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Gary Edwards

Comey has Long History of Cases Ending Favorable to Clintons - Tea Party News - 0 views

  • Messages found stored on Clinton’s private email server show that Berger – a convicted thief of classified documents – had been advising Clinton while she served as secretary of state and had access to emails containing classified information. For example, in an email dated Sept. 22, 2009, Berger advised Clinton advised how she could leverage information to make Israeli Prime Minister Benjamin Netanyahu more cooperative in discussions with the Obama administration over a settlement freeze.
  • Law firm ties Berger, Lynch, Mills Berger worked as a partner in the Washington law firm Hogan & Hartson from 1973 to 1977, before taking a position as the deputy director of policy planning at the State Department in the Carter administration. When Carter lost his re-election bid, Berger returned to Hogan & Hartson, where he worked until he took leave in 1988 to act as foreign policy adviser in Gov. Michael Dukakis’ presidential campaign. When Dukakis was defeated, Berger returned to Hogan & Hartson until he became foreign policy adviser for Bill Clinton’s presidential campaign in 1992. On March 28, WND reported Lynch was a litigation partner for eight years at Hogan & Hartson, from March 2002 through April 2010. Mills also worked at Hogan & Hartson, for two years, starting in 1990, before she joined then President-elect Bill Clinton’s transition team, on her way to securing a position as White House deputy counsel in the Clinton administration. According to documents Hillary Clinton’s first presidential campaign made public in 2008, Hogan & Hartson’s New York-based partner Howard Topaz was the tax lawyer who filed income tax returns for Bill and Hillary Clinton beginning in 2004. In addition, Hogan & Hartson in Virginia filed a patent trademark request on May 19, 2004, for Denver-based MX Logic Inc., the computer software firm that developed the email encryption system used to manage Clinton’s private email server beginning in July 2013. A tech expert has observed that employees of MX Logic could have had access to all the emails that went through her account.
  • In 1999, President Bill Clinton nominated Lynch for the first of her two terms as U.S. attorney for the Eastern District of New York, a position she held until she joined Hogan & Hartson in March 2002 to become a partner in the firm’s Litigation Practice Group. She left Hogan & Hartson in 2010, after being nominated by President Obama for her second term as U.S. attorney for the Eastern District of New York, a position she held until Obama nominated her to serve in her current position as attorney general. A report published April 8, 2008, by The American Lawyer noted Hogan & Hartson was among Hillary Clinton’s biggest financial supporters in the legal industry during her first presidential campaign. “Firm lawyers and staff have donated nearly $123,400 to her campaign so far, according to campaign contribution data from the Center for Responsive Politics,” Nate Raymond observed in The American Lawyer article. “Christine Varney, a partner in Hogan’s Washington, D.C., office, served as chief counsel to the Clinton-Gore Campaign in 1992.” While there is no evidence that Lynch played a direct role either in the tax work done by the firm for the Clintons or in linking Hillary’s private email server to MX Logic, the ethics of the legal profession hold all partners jointly liable for the actions of other partners in a business. “If Hogan and Hartson previously represented the Clintons on tax matters, it is incumbent upon U.S. Attorney General Loretta Lynch to [disclose] what, if any, role she had in such tax matters,” said Tom Fitton, president of Washington-based Judicial Watch.
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  • HSBC link When Lynch’s nomination as attorney general was considered by the Senate one year ago, as WND reported, the Senate Judiciary Committee examined her role in the Obama administration’s decision not to prosecute the banking giant HSBC for laundering funds for Mexican drug cartels and Middle Eastern terrorists. WND was first to report in a series of articles beginning in 2012 money-laundering charges brought by John Cruz, a former HSBC vice president and relationship manager, based on his more than 1,000 pages of evidence and secret audio recordings. The staff of the Senate Judiciary Committee focused on Cruz’s allegations that Lynch, acting then in her capacity as the U.S. attorney for the Eastern District of New York, engaged in a Department of Justice cover-up. Obama’s attorney general nominee allowed HSBC in December 2011 to enter into a “deferred prosecution” settlement in which the bank agreed to pay a $1.9 billion fine and admit “willful criminal conduct” in exchange for dropping criminal investigations and prosecutions of HSBC directors or employees. Cruz called the $1.92 billion fine the U.S. government imposed on HSBC “a joke” and filed a $10 million lawsuit for “retaliation and wrongful termination.” From 2002 to 2003, Comey held the position of U.S. Attorney for the Southern District of New York, the same position held by Lynch. On March 4, 2013, he joined the HSBC board of directors, agreeing to serve as an independent non-executive director and a member of the bank’s Financial System Vulnerabilities Committee, positions he held until he resigned on Aug. 3, 2013, to become head of the FBI.
  • Comey, Fitzgerald and Valerie Plame On Jan. 1, 2004, the Washington Post reported that after Attorney General John Aschroft recused himself and his staff from any involvement in the investigation of who leaked the name of CIA employee Valerie Plame after journalist Robert Novak named her in print as a CIA operative, Comey assumed the role of acting attorney general for the purposes of the investigation. Comey appointed Patrick J. Fitzgerald, a U.S. attorney in Chicago, to act as special counsel in conducting the inquiry into what became known as “Plamegate.” At the time Comey made the appointment, Fitzgerald was already godfather to one of Comey’s children. On April 13, 2015, co-authoring a USA Today op-ed piece, Plame and her husband, retired ambassador Joseph Wilson, made public their support for Hillary Clinton’s 2016 presidential campaign, openly acknowledging their political closeness to both Hillary and Bill Clinton. The first two paragraphs of the editorial read: We have known Hillary Clinton both professionally and personally for close to 20 years, dating back to before President Bill Clinton’s first trip to Africa in 1998 — a trip that they both acknowledge changed their lives, and gave considerable meaning to their post-White House years and to the activities of the Clinton Foundation. Joe, serving as the National Security Council Senior Director for African Affairs, was instrumental in arranging that historic visit. Our history became entwined with Hillary further after Valerie’s identity as a CIA officer was deliberately exposed. That criminal act was taken in retribution for Joe’s article in The New York Times in which he explained he had discovered no basis for the Bush administration’s justification for the Iraq War that Saddam Hussein was seeking yellowcake uranium to develop a nuclear weapon.
  • In January 2016, Chuck Ross in the Daily Caller reported that Hillary Clinton emails made public made clear that one of her “most frequent favor-seekers when she was secretary of state was former Ambassador Joseph Wilson, a longtime Clinton friend, an endorser of Clinton’s 2008 presidential campaign, and an Africa expert with deep business ties on the continent.” Ross noted that Wilson emailed Clinton on Dec. 22, 2009, seeking help for Symbion Power, an American engineering contractor for whom Wilson consulted, in the company’s bid to pursue a U.S. Agency of International Development contract for work in Afghanistan. In the case of the Afghanistan project, Ross noted, Clinton vouched for Wilson and Symbion as she forwarded the request to Jack Lew, who served then as deputy secretary of state for management and resources. Ross further reported Wilson’s request might also have been discussed with President Obama, as one email indicates. In 2005, Fitzgerald prosecuted Libby, a prominent adviser to then Vice President Dick Cheney, in the Plame investigation, charging him with two counts of perjury, two counts of making false statements to federal prosecutors and one count of obstruction of justice. On March 6, 2007, Libby was convicted of four of the five counts, and on June 5, 2007, was sentenced by U.S. District Judge Reggie B. Walton to two and a half years in federal prison. On April 6, 2015, the Wall Street Journal reported the publication of New York Times reporter Judith Miller’s memoir “The Story: A Reporter’s Journey” exposed “unscrupulous conduct” by Fitzgerald in the 2007 trial of Libby.
  • WSJ reporter Peter Berkowitz noted Miller “writes that Mr. Fitzgerald induced her to give what she now realizes was false testimony.” “By withholding critical information and manipulating her memory as he prepared her to testify, Ms. Miller relates, Mr. Fitzgerald ‘steered’ her ‘in the wrong direction.’” http://www.wnd.com/2016/07/comey-has-long-history-of-clinton-related-cases/
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    Bend over and grab your ankles. The rats nest of Clinton operatives in Washington DC is far deeper than anyone ever imagined. "FBI Director James Comey has a long history of involvement in Department of Justice actions that arguably ended up favorable to the Clintons. In 2004, Comey, then serving as a deputy attorney general in the Justice Department, apparently limited the scope of the criminal investigation of Sandy Berger, which left out former Clinton administration officials who may have coordinated with Berger in his removal and destruction of classified records from the National Archives. The documents were relevant to accusations that the Clinton administration was negligent in the build-up to the 9/11 terrorist attack. On Tuesday, Comey announced that despite evidence of "extreme negligence by Hillary Clinton and her top aides regarding the handling of classified information through a private email server, the FBI would not refer criminal charges to Attorney General Loretta Lynch and the Justice Department. Curiously, Berger, Lynch and Cheryl Mills all worked as partners in the Washington law firm Hogan & Hartson, which prepared tax returns for the Clintons and did patent work for a software firm that played a role in the private email server Hillary Clinton used when she was secretary of state. Lynch and Comey both served as U.S. attorney for the Southern District of New York. They crossed paths in the investigation of HSBC bank, which avoided criminal charges in a massive money-laundering scandal for which the bank paid a $1.9 billion fine. After Attorney General John Aschroft recused himself in the Valerie Plame affair in 2004, Comey appointed as special counsel Patrick J. Fitzgerald, who ended up convicting "Scooter" Libby, a top aide to then Vice President Dick Cheney, of perjury and obstruction of justice. The charge affirmed the accusations of Plame and her former ambassador husband, Joe Wilson - both partisan supporters of Bill and
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    The "ethical" situation is far worse than described. Attorney disciplinary rules require that a lawyer, including all lawyers in the same firm, owe a lifetime duty of loyalty to a client, a duty that does not end with representation in a particular matter. Accordingly, Lynch had what the disciplinary rules refer to as an "actual conflict of interest" between her duties of loyalty to both Hillary and the U.S. government that required her withdrawal from representing either in the decision whether to prosecute Hillary. Saying that she would rubber stamp what Comey recommended was not the required withdrawal. Comey is an investigator, not a prosecutor. This was a situation for appointment of a special counsel to represent the Department of Justice in the decision whether to prosecute, not satisfied by rubber stamping Comey's recomendation,.
Paul Merrell

DOJ Sued For Records About Lynch's Meeting With Clinton | The Daily Caller - 0 views

  • Judicial Watch filed a lawsuit Wednesday against the Department of Justice for records related to the meeting between then-Attorney General Loretta Lynch and former President Bill Clinton while his wife was under an FBI investigation in the 2016 presidential campaign. The conservative nonprofit watchdog group filed the suit after the Justice Department failed to respond to a June 29, 2016, Freedom of Information Act (FOIA) request seeking transcripts of the June 2016 meeting, communications regarding the encounter, and any references to the meeting in Lynch’s calendar.
  • “The infamous tarmac meeting between President Clinton and AG Lynch is a vivid example of why many Americans believe the Obama administration’s criminal investigation into Hillary Clinton was rigged,” Judicial Watch President Tom Fitton said. “Now it will be up to Attorney General Sessions at the Trump Justice Department to finally shed some light on this subversion of justice,” Fitton said. (VIDEO: Why Did Bill Clinton And Loretta Lynch Meet On Her Airplane In Phoenix This Week?) Clinton and Lynch met privately on a plane parked at the Phoenix Sky Harbor International airport on June 27, 2016. The FBI was investigating a private email server Clinton’s wife and then-Democratic presidential nominee Hillary Clinton used during her time as secretary of state. The FBI interviewed her just days after her husband met with Lynch. Lynch admitted that the meeting “cast a cloud” over the investigation. Clinton was not punished for what FBI Director James Comey called “extremely careless” actions surrounding her server. Judicial Watch also requested the Justice Department’s inspector general investigate the meeting. The watchdog group also filed a lawsuit in October seeking FBI interviews into Clinton’s email practices, related communications, and records regarding the tarmac meeting.
Paul Merrell

Pepe Escobar - The real November surprise -- Puppet Masters -- Sott.net - 0 views

  • "As bad as it is the folks above the President make the decisions. They may have decided on Trump. These things do not happen by accident." Thus spoke a high-level US business mover and shaker with secure transit in rarified Masters of the Universe-related circles, amidst the utter political chaos provoked by head of the FBI James Comey's latest bombshell. It's virtually established by now that US Attorney General Loretta Lynch told Comey not to release his letter to Congress. But Comey did it anyway. If he had not, and a scandal would - inevitably - spring up after the US presidential election, Lynch would be perfectly positioned to deny she knew anything, and Comey would be on the firing line. Lynch is a certified Clinton machine asset. In 1999 then-President Bill Clinton appointed her to run the Brooklyn US Attorney's office. She left in 2002, taking the private practice revolving door. She was back to the Brooklyn office in 2010, urged by Obama. Five years later she became the 83rd US Attorney General, replacing the dodgy Eric Holder. A plausible case has been made that Comey took his fateful decision based on a serious internal revolt at the FBI - led by key people he trusts — as well as being egged-on by his wife. Yet one of the key questions that refuse to go away is why the FBI waited until 11 days before the US presidential election to supposedly "find" an email trove on certified sexting pervert Anthony Weiner's laptop.
  •      "As bad as it is the folks above the President make the decisions. They may have decided on Trump. These things do not happen by accident." Thus spoke a high-level US business mover and shaker with secure transit in rarified Masters of the Universe-related circles, amidst the utter political chaos provoked by head of the FBI James Comey's latest bombshell. It's virtually established by now that US Attorney General Loretta Lynch told Comey not to release his letter to Congress. But Comey did it anyway. If he had not, and a scandal would - inevitably - spring up after the US presidential election, Lynch would be perfectly positioned to deny she knew anything, and Comey would be on the firing line. Lynch is a certified Clinton machine asset. In 1999 then-President Bill Clinton appointed her to run the Brooklyn US Attorney's office. She left in 2002, taking the private practice revolving door. She was back to the Brooklyn office in 2010, urged by Obama. Five years later she became the 83rd US Attorney General, replacing the dodgy Eric Holder. A plausible case has been made that Comey took his fateful decision based on a serious internal revolt at the FBI - led by key people he trusts — as well as being egged-on by his wife. Yet one of the key questions that refuse to go away is why the FBI waited until 11 days before the US presidential election to supposedly "find" an email trove on certified sexting pervert Anthony Weiner's laptop.
  • The business source, although unsympathetic to the Clinton machine, especially in foreign policy, is a realpolitik practitioner, not a conspiracy theorist. He is adamant that, "the FBI reversal could not have happened without orders above the President. If the Masters [of the Universe] have changed their mind, then they will destroy Hillary." He adds, "they can make a deal with Donald just like anyone else; Donald wins; the Masters win; the people think that their voice has been heard. And then there will be some sort of (controlled) change." What's paramount in the whole soap opera is that faith in the US political system — as corrupt as it may be — must endure. That mirrors the faith in the US dollar; if confidence in the US dollar fails, the US as a hegemonic financial power is no more. The source is equally adamant that, "it is almost unprecedented to see a cover-up as extensive as Hillary's. A secret meeting between Bill Clinton and the Attorney General; the FBI ignoring all evidence and initially clearing Hillary to near rebellion of the whole of the FBI, attested to by Rudolf Giuliani whose reputation as a federal prosecutor is unquestioned; the Clinton "pay for play" foundation. The Masters are troubled that this is getting out of hand." The record shows that "the Masters do not usually have to go to such lengths to protect their own. They did manage to save Bill Clinton from the Monica Lewinsky perjury and keep him in the presidency. The Masters were not attacked in this case. They even got away with the 1987 cash settlement crash and the theft surrounding the Lehman debacle. In all these cases there were no overarching challenges to their control, as we see now open to the public by Trump. They antagonized and insulted the wrong man."
Gary Edwards

FBI Source: Clinton Foundation Can Bring Down Entire Government » Alex Jones'... - 1 views

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    "The Clinton Foundation is a "massive spider web of connections and money laundering implicating hundreds of high-level people," according to an anonymous insider who revealed why the FBI stopped short of indicting Hillary Clinton. Before FBI Director James Comey announced the FBI wouldn't recommend pressing charges against Clinton, an insider with "intimate knowledge of the inner workings of the Clinton case" hosted an little-publicized AMA session on 4Chan, and the statements he made on July 2 corroborate with later developments of the scandal. "There is enough for her and the entire government to be brought down," he revealed. "People do not realize how enormous this whole situation actually is." "Whether she will be [indicted] or not depends on how much info others involved gets out, and there are a lot of people involved." Since then, both the FBI and the DOJ declined to press charges against Clinton, and other sources revealed the Clinton Foundation is now under scrutiny. "The problem is with the Clinton Foundation as I mentioned, which you should just imagine as a massive spider web of connections and money laundering implicating hundreds of high-level people," the source said. "Though I do not have a high opinion of Hillary, she is just a piece - albeit a big piece - of this massive sh*tstorm." Those implicated extends to the Justice Dept. "The DOJ is most likely looking to save itself," he continued. "Find everyone involved in the Clinton Foundation, from its donors to its Board of Directors, and imagine they are all implicated." This would explain why Bill Clinton forced himself on Attorney General Loretta Lynch's plane at the Phoenix Sky Harbor International Airport last week; Clinton insider Larry Nichols said blackmail was likely involved. "Bill Clinton met with Lynch, and he was there to assure her that when Hillary gets to be president she'll be able to keep her job," said Nichols on the Alex Jones Sh
Paul Merrell

Top War Crimes Diplomat Stepping Down | Foreign Policy - 0 views

  • destruction, and U.S. counterterrorism strategy. Lynch's enterprise reporting has explored the underside of international diplomacy. His investigations have uncovered a U.S. spying operation in Iraq, Dick Cheney's former company's financial links to Saddam Hussein, and documented numerous sexual misconduct and corruption scandals. Lynch has appeared frequently on the Lehrer News Hour, MSNBC, NPR radio, and the BBC. He has also moderated public discussions on foreign policy, including interviews with Susan E. Rice, the U.S. National Security Advisor, Gerard Araud, France's U.N. ambassador, and other senior diplomatic leaders. Born in Los Angeles, California, Lynch received a bachelor's degree from the University of California, Berkeley, in 1985 and a master's degree from Columbia University's Graduate School of Journalism in 1987. He previously worked for the Boston Globe. January 15, 2015 colum.lynch @columlynch Stephen J. Rapp, the U.S. ambassador at large for war crimes, is stepping down after five and a half years as the Obama administration’s point man for global prosecutions of the world’s most notorious war criminals
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    I'll add some comments here later. This is a very important event. Rapp resigned the day after this article. See https://news.yahoo.com/u-s--war-crimes-ambassador-stepping-down-in--frustration--194011155.html
Paul Merrell

FBI interviews Hillary Clinton for more than 3 hours in email probe - The Washington Post - 0 views

  • FBI agents interviewed Hillary Clinton for 3½ hours Saturday morning — a signal that the investigation into her use of a private email account while she was secretary of state is drawing to a close.
  • “That’s certainly a signal that they’re wrapping things up,” said Justin Shur, a former deputy chief of the Justice Department’s public integrity section who is now in private practice at the MoloLamken firm.
  • On Friday, Lynch announced that she would accept recommendations from career prosecutors and FBI agents leading the probe — a decision that she said had been made before her meeting with Bill Clinton, but one that was surely meant to quiet criticism about the independence of the probe. While Lynch did not formally recuse herself from the investigation involving Hillary Clinton’s email — saying that “would mean I wouldn’t even be briefed on what the findings were” — she seemed to promise she would not veto whatever decision came from federal prosecutors handling the case. It is not clear who precisely will be the ultimate decision-maker, if Lynch will serve as more of a rubber stamp. The attorney general said FBI Director James B. Comey would be among those involved.
Paul Merrell

MAJOR DEVELOPMENT: Rand Paul, Ron Wyden to Introduce 28 Pages Resolution in Senate | 28... - 0 views

  • The growing, nonpartisan drive to declassify a 28-page finding on foreign government support of the 9/11 hijackers is about to take an enormous step forward with the introduction of a Senate resolution urging the president to release the material to the public. Dramatically compounding the issue’s visibility, the resolution is being introduced by high-profile Republican presidential hopeful Rand Paul of Kentucky. A spokesperson for Senator Paul told 28Pages.org that Oregon Democrat Ron Wyden will cosponsor the resolution, which will serve as the upper chamber’s companion to House Resolution 14. Wyden is a member of the Senate intelligence committee.
  • ones, Lynch and Massie introduced H.Res.14 and have been championing the issue—and seeking like-minded senators to lead the cause in the upper chamber—since December 2013. Aided by Graham, who co-chaired the joint congressional 9/11 inquiry that wrote the 28 pages as one chapter in a far larger report, their success in securing the leadership of Paul and Wyden represents a critical milestone for the 28 pages movement. As Paul and Wyden seek cosponsors for the resolution, there are 11 senators whose support should—on principle, if not politics—be automatic:  Patrick Leahy (VT), Barbara Mikulski (MD), Harry Reid (NV), Barbara Boxer (CA), Patty Murray (WA), Dick Durbin (IL), Jack Reed (RI), Chuck Schumer (NY), Bill Nelson (FL), Tom Carper (DE) and Maria Cantwell (WA). 
  • What do these 11 Democrats have in common? Months after the December 2002 release of the congressional intelligence report that holds the 28 pages, each of them signed a 2003 letter to President George W. Bush protesting his decision to redact the 28 pages and urging him to release them. In part, that letter read: Unfortunately, because all but two pages of the entire section have been deemed too secret for public disclosure, the American people remain in the dark about other countries that may have facilitated the terrorist attacks. It has been widely reported in the press that the foreign sources referred to in this portion of the Joint Inquiry analysis reside primarily in Saudi Arabia. The decision to classify this information sends the wrong message to the American people about our nation’s anti-terror effort and makes it seem as if there will be no penalty for foreign abettors of the hijackers…Protecting the Saudi regime by eliminating any public penalty for the support given to terrorists from within its borders would be a mistake.
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  • Among those 11 natural candidates to join the Paul-Wyden resolution, one stands out: Schumer led the 2003 letter-writing effort. At the time, he said, “The bottom line is that keeping this material classified only strengthens the theory that some in the U.S. government are hellbent on covering up for the Saudis. If we’re going to take terrorism down, that kind of behavior has got to be nipped in the bud and shedding some light on these 28 pages would start that process.”
  • Former Senator Graham and House leaders of the 28 pages movement who’ve read the 28 pages argue that their release is vital to the ongoing struggle with terrorism. According to Graham, “the 28 pages primarily relate to who financed 9/11 and they point a very strong finger at Saudi Arabia as being the principal financier.” He has also said the U.S. government’s shielding of Saudi Arabia’s role in funding extremism helped pave the way for the rise of ISIS. The House’s Lynch made a similar point in a 2014 story written by the Boston Globe’s Bryan Bender:
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    I suspect that Mr. Obama won't be eager to make the Saudis the patsies  for what it really looks like Israel's far right government and some colaborators in high levels of U.S. government made happen on 9-11.  Heavens! The Saudis might start selling selling their oil in something other than U.S. dollars and bring down the Western banksters house of cards. 
Paul Merrell

Clintons Are Under Multiple FBI Investigations as Agents Are Stymied - 0 views

  • Current and former FBI officials have launched a media counter-offensive to engage head to head with the Clinton media machine and to throw off the shackles the Loretta Lynch Justice Department has used to stymie their multiple investigations into the Clinton pay-to-play network. Over the past weekend, former FBI Assistant Director and current CNN Senior Law Enforcement Analyst Tom Fuentes told viewers that “the FBI has an intensive investigation ongoing into the Clinton Foundation.” He said he had received this information from “senior officials” at the FBI, “several of them, in and out of the Bureau.” (See video clip from CNN below.) That information was further supported by an in-depth article last evening in the Wall Street Journal by Devlin Barrett. According to Barrett, the “probe of the foundation began more than a year ago to determine whether financial crimes or influence peddling occurred related to the charity.” Barrett’s article suggests that the Justice Department, which oversees the FBI, has attempted to circumvent the investigation. The new revelations lead to the appearance of wrongdoing on the part of U.S. Attorney General Loretta Lynch for secretly meeting with Bill Clinton on her plane on the tarmac of Phoenix Sky Harbor International Airport on the evening of June 28 of this year. Not only was Bill Clinton’s wife under an FBI investigation at the time over her use of a private email server in the basement of her New York home over which Top Secret material was transmitted while she was Secretary of State but his own charitable foundation was also under investigation, a fact that was unknown at the time to the public and the media.
  • The reports leaking out of the FBI over the weekend came on the heels of FBI Director James Comey sending a letter to members of Congress on Friday acknowledging that the investigation into the Hillary Clinton email server was not closed as he had previously testified to Congress, but had been reopened as a result of “pertinent” emails turning up. According to multiple media sources, those emails were found on the laptop of Anthony Weiner, estranged husband of Hillary Clinton’s longtime aide, Huma Abedin. Weiner was forced to resign from Congress in 2011 over a sexting scandal with more sexting scandals to follow. Early this month, on October 3, the FBI raided Weiner’s apartment in New York with a search warrant in hand and seized multiple electronic devices. At least one of those devices had been used by both Weiner and Abedin to send email messages. The search warrant had been obtained following a detailed report that had appeared in the Daily Mail newspaper in the U.K. in September, showing sordid, sexual emails that Weiner had allegedly sent to a 15-year old girl in North Carolina. According to the content of the published emails, Weiner was aware that the girl was underage. While examining the hard drive of a laptop seized from Weiner, the FBI found metadata showing that thousands of the emails were exchanged between the private server located in Hillary Clinton’s basement in Chappaqua, New York. Since the FBI had only a search warrant to examine emails and documents related to the Weiner matter, it was not able to read the other emails but simply tallied up the metadata linked to the private server in Chappaqua to show how many potentially new emails might be in the trove on the laptop. (It is also possible that the FBI agents could have used a program to compare subject headings against those emails previously turned over by Abedin to make their case that Abedin had perjured herself when she testified to them that she had turned over all of her work-related emails from her time as Deputy Chief of Staff for Operations when Hillary Clinton served as Secretary of State.)
  • The FBI officials briefed FBI Director James Comey last Thursday on the new trove of emails and he went public with his letter to Congress the next day – leading the Clinton camp to immediately launch a media assault on his motives. As if all of this wasn’t enough for the public to digest over the weekend, yesterday morning James Kallstrom, the former Assistant Director in Charge of the FBI’s New York Division and 25-year veteran of the FBI, went on the John Catsimatidis radio program to call the Clintons a “crime family.” (You can hear the full program here.) Kallstrom’s comments were further amplified when the New York Daily News reported on his criticisms that the FBI had been hamstrung from conducting a real investigation. The Daily News quoted Kallstrom from the radio program as follows: “ ‘This investigation was never a real investigation, they never had grand jury empaneled…This investigation was without the ability to serve subpoenas, serve search warrants, and obtain evidence … It was just ludicrous.’ ” On Wednesday of last week, just two days before FBI Director Comey issued his public letter to Congress, WikiLeaks released a devastating memo from Douglas Band, at the time a key figure at the Clinton Foundation and President of his own corporate consulting firm, Teneo. The memo was rife with suggestions of pay-to-play and personal enrichment schemes at the Clinton Foundation. The same day, Washington Post reporters Rosalind Helderman and Tom Hamburger reported the story, including the following details:
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  • “The memo, made public Wednesday by the anti-secrecy group WikiLeaks, lays out the aggressive strategy behind lining up the consulting contracts and paid speaking engagements for Bill Clinton that added tens of millions of dollars to the family’s fortune, including during the years that Hillary Clinton led the State Department. It describes how Band helped run what he called ‘Bill Clinton Inc.,’ obtaining ‘in-kind services for the President and his family — for personal travel, hospitality, vacation and the like.’… Band wrote that Teneo partners had raised in excess of $8 million for the foundation and $3 million in paid speaking fees for Bill Clinton. He said he had secured contracts for the former president that would pay out $66 million over the subsequent nine years if the deals remained in place.” The memo was likely the final straw for the FBI agents and officials who had been thwarted by the Justice Department in mounting an aggressive investigation of the Clinton Foundation using the full FBI arsenal typically available like subpoenas, witness interviews and wiretaps. Given the weekend leaks, it now appears that the FBI understands that the only hope for a real investigation is to shine some much needed sunlight on how Loretta Lynch’s Justice Department cowers before politically powerful people.
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

Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al ... - 0 views

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    Incredible.  Take your time reading this because we now have legal evidence of outrageous Bankster criminality.  Read carefully. excerpt: The lawsuit between Overstock and the banks concerned a phenomenon called naked short-selling, a kind of high-finance counterfeiting that, especially prior to the introduction of new regulations in 2008, short-sellers could use to artificially depress the value of the stocks they've bet against. The subject of naked short-selling is a) highly technical, and b) very controversial on Wall Street, with many pundits in the financial press for years treating the phenomenon as the stuff of myths and conspiracy theories. Now, however, through the magic of this unredacted document, the public will be able to see for itself what the banks' attitudes are not just toward the "mythical" practice of naked short selling (hint: they volubly confess to the activity, in writing), but toward regulations and laws in general. "Fuck the compliance area - procedures, schmecedures," chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales. ...................... If this sounds complicated, just focus on this: naked short selling, in essence, is selling stock you do not have. If you don't have to actually locate and borrow stock before you short it, you're creating an artificial supply of stock shares. ................ The process of how banks circumvented federal clearing regulations is highly technical and incredibly difficult to follow. These companies were using obscure loopholes in regulations that allowed them to short companies by trading in shadows, or echoes, of real shares in their stock. They manipulated rules to avoid having to disclose these "failed" trades to regulators. The import of this is that it made it cheaper and easier to bet down the value of a stock
Gary Edwards

10 Things That Every American Should Know About The Federal Reserve - 1 views

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    Awful stuff.  Brace yoruselves, the facts will make you wretch. excerpt: The American people got so upset about the bailouts that Congress gave to the Wall Street banks and to the big automakers, but did you know that the biggest bailouts of all were given out by the Federal Reserve? Thanks to a very limited audit of the Federal Reserve that Congress approved a while back, we learned that the Fed made trillions of dollars in secret bailout loans to the big Wall Street banks during the last financial crisis.  They even secretly loaned out hundreds of billions of dollars to foreign banks. According to the results of the limited Fed audit mentioned above, a total of $16.1 trillion in secret loans were made by the Federal Reserve between December 1, 2007 and July 21, 2010. The following is a list of loan recipients that was taken directly from page 131 of the audit report.... Citigroup - $2.513 trillion Morgan Stanley - $2.041 trillion Merrill Lynch - $1.949 trillion Bank of America - $1.344 trillion Barclays PLC - $868 billion Bear Sterns - $853 billion Goldman Sachs - $814 billion Royal Bank of Scotland - $541 billion JP Morgan Chase - $391 billion Deutsche Bank - $354 billion UBS - $287 billion Credit Suisse - $262 billion Lehman Brothers - $183 billion Bank of Scotland - $181 billion BNP Paribas - $175 billion Wells Fargo - $159 billion Dexia - $159 billion Wachovia - $142 billion Dresdner Bank - $135 billion Societe Generale - $124 billion "All Other Borrowers" - $2.639 trillion So why haven't we heard more about this? This is scandalous. In addition, it turns out that the Fed paid enormous sums of money to the big Wall Street banks to help "administer" these nearly interest-free loans....
Paul Merrell

US Boycotts Pakistan's Push For Greater Transparency On Drone Strikes - 0 views

  • The United States is refusing to participate in UN Human Rights Council talks about greater accountability for human rights violations in covert drone wars. Foreign Policy reporter Colum Lynch, who broke the story Wednesday, says the U.S. is opting out of discussions about a draft Pakistani resolution aimed at the U.S. drone strikes. Lynch explains: The Pakistani draft, which was obtained by Foreign Policy, urges states to “ensure transparency” in record-keeping on drone strikes and to “conduct prompt, independent and impartial investigations whenever there are indications of any violations to human rights caused by their use.” It also calls for the convening of “an interactive panel discussion” on the use of drones. During the third round of talks on Wednesday about the resolution, the United States was notably absent. The boycott marks a shift from President Obama’s decision in 2009 to join the Human Rights Council after years of U.S. boycott at the behest of former President George W. Bush.
  • Yet, the move is in keeping with the Obama administration’s diligent refusal to share public information about those U.S. drone wars and those killed in the attacks. A “modest” initiative in the U.S. Senate that would have forced the U.S. government to publicly report and identify those killed by U.S. drone strikes overseas failed last November. While the Obama administration has repeatedly claimed that civilian deaths in drone strikes are minimal, the Bureau of Investigative Journalism documents alarming rates of civilian deaths by covert U.S. attacks in Yemen, Pakistan, and Somalia. Furthermore, in a 21-page report released earlier this month, UN special rapporteur on human rights Ben Emmerson identifies drone strikes in Afghanistan, Pakistan, Yemen, Somalia, and Gaza in which civilians were killed, injured, or threatened in drone attacks by the U.S. and close ally Israel. The U.S. still has not answered for numerous high-profile attacks, including a December 2013 U.S. drone strike on a recent wedding procession in Yemen near the city of Rad’a that left 12 people dead and at least 15 wounded. The boycott of the talks comes as the U.S. escalates its covert drone war in Yemen, with at least seven suspected strikes in the first two weeks of March.
Paul Merrell

Bank of America Corp (BAC): Bank Of America Dumps $75 Trillion In Derivatives On U.S. T... - 0 views

  • Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.Derivatives are highly volatile financial instruments that are occasionally used to hedge risk, but mostly used for speculation. They are bets upon the value of stocks, bonds, mortgages, other loans, currencies, commodities, volatility of financial indexes, and even weather changes. Many big banks, including Bank of America, issue derivatives because, if they are not triggered, they are highly profitable to the issuer, and result in big bonus payments to the executives who administer them. If they are triggered, of course, the obligations fall upon the corporate entity, not the executives involved. Ultimately, by allowing existing gambling bets to remain in insured retail banks, and endorsing the shift of additional bets into the insured retail division, the obligation falls upon the U.S. taxpayers and dollar-denominated savers.
  • Even if we net out the notional value of the derivatives involved, down to the net potential obligation, the amount is so large that the United States could not hope to pay it off without a major dollar devaluation, if a major contingency actually occurred and a large part of the derivatives were triggered. But, if such an event ever occurs, Bank of America's derivatives counter-parties will, as usual, be made whole, while the American people suffer. This all has the blessing of the Federal Reserve, which approved the transfer of derivatives from Merrill Lynch to the insured retail unit of BAC before it was done.
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    From 2011. $75 trillion in bankster bad derivatives bets transferred to FDIC insured commercial bank subsidiaries. Why FDIC insurance is no longer anything but a tax on depositors to insure nominal value of toxic derivatives for the investment banksters. And why all of the major commercial banks in the U.S. lack sufficient real assets to repay depositors when the collapse comes. RIP, FDIC. 
Paul Merrell

BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit - Bloomberg - 0 views

  • Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.
  • Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC- insured bank accounts from risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms. “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”
  • Moody’s Investors Service downgraded Bank of America’s long-term credit ratings Sept. 21, cutting both the holding company and the retail bank two notches apiece. The holding company fell to Baa1, the third-lowest investment-grade rank, from A2, while the retail bank declined to A2 from Aa3.
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  • The Moody’s downgrade spurred some of Merrill’s partners to ask that contracts be moved to the retail unit, which has a higher credit rating, according to people familiar with the transactions. Transferring derivatives also can help the parent company minimize the collateral it must post on contracts and the potential costs to terminate trades after Moody’s decision, said a person familiar with the matter. Bank of America estimated in an August regulatory filing that a two-level downgrade by all ratings companies would have required that it post $3.3 billion in additional collateral and termination payments, based on over-the-counter derivatives and other trading agreements as of June 30. The figure doesn’t include possible collateral payments due to “variable interest entities,” which the firm is evaluating, it said in the filing.
  • Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates. Dodd-Frank Rules Keeping such deals separate from FDIC-insured savings has been a cornerstone of U.S. regulation for decades, including last year’s Dodd-Frank overhaul of Wall Street regulation. The legislation gave the FDIC, which liquidates failing banks, expanded powers to dismantle large financial institutions in danger of failing. The agency can borrow from the Treasury Department to finance the biggest lenders’ operations to stem bank runs. It’s required to recoup taxpayer money used during the resolution process through fees on the largest firms.
  • Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades. That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.
  • Moving derivatives contracts between units of a bank holding company is limited under Section 23A of the Federal Reserve Act, which is designed to prevent a lender’s affiliates from benefiting from its federal subsidy and to protect the bank from excessive risk originating at the non-bank affiliate, said Saule T. Omarova, a law professor at the University of North Carolina at Chapel Hill School of Law. “Congress doesn’t want a bank’s FDIC insurance and access to the Fed discount window to somehow benefit an affiliate, so they created a firewall,” Omarova said. The discount window has been open to banks as the lender of last resort since 1914. As a general rule, as long as transactions involve high- quality assets and don’t exceed certain quantitative limitations, they should be allowed under the Federal Reserve Act, Omarova said.
  • In 2009, the Fed granted Section 23A exemptions to the banking arms of Ally Financial Inc., HSBC Holdings Plc, Fifth Third Bancorp, ING Groep NV, General Electric Co., Northern Trust Corp., CIT Group Inc., Morgan Stanley and Goldman Sachs Group Inc., among others, according to letters posted on the Fed’s website. The central bank terminated exemptions last year for retail-banking units of JPMorgan, Citigroup, Barclays Plc, Royal Bank of Scotland Plc and Deutsche Bank AG. The Fed also ended an exemption for Bank of America in March 2010 and in September of that year approved a new one. Section 23A “is among the most important tools that U.S. bank regulators have to protect the safety and soundness of U.S. banks,” Scott Alvarez, the Fed’s general counsel, told Congress in March 2008.
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    So according to Bloomberg, JPMorgan's commercial bank was the recipient of 99 percent of JPMorgan's $79 trillion (face value of derivatives) in bad bets. So adding JPMorgan's $78 trillion or so to the $75 trillion in bad bets Bank of America unloaded on its FDIC insured subsidiary, we arrive at $153 trillion in bad bets moved by two investment banks alone under the FDIC umbrella. Meanwhile, FDIC has authority under Dodd-Frank to liquidate these insolvent banks but doesn't, despite several successful lawsuits to recover the value of toxic derivatives that they sold to smaller banks that failed (which implies that FDIC could tell JPMorgan and BoA's investment banksters that they've got to pay off the toxic assets they transferred to their commercial banks, rather than diluting the insurance for normal depositors. Problem: the two big investment banks don't have sufficient assets to absorb those losses, so the too-politically-connected-to-fail factor kicks in. Note that I have not done any legal research in regard to these issues and am basing these observations on what has been stated about legal requirements in various media articles.
Paul Merrell

The 28 Pages and the War on Terror: Is Congress in a State of Willful Ignorance? | 28 P... - 0 views

  • Today more than ever, Americans are struggling to unravel the Gordian knot of overt and covert alliances that comprise the Middle East’s geostrategic landscape. As they do, politicians and pundits constantly remind them that reaching the correct conclusions about the region is imperative if we are to thwart the menace of terrorism and prevent the next 9/11.
  • As if a thicket of misinformation, hit-and-miss journalism and competing propaganda didn’t make the challenge daunting enough, the American people face an even more formidable barrier in their attempts to reach informed and rational conclusions about U.S. policy in the Middle East: the classification of a 28-page finding on foreign government support of the 9/11 hijackers—classification that continues over the objections of the chairman and vice-chairman of the 9/11 Commission and the former senator who co-chaired the inquiry that produced the 28 pages. Preventing a hypothetical “next 9/11″ starts with a clear understanding of what enabled the actual one—yet, even as the U.S. military prepares for the next chapter in the seemingly perpetual War on Terror, Americans continue to be denied critical knowledge about how the September 11 attacks were planned and funded. Reflecting on that disconnect, Kentucky Congressman Thomas Massie recently told Slate, “Until we know what enabled or caused 9/11, we shouldn’t be talking about starting a third war to prevent another 9/11.”
  • For everyday Americans, ignorance about what lies within the 28 pages is imposed; for apparently far too many in Congress, that ignorance is willful. You see—unlike the citizens they represent—when it comes to reading or not reading the 28 pages, legislators enjoy the luxury of a choice: After securing permission through their respective intelligence committee, representatives and senators can venture into a guarded, soundproof room at the Capitol and read the classified findings on foreign government assistance to the 9/11 hijackers in their entirety. Astonishingly—given what’s at stake for the country and for the lives of servicemembers and civilians alike—there are indications only a slim minority have bothered to do so. Rep. Walter Jones North Carolina’s Walter Jones is one congressman who did take the initiative to learn what lies in the 28 pages. Later, he said, “I was absolutely shocked by what I read. What was so surprising was that those whom we thought we could trust really disappointed me.” He added, “The information is critical to our foreign policy moving forward and should thus be available to the American people.”
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  • On January 8th of this year, by way of a “Dear Colleague” letter, Jones and Massachusetts Congressman Stephen Lynch urged every one of their fellow House representatives to read the 28 pages for themselves. Among those who heeded their call was Rep. Massie. At a March 11 press conference in which he joined Jones and Lynch in imploring peers to examine the redacted finding, Massie offered a striking description of his reaction to the revelations within the 28 pages, saying: “It was a really disturbing event for me to read those. I had to stop every two or three pages and rearrange my perception of history. And it’s that fundamental…it certainly changes your view of the Middle East.”
  • in what could well emerge as a national security scandal that engulfs much of Congress, there are indications that, when it comes to acquiring essential knowledge to shape policies that safeguard the country, a majority of legislators have thus far made a conscious decision to remain ignorant: As of this writing, 13 of the House’s 432 representatives have joined as cosponsors of a Jones-authored resolution urging the president to declassify the 28 pages. A source on the Hill who is familiar with the declassification effort is personally unaware of any representative who has read the 28 pages over the last several months who didn’t emerge from the experience as a supporter of declassification. When you overlay one of those observations on the other, the result points to a woefully low level of interest among the nation’s legislators in learning what “shocking,” “surprising” and “history-rearranging” facts are contained in the classified passage.
  • Those indications paint a bleak—albeit, tentative—portrait of Congressional diligence in overseeing national security policy. What’s needed now is a precise, name-by-name accounting of which representatives and senators have read the 28 pages and which have not. To that end, 28Pages.org urges constituents, journalists and transparency advocacy organizations to help bring accountability to this essential issue of national security job performance by contacting legislators and asking them two simple, yes-or-no questions: Have you read the 28 pages? If not, have you asked permission from your intelligence committee to do so? Shortly, 28Pages.org will announce its own contribution to this national exercise in Congressional accountability. However, a thorough accounting will only be achieved with the participation of citizens, journalists and transparency advocates. And with every House and 36 Senate seats up for election on Nov. 4, the faster the country collectively assembles a name-by-name roster of 28-pages readership on the Hill, the better position voters will be in to evaluate incumbents using this potent indicator of their attentiveness to matters of national security.
  • We provide a wealth of resources to help citizens do their part, and journalists are encouraged to contact us for insights on this issue.
Paul Merrell

Anonymous Fearmongering About the Patriot Act from the White House and NYT - The Intercept - 0 views

  • Several of the most extremist provisions of the 2001 Patriot Act are going to expire on June 1 unless Congress reauthorizes them in some form. Obama officials such as Director of National Intelligence James Clapper and new Attorney General Loretta Lynch have been engaged in rank fear-mongering to coerce renewal, warning that we’ll all be “less safe” if these provisions are allowed to “sunset” as originally intended, while invoking classic Cheneyite rhetoric by saying Patriot Act opponents will bear the blame for the next attack. In an interview yesterday with the Intercept, ACLU Deputy Legal Director Jameel Jaffer explained why those scare tactics are outright frivolous. Enter the New York Times. An article this morning by Julie Hirschfeld Davis, in the first paragraph, cites anonymous Obama officials warning that “failing to [strike a deal by the deadline] would suspend crucial domestic surveillance authority at a time of mounting terrorism threats.” Behold the next two paragraphs:
  • “What you’re doing, essentially, is you’re playing national security Russian roulette,” one senior administration official said of allowing the powers to lapse. That prospect appears increasingly likely with the measure, the USA Freedom Act, stalled and lawmakers in their home states and districts during a congressional recess. “We’re in uncharted waters,” another senior member of the administration said at a briefing organized by the White House, where three officials spoke with reporters about the consequences of inaction by Congress. “We have not had to confront addressing the terrorist threat without these authorities, and it’s going to be fraught with unnecessary risk.”
  • Those two paragraphs, courtesy of the Obama White House and the Paper of Record, have it all: the principal weapons that have poisoned post-9/11 political discourse in the U.S.
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    Greenwald takes on the politics of fear.
Paul Merrell

BP Settlement in Gulf Oil Spill Is Raised to $20.8 Billion - The New York Times - 0 views

  • The Justice Department on Monday announced a final settlement with the oil giant BP of $20.8 billion for its role in the disastrous 2010 Gulf of Mexico oil spill, raising the total from the initial $18.7 billion settlement announced in July.At either amount, it is the largest environmental settlement — and the largest civil settlement with any single entity — in the nation’s history.The United States attorney general, Loretta Lynch, called the filing of the final settlement “a major step forward in our effort to deliver justice to the gulf region in the wake of the Deepwater Horizon tragedy — the largest environmental disaster our nation has ever endured.”Gina McCarthy, the Environmental Protection Agency administrator, estimated that the final settlement represented a payment of $1,725 for each barrel of oil spilled in the disaster. The maximum amount that a judge could have assessed in the case was $4,300 a barrel.
  • The settlement resolves a 2010 lawsuit filed by the Justice Department against BP. It includes civil claims under the Clean Water Act, for which BP has agreed to pay a $5.5 billion penalty, the largest civil penalty in the history of environmental law. Also, it includes natural resources damages claims under the Oil Pollution Act, for which BP has agreed to pay $7.1 billion, on top of the $1 billion it previously committed to pay for early restoration work. Continue reading the main story Related in Opinion Editorial: BP Deal Will Lead to a Cleaner GulfJULY 8, 2015 In addition, the settlement includes economic damages claims, for which BP has agreed to pay $4.9 billion to the five gulf states — Alabama, Florida, Louisiana, Mississippi and Texas — and up to $1 billion to local governments. Louisiana, the hardest hit of the states, will receive $5 billion of the $8.8 billion allocated for restoration.Ms. Lynch said the increase in the total settlement represented a “refining of the numbers” over the initial settlement. “Over time, we refine numbers as the settlement is finalized,” she said.
  • Geoff Morrell, BP senior vice president for United States communications, said in a statement that the revised overall figure did not change the settlement announced in July, but included amounts previously spent or disclosed by the company. The settlement, he said, “resolves the largest litigation liabilities remaining from the tragic accident,” and provides the company “certainty with respect to its financial obligations.”Under the draft restoration plan, $8.8 billion would be allocated to restore the gulf ecosystem.
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  • A panel responsible for assessing the damages to the gulf ecosystems found effects on the region’s wildlife, including fish, oysters, plankton, birds and sea mammals; habitat, including marshes and beaches; and recreational activities.The proposed $8.8 billion in restoration would be invested across the five gulf states over 15 years, in a range of projects intended to restore those resources.“This restoration plan ensures that the funds will be distributed in ways that make sense,” Ms. McCarthy said.
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    Let's see. $20.8 billion total settlement. $8.8 billion going to environmental restoration. The Feds pocket $12 billion. And it's all pennies on the dollar in terms of ongoing damage.  The Feds, knowing that they can profit from environmental havoc committed by corporations, only paused deep ocean drilling permits for a few months, hoping for more damage to be caused by other companies.  The real scandal was and is that BP had a long and extremely well-documented history of causing environmental disasters in their pursuit of oil profits. Were there truly any environmental justice, the result would have been corporate capital punishment and virtually all of its executives in prison for the remainder of their lives, preferably at hard labor cleaning up the mess they created. But throw enough zeros after the settlement number and the human beings whose penny-pinching on safety caused the disaster walk free, free to do it all over again. They must have joined the same Too Big to Jail Golf Club that the banksters use.  
Gary Edwards

Banksters: The ultimate fascism center - 0 views

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    Thanks to Marbux :) A history of the financial collapse and how we got to the sovereign debt crisis of today.  Excellent  stuff.  A factual account that i couldn't find fault with.  Very lengthy read though. excerpt: Bailout the Bankers, Punish the People In the fall of 2008, the Bush administration sought to implement a bailout package for the economy, designed to save the US banking system. The leaders of the nation went into rabid fear mongering. Advertising the bailout as a $700 billion program, the fine print revealed a more accurate description, saying that $700 billion could be lent out "at any one time." As Chris Martenson wrote: This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time.  After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought.  In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling. So what happens when you have vague language and an unlimited budget?  Fraud and self-dealing.  Mark my words, this is the largest looting operation ever in the history of the US, and it's all spelled out right in this delightfully brief document that is about to be rammed through a scared Congress and made into law.[27] Further, as the bailout agreement stipulated, it essentially hands the Federal Reserve and the U.S. Treasury total control over the nation's finances in what has been termed a "financial coup d'état" as all actions and decisions by the Fed and the Treasury Secretary may be done in secret and are not able to be reviewed by Congress or any other administrative or legal agency.[28] Passed in the last months of the Bush administration, the Obama administration further implemented the bailout (and added a stimulus package on top of it). The banks got a massive bailout of untold trillions, and the
Gary Edwards

GAO Audit: Fed Gave $16 Trillion in Emergency Loans to Bankster Cartel! - 0 views

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    The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank. Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion. Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office's (GAO) analysis shows. Additionally, asset swap arrangements were opened with banks in the U.K., Canada, Brazil, Japan, South Korea, Norway, Mexico, Singapore and Switzerland. Twelve of those arrangements are still ongoing, having been extended through August 2012. Out of all borrowers, Citigroup received the most financial assistance from the Fed, at $2.5 trillion. Morgan Stanley came in second with $2.04 trillion, followed by Merill Lynch at $1.9 trillion and Bank of America at $1.3 trillion. The audit also found that the Fed mostly outsourced its lending operations to the very financial institutions which sparked the crisis to begin with, and that they delegated contracts largely on a no-bid basis. The GAO report recommends new policies that would eliminate such conflicts of interest, and suggests that in the future the Fed should keep better records of their emergency decision-making process.
Paul Merrell

Bank Of America's $17 Billion Mortgage Crisis Settlement Could Be A Total Bust | ThinkP... - 0 views

  • Bank of America has agreed to a legal settlement with the Department of Justice (DOJ) to avoid prosecution for the hundreds of billions of dollars in bad mortgage loans that it and its subsidiaries sold to unwitting investors in the run-up to the financial crisis, according to multiple new reports. The total on-paper cost of the deal is reportedly at least $16 billion and perhaps as high as $17 billion, which makes it the largest corporate legal settlement with the government in U.S. history. But that record price tag is deceptive. The deal is unlikely to cost Bank of America anywhere close to that amount.
  • the government’s decision to pursue civil settlements rather than criminal cases against banks that inflated the toxic mortgage bubble means that shareholders pay the price while executives who oversaw the misconduct earn large bonuses.
  • “If you let a thief buy his way out of jail, you should really make sure the check doesn’t bounce,” HDL national campaign director Kevin Whelan said in an email. “Even a record $17 billion settlement is a small fraction of the damage done by B of A and Countrywide. But it could do real good for a lot of families,” Whelan said. “The fact that the JP Morgan Chase settlement has not delivered any noticeable relief to families makes us skeptical.”
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  • Even at face value, the reported settlement is minuscule compared to the harm caused by Bank of America companies. The on-paper cost of the deal is less than 7 percent of the value of the mortgage deals Bank of America and its subsidiaries Countrywide and Merrill Lynch made before the crisis that have since gone bad. (Bank of America bought Countrywide and Merrill Lynch at the height of the crisis.) Those three companies issued just shy of a trillion dollars in mortgage-backed securities in the run-up to the financial collapse, and $245 billion of those products have gone bad, according to Bloomberg. Bank of America had pushed for a much smaller settlement for months, arguing that it should not have to pay for the sins of the firms it bought at bargain-bin prices when the economy was reeling. But a court ruling last month regarding Countrywide’s most notorious mortgage swindle caused the bank to change its tune, according to the New York Times. Judge Jed Rakoff ordered the bank to pay about $1.3 billion for one tranch of defective mortgages sold under a program that Countrywide nicknamed “Hustle” because of its fraudulent nature. Having lost one court case over Countrywide’s notorious misdeeds, the Times says, Bank of America decided to stop resisting federal officials’ settlement demands.
  • After tax deductions, the settlement could easily shrink below the roughly $15 billion in profits the company has reported since 2011. And because the financial crisis sucked something like $14 trillion out of the economy and destroyed tens of trillions of dollars in wealth for homeowners, the DOJ can hardly claim to have delivered a proportional response. The department’s claims about the Bank of America settlement are likely to draw political scrutiny. A bipartisan bill from Sens. Elizabeth Warren (D-MA) and Tom Coburn (R-OK) would require government officials to state the full tax deductibility and true cost of corporate legal settlements in all public statements about them. That bill, inspired by the revelations that JP Morgan’s sweetheart deal with the DOJ didn’t come close to the portrait that Attorney General Eric Holder painted of it, was passed out of committee late last month.
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