Skip to comments.HSBC Accused of Laundering Billions of Dollars
Posted on 02/02/2012 6:12:58 AM PST by Dr. Thorne
NEW YORK A former employee of HSBC in New York has 1,000 pages of customer account records he claims are evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant, which reportedly is under investigation by a U.S. Senate committee.
John Cruz has delivered to WND customer account records he says he pulled from the HSBC computer system before he was fired. Cruz was terminated Feb. 17, 2010, after two years at HSBC for poor performance, but he contends he was let go because senior management didnt want to him to pursue his personal investigation.
(Excerpt) Read more at wnd.com ...
The biggest banks believe they are untouchable and can steal with impunity. They're right.
—A former employee of HSBC in New York has 1,000 pages of customer account records he claims are evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant—
If that is true, this is huge. And that is awfully easy to verify.
They are a “global banking giant” — by DEFINITION they launder billions of dollars.
>>And that is awfully easy to verify.
Depends who the “investigators” are.
Could be as “easy” as it was for the SEC - who demonstrated they couldn’t find their own A$$ with both hands and a SQL statement telling them exactly where to find it... along with a few thousand mortgage applications for which the FICO score had been fabricated.
Been there seen that, got the merit badge.
Hope this guy has his life insurance paid up.....
The US Govt bailout of AIG angered many. AIG tried to put a positive spin on post-bailout posh parties, bonuses, more bailouts and more losses.
So what is HSBCs relationship to AIG? How much did HSBC receive from AIG?
According to Business Week, HSBC received $3.5 Billion (USD) from AIG (reported in Business Week article).
HSBC USA is an AIG counter-party. While HSBC did not directly take bailout money AIG certainly did. Through insurance and reinsurance deals with AIG, HSBC USA profited nicely from the AIG bailout.
After one write-off, a second $3.5 Billion write off for HSBC would have hurt.....had AIG not received taxpayer bailouts.
It would have been super-easy to launder some of the bailout $$$ for insiders (see below for the nasty details).
REALITY CHECK Obama presided over the biggest political heist in US history. The Obamanations (insiders and politicians) sucked up trillions under the guise of inheriting the "Bush financial crisis."
THIS MADE ME LAUGH OUT LOUD Obama COS Rahm Emanuel "suddenly" discovered he wanted to be Chicago's mayor---the little turn went before the mics and announced his campaign "raised $10 million in just a few weeks." Rahm also controlled the US Treasury as COS.
What the so-called "collapse" of the banking system wrought under Obama:
FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is often put at $700 billionthe size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a G/S lobbyist in the WH)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokeragesas much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind- real-size-bailout
"Hi there, Americans. Obama put me in charge of the trillion dollar stimulus. My son and brother are gonna help me disperse the money. "
Offshore Fraudster had links to offshore fund run by VP Biden's relatives
Reuters on Yahoo | 2/23/09 | BY Ajay Kamalakaran
(Reuters) A fund of offshore hedge funds run by two members of VP Joe Biden's family was marketed exclusively by offshore firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.
The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity headquartered in Antigua, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related offshore companies marketed the Biden fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.
Paradigm Global Advisors is owned through a holding company by the vice president Biden's son, Hunter, and Joe Biden's brother, James, according to the WSJ. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.
Marc LoPresti, who represents Hunter Biden and James Biden told the paper the Bidens NEVER met or communicated with Stanford. (/snicker)
(Excerpt) Read more at news.yahoo.com ...