Banksters

[Alan Tomalty]

Top 10 Bank Frauds

1.       Manipulation of currency market

2.              Fraudulent mortgage securities

3.              Manipulation of derivatives market

4.              Money laundering

5.              Aiding of evasion of taxes

6.              Manipulation of LIBOR rate

7.       Manipulation of stock trading    

8.       Commodities manipulation    

9.              Municipal bond bid rigging  

10.       Fraudulent car loan securities

To top it all off the G20 and ultimately the IMF has endorsed the concept of bailing out institutions that are deemed “Too Big TO Fail”. So far there are worldwide, 28 banks and 9 insurance companies that are on the “Too Big To Fail” list.

Don’t forget the IMF has no money of its own(Special drawing rights or SDR or XDR were a fictitious way that the IMF tried to obtain its own money). The IMF itself calls the current role of the XDR "insignificant"., Developed countries who hold the greatest number of XDRs, are unlikely to use them for any purpose. The only actual users of XDRs may be those developing countries that see them as "a rather cheap line of credit".  One reason XDRs do not see much use as foreign exchange reserve assets is that they must be exchanged into a currency before use.

To bail out the “Too Big To Fail” institutions the IMF would have to call on its member governments for money.

 

………………………………………………………………………………………………..

The above list represents only the illegal activities of banks. The list doesn’t include other reprehensible activities such as bullying rating agencies, taking large fees on pension transactions, unfairly foreclosing on hapless homeowners, looking the other way when financial criminals set up Ponzi schemes, lending money to insolvent governments and then expecting bailouts from their own government when the insolvent governments fail to pay and the following reprehensible activities against individual consumers:

1.1 not sending banslips anymore/cutting off internet access

1.2 making a savings accounts with same account number as current account, but not showing it on the overview, so the customer does not see it and it can be confiscated

1.3 putting not very active account to sleep, after x years of sleep confiscating account balance and closing the account

1.4 receiving money on an account after the customer has been switched off access

1.5 not notifying next of kin / not searching for next of kin, letting the account sleep, and then take the account balance

1.6 deducting 'costs' without explanation or with wrong calculation or no warning

1.7 allowing incasso without client's prior approval

1.8 applying a different interest rate than was promised

1.9 leaving funds and/or accounts away from overviews

1.10 letting funds grow less than they should, the customer cannot control it

1.11 ridiculous mortgage contracts, with clauses as 100% of execution value can be charged on top of the house execution

1.12 manipulated house auctions. Bank invites befriended estate agents, all bid low, so the house is sold as cheap as possible so rest-debt of client is maximised

1.13 tricking in interest part and repayment part of mortgage

1.14 confiscating all accounts, or all balances

1.15 promising irrealistic returns on products

1.16 withholding cost-information about products next to income benefits

1.17 presentation of profits over selective (non-representative) periods

1.18 forcing bankruptcy by taking back loans to firms

1.19 erronous notifications about customers to credit institutions

1.20 charging debt collection costs far more than reasonable as percentage of disputed amount

1.21 no fair chance for customer to go to court, as bank can always prolongue proceedings

1.22 stopping a relationship with a customer while no other banks are available; especially the stopping of a mortgage contract with variable interest rate is VERY dangerous (therefore always choose a contract period as long as possible, with fixed interest rate, that cannot be cancelled)

The above lists don’t account for the cozy relationship between banks and their central banks.

Probably the most reprehensible result of this is that some central banks actually offer higher interest rates to private banks that are allowed to lend to the central  bank than the interest rates that  the central bank charges to those private banks for loans to those banks that the central bank allows to borrow from it.  In effect, free money has been given to the top priviledged banks.

[ACStudio]

Right...banks are evil...I think we can all get on board with that.  But what are you or anyone else doing about it?  Is your retirement being managed by a financial institution?  If so then you are fueling their endeavors.  You are told that you need experts to manage your money.  Need proof that they are not experts?  Look no further my friend.  Here is a simple test.  Try to find a financial expert that is willing to manage your money and only get paid a percentage of their performance above risk free rates.  The fact that they make money whether you do or not is all you need to know that you are being had.  If any one of them actually had a way to add Alpha they would monetize it.  All the money they spend on research and analysts is to avoid litigation not to add value.   And who pays for all that lawsuit protection?  Not them.  All fees for everything are always passed on to the consumer and it's no different in the financial world.  Any person who has managed to read this far into the paragraph is fully capable of managing their own money with a higher probability of profit and a lower risk profile than any financial adviser.  I'm a buyer of every one of you.  I would take your investment ideas over any so called expert any day.  Seriously, throw me a trade idea, if its a liquid product with a derivatives market with some depth I'll trade it.  Who else has ever done that, when has anyone said "I believe you know more about the stock market than any of the financial experts" and is willing to put their money on it?  (The market closes at 4pm Eastern)

Quick note on the part about stock and derivatives manipulation by the bank or anyone else.  They've tried and they aren't that good at it.  The market is way too big and efficient in the US for them to pull it off anymore.  More money goes through SPY in the first 15 minutes of a low volume trading day than goes through Vegas in a year.  Trust me they are happy managing your "dumb money" and collecting the fees.