more corrupt bank news

[aboutime]

How odd is that?

Anyone unfamiliar with WHY banks are in business?

Yes. Banking is a business.

Banks operate, grow, and stay in business by....READY?......Making Money!

Go figure.

Being a business based on Making Money.
The banking industry pays people. Imagine that?
In order for people to work for a bank.
Normally. Unless banks freely give SAMPLES away each week.
They PAY their employee's in order to stay in business.
What is wrong with that?
Other than....if you do not work in a bank, and only keep your money there...
HOW'S THAT DIRECT DEPOSIT WORK ...... to your PIGGY BANK?

[revelarts]

How odd is that?

Anyone unfamiliar with WHY banks are in business?

Yes. Banking is a business.

Banks operate, grow, and stay in business by....READY?......Making Money!

Go figure.

Being a business based on Making Money.
The banking industry pays people. Imagine that?
In order for people to work for a bank.
Normally. Unless banks freely give SAMPLES away each week.
They PAY their employee's in order to stay in business.
What is wrong with that?
Other than....if you do not work in a bank, and only keep your money there...
HOW'S THAT DIRECT DEPOSIT WORK ...... to your PIGGY BANK?

what the heck are you talking about man?

[aboutime]

what the heck are you talking about man?

WORDS TOO CONFUSING FOR YA?

fj would like you to patronize him, and make him feel wanted.

[fj1200]

fj would like you to patronize him, and make him feel wanted.

I don't need to. He understands how to put a sentence together. I may not always agree with his thoughts but at least they are understandable.

[aboutime]

I don't need to. He understands how to put a sentence together. I may not always agree with his thoughts but at least they are understandable.

fj. Who died and left you here as a grammar cop? Never mind. That's just a typical liberal trick to change the subject, rather than honestly answer a question.

[fj1200]

fj. Who died and left you here as a grammar cop? Never mind. That's just a typical liberal trick to change the subject, rather than honestly answer a question.

As far as I know Jim is alive and well and wants me nowhere near the levers of power. And beyond that, I did answer your question along the lines of the subject that you initiated.

EDIT:

And I can see why you hate liberal "tricks" so much; they are most confusing for you.

[aboutime]

As far as I know Jim is alive and well and wants me nowhere near the levers of power. And beyond that, I did answer your question along the lines of the subject that you initiated.

EDIT:

And I can see why you hate liberal "tricks" so much; they are most confusing for you.

3

[revelarts]

http://www.wnd.com/2012/05/banking-g...al-enterprise/

World net daily
Banking giant HSBC 'a criminal enterprise'

The global banking giant HSBC is a “criminal” operation, charges a former officer for the company’s southern New York region in a video interview with WND.
John Cruz, a former vice president and relationship manager, has turned over to WND more than 1,000 pages of documents, including customer account ledgers for dozens of companies through which, he charges, the financial institution was laundering money each month.


Cruz told WND that as a relationship manager, it was his responsibility to look up various accounts in the HSBC computer system and visit the account holders in person to offer additional banking products and services.
“I pulled these documents because I thought they were evidence of suspicious activity taking place,” Cruz affirmed when presented by WND with various HSBC computer ledgers of customer accounts. “These same documents I brought to bank security and my managers in the bank.”
To his surprise, HSBC management and security did not welcome his reports of suspicious activity.
“My managers told me I was crazy and I didn’t know what I was talking about,” he said. “They told me it was none of my business what goes on in transactions. But that’s my job.”
WND showed Cruz the HSBC account ledger for a business named United Express, as seen redacted in Exhibit 1 below:
....


“Money comes in daily, thousands of dollars, always in even amounts,” he noted. “You look at a statement and it says ‘transfer,’ but where did it go? There’s no account number or tracking number that documents where the transaction went.”
Cruz contended that HSBC was running what amounted to a “shell game.”
“So many of these businesses are conducted out of a person’s home,” he commented. “I would walk into these homes. There’s a couch, there’s a chair, a desk – but the house is empty, a couple of Mercedes sitting out front, but where is the business? It’s only online transactions of money in and money out.”
Identity theft
Cruz charges that the 1,000 pages of customer account records suggest HSBC relied on identity theft to capture legitimate Social Security numbers that were then used to create the bogus retail and commercial bank accounts through which employees systematically deposited and withdrew hundreds of millions of dollars on a daily basis, apparently without the knowledge of the identity theft victims.
“When an individual finds out they got a loan they never knew about, 5 percent of that loan went to the accounting firm that made up the phony tax returns, and the other 95 percent of that loan went to the manager,” he said.
“One manager was involved in the transaction, another manager was involved in notarizing the transaction, and senior management was involved where they signed off permission to give the loans even when the loans get rejected by underwriting.”
A criminal enterprise
Cruz told WND he recorded meetings he conducted with HSBC management and bank security personnel in which he charges various bank managers were engaging in criminal acts.
“I have hours upon hours of voice recordings, ranging from bank tellers, to business representatives, to managers, to executives,” he said. “The whole system is designed to be a culture of fraud to make it look like it’s a legalized system. But it’s not.”
Cruz explained that even when he let bank managers know he was taping the conversation, the managers were not interested in what he was saying.
“HSBC is a criminal organization,” he stressed. “It is a culture of crime.”
In January, Reuters reported that the Senate Permanent Subcommittee on Investigations had begun investigating money-laundering activity at HSBC with the intention of scheduling hearings later this year.
Last week, Reuters reported the U.S. unit of the London-based HSBC Holdings Plc has been under investigation by federal law enforcement officials since 2003 for the bank’s lax attitudes toward enforcing anti-money laundering statutes.
Reuters reported that confidential documents examined from the offices of two U.S. Attorneys’ offices allege that from 2005, “the bank violated the Bank Secrecy Act and other anti-money laundering laws on a massive scale” by not adequately reviewing “hundreds of billions of dollars in transactions for any that might have links to drug trafficking, terrorist financing and other criminal activity.”

In an attempt to make his charges public, Cruz in 2011 published a book about his experiences titled “World Banking World Fraud: Using Your Identity.”
Previous stories:
Whistleblower explains ABCs of money laundering
Look who ‘has stolen IDs, fake tax returns’
Investment firm fires WND reporter for exposing scandal
Big bank retaliates against WND for exposé
PayPal, American Express implicated in bank fraud
See big bank money-laundering evidence
Banking giant accused of laundering billions

[gabosaurus]

Which administration's lack of oversight led to the banking industry growing increasing more corrupt?

One hint -- it wasn't the black guy.

[fj1200]

Which administration's lack of oversight led to the banking industry growing increasing more corrupt?

One hint -- it wasn't the black guy.

Fallacy #1; who said it was the "black guy"?
Fallacy #2; what lack of oversight? Are you aware of the massive increases in oversight, AML and KYC rules promulated after the PATRIOT Act?

[fj1200]

http://www.wnd.com/2012/05/banking-g...al-enterprise/

World net daily
Banking giant HSBC 'a criminal enterprise'

In an attempt to make his charges public, Cruz in 2011 published a book about his experiences titled “World Banking World Fraud: Using Your Identity.”

I hope they prosecute criminals. Did he by chance go to the DoJ?

Also, I was expecting you to post the Taibbi piece on the ratings companies I saw the other day.

The Last Mystery of the Financial Crisis

It's long been suspected that ratings agencies like Moody's and Standard & Poor's helped trigger the meltdown. A new trove of embarrassing documents shows how they did it

He's still quoting from the wrong playbook though IMO.

[aboutime]

Which administration's lack of oversight led to the banking industry growing increasing more corrupt?

One hint -- it wasn't the black guy.

Gabby. What Black guy would that be? You sound more like a racist than Obama now. How liberally, intolerant, and bigoted you are Has never been questioned here. You just prove it...over, and over, and over again.

And people like you always blame others, calling us Racists? Hypocrisy is your standard Liberal, Democrat Tactic.

[red states rule]

Which administration's lack of oversight led to the banking industry growing increasing more corrupt?

One hint -- it wasn't the black guy.

You are correct - it was not the black guy

It was the Southern guy. The sexual predator, the guy who sexually assaulted many women, and committed perjury while President

It all began right here Gabby

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES
Published: September 30, 1999


In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.


The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.


Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.


In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.


''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''


Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.


In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.


''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''


Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.


Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.


Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.


http://www.nytimes.com/1999/09/30/bu...e-lending.html

[aboutime]

You are correct - it was not the black guy

It was the Southern guy. The sexual predator, the guy who sexually assaulted many women, and committed perjury while President

It all began right here Gabby

red states rule. Once again. Gabby is just repeating the standard, instructed, brainwashed kinds of lies the Liberal, Democrats have been trained to use whenever they are threatened by Honesty, or Truth that would expose their Ignorance of which they speak.
Gabby isn't smart enough, or sincere enough to veer from blaming Bush when she is intentionally trying not to mention Bubba's name. Where the BLAME RIGHTLY belongs. That goes against the grain of everything people like Gabby thrive upon, and depend on as a defense against their own Stupidity.

[gabosaurus]

Once again, aboutime and RSR prove they are braindead jackasses who only consider one point of view:

From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers.
Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress.
After the Enron scandal, Bush backed and signed the aggressively regulatory Sarbanes-Oxley Act. But SEC head William Donaldson tried to boost regulation of mutual and hedge funds, he was blocked by Bush's advisers at the White House as well as other powerful Republicans and quit.
Plus, let's face it, the meltdown happened on Bush's watch.

http://www.time.com/time/specials/pa...877320,00.html