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How Chinese Oligarchs Used Fake Trade Invoices To Launder Almost $1 Trillion Globally
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
Our estimates show that the developing world lost US$991.2 billion in illicit financial flows in 2012, over ten times the amount of official development aid received by these countries in that year, and greater than the amount of net foreign direct investment received. From 2003 – 2012, US$6.6 trillion left developing country economies illicitly.
Illicit outflows from developing countries increased at a trend rate of 9.4 percent per annum in real terms over the time period from 2003 to 2012. Though growth rates of IFFs tended to be higher before the financial crisis, their volume continues to climb. Over this time period, illicit financial flows were equivalent to 3.9 percent of developing world GDP on average.
Save for a brief slowdown during the financial crisis, illicit financial flows have been allowed to grow unchecked over the past decade. In 2012, illicit outflows reached a staggering new peak of US$991 billion.
– From the Global Financial Integrity Report: Illicit Financial Flows from Developing Countries: 2003-2012
While the U.S. government loves to target and imprison small time so-called “money launderers” such Bitcoin pioneer Charlie Shrem, the real money launderers, the ones who help drug cartels and pump criminally sourced money into foreign real estate thus pricing out domestic populations worldwide, face no consequences whatsoever. I’ve explored this hypocrisy on many occasions, most recently in the post, Some Money Launderers are More Equal than Others Part 2 – CEO of BitInstant is Arrested. Here’s an excerpt:
Last May, I wrote an article titled: Some Money Launderers are “More Equal” than Others, which likened the U.S. government to the pigs that ruled the roost in George Orwell’s classic novel Animal Farm. In that article, I decided to compare the way the “authorities” used money laundering laws against Liberty Reserve, versus the way they tip-toed around massive money laundering for Mexican drug cartels that HSBC engaged in. Since I wrote that article, JP Morgan has been fined tens of billions of dollars for a cornucopia of criminal activities. Meanwhile, we have yet to see a single executive arrested or put behind bars. Why?
I think it is quite obvious. The United States’ “economy” has devolved into nothing more than a state-sanctioned criminal racket. A handful of oligarchs and the corporations they control, are immune from prosecution no matter what they do. They have a complete and total license to steal with impunity. Meanwhile, if a peasant is caught stealing 10 dollars or found with a dime bag of weed, it is jail for life. ‘Merica.
So now I turn your attention to the breaking news that Charlie Shrem, the impressive, young and very talented kid behind Bitcoin exchange BitInstant, has been arrested.
Shrem now sits in a prison cell for his victimless non-crime. This is how the United States Attorney’s Office for the Southern District of New York proudly announced the charges against Shrem:
Yes, you read that right. ONE MILLION DOLLARS. Meanwhile, big banks launder billions for drug cartels, and corrupt Chinese launder trillions into overseas real estate, yet take a look at who ends up in prison. A 24-year old innovator and entrepreneur who harmed no one by “laundering” a million bucks. You only need to ask yourself two questions to understand what is going on here:
- Who poses a greater risk to society, Charlie Shrem or HSBC executives?
- Who poses a greater risk to the status quo’s rigged system, Charlie Shrem or HSBC executives?
Now you know why one person sits in jail, while the others remain free. The U.S. justice system is a compete and total joke.
But I digress. This post is supposed to be about illicit Chinese funds and how it’s basically a total free for all. Much of this money has entered U.S. real estate, helping to price out American families who can barely afford rent at this point (see: 1 in 4 Renters Use Half Their Pay for Housing). I’ve focused on this issue often over the past couple of years. For example, in the post, Chinese Purchases of U.S. Real Estate Jump 72% as The Bank of China Facilitates Money Laundering, I wrote:
American citizens already have a hard enough time affording a home. Squeezed out by financial oligarchs buying tens of thousands of properties for rental income, and faced with real wages that haven’t budged since the mid-1970s, the demographic of U.S. citizens that historically dominated the new home market has been forced to live in their parents’ basements. Just to kick em’ when they’re down, Americans now face the impossible task of competing with laundered Chinese money.
While this trend may not be new, it is certainly accelerating. According to the National Association of Realtors in its annual report on foreign home purchases, transactions from Greater China (includes Hong Kong and Taiwan) were up 72% in the past year to $22 billion. In some California communities, 90% of real estate buyers are from China. Yes, 90%. Naturally, many of them are buying multi-million dollar homes in “all cash” transactions.
There have been several studies looking at how this money is laundered, but a report from Global Financial Integrity (GFI) released last December points out that fake trade invoices, i.e., misinvoicing trade transactions or trade-based money laundering, seems to be the primary vehicle used. Quartz dug into the data and provided some interesting commentary and telling charts. Here are a few excerpts:
China’s capital account might be closed—but it’s not that closed. Between 2003 and 2012, $1.3 trillion slipped out of mainland China—more than any other developing country—says a report (pdf) by Global Financial Integrity (GFI), a financial transparency group. The trends illuminate China’s tricky balancing act of controlling the economy and keeping it liquid.
GFI says the most common way money leaks out in the developing world is through fake trade invoices. The other big culprit is “hot money,” likely due to corruption—which GFI gleans from inconsistencies in balance of payments data.
In China, both activities have picked up since 2009. In fact, $725 billion—more than half of the outflows from the last decade—has left since 2009, just after the Chinese government launched its 4 trillion yuan ($586 billion) stimulus package.
Even after that wound down, the government encouraged investment to boost the economy, prodding its state-run banks to lend. Since loan officers dish out credit to the safest companies—those with political backing—this overwhelmingly benefited government officials and their cronies.
That’s left small private companies so starved for capital that they’ll pay exorbitant rates for shadow-market loans, which a lot of China’s sketchy trade invoicing outflows likely sneaked back in to speculate on shadow finance and profit from the appreciating yuan. Corrupt officials, meanwhile, shifted their ill-gotten gains into overseas real estate and garages full of Bentleys.
The paragraphs above are particularly telling. Just like in the U.S., the so-called government “stimulus” in China achieved nothing more than to stimulate an oligarch crime spree. Hence the global boom in $100 million real estate, art and everything extremely high-end. As intended, the bailouts and stimulus on a global basis went directly to the 0.0001%.
Finally, here are a couple of choice passages I found from the GFI report itself:
This report, the latest in a series of annual reports by Global Financial Integrity (GFI), provides estimates of the illicit flow of money out of the developing world–as a whole, by region, and by individual country–from 2003-2012, the most recent ten years of data availability.
The vast majority of illicit financial outflows is due to trade misinvoicing.
Can you believe it’s not Bitcoin after all!
Save for a brief slowdown during the financial crisis, illicit financial flows have been allowed to grow unchecked over the past decade. In 2012, illicit outflows reached a staggering new peak of US$991 billion.
Read that twice, and then read it again. The banker bailouts bailed out the criminals and their criminal global financial system, which then ramped to new heights of corruption and fraud in the subsequent years.
Illicit financial flows from developing countries are facilitated and perpetuated primarily by opacity in the global financial system. This endemic issue is reflected in many well-known ways, such as the existence of tax havens and secrecy jurisdictions, anonymous companies and other legal entities, and innumerable techniques available to launder dirty money—for instance, through misinvoicing trade transactions (often called trade-based money laundering when used to move the proceeds of criminal activity).
Now, here are a couple of the main conclusions from the report:
Our estimates show that the developing world lost US$991.2 billion in illicit financial flows in 2012, over ten times the amount of official development aid received by these countries in that year, and greater than the amount of net foreign direct investment received. From 2003 – 2012, US$6.6 trillion left developing country economies illicitly.
Illicit outflows from developing countries increased at a trend rate of 9.4 percent per annum in real terms over the time period from 2003 to 2012. Though growth rates of IFFs tended to be higher before the financial crisis, their volume continues to climb. Over this time period, illicit financial flows were equivalent to 3.9 percent of developing world GDP on average.
That is what Oligarchy looks like.
* * *
For related articles, see:
Chinese Purchases of U.S. Real Estate Jump 72% as The Bank of China Facilitates Money Laundering
Open the Floodgates – Chinese Inquiries on U.S. Real Estate Soar 35% After Easing of Visa Rules
Corrupt Chinese Politicians are Buying Billions in U.S. Real Estate
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Close the Loophole and watch western real estate markets tank. They are getting traunches of UST paper traded for real estate. I talked with a chinese national that had a billion dollar note from the chinese govt..he was buying real estate. Might be plausible the chinese are selling treasuries and the fed is asking them to exchange them for real estate. Think about it.
Close the loop and watch UST be bought up at record pace by fed..and real estate markets tank.
Zimbabwe HOOOOOO!!!
RIPS
this is why all the talk about a Canadian housing crash is so misguided
sure CGY and even a bit of TO may crash
but the moment VAN dips even 20%.... SALE! for all the rich mainlanders that already have about est. CA$730m on the sidelines
Chinese Central Bank and Chinese Politburo
Hand in hand
Balance sheets blown up with the construction of entire ghost towns which are leveraged assets.
Chinese print Mao paper against these "assets" and buy up the world.
Why is nobody putting an end to it?
why would they? you think rich white Vancouver politicians DISLIKE their housing prices doubling? you think CGY oil barons and AUS iron execs dislike it haha the only people that dislike it have no power do make changes and are too lazy to do anything other than complain on CBC.ca they don't actually _do_ anything in the streets
btw most of these families don't even need fake trade invoices or bitcoin..
there are DOZENS of currency transfer companies in VAN and TO that do this completely 'legally'
X gives money to the company's mainland office and it becomes a cash debit, payable credit... but it'll make that payable to its canadian subsidary so it just moves the money within the company
then X goes to the canadian office, and gets their payable
as far as China or Canada government are concerned, the money moved entirely within the company so it never falls under the curreny controls
of course the CRA in Canada cares if you're a citizen, in which case you have to report it... but usually citizens will just use a family member who is still Chinese to do it, and then they receive it as a gift from their friends...
but the bigger thing is the yearly transfer limit in China using Chinese banks (which is already somewhat meaningless because EVERYONE just uses friends/family to bypass the previous $50,000 limit... usually if people need to transfer less than $250,000, they just use banks and use 1-4 friends/family.... it's just when it becomes $300K or more than it involves too many people and it's just more convenient to use a currency transfer company)
but to Chinese government, it's not a Chinese bank transfer.... as far as they know, the ONLY thing they see is a credit to a bank account that becomes a debt to a random company... they see no transfer (unless the CRA contacts them... lol doesn't happen unless the guy is a criminal in Canada) so it completely and easily skirts the previous $50K annual limit
and this happens 1000s of times a year... it ain't some rare thing. there are probably over a dozen companies in VAN and TO that do this
and their ONLY customers are people transfering over $300,000
anyone transfers less just using multiple friends/families to send $50k chunks
it's hilarious to listen to people talk about how VAN has been ruined by rich Chinese and that housing will crash
but the funny thing is, the MAJORITY of their money is still on the sidelines lol they haven't even remotely begun to spend in yet
only thing a 25% housing crash in VAN is speed up the ownership transfer from white sellers to all the chinese buyers waiting for a sale
One good earth wobble and the whole thing sinks in the mud.
US #1 corrupt country - go US!
Global Financial Integrity (GFI) is a non-profit, Washington, DC-based research and advisory organization - so another controlled outlet for DC.
I am student at Simon Fraser, yes, I would like 6 waterfront condos for my friends, 8 BMW M3's, 4 Bugatti's and oh yes, we would like to do some shopping for speedboats later. thank you.
The law only applies to the poor.
High level people in govt/banking need this fiat to enter the system uninterupted to prop up the western ponzi schemes of the elites.
Fresh injections of illicit funds for the wealthy, higher taxes and bills for the poor combined with more lay-offs in order to make sure the rich stay rich and the poor stay subserviant.
When it comes to a good Ponzi, few can match China, though it isn't for lack of trying.
Chinese oligarchs have been at this for a minimum of six thousand years - give or take. Mao and communism were little more than a speed-bump. The rich oligarchs there are the masters of money transfer (generally you to them). That's neither an observation or a slam on the average Chinese citizen - they know exactly what I'm talking about.
Good thing a cashless society will prevent this in the future. /sarc
Of course it won't prevent it, but digital currency is all about tracking, and so it will be easier to prove who done it & jail their candy asses.
The race for the moral high ground has been tainted with bribes, kickbacks, hookers, blow, shark fin, rhinocerous horn, unmarked bills, firstborns, Lear jets, total disregard for sportsmanship, complete abandonment of rules, and general classlessness. Race postponed indefinitely.
You can't seriously think morality means anything to anyone anymore . . .
Morality will always give way to profits.
All that matters is profits, doesn't matter who gets hurt.
People living by moral codes will quickly become extinct given today's state of affairs.
Morality is for suckers.
The entire system is built by tearing down morality.
Which is why the system is dead. Everyone and anyone can see this. Without morals we are far less than animals. Look around.
Profits don't hurt anyone .... good business .... is mutually beneficial .... busy ness is good .... malingering is bad .... what socialist boiler plate that profits are proof someone got hurt .... I would expect more from a business news blog .... but, I would be wrong ?
You completely misunderstand, and the real Monedas would get this.
Profits are fine, so long as they are obtained in moral ways. If you must murder people to make the profits, then this is clearly bad. But even if you must bend laws to make the profits (yes, we're looking at you Billy Bob and Hitlery) then this is also bad. But even if bending the lawas isn't bad, not thinking about the "little people" you purport to care about is not a good thing. Exploitation of others is never good. Stealing from the poor to give to the rich is going to caus uprising. Hell, it has alread ybeen happening in US cities...Detroit, St. Louis, now Baltimore. And if you piss off enough people, then the tree of liberty gets watered once again.
You have to think about more than the balance sheet. Sure, think about the balance sheet. But you have to think about so much more. It isn't all so simple, even for simple-minded people.
The "Austrian" ideal of Value for Value only works when both parties involved are honorable and moral. In a world of vultures, Austrianism is merely an excuse to prey upon the weak and feeble-minded.
Why else did the Rockefeller Foundation bankroll Mises? Why was Hayek the personal tutor of David Rockefeller, and why does Davie Boy still, to this day, consider himself an "Austrian?"
http://redefininggod.com/2015/02/globalist-agenda-watch-2015-update-15-l...
Think about it.
Illegal drugs are illegal.
Crazy how nature do that.
sure.
http://en.wikipedia.org/wiki/Allegations_of_CIA_drug_trafficking
Yes, illegal for who is the questions? (It seems like laws only apply to the poor/middle class/& anyone with money that they can steal it from)
Let the Chinese buy all the RE they want .... this is how we win friends .... and tie our economies together, forever .... getting ready to confront the evil of Islam .... together !
Where's the beef?
Or, where's the "How" in How Chinese Oligarchs Used Fake Trade Invoices To Launder Almost $1 Trillion Globally.
Inquiring minds want to know.
What I want to know is, WTF happened to the chinese executing high level criminals and sending the bill for the bullet to the relatives? I guess nobody has read Animal Farm in China.
As for fake trade invoices, I would have thought it was simple. Since the hot money (Presumably stolen from local governments for non-existent projects or borrowed from gullible investors) is going out of China, the oligarchs would need a cooperative foreign corporation to invoice them to legitimize the "payment" to the overseas supplier. Sort of like the Nigerian scam except it's actually transacted for real and the overseas invoicing entity to which payment is sent gets a cut of the action. For example, some blue chips like, Apple, Blackstone and Sony might have a division making fake invoices for non-existent products and services to make a few easy billion. I suppose the oligarchs could create an overseas shell company to send fake invoices to themselves, but that's a closed loop and too easy to spot during an audit.
If there are any Chinese oligarchs reading this, I would be happy to send you an invoice from my company to the value of $1 trillion dollars. Call it a professional consultation fee at 100 billion dollars per hour. :)
I root for Americans .... who deny money to the state .... I root for Chinese .... who deny money to the state .... I root for you too .... if 100 million Americans failed to file taxes .... the IRS would be very busy with it's misdemeanor court calendar ? LOL
I don't think you have to worry about that, pretty soon people will be working for 30% money (That's $3 actual take home pay out of $10), and seeing the hopelessness of it all they will just say "screw it", then they will get absolutely no taxes, because nobody is working & nobody will give a damn anymore... (The end is near, truly)
I would have thought so too... then I wasted time clicking and reading... I had to go though several layers of links... Their $1T figure is global developing contries in the 68 page report I skimmed (not just Chinese oligarchs). One of the linked articles talked about tax rebate scams in China (so no international flows) and another article was about how scam transactions were artificially boosting Chinese export figures. So there goes would have thought.
Someone's got some splainin' to do.
Sorry, but Mike Krieger has never written anything that's worth enough of my time to carefully read a 68 page report. The article begins with HOW but doesn't explain HOW oligarchs or corrupt officials are laundering money out of China much less HOW MUCH per conduit.
I would really like to see the Chinese buy property .... in Manyapples, Manysoda .... to balance the Somali invasion .... brought to you by Obama and Saudi Arabia !
the somali invasion brought by obama???
we got most of our somali ppl (here in Minnesota) under bush actually.
Sign of the times: Tyranny has a special word for the utilizing, depositing, and/or spending of one's money that is left after the thieves of government and the banksters take their cuts.
"$6 for us, and $4 for you. Oops, you did not rub your belly counter-clockwise each time you spent your money, so you owe us $5 and 1 year in jail."
Liberty is a demand. Tyranny is submission.
"Why are you in here? I raped a 12 year-old and her mother. And you? Why are you in here? I spent my money in a way that tyranny didn't like."
Millions of Americans will volunteer to ride these assholes out of the country on a rail when the time comes.
Something tells me there will be no more "Easy Money" for the kleptocracy in the coming years, already the people on the streets have had enough tyranny & injustice, most don't even bother with a job, and because poverty is rising, it will make no difference because it's no longer profitable to be in business anymore apparently... (Not enough customers)
So what are you going to do about it?
Banzai, did you enter Pamela Geller's draw a cartoon of Mohamad contest .... you'd come up with something interesting ?
Interestingly, at least one of the attackers was under close observation by US security - from 2007! Do you smell another own-grown controlled incident?
And in OVER 1500 HOURS of recorded conversations the most incriminating evidence the State got was some very brief disjointed comments about jihad in Somalia (so brief that there is no context to the quotes).
Unmitigated Waste of Taxpayer Dollars by Lazy Incompetent Excuses for Humans Employed by a Police State.
I probably write things that could be misconstrued as more incriminating than what he supposedly said every month on this website.
Good stuff Tyler. One needs to leave a record of how they chopped up and sold a country like a slab of beef.
"It is not wrong .... to take money from the tax collector .... the Sheriff of Naughtyhampton !" Robbin' Hood
Bullish for Chinese equities.
HAHAHAHAHA!
:)
India was meanwhile bought and sold by the londin jews and their lackeys years and years ago...
If Chinese rich laundered US$ 1 trillion, that means the government and the central bank of China have US$ 1 trillion less liabilities on their hands, because US$ holdings are going to be liabilities soon anyway. So China allowed the greedy rich to acquire some liabilities from the hands of the public. What's there to complain?
Not sure but seems to me that this is allowed and sanctioned by both governments to simply balance payments, i.e. the US owes us $1Trillion in worthless paper, so we (the Chinese) are going to simply take over your assets and balance the payment with "real" assets. This way nobody needs to spend money on bombs and bullets, because you can slowly take over a country via stealth ownership like this. Not sure about you guys but in my neighborhood 1 out of every 2 that walk thru real estate are Asian, so get used to it, and my neighborhood in Chicago is one of the top 5 income wise in the state, so you get the picture. The hell with Spanish, all my kids are taking Mandarin...
did Chicago really sell parking its meter revenues to Abu Dhabi ?
"The Capitalists will sell us the rope with which we will hang them."
and the houses, corporations, politicians, lawyers, judges, media, soldiers
"Capitalists" have nothing to do with the atrocious greed, fraud and general criminality of that which accompanies this kind of destructive, (to the rest of tthe world) behavior.
The actions of the Jews of Wall street going back to the fraudulent packaging of subprime mortgages, as the most recent example, as exemplified by Dick Fuld, Lehman, and Bear Stearns and the likes of Angelo Mozilo on the originating side, and the subsequent sale of that triple AAA rated trash, in a Capitalist system would have called them to account, extracted all the money they accumulated thru such activities, put them on trial, and they would be serving time like Bernie MAdoff, and then living under a box, cold, hungry and spat upon.
Capitalism ended in the early 20th century with the invention of the FED, dominated for the last 40 yrs and counting by Alan Greenspan, the original architect of the incipient event thru ultra low interest rates, and then taken to the nth power by Bernanke, Geithner, and now by J. Yell.
Four Jews in control of the most powerful financial institution EVER concocted by man, for the entire time it took to annihilate capitalism, and turn its remains over to the black hearted, black-eyed singular ethnic group that has done the most damage, and created a monopoly.
There are no morals anymore, just take everything you can and then some.
It seems Harry Reid & Son have gotten in on the business of importing chinese criminals. Google "Harry Reid bribery" and you'll see he's involved in the third bribery scandal in the last decade, with this one involving EB-5 green cards for Chinese crooks. The $300 million re-do of the old Sahara casino was funded partially by Chinese EB-5 visa applicants who bribed Reid to pressure immigration officials to forego the required criminal background checks, as some of the applicants were involved in fun stuff like child porn websites back home. Don't hold your breath waiting for the justice dept. investigation.
In December 2014, the judge ruled that the evidence that the prosecution had disclosed at that point (now available to the public) was not exculpatory to Ross Ulbricht. That section of her opinion was heavily redacted in the otherwise mostly unsealed docket, so we don’t know why. But we could venture a guess. As the prosecutors point out, even though the new evidence shows that law enforcement had been actively pursuing alternative suspects like Mark Karpeles (then CEO of bitcoin exchange Mt. Gox) and Anand Athavale (a libertarian blogger), one could argue that none of it actually points towards either Karpeles or Athavale being DPR. The case that Karpeles is DPR is weak (as described in our previous coverage). As for Anand Athavale, Carl Mark Force attempted to blackmail DPR by revealing his true identity as Anand Athavale. The blackmail attempt is recorded in the journal file on Ulbricht’s computer, along with a follow-up entry that calls that information “bogus.”
Furthermore, Force was selling information from inside the investigation—information that wound up in DPR’s “LE_counter_intel” (law enforcement counterintelligence) file. According to the judge, this evidence is hardly exculpatory. “If anything, [it] is inculpatory … If Ulbricht is DPR, this is evidence of Ulbricht’s criminal state of mind and attempts to protect his criminal enterprise by purchasing investigative information.”
http://www.forbes.com/sites/sarahjeong/2015/04/17/could-the-crimes-of-tw...
One of these accounts is the Silk Road username “french maid.” Evidence from the Silk Road Server and Ulbricht’s laptop indicates that, in or about mid-September 2013, a Silk Road user named “french maid” contacted “Dread Pirate Roberts” via Silk Road’s private message system, claiming that “mark karpeles” had given the true name of “Dread Pirate Roberts” to “DHLS.” Mark Karpeles is the former CEO of a now-defunct Bitcoin exchange company known as “Mt. Gox,” whom USAO-Baltimore was seeking to interview in September 2013 to determine if he had any information concerning the identity of the Silk Road operator “Dread Pirate Roberts.” “DHLS” is a possible reference to the Department of Homeland Security,
TO BE FILED UNDER SEAL
November 21, 2014
ia600603.us.archive.org/21/items/gov.uscourts.nysd.422824/gov.uscourts.nysd.422824.227.1.pdf
Growth has to come from some where. Hell most Americans cannot afford real estate in major metropolitan areas. Flipping hamburgers or stocking shelves in retail stores will not get you a home. College grads cannot afford them either with the six figure student debt.
The name of the game is to write loans to students and then sell off the loans to someone else. Who cares what it does afterwards.
Chinese are now the largest group of immigrants to the US. Guess their money followed.
Time to think about the ending of limited liability for financial 'companies'?
http://en.wikipedia.org/wiki/Limited_liability
Wait, isn't this called an "Innovative Financial Product"?
I call bullshit on this.
China is trying to liberate itself and its monetary system from the dollar infection. They've used China/Russia conflict in Ukraine to their advantage, while USA wasn't paying much attention, China pushed the US dollar out via
1. lowering short-term rates
2. lowering reserve requiremtns for banks
Those two actions lead local enterprises to not be dependant on cheaper (in terms of % loan) US dollars, and decrease the risk of their banking system melting down due to FX mismatch. This alone, accounts for about 1.5T of US dollars being DELIBERATELY PUSHED OUT, which is making a rather big dent on global USD reserves being down from about 12 something T to about 10 and change T. That money is going back into US and is starting to make inflation. So US does what it always does, it tries to push the global financial media to say that China is broken in some way. Classic.
its bitcoin, dont think of it as a "prison sentence"
.
hes getting tar and feathered