had a markedly different tone. Hundreds had gathered to protest against the mine. Gold mines often use cyanide to separate gold from ore, and widespread concern over already severe water contamination in El Salvador has helped fuel a powerful movement determined to keep the country’s minerals in the ground. In the central square, colourful banners were strung up, calling on OceanaGold to drop its case against the country and leave the area. Many were adorned with the slogan, “No a la mineria, Si a la vida” (No to mining, Yes to life). On the same day, in Washington DC, Parada gathered his notes and shuffled into a suite of nondescript meeting rooms in the World Bank’s J building, across the street from its main headquarters on Pennsylvania Avenue. This is the International Centre for the Settlement of Investment Disputes (ICSID): the primary institution for handling the cases that companies file against sovereign states. (The ICSID is not the sole venue for such cases; there are similar forums in London, Paris, Hong Kong and the Hague, among others.) The date of the hearing was not a coincidence, Parada said. The case has been framed in El Salvador as a test of the country’s sovereignty in the 21st century, and he suggested that it should be heard on Independence Day. “The ultimate question in this case,” he said, “is whether a foreign investor can force a government to change its laws to please the investor as opposed to the investor complying with the laws they find in the country.”
  • Most international investment treaties and free-trade deals grant foreign investors the right to activate this system, known as investor-state dispute settlement (ISDS), if they want to challenge government decisions affecting their investments. In Europe, this system has become a sticking point in negotiations over the controversial Transatlantic Trade and Investment Partnership (TTIP) deal proposed between the European Union and the US, which would massively extend its scope and power and make it harder to challenge in the future. Both France and Germany have said that they want access to investor-state dispute settlement removed from the TTIP treaty currently under discussion. Investors have used this system not only to sue for compensation for alleged expropriation of land and factories, but also over a huge range of government measures, including environmental and social regulations, which they say infringe on their rights. Multinationals have sued to recover money they have already invested, but also for alleged lost profits and “expected future profits”. The number of suits filed against countries at the ICSID is now around 500 – and that figure is growing at an average rate of one case a week. The sums awarded in damages are so vast that investment funds have taken notice: corporations’ claims against states are now seen as assets that can be invested in or used as leverage to secure multimillion-dollar loans. Increasingly, companies are using the threat of a lawsuit at the ICSID to exert pressure on governments not to challenge investors’ actions.
  • “I had absolutely no idea this was coming,” Parada said. Sitting in a glass-walled meeting room in his offices, at the law firm Foley Hoag, he paused, searching for the right word to describe what has happened in his field. “Rogue,” he decided, finally. “I think the investor-state arbitration system was created with good intentions, but in practice it has gone completely rogue.”
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  • The quiet village of Moorburg in Germany lies just across the river from Hamburg. Past the 16th-century church and meadows rich with wildflowers, two huge chimneys spew a steady stream of thick, grey smoke into the sky. This is Kraftwerk Moorburg, a new coal-fired power plant – the village’s controversial next-door neighbour. In 2009, it was the subject of a €1.4bn investor-state case filed by Vattenfall, the Swedish energy giant, against the Federal Republic of Germany. It is a prime example of how this powerful international legal system, built to protect foreign investors in developing countries, is now being used to challenge the actions of European governments as well. Since the 1980s, German investors have sued dozens of countries, including Ghana, Ukraine and the Philippines, at the World Bank’s Centre in Washington DC. But with the Vattenfall case, Germany found itself in the dock for the first time. The irony was not lost on those who considered Germany to be the grandfather of investor-state arbitration: it was a group of German businessmen, in the late 1950s, who first conceived of a way to protect their overseas investments as a wave of developing countries gained independence from European colonial powers. Led by Deutsche Bank chairman Hermann Abs, they called their proposal an “international magna carta” for private investors.
  • In the 1960s, the idea was taken up by the World Bank, which said that such a system could help the world’s poorer countries attract foreign capital. “I am convinced,” the World Bank president George Woods said at the time, “that those … who adopt as their national policy a welcome [environment] for international investment – and that means, to mince no words about it, giving foreign investors a fair opportunity to make attractive profits – will achieve their development objectives more rapidly than those who do not.” At the World Bank’s 1964 annual meeting in Tokyo, it approved a resolution to set up a mechanism for handling investor-state cases. The first line of the ICSID Convention’s preamble sets out its goal as “international cooperation for economic development”. There was sharp opposition to this system from its inception, with a bloc of developing countries warning that it would undermine their sovereignty. A group of 21 countries – almost every Latin American country, plus Iraq and the Philippines – voted against the proposal in Tokyo. But the World Bank moved ahead regardless. Andreas Lowenfeld, an American legal academic who was involved in some of these early discussions, later remarked: “I believe this was the first time that a major resolution of the World Bank had been pressed forward with so much opposition.”
  • now governments are discovering, too late, the true price of that confidence. The Kraftwerk Moorburg plant was controversial long before the case was filed. For years, local residents and environmental groups objected to its construction, amid growing concern over climate change and the impact the project would have on the Elbe river. In 2008, Vattenfall was granted a water permit for its Moorburg project, but, in response to local pressure, local authorities imposed strict environmental conditions to limit the utility’s water usage and its impact on fish. Vattenfall sued Hamburg in the local courts. But, as a foreign investor, it was also able to file a case at the ICSID. These environmental measures, it said, were so strict that they constituted a violation of its rights as guaranteed by the Energy Charter Treaty, a multilateral investment agreement signed by more than 50 countries, including Sweden and Germany. It claimed that the environmental conditions placed on its permit were so severe that they made the plant uneconomical and constituted acts of indirect expropriation.
  • With the rapid growth in these treaties – today there are more than 3,000 in force – a specialist industry has developed in advising companies how best to exploit treaties that give investors access to the dispute resolution system, and how to structure their businesses to benefit from the different protections on offer. It is a lucrative sector: legal fees alone average $8m per case, but they have exceeded $30m in some disputes; arbitrators’ fees at start at $3,000 per day, plus expenses.
  • Vattenfall v Germany ended in a settlement in 2011, after the company won its case in the local court and received a new water permit for its Moorburg plant – which significantly lowered the environmental standards that had originally been imposed, according to legal experts, allowing the plant to use more water from the river and weakening measures to protect fish. The European Commission has now stepped in, taking Germany to the EU Court of Justice, saying its authorisation of the Moorburg coal plant violated EU environmental law by not doing more to reduce the risk to protected fish species, including salmon, which pass near the plant while migrating from the North Sea. A year after the Moorburg case closed, Vattenfall filed another claim against Germany, this time over the federal government’s decision to phase out nuclear power. This second suit – for which very little information is available in the public domain, despite reports that the company is seeking €4.7bn from German taxpayers – is still ongoing. Roughly one third of all concluded cases filed at the ICSID are recorded as ending in “settlements”, which – as the Moorburg dispute shows – can be very profitable for investors, though their terms are rarely fully disclosed.
  • “It was a total surprise for us,” the local Green party leader Jens Kerstan laughed, in a meeting at his sunny office in Hamburg last year. “As far as I knew, there were some [treaties] to protect German companies in the [developing] world or in dictatorships, but that a European company can sue Germany, that was totally a surprise to me.”
  • While a tribunal cannot force a country to change its laws, or give a company a permit, the risk of massive damages may in some cases be enough to persuade a government to reconsider its actions. The possibility of arbitration proceedings can be used to encourage states to enter into meaningful settlement negotiations.
  • A small number of countries are now attempting to extricate themselves from the bonds of the investor-state dispute system. One of these is Bolivia, where thousands of people took to the streets of the country’s third-largest city, Cochabamba, in 2000, to protest against a dramatic hike in water rates by a private company owned by Bechtel, the US civil engineering firm. During the demonstrations, the Bolivian government stepped in and terminated the company’s concession. The company then filed a $50m suit against Bolivia at the ICSID. In 2006, following a campaign calling for the case to be thrown out, the company agreed to accept a token payment of less than $1. After this expensive case, Bolivia cancelled the international agreements it had signed with other states giving their investors access to these tribunals. But getting out of this system is not easily done. Most of these international agreements have sunset clauses, under which their provisions remain in force for a further 10 or even 20 years, even if the treaties themselves are cancelled.
  • There are now thousands of international investment agreements and free-trade acts, signed by states, which give foreign companies access to the investor-state dispute system, if they decide to challenge government decisions. Disputes are typically heard by panels of three arbitrators; one selected by each side, and the third agreed upon by both parties. Rulings are made by majority vote, and decisions are final and binding. There is no appeals process – only an annulment option that can be used on very limited grounds. If states do not pay up after the decision, their assets are subject to seizure in almost every country in the world (the company can apply to local courts for an enforcement order).
  • While there is no equivalent of legal aid for states trying to defend themselves against these suits, corporations have access to a growing group of third-party financiers who are willing to fund their cases against states, usually in exchange for a cut of any eventual award.
  • Increasingly, these suits are becoming valuable even before claims are settled. After Rurelec filed suit against Bolivia, it took its case to the market and secured a multimillion-dollar corporate loan, using its dispute with Bolivia as collateral, so that it could expand its business. Over the last 10 years, and particularly since the global financial crisis, a growing number of specialised investment funds have moved to raise money through these cases, treating companies’ multimillion-dollar claims against states as a new “asset class”.
  • El Salvador has already spent more than $12m defending itself against Pacific Rim, but even if it succeeds in beating the company’s $284m claim, it may never recover these costs. For years Salvadoran protest groups have been calling on the World Bank to initiate an open and public review of ICSID. To date, no such study has been carried out. In recent years, a number of ideas have been mooted to reform the international investor-state dispute system – to adopt a “loser pays” approach to costs, for example, or to increase transparency. The solution may lie in creating an appeals system, so that controversial judgments can be revisited.
  • Brazil has never signed up to this system – it has not entered into a single treaty with these investor-state dispute provisions – and yet it has had no trouble attracting foreign investment.
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    "Luis Parada's office is just four blocks from the White House, in the heart of K Street, Washington's lobbying row - a stretch of steel and glass buildings once dubbed the "road to riches", when influence-peddling became an American growth industry. Parada, a soft-spoken 55-year-old from El Salvador, is one of a handful of lawyers in the world who specialise in defending sovereign states against lawsuits lodged by multinational corporations. He is the lawyer for the defence in an obscure but increasingly powerful field of international law - where foreign investors can sue governments in a network of tribunals for billions of dollars. Fifteen years ago, Parada's work was a minor niche even within the legal business. But since 2000, hundreds of foreign investors have sued more than half of the world's countries, claiming damages for a wide range of government actions that they say have threatened their profits. In 2006, Ecuador cancelled an oil-exploration contract with Houston-based Occidental Petroleum; in 2012, after Occidental filed a suit before an international investment tribunal, Ecuador was ordered to pay a record $1.8bn - roughly equal to the country's health budget for a year. (Ecuador has logged a request for the decision to be annulled.) Parada's first case was defending Argentina in the late 1990s against the French conglomerate Vivendi, which sued after the Argentine province of Tucuman stepped in to limit the price it charged people for water and wastewater services. Argentina eventually lost, and was ordered to pay the company more than $100m. Now, in his most high-profile case yet, Parada is part of the team defending El Salvador as it tries to fend off a multimillion-dollar suit lodged by a multinational mining company after the tiny Central American country refused to allow it to dig for gold."
Gary Edwards

Soros, Leader of the Liberal Empire - New Emails Reveal His Control in the Clinton Camp... - 0 views

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    "If Hillary Clinton becomes the President of the United States, then liberal billionaire George Soros becomes the most powerful person on the planet.  EARLIER TODAY, DML POSTED A VIDEO OF SOROS STATING HE WANTS ONE-WORLD-GOVERNANCE (SEE IT WITH YOUR OWN EYES BY CLICKING HERE). That said, WikiLeaks has unleashed another flood of emails showing Soros was the VIP to be pleased by all Clinton aides and team members, almost at any cost. A new batch of John Podesta emails show Clinton was advised to do fundraisers and profiting events for one simple reason: to make Soros "happy." Example 1: On Oct. 7, 2014, top aide Huma Abedin wrote an email to campaign manager Robby Mook that Soros is expecting Clinton to appear at a fundraiser for America Votes, a liberal Soros-funded organization. "I would only do this for political reasons (ie to make Soros happy)," Mook replied. Example 2: On Jan. 23, 2011, Soros wrote a specifically scripted email to Clinton regarding a "a serious situation" in Albania, claiming certain actions needed to be done "urgently." He suggested appointing a mediator, Miroslav Lajcak. The next day, Lajcak met Albanian leaders for a mediation effort. Example 3: This one is downright sinister in nature. Hours after Justice Antonin Scalia was reported dead on Feb. 13, 2016, Chris Stone, the president of the Open Society Foundations that Soros funds, cryptically emailed Podesta the following: "Remember our discussion of Wallace Jefferson, [former] Chief Justice in Texas?" Podesta's simple response: "Yup." Other examples of emails show a plethora of Soros' policy beliefs and suggestions being passed on to Clinton and Podesta: An invitation to the screening of a film about climate change at Soros' house in July 2015; a short documentary based on Soros' essays about Ukraine in January 2015; a Soros-authored piece titled "Recapitalize the Banking System" in October 2008; the crisis in Malaysia and TPP. In the en
Paul Merrell

Prensa Latina News Agency - Ecuadorian Fugitives Gave Large Sums of Money to US Politic... - 0 views

  • Ecuadorian bankers Roberto and William Isaias, current fugitives, donated large sums of money to campaigns of U.S. politicians, the press revealed today. Reports underline that the Federal Bureau of Investigation (FBI) is investigating cases that involve Congressional Republican Senator Marco Rubio, Democrat Robert Menendez and Republican Representative Ileana Ros-Lehtinen, among other politicians. New York's NBC network told the FBI suspects that Menendez, through phone calls and recommendation letters to the Department of State and other bodies, helped the Ecuadorian brothers establish themselves in the U.S. in exchange for donations to his reelection campaign. Journalist and blogger Alberto Padilla claims he can confirm that, since they arrived to live in Miami, the Isaias have financed an active lobbying campaign against the Rafael Correa administration in Ecuador and have also aided senators, in exchange for being allowed to remain in the United States.
  • The Isaias were sentenced in absentia to eight years of imprisonment on April 11, 2012 by the National Court of Justice after a judicial process that lasted 13 years and in which 54 judges participated. In the Ros-Lehtinen case, the Daily Beast website assured that she recently received money from the former bankers in exchange for help. The Isaias had donated at least $23,700 USD to Ros-Lehtinen during the 2010, 2012 and 2014 electoral cycles, according to federal contribution campaign registers. The Isaias also contributed to the campaign funds of Florida's Senator Bill Nelson, and Congresswoman and also President of the National Democrat Committee Debbie Wasserman-Schultz and Representative Joe Garcia.
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    Menendez, Rubio, and Wasserman-Schultz. 
Paul Merrell

Wall Street is Taking Over America's Pension Plans - The Intercept - 0 views

  • Coverage of the midterm elections has, understandably, focused on the shift in political power from Democrats toward Republicans. But behind the scenes, another major story has been playing out. Wall Street spent upwards of $300M to influence the election results. And a key part of its agenda has been a plan to move more and more of the $3 trillion dollars in unguarded government pension funds into privately managed, high-fee investments — a shift that may well constitute the biggest financial story of our generation that you’ve never heard of.
  • But Wall Street’s agenda goes beyond any one election cycle. It has been fighting to turn public pensions into private profits for quite some time, steering retirement nest eggs into investments that are complex, charge hefty fees, and that generate big profits for management firms. And it has been succeeding. Of the $3 trillion in public assets currently in pension funds throughout the country, almost a quarter of that has already found its way into so-called “alternative investments” like hedge funds, private equity and real estate. That translates to roughly $660 billion of public money now under private management, invested in assets that are often arcane and opaque but that offer high management and placement fees to Wall Street financiers.
  • If all this wasn’t egregious enough, a huge preponderance of evidence suggests that this massive transfer of wealth from public to private management is having a corrupting effect on the political process. Sirota’s reporting seems to have particularly touched a nerve with New Jersey Governor Chris Christie, who has described Sirota as “a hack” and “not a journalist”. It’s not difficult to see why Christie isn’t a fan. Earlier this year, Sirota wrote that… 43 financial firms managing New Jersey pension money have spent a total of $11.6 million on contributions to New Jersey politicians… Many of those donations have gone directly to Gov. Christie’s election campaign … Additionally, many of the contributions came either just before or just after the Christie administration awarded the firms multi-million-dollar pension management contracts. Those 43 firms ended up managing around $14 billion dollars of state pension money, a take that serves as a timeless reminder of the great rewards that can derive from catering to the needs of receptive politicians.
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  • Christie’s tenure as New Jersey governor has been particularly emblematic of the extent of Wall Street’s reach into the public sphere. Among other things, he installed a private equity investor as the state’s pension overseer and publicly lied about the manner in which pension fund investment decisions are made. Ironically enough, he’s defended these practices in his own state while criticizing Democrats for utilizing them through his position as chair of the Republican Governor’s Association.
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