Monday 13 December 2010

Banker Scum

They destroy our economy with fraud, then get given billions by the government - even though all the time they were involved in fraud.

Bank of America admits fraud in US antitrust case

(AFP) – 5 days ago

WASHINGTON — US banking giant Bank of America has admitted it committed fraud in the municipal bond derivatives market and will pay 137.3 million dollars in damages, the government said Tuesday.

"Bank of America entities have agreed to pay a total of 137.3 million dollars in restitution to federal and state agencies for its participation in a conspiracy to rig bids in the municipal bond derivatives market," the Department of Justice said in a statement.

Bank of America entered into agreements with the US Securities and Exchange Commission, the Internal Revenue Service (IRS), the Office of the Comptroller of Currency and 20 state attorneys general, the department said.

The combined outcome provides for payment of restitution to the IRS and to municipalities harmed by the bank's anti-competitive conduct in the muni-bond derivatives market.

Bank of America employees engaged in illegal conduct, including bid rigging, in connection with the marketing and sale of tax-exempt municipal bond derivatives contracts, the department said.

The department also said the Charlotte, North Carolina-based bank, the biggest US bank by assets, had entered into a written agreement with the Federal Reserve Board "to address certain remedial measures."

The bank's board of directors is to submit a written plan within 90 days to the Federal Reserve Bank of Richmond in Virginia aimed at strengthening the board's oversight of the bank in competitively bid transactions, according to a document posted on the Fed's website.

The bank, which repaid a 45-billion-dollar government bailout in December 2009, also will have to file quarterly progress reports on its compliance program to the Fed.

Bank of America was the first and only entity to voluntarily report its wrongdoing before the department opened its investigation into antitrust activities in the municipal bond derivatives industry, the Justice Department said.

Payment of the damages is a condition of Bank of America's admission into the department's antitrust corporate leniency program, in which corporations and individuals can avoid criminal conviction and fines.

"As has been widely reported in the press, Bank of America is one of a number of financial institutions that are under investigation, but Bank of America was the first and only company to self-report and it was our company that the Justice Department has cited as being particularly helpful in its investigation," the bank said in a statement.

Bank of America shares were trading 0.34 percent higher at 11.67 dollars at 1900 GMT in New York.

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Anonymous said...

The Telegraph informs us:

Stockholm bomber was thrown out of Luton mosque for trying to recruit extremists

Yeah right! If you believe that, then you'll believe anything!

The Telegraph must think we are fucking stupid in feeding us such pro-muslim bullshit!

What an insult to the British publics intelligence!

Adrian Peirson said...

A fine of 137 million, peanuts compared to how much they and all the other Ponzi scheming banks have fractionally reserved out of thin air.
For the benefit of those not yet awakened to the utter fraud that is Western Banking.

If you deposit £100 in a bank, the bank lends that same £100 out to 10 other people as credit.
They can get away with this because the Bankers realized long ago that not everyone withdraws their money at the same time.
If they did, then the fraud would be realized, people would demand, hey, where's my money I deposited.

The bank would have to admit they lent it out to 10 other people as credit, who are now in the same fix.

Such an event is termed a Bank run, Bankers hate Bank runs, like the one on Northern rock because it exposes the scam of fractional reserve banking ( usury )
Fortunately for the Rothschilds and others, they have the Prime minister to step in and gaurantee everyone's money is safe and gauranteed ( by printing it or taking it from another Ponzi scheming bank just to keep up the illusion )

and then noone is any the wiser and the scam can continue.

Fractional Reserve Banking

137 million fine is NOT going to change a thing, the entire monetary model is a fraud, wouldn't be so bad if we printed these worthless bits of paper ourselves, but we don't, we borrow them from Globalist, Offshore Bankers, at interest, our taxes pay off this Govt Borrowing.

Adolph Hitler's economic miracle happened because he told the Bankers to fuck off and printed his own money, not really a miracle, just common sense.

Adrian Peirson said...

The Bankers and their minions are waging a multifaceted war against us, attacking us from every conceivable angle, and most whites have no idea.

David Duke

Anonymous said...

This guy realy knows his acorns!!1

Anonymous said...

Anonymous said...

Julian Assange
Ellingham Hall
NE67 5EY
Tel: 01665 568118
Fax: 01665 589388

If any member of the BNP who is on the leaked list wants to send this guy a letter here's his address for the next few months whilst he is under house arrest.

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