“Why won’t the bank agree to trial dates if they are so innocent? The answer is ” . . . they fully expect their GetOutofJailFree card is still active?
This could get interesting, possibly, if they can’t maneuver it out of the spotlights in time and then confuscate it to death.
1) “Failure” only means that corporate bondholders don’t get every penny
2) The Federal Reserve’s purchases of Fannie Mae’s and Freddie Mac’s debt obligations were illegal
3) Creating shell companies to buy Wall Street’s bad assets is not “discounting,” and was therefore also illegal
4) The skewed distribution of wealth in the U.S. is worsened by policies that misallocate capital and divert public funds to bail out investments that have already gone bad.
Rickards stated, “This is not some technical dispute about pricing, this was the crime of the century. I mean what these banks did to their foreign exchange customers, the pensions, their endowments, their other institutional investors, their insurance companies, these are basically the savings and investments of all of the people of the Unites States of America.”
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One thing Markopolos forgot to mention was that they (Bank of New York Mellon) are the largest clearing venue for the government securities market. It’s all done buy the Fed and Pimco, etc. and the lions share of those transactions clear and settle through the Bank of New York.
So if you take down the Bank of New York you are going to take down the government securities market and therefore it won’t happen. So this will be finessed, but it should not be finessed. People should be in handcuffs as far as I’m concerned.”
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“Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It’s been a hell of a crime spree for the bank, but now they are being brought to justice.”
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Markopolos also told KWN, “The New York Attorney General filed suit on Tuesday (against Bank of New York Mellon) for stealing money from pension funds on currency transactions. This theft has been from tens of millions of Americans, policemen, firemen, librarians, municipal workers, judges and the list goes on and on and they’ve been doing it for decades.
It’s clear that the banks executives, their strategy is we have to lie to maintain the fraud. We can’t admit to our board how much we stole…of course we’d be fired. They are saying the charges are baseless and they are going to defend them vigorously. Well, talk is cheap. If they are going to defend them there is only one place to defend those cases and that is before a jury and they refuse to set trial dates. The government is ready for trial tomorrow. Why won’t the bank agree to trial dates if they are so innocent? The answer is they are not so innocent.
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