First Siemens in wrong-doing, now Deutsche Bank? Next thing you know these folks will be worshipping Obama!
Posted on 12/21/2010 11:30:35 AM PST by NormsRevenge
NEW YORK (AP) - Federal authorities say Deutsche Bank has agreed to pay more than $550 million to resolve a federal tax shelter fraud investigation.
Authorities announced Tuesday that the bank also admitted criminal wrongdoing in connection with its participation in financial transactions that aided tax shelters. The government says the transactions generated billions of dollars in U.S. tax losses.
(Excerpt) Read more at breitbart.com ...
No jail time we could go to jail for stealing a loaf of bread yet they participate in criminal wrongdoing of that magnitude and no jail time????
No jail time we could go to jail for stealing a loaf of bread yet they participate in criminal wrongdoing of that magnitude and no jail time????
No jail time we could go to jail for stealing a loaf of bread yet they participate in criminal wrongdoing of that magnitude and no jail time????
I was trying to help a young woman who had put $30,000 down on a house and then lost it when the payments balooned. It involved Deutch Bank. In the 6 weeks it took to finalize the deal, the “Good Faith Estimate” had balooned from 10% to 12+%. She either didn’t have sense enough to see a problem or was so anxious to get the HELOC she did not pay attention.
Just another shakedown.
Let's just call it a $550M "Vig".
Rising Star Shorts: Bank of America and Lender Processing Services
The collective Wall Street created the real estate bubble/lending frenzy, insured it to the hilt and pulled a massive naked short on the whole mess.
The fraud is becoming too big to keep under wraps and now the predator is becoming the prey.
You could see this coming...the fraudsters are on the other end of the "naked short"...now that they are getting caught!
Now they will be looking to make money on the bond market after more criminal acts!
Banks Look to Profit on Muni-Bond Fears
Bank of America Muni Bid Rigging Payments May Be `Tip of the Iceberg’
snippet..
Bank of America Corp.’s agreement to pay $137 million in restitution for taking part in a nationwide bid-rigging conspiracy for municipal-investment contracts may soon be followed by more settlements to repay the scheme’s victims, the Justice Department’s Antitrust Division head said.
“Stay tuned to this channel — I think you will see a lot more activity in the coming weeks and months,” Christine Varney, the antitrust chief, told reporters yesterday. “We are committed to getting restitution, full restitution, to all the municipalities that were victims of this scheme.”
Bank of America, which has assisted the government probe of the $2.8 trillion municipal-bond market since at least 2007 in return for leniency, has provided documents, e-mails and recordings of phone calls, according to court records of civil suits. In September, Douglas Lee Campbell, formerly employed by the bank’s municipal derivatives group, pleaded guilty to taking part in a conspiracy to pay state and local governments below- market rates on investments purchased with bond proceeds.
BTW add New Jersey to the list of going after them on their greedy toxic mortgage loans
New Jersey warns foreclosure fiends
http://finance.fortune.cnn.com/2010/12/21/new-jersey-warns-foreclosure-fiends/
But let’s face it you will not see perp walks these crooks donated heavily to obama we have become a banana republic.
I’m still not sure if Obama is his first name or last name. Who cares. Money never sleeps and the money is betting on the thieves getting caught. I think this is good news. We’ve all been robbed - from both sides of the aisle.
Today’s investment manipulations are considered a success if you pay out less in fines than you made on the original manipulations.
Some strategy, ain’t it?
One more of the many reasons America deserves to see BofA in receivership and its executives - well - executed...
First Siemens in wrong-doing, now Deutsche Bank? Next thing you know these folks will be worshipping Obama!
Some strategy? I’d say so. Very successful. Shakespeare was wrong. The bankers go first.
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