THE FINANCIAL TSUNAMI Part 1: Deutsche Bank's Painful Lesson

Financial Sense University ^ | November 24, 2007 | F. William Engdahl

[ex-Texan]

Virtual Money Laundering Now Available on the World Wide Web

Excerpts:

Money launderers can now move illicit cash through the growing number of virtual reality role-playing games, and convert that cash into real currency before withdrawing it from ATMs worldwide. One wonders just how many laundrymen have tumbled to this cyberlaundering opportunity.

Compliance officers at financial institutions please note that their banks may be guilty of money laundering if it facilitates deposits or payments in these virtual worlds, for there is no functional due diligence on players or recipients. * * *

Unfortunately, some of these games allow one to convert real dollar deposits to virtual dollars, and back to real dollars at a fixed exchange rate of, for example, ten to one, and to withdraw those funds, using many of the automated teller machine services available globally. Players are given an ATM card,(in essence a re loadable debit card) by the game manager and pay regular service charges on the same to the operator of the virtual reality website. * * *

Just though you would all like to know. The truth is hard to take most of the time. More often than not, it is also very painful to learn, deal with sensibly and endure with dignity. The truth is not pretty. It is ugly and mean spirited and very angry and eats morons like candy.

Gobble, Gobble . . . . .

[stephenjohnbanker]

“The scam is called “theft by deception,” a felony in virtually every state. It is also called mail fraud which is federal felony. The scam is very well organized. The practice was aimed primarily a people who already have glitches on their credit. Recently, with the subprime crisis expaning, even people with perfect credit have become targets. “

Bingo!

[stephenjohnbanker]

It’s good news week.!

[stephenjohnbanker]

“DAMN!!! Man, that would be a pisser, for someone with perfect credit who has never missed a payment on anything, and always has a zero credit card balance every month”

Yep

[Travis McGee]

“Got ammo?”

[stephenjohnbanker]

““Got ammo?”

Yeah, and I might need it. My brother got a late notice(and a 39.00 late charge) after he mailed his payment back 12 days before it was 1 day late. He had his friend, an atty call them. They relented.

[M. Espinola]

"For those of you who doubt the veracity of ex-texan....I have been in high finance all of my life, and ex-texan is telling the gospel truth. Believe what you want, but he and I predicted this mtg downfall almost 2 years ago. We were flamed! Not anymore!

Recession Fears Weigh Heavily On the Markets

Province warned of housing price crash

How Wall Street whizzes went so wrong on the housing market

"We thought after Enron that we had put an end to off-balance-sheet financing," said Jack Coffee, a law professor at Columbia University. "Just six years after Enron, we're seeing some of the same problems surface."

Recent mortgage-bond write-downs

Citigroup:CEO Charles Prince resigned Nov. 4. Nation's largest bank expected to write down $8 billion to $11 billion this quarter. Rival Goldman Sachs suggests Citigroup may be forced to write down $15 billion over the next two quarters.

Merrill Lynch: CEO Stanley O'Neal forced out on Oct. 30. Bank announced $8 billion write-down for the third quarter; analysts warn of a $10 billion write-down this quarter.

UBS:Swiss banking giant wrote down $3.4 billion in the third quarter, but reports suggest another $7 billion write-down may come in the fourth quarter.

Bank of America:Warned of a $3 billion write-down in the fourth quarter.

Bear Stearns: Will write down $1.2 billion in the fourth quarter; several funds tied to mortgage loans now closed or bankrupt.

Wachovia: Warns of fourth-quarter writedown of $1.1 billion.

The proof is in the housing downfall headlines, (banks are next) yet there still lurks a few agenda driven shills, promoting their the same worn out lies. This was the element which was deeply involved in those multi-attacks against ex-Texan. These slithering cowards refuse to admit ex-Texan was right all along - and they were, and are, always wrong.

2007 was a preview for 2008

[M. Espinola]

On sale at a real bargain! :)

[BoringGuy]

It’s like trying to prove which farmer owns which pig, in a million packages of sausage that came from cows and pigs on a thousand farms.

There is a difference...the original mortgage holder of this pig recorded their interest at the courthouse of the county where the pig was domiciled. Since the original mortgage holder is a matter of public record, it should be possible to trace the actual mortgage paperwork without TOO much hassle.

[Rutles4Ever]

My wife went to an area mall on Sunday - the largest in the area in which I live, and the fifth largest mall in the country - and it was absolutely DEAD as a doornail. Went to Target yesterday afternoon, and that too was dead. Went to Home Depot yesterday - no waiting in line!

About the only places doing business are the ones selling merchandise at cost. I expect to see some major price slashing in about two weeks.

[Travis McGee]

Given enough time, lawyers and judges, perhaps.

But in the meantime, the velocity of money goes to zero as credit freezes.

[Travis McGee]

It’ll be an intersting shopping season. The biggest wave of ARM resets is due first quarter of 2008. There will not be many big spenders in that group!

[Comstock1]

How about the judge’s decision saying just that.

[ex-Texan]

PBS Video on Credit Crisis That Wall Street Does Not Want You to See

$2 trillion in housing wealth going away forever

Foreclosure neighborhoods
Toxic mortgage bombs going off
Unethical, greedy mortgage brokers
Stupid, corrupt ratings agencies
Wall Street out of control greed
Corporate Fraud, Dirty Tricks and More Fraud
Ameriquest insider spills the beans
Political corruption and collusion

How Morgage Companies Steal Your House . . .

And more revelations are coming about corruption on Wall Street !

The FBI was useless and is still useless today. And what about illegal wire tapping of lawyers, death threats made to lawyers and mortgage company witnesses . . . ?

HUH! ? ? ? . . . DUH!

[stephenjohnbanker]

BUMP