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SEC Commissioner Furious At Deutsche Bank's "Decade Of Lying, Cheating, And Stealing"
Last week we commented on the latest travesty in the legal system when Deutsche Bank paid $2.5 billion to settle charges that it had manipulated LIBOR, EURIBOR and various other -BORs. As usual in situations such as this one, not a single banker went to prison, but there was some hope that Deutsche Bank's gross criminal conduct would at least land it on the SEC's "bad actors" list, which is like the Dodd-Frank equivalent of ‘time out’ and restricts the offender from participating in exempt securities offerings.
Not to worry: as we reported as part of its settlement, Deutsche Bank, as well as every other criminal financial institution, had - deep in the fine print - inserted language that exempted the offender from such stigma. As the WSJ noted, "the language allows the banks to avoid asking the SEC for a waiver—a process that has become fraught with uncertainty amid commissioner disagreements over whether to allow financial firms to avoid a “bad actor” ban…"
We concluded that "It’s good to be TBTF" because clearly no matter how many laws are violated and how much money is stolen (LIBOR was the reference security for nearly $1 quadrillion in global rate-sensitive derivatives), i) nobody ever goes to prison, ii) there are absolutely no negative consequences, and iii) the cost of running a criminal organization is tiny - the settlement usually amounts to far less than 1% of the gains reaped from years of illegal activities.
Frankly, at this point one should just sit back and watch in amusement, because until the revolution and/or war predicted by Paul Tudor Jones arrives and the guillotines start working overtime, nobody in a position of wealth or power will be held accountable.
That same message was, in rough terms, what prompted SEC commissioner Kara Stein, a Democrat, to write her "dissenting statement" regarding granting Deutsche Bank the waiver for ineligible issuer status.
Here are the choice excerpts:
I respectfully dissent from the Commission’s Order (“Order”), approved on May 1, 2015, by a majority of the Commission. The Order grants Deutsche Bank AG a waiver from ineligible issuer status triggered by a criminal conviction of its subsidiary, DB Group Services (UK) Ltd. (collectively with Deutsche Bank AG, “Deutsche Bank”), for manipulating the London Interbank Offered Rate (“LIBOR”), a global financial benchmark. This waiver will allow Deutsche Bank to maintain its well-known seasoned issuer (“WKSI”) status, which would have been automatically revoked as a result of its criminal misconduct absent a Commission waiver.
With these WKSI advantages comes a modicum of responsibility. WKSIs must meet the very low hurdle of not being ineligible. This means that, among other things, they have not been convicted of certain felonies or misdemeanors within the past three years. In granting this waiver, the Commission continues to erode even this lowest of hurdles for large companies, while small and mid-sized businesses appear to face different treatment.
This criminal scheme involving LIBOR manipulation was designed to inflate profits, and it was effective. It created the impression that Deutsche Bank was more creditworthy and profitable than it actually was. Accordingly, the conduct affected its financial results and disclosures. Because LIBOR plays such an important role in the worldwide economy, manipulation of it goes to the heart of many aspects of Deutsche Bank’s disclosures. Interest rates represented to clients and the public also were clearly false. Based on this conduct, I do not find any basis to support the assertion that Deutsche Bank’s culture of compliance is dependable, or that its future disclosures will be accurate and reliable.
Even the SEC is shocked that the CFTC is an organization that caters exclusively to keeping criminal bankers out of prison, rather than getting them in it:
In addition, the Commission adopted rules disqualifying felons and other “Bad Actors” from Rule 506 offerings on July 10, 2013. Based on the criminal conduct in this case, I expected to receive a request from Deutsche Bank AG for a waiver from the automatic disqualification contained in Rule 506. After all, the final CFTC order was “based on a violation of any law that prohibits fraudulent, manipulative, or deceptive conduct.” It should therefore trigger an automatic disqualification absent a waiver.
However, based on a loophole contained in Rule 506(d)(2)(iii), the CFTC has intervened and prevented the bad actor disqualification question from even coming before the Securities and Exchange Commission. The CFTC saw fit to opine on the SEC’s Rule 506 jurisprudence about whether Deutsche Bank AG should receive a waiver from automatic disqualification under SEC rules. It is unclear to me what, if any, analysis went into this decision and what prompted the CFTC to insert language into its final order stating that a bad actor disqualification “should not arise as a consequence of this Order.”The implications of the CFTC’s actions here — and in other actions — are deeply troubling. The Commission should closely review this provision and how it is being used.
Don't worry: former CFTC chief Gary Gensler will soon be US Treasury Secretary - then it will be his job to make sure no criminal with a net worth over a few million dollars ever has to face the US "judicial" system.
In the meantime, the CFTC will never do its actual jobs and root out maniupulation and rigging in precious metal markets...
The @CFTC Closes Investigation Concerning the Silver Markets. http://t.co/JZRliwfW6P
— CFTC (@CFTC) September 25, 2013
... instead leaving it to fringe blogs):
As for the piece de resistance:
Deutsche Bank’s illegal conduct involved nearly a decade of lying, cheating, and stealing. This criminal conduct was pervasive and widespread, involving dozens of employees from Deutsche Bank offices including New York, Frankfurt, Tokyo, and London. Deutsche Bank’s traders engaged in a brazen scheme to defraud Deutsche Bank’s counterparties and the worldwide financial marketplace by secretly manipulating LIBOR. The conduct is appalling. It was a complete criminal fraud upon the worldwide marketplace.
Dear Kara, are you really confused why "complete criminal fraud" by a bank goes unpunished? Here is a hint: go to OpenSecrets, type in Deutsche Bank, and you will find just who the German bank paid off to avoid any true penalty. To your great surprise you may even find that the biggest beneficiary of DB's generosity in 2014 is, drumroll, the Democratic National Convention...
... not to mention over $3 million donated in the last two decades to America's "two" parties (of which 61% went to democrats).
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motherfucker please
Am I the only one to notice that most of SEC commissioners are of certain nationality while most of the US banking system (including Federal Reserve) is governed by the same nationality?
the sec whores for the squid
"lying, cheating, and stealing" sounds like negative interest rates.
Aren't they also a major contributor to the Clintons too?
"A house divided against itself cannot stand." - Jesus
Jesus entered the temple courts and drove out all who were buying and selling there. He overturned the tables of the money changers and the benches of those selling doves. "It is written," he said to them, "'My house will be called a house of prayer,' but you are making it 'a den of robbers.'"
Matthew 21:12-13
For all the shit Jesus takes in the media today, he is a smart guy.
..." and for this reason we recommend that Germany not be given its gold back by the Federal Reserve."
Pot meet kettle.
sec lol what a joke.
Too big to regulate is closer to the truth.
Wag The Dawg.
Nevertheless, the whole damn thing will collapse.
Does the SEC commissioner act behalf of Goldman Sachs?
great, another girl hero. dont let any actual men speak anywhere. no leaders from the ranks of actual non elite family members
Funny how Kara knows more about Deutsche Bank's improprieties than the massive fraud be perpetrated on the US financial system... I guess the ploy is to attack anyone else whose shit stinks to take the focus off their own failings in the US... How long before she takes a position at GS?
Doosh Bank got fined because they got caught at it
Simple enough to understand.
SEC commissioner is "Shocked. shocked...
Is an aside: I am interested to know when the choice term 'London InterBank OVERNIGHT Rate' became 'London InterBank OFFERED Rate'. Interbank overnight lending became interbank 'offered' lending.
WTF? More 'palatable' for those who took out 'A.R.M.' loans, in the 2000's? I've still got some old credit card applications stashed in the file cabinet that have the first 'fine print' definition.
What's Kara's last name again? Klein? Stein? Noodelmann?
Is that Yiddish?
I think it was in '06 or '07 that maintainence workers started finding pulverized remains of WTC victims on the roof of the Deutsche Bank's Manhattan building (that were tested, and identified through D.N.A.). Something like 147 unique identifiers (in other words, 147 individuals whose bodies were literally blasted apart). I don't recall the EXACT amount, but it is close.
'SHOCKED. I TELL YOU! SHOCKED AND SHAKEN!' (Noodelmann, S.E.C.)
ONE DEFINING FACT about ALL so-called 'Commissions' throughout the WORLD is that the members are APPOINTED [POLITICALLY] (NOT 'ELECTED' by the population within their nations).
I'll go back and read the Warren Commission Report and the 9/11 Commission Report, and await the Securities and Exchange Commision Report on the LIBOR rigging by DeutscheBank. Of course, OTHER so-called 'banks' are mentioned as well (aren't they?). It was PROBABLY just a 'failure of imagination' that these banks weren't caught as well (or FINED so HEAVILY).
SHHH...
So breathing in NYC is cannibalism?
Truly amazing that US banks like JPM Chase are not included....
SEC is just pissed cause it wasn't JUST the US banks cheating- these are people that extol the virtues of the free enterprise system, but HATE competition. They LOVE a monopoly.
Apparently the Deutsche Bank building committed the crimes...but none of the people inside the building did anything wrong.
The corrupt SEC looked the other way for Madoff so why does anyone look to them now as a source of truth?!!
It's Bully Economics....
I'm bigger than you, so you're the guilty one!
The body is cancerous, but the individual cancer cells WITHIN the body are not to blame; I REPEAT, NOT, TO, BLAME, for the state of the cancerous body.
Isn't Corporate 'Personhood' wonderful?
ZEIG fucking HEIL!
kara be sucking lloyd's nirple down at the squid holding company headquarters
There has never been a better time to be a criminal organization of any kind in the US. And the future for them looks even brighter than the present.
The banking syndicate is too big to fail, too big to jail, and they own the government [and the media].
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place"
- Senator Dick Durbin on WJJG 1530 AM's "Mornings with Ray Hanania."
The Global Criminal Oligarch Cabal Bankster Intelligence Crime Syndicate.
Global Criminal NSA Espionage / Illegal Spying
Global Criminal CIA drug running
Global Criminal money laundering
Murder
Torture
Human / Child abduction / smuggling
Global Economic Terrorism
When a couple of the top dogs of these criminal syndicates are accidently sucided by nail guns, the other dogs may fall in line but until that time, plunder and pillage are the words for the day.
You mean of jooish descent?
No hypocrisy here..cough...cough..hurl.
Don't forget the TV people! They're mostly the same too.
No! No! No! Bear Stearns is not in trouble. LOL!
No - you are not the only one, yet it remains. The dutiful Goy are simply too bread & circused to notice...
Only a decade?
I fat finger down arrowed you. Sorry
You can undo that.
"Let's have our next meeting Kara in the hot tub"
Bub Bye
did someone say criminal?
Manipulative psychopaths are well-known to be attracted to the corporate world and the banking industry. Their inability to experience empathy for other living beings causes them to thrive in such dog-eat-dog environments.
Yes, but guess who is going to jail? Correct -- no one.
Kara, where there is smoke, there is a RAGING INFERNO!
Yeah was going say it is a tepid start. Doesn't Really make headway on the Vast Advantages Taken by big Money Powers & Big Bankers.
What about the Fact that these big banks can leverage the "Carry Trade" with loans from Japan to buy up our countries Assets and Inflate our Market (raising our costs of living).
- We know Domestic Investment is Tepid
- We know Foreign Direct Investment consistently out performs our Domestic Investment
- We know that Real Estate Bubbles are responsible for Raising Home Insurance Rates, Property taxes, Loss of Equity, Loss of Savings, Loss of Other Household Investments, and Loss of Mortgages, while Raising Housing Costs across the board
- What are we supposed to think of the System, the FED, the SEC when those with special advantages are put in a position to Buy up our Country's Assets
- Clearly the guy on Main Street doesn't have the Gains, he is taking the Loses, while his country gives away the Commons, the Real Estate, and various parts of the Government that belonged to the People
- Hell now the Vultures are Drooling over Drought Areas, Detroit, Fraking Areas, Water Assets, Water Systems, Municipal Water Systems, and all upstream and downstream water corporations
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** Second Great Depression ** Opportunity to socialize the Loses, Privatize the Profits, and Leverage Banking Powers to go "Full Retard" **
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HaaaHaaHaaaHaaaHaaaHaaaHaaaHaaaHAAAHaaaaHaaaHaaaHaaaHaHaaaHaaHaaaHaaaHaaaHaaaHaaaHaaaHAAAHaaaaHaaaHaaaaHaaaHaaa
Looks like a turf war is brewing. Kara Stein and her tribe have monopolized financial corruption for millenia. The upstart Germans don't stand any more of a chance now that they did lthe last time.
“With Gold one can buy the most upright consciences, with Gold one can fix the value of every stock, the price of every merchandise, one can loan it to states that afterwards one holds at ones mercy.
“Already the principle banks, the stock exchanges throughout the world, the loans to all governments are in our hands.
“The other great power is the press. By ceaselessly repeating certain ideas, the press in the end makes them considered as truths.
The Theatre renders similar services, every where theater and press follow our directives.
By an indefatigable campaign in favor of the democratic form of government, we will divide the Gentiles amongst themselves in political parties, we shall thus destroy the unity of their nations, we will sow the seeds of discord.
Powerless they will have to accept the laws of our bank, always united, always devoted to our cause.”
Rabbi Rzeichorn speech in Prague – 1865
Hey, that's fonestar's avatar.
XLNT observation! I almost missed this.
Where'd I leave my cryptocurrency wallet? I had it when I logged off the other day... Damnit, someone's gonna hack my SHITCOINS! Satoshi (my master) is gonna be SO PISSED...
HORSESHIT! THE POWERS THAT BE THAT RUN THE GOVERNMENT ARE ANGRY WITH GERMANY FOR "BACKROOM" REASONS. THEY WANT TO TEACH GERMANY A LESSON!
STEP 1 - PRESSURE GERMANY'S BIGGEST BANK - THAT IS MULTIPLE TIMES BIGGER THAN THE GDP OF GERMANY.
it is not a german bank.
it is reigned from the city
Germany is probably Dragging it's Feet about Committing to a NATO World War with the Russian Federation and China.
Probably Merkle Et Al didn't see things happening this quickly and need to condition their peace loving sector with Terrorist Attacks, and maybe long enough for them to get out of Power to avoid the Blame on their Family.
Teutonic Family Legacies have Meaning.
German Families still have Vestiges and even Strong Principles of preparing Children to take over the Family Leadership and Legacy.
Maybe it is a Tribal thing or a Christian thing now, but it could save Europe from a New World War.
German high court just changed their inheritance tax law that previously let the old Junker & Mittelstand family businesses retain control forever
http://www.wsj.com/articles/top-german-court-requires-changes-to-inherit...
Mittelstand: http://en.wikipedia.org/wiki/Mittelstand
Excellent Link Info, but WSJ doesn't provide the whole story for FREE.
BERLIN—Germany’s top court said a tax privilege that played a key role in the emergence of some of Europe’s most powerful industrial dynasties was unconstitutional and gave the government until mid-2016 to come up with an alternative.
In an eagerly awaited ruling, the Constitutional Court said a 2009 law that exempts corporate successions from inheritance tax served a legitimate goal by making sure that
But Love the Wikipedia Link as I know the Core of USA is Small Business.
The term is not officially defined or self-explanatory. The German word Stand refers to an estate, from the medieval model of society, under which a person's position was defined by birth or occupation. There were three principal levels, the upper one being the aristocracy, the middle one (the Mittelstand) the free bourgeoisie of the cities, and the lower one the peasants. Today, the term is used with two meanings. The first refers to small and medium-sized enterprises (SME; German, kleine und mittlere Unternehmen or KMU), as defined by number of employees and turnover. The second meaning refers to any family-run or -owned business (not necessarily a SME). (Note that the correct term to describe households of middling income would be Mittelschicht, with the English translation middle class.)
Sounds like a $10MM fine :)
Yep...just a fine..then move on to another game to play until they get caught again...
Yeah, a Perp-Walk is so 1980's.
Did someone said - hang them?
Breaking News threadjack: NYC Police Officer dies after being shot in the head by perp - World goes 'Meh!'
You can guess which actor was melanin challenged and which was not.
(I wonder if the thought went racing through the cops head "Don't be aggressive...don't do anything that might be intepreted as racist" right before the bullet went racing through also.)
http://www.cbs8.com/story/28976813/nypd-officer-with-promising-career-di...
"Breaking News threadjack: NYC Police Officer dies after being shot in the head by perp - World goes 'Meh!' "
http://thefreethoughtproject.com/american-cops-killed-people-month-march...
That's one. Looks like the American people have some catching up to do.
Liberty is a demand. Tyranny is submission.
So you are saying that if the cop had asked politely with a proper English accent for the perp to put down the gun that he wouldn't have been shot in the face....
Only OUR mega-banks are allowed to lie, cheat and steal, for the good of the country don'cha know......
Free Corzine!
Another from the 1% looks under the rafters, finds out the termites have won.
And, do what, exactly?
A case of nailgun-phobia?
Gavin Friday: Baltimore Whores
https://www.youtube.com/watch?v=vL-iOj4JJQU
Daaawd Frank is one big TBTF cornholio right Baaaaaaney?
BUNGHOLE!
Heh.. heh heh..
The Credibility Gap perform, "Who's On First?"
https://www.youtube.com/watch?v=DUG5VMd4TFU
"Deutsche Bank’s illegal conduct involved nearly a decade of lying, cheating, and stealing. This criminal conduct was pervasive and widespread, involving dozens of employees from Deutsche Bank offices including New York, Frankfurt, Tokyo, and London. Deutsche Bank’s traders engaged in a brazen scheme to defraud Deutsche Bank’s counterparties and the worldwide financial marketplace by secretly manipulating LIBOR. The conduct is appalling. It was a complete criminal fraud upon the worldwide marketplace. "
FFS..
How about you and your fellow worthless overpaid bureaucrats quit bitching about it, do your God damned job: send a few dozen criminals to jail and force restitution to those defrauded and robbed.
I'm pretty sure these desk jockeys believe a strongly worded letter is more than sufficient.
Dry humor I love it.
just read this part
"Housing credit bubble and CDO market"
Libor rigging is a misdemeanor compared to the CDO offense
They can say all those for a German bank. What about others?
Deutsche Bank is not a German bank. Those TBTF banks have no nationality. Deutsche Bank is an investment bank in the City of London (not: England/GB) that has a huge retail branch in Germany and that´s all. AND I HOPE THEY GO BUST SOON.
*cough* Goldmann *cough* siad by a muppet with a cold.
Billy Ray Valentine: "Is there a lawyer in the house!?!?"
Several Club Members: *cough*hurrumph*cough*
It's been said elsewhere that DB was (and is bust) and that Germany has used the Greece story as a decoy from the real problems at the core (DB) and to lower the borrowing costs at the core (to zilch) while at the same time siphoning deposits from the PIGS to its own slavation. Hmm...
Deutsche Bank is not a German problem at all. Germany doesn´t need DB. If and when Deutsche Bank goes bust finally it´s a relief for Germany.
You're shitting me, right?
O must be steamed about something with merkel
oh yeah, take greek write downs so IMF can proceed ... or have your biggest bank taken to woodshed
Too bad the jails are all filled with people more like us than "them" with minor non violent offenses. If not there would be room to incarcerate the whole lot. Guess we'll just have to fine them - again. That'll show them.
Pete
New York City?
SLAP SLAP SLAP THEM ON THE WRIST SEC!
is DB goy managed?
But you can't hold a single bank responsible for the behavior of a few, sick twisted individuals. For if you do, then shouldn't we blame the whole banking system? And if the whole banking system is guilty, then isn't this an indictment of our crony crapitalist institutions in general? I put it to you, ZHers - isn't this an indictment of our entire American society? Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America. Gentlemen!
+10
Fat, drunk, rich, and free from incarceration is not a bad way to go through life son.
Cake, anyone?
SEC Commissar, "I'm shocked, SHOCKED to find gambling in this establishment!!"
Now that right there is funny.
A banker lying and cheating? No fucking shit. And in other news scientists discover that water is wet.
Curios that there is no mention of the squid or the morgue.
It's a Big Club and You ain't in it!!
"Don't worry: former CFTC chief Gary Gensler will soon be US Treasury Secretary - then it will be his job to make sure no criminal with a net worth over a few million dollars ever has to face the US "judicial" system."
Looks like a Tyler Exclusive.
Maybe some of the best insight into CFTC & SEC in a while.
Where else are you gonna get this News.
The Problem Business News has always been kind of Exclusive and to me a protected area provided only to those that pursuit business news. This should be Front Page on all US Newspapers.
Blame:
1. Who Owns our US & European News Outlets?
2. MSM, US Radio & TV Structures, Lack of Business & Economic Insight on Front Page and on Local TV News Shows
3. Politicians, SEC, CFTC, FINRA, FDIC, OCC, DOJ, FBI, FTC, FEC
4. Money & Gift-Giving in Politics
5. Lack on 101 Patriotic Americans in the US Senate
6. President & Congress & Other US Leaders, Executives, Press that are just "Covering their Own Asses"
7. National Net Thrown on Whistle Blowers & MSM Press Whistle Blowers, Lack of 'Real' Whistle Blower Protections and Insurance on their Court Costs and Loss of Wages for years of Ostracism
8 Money trust & Banking Trust that has pulled off a Coup including the FED, the US Congress, the US President, and Captured our Regulators who obviously would be Whistle Blowers if they had Courage and Principals together
9 US Corporate Bailouts are a Counter Intelligence Operations just like US Foreign Wars and the Global War on Terror
10. GREED Rules the USA & our Public & Private Leaders
11. USA has fallen into a Destructive & Catastrophic Military Republic within the Corruptive Concept of a Global Superpower
12. Corporate Powers has LONG BEEN Disassembling the USA, Our Way of Life, our Economics, our Industry Strength, our talent, and our Principals of Fair Play, Justice, Equality, Nation, Liberty
13. Neoliberalism & Neocons are Greedy, Power Hungry, Schemers, who will do anything to other people to further concepts of Wealth, Status, Control, and Power
14. There must be Limits to Wealth and Minimums of Responsibility for those that are wealthy & Powerful, Corporations will be Stronger than Nation-States when US Signs the new Treaties for International/Global Courts to hold power over our Cities, Counties, States, and National Government (TPP, TAP)
Now I know why Hitler was so pissed.
She could say this about any TBTF bank. they are all blood sucking vampires and we will never live in a sane world until all are gone
Thought for a second there they were talking about the Federal Reserve.
The SEC should try looking at its own corrupt and crooked self.
Theatre for the masses, dahling.
What about the 102 years of grift by the FedRes?
Liberty is a demand. Tyranny submission.
Guillotine the Fed. Audit the heads.
Hahaha, righteous anger from those who participated in the scam by looking the other way.
Crimes of omission are as serious as crimes of commission.
Only Pocahontas Warren has the clear eye to see beyond the wall of lies.
Wall Street sold MBS to the world and blew up the financial system.
There ya go, SEC and you never said anything.
Nobody cares who you are or what you do.
So, a rotten apple in a bushel of rotten apples is THE rotten apple!
Got it!
Prosecute Yellen!
ROFLMFAO!!!!!
Clearly, the offers coming SEC Commissioner Kara Stein's way have not met her expectations.
If someone were to break in to a bank vault and steal a million or so in cash, he would spend years in a federal prison caught. But if a banker steals billions from customers, his bank will have to pay a small fine (at worst) and the press will praise him for his business acumen.
The "law" is clearly of the bankers, by the bankers and for the bankers.
Shocked like Captain Renault.
OT/ The truth about US intervention in Ukraine is unraveled in the trial of a Ukraine Oligarch in Vienna :
http://www.theguardian.com/world/2015/may/05/ukraine-oligarch-brokered-d...
Its all coming out of the wash...Nuland and consorts!
It must suck to be a super-rich oligarch and get caught doing something stupid and criminal, just to get more rich and more powerful. Especially if it involves killing all your neighbors.
Fuck the SEC! Fuck the CFTC! Fuck the DOJ! They're all driving the getaway car down Wall Street for the criminals at Goldman Sachs, JP Morgan, and CIT.
thank god they mentioned all the possible criminals in the financial sector. if it weren't for goldman sucks leading the industry with their god's work the entire industry would be corrupt!
As Derek Jacoby , playing Emperor Claudius , said at the end of " I Claudius " , " let all the poison that's in the mud hatch out. " Now the question is , will this behavior go unpunished ?
Better Call Saul
The SEC? Are they still in business?
Thought Lloyd had "divested" that operation a long time ago to a now defunct payday-loan operator in the S. Bronx - hmmm... just goes to show how wrong one can be...
Regardless - rest assured that the sooner DeutschLAND gets on board more Russian sactions, the sooner all charges against DeutschBANK get dropped.
LOL, some folks got fucked over by the squid.
There sure was a lot of "inflation" in 2007-2008, according to the charts.
Being the imbecile that I am, I would be eternally grateful if one of you geniuses could explain what will happen to us when the $300 trillion owed by the banks in derivative debt, is forgiven by Senate Bill 576, currently under review.
Thank you in advance for your responses.
https://www.govtrack.us/congress/bills/114/hr37
Promoting Job Creation and Reducing Small Business Burdens Act?
Hahahaha.. Only a communist would vote against a bill with that name. I'm not sure what jobs this creates or what small businesses this un-burdens. Looks like it was written by banksters.
https://www.govtrack.us/congress/bills/114/hr37/summary
Bingo...Citibank and JP Morgan to be exact.
Cigar!
If I was Bernie Madoff, I'd be just this side of pissed to read this
I'm going to change my name, legally, to Big Bank. This way I will be above the law.
Don't forget to incorporate.
"Oh we are so MAD at you for disguising your NAME in 2009 on the list of primary dealers, Taurus or whoever the fuck you are. Just give us a few $Billion and we'll still hang this summer at the Hamptons beach club..." Sprigen zee watdee fukkenfuck?
Lying, cheating and stealing for ONLY a decade? Wow, do they have some catching up to do...
seems like the pot calling the kettle black.
This has nothing to do with the stand of between Germany and Greece and how that plays in the NATO versus Russia stand off.