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‘Fast and Furious’ Linked to Immunity Deal Between U.S. and Sinaloa Cartel, Trafficking Defendant...
CNSNews.com ^ | December 29, 2011 | Edwin Mora

Posted on 12/29/2011 11:17:13 PM PST by neverdem

click here to read article


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To: hoosiermama
No wonder they aren’t serious about closing the border.

Not since Ike...

101 posted on 12/31/2011 5:13:06 AM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe
Remember reading back in the ‘60s during the War of Drugs period an article stating how much of the American economy was supported by illegal drug money. Houses, boats, cars, etc etc all purchased by those getting payback in one form or another.

The conclusion of the article was the government was just giving lip service to stopping drug trade in the US and if serious should make it legal, regulatable and taxable.

Bought the lip service part, but can't follow their solution.

102 posted on 12/31/2011 7:39:42 AM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: MestaMachine

Put me on the arm the drug smugglers and frame gun owners for Mexican Violence Ping List!


103 posted on 12/31/2011 10:52:11 AM PST by pulaskibush (Thou shalt tax/steal from Peter to help Paul/Pablo is not in the Bible!)
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To: neverdem
It looks like Washington DC cares more about immunity for drug smugglers than protecting US citizens. I remember when Jonny Univision Sutton gave a drug smuggler immunity for smuggling drugs and allowed him to smuggle drugs a second time. http://www.wnd.com/?pageId=40282
104 posted on 12/31/2011 11:12:17 AM PST by pulaskibush (Thou shalt tax/steal from Peter to help Paul/Pablo is not in the Bible!)
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To: Grizzled Bear; Razzz42

Sounds to me like Razz is slapping at those of us in the military while giving Holder and Obummer a pass.


105 posted on 12/31/2011 12:36:13 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: Razzz42; gardencatz; Darksheare
I would suggest the military replace some of these ‘wannabe’ agencies. Supposedly the US military can’t/won’t/is excluded from firing on US citizens so I would trust their guns would be aimed in the proper direction while patrolling the US border. I don’t think I would have to worry about the military coming to burn down my house to confiscate any guns or persecute me on religious grounds. Can always rely on the FBI and ATF for that.

Razz is either an eight year old kid with no concept of our Military's structure or Razz is a crackhead posting from a public library.

Either way, Razz is a waste of effort. Should we bother to tell the idiot that members of the armed forces don't get to grab their weapons and vehicles and fight where they choose like on the GI Joe cartoons?

106 posted on 12/31/2011 12:47:40 PM PST by Grizzled Bear (No More RINOS!)
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To: Grizzled Bear; Razzz42; gardencatz

“Should we bother to tell the idiot that members of the armed forces don’t get to grab their weapons and vehicles and fight where they choose like on the GI Joe cartoons?”

Why spoil a perfectly good fantasy?

My unit is activated to head to the box.
November 2012.
Razzz, will you badmouth my unit while I’m gone?


107 posted on 12/31/2011 1:12:48 PM PST by Darksheare (You will never defeat Bok Choy!)
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To: Darksheare

Thank you for your service. My son deploys in August. Stay safe and know there are people praying for you.

Cindie


108 posted on 12/31/2011 2:25:23 PM PST by gardencatz (I'm lucky enough to live, walk & breathe among heroes! I am the mother of a US Marine!)
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To: TigersEye; MestaMachine; LucyT; little jeremiah; Erik Latranyi; thecodont
"Very nicely done."

TY, but from your previous post:

"There goes the "we were letting guns randomly "walk" into Mexico to see where they went" lie. It was a quid pro quo with the Sinaloa international terrorist drug cartel."

"0bama, Holder and the whole lot of them are sponsors of terrorism, murder, drug trafficking, human slavery, money laundering and arms trafficking with intent to undermine a sovereign friendly nation."

[emphasis added... because I vociferously think this as well and have so posted! You and I are in the minority on this.]
~~~~~~~~~~~~

Setting aside your last point, the one that I emphasized, for the moment...

Some thoughts for the thread's reflection and critique:

Early into my understanding of Fast and Furious, I suspected that the motives of the crime reached far beyond the attempt to outlaw guns. That may be the "face" of the Obama adm's public rationalization---but ONLY because it is the "sexy," convenient, PC face.

The Obama adm ALWAYS tries to kill as many birds with one stone as possible---and the bird they publicize to kill is rarely the chief bird they are aiming for.

As has been posted on this thread (see post 26), this may backfire on us---BUT

Obama and the Hezbollah Terrorist

and

Outrage In Iraq

Hezbollah Terrorist Handed Over to Iraqis by U.S. May Face Only Minor Criminal Charge
~~~~~~~~~~~

Not to mention:

"Sinaloa drug cartel was sending elite assassins to train on weapons and explosives with Islamic radicals in Iran.44 The article reported that this travel was facilitated through Venezuela, courtesy of the direct airline flights established between the two countries, and that some of the operatives even used Venezuelan travel documents.45 This mutually beneficial arrangement allowed the assassins to receive training in guerilla tactics, while the extremists gained entry into Latin America with its relative ease of access to the Untied States.

The article went so far as to claim that some extremist group members were purchasing marriages to local Venezuelan and Mexican nationals in order to take on Latino surnames, increasing ease of entry into the United States.46 Taken together, these reports indicate extensive associations between Iran, Hezbollah and drug cartels, highlighting the potential for Hezbollah to utilize these groups’ existing support networks and infrastructure.

PDF Source
~~~~~~~~~~~

It is a known fact that Hezbollah is working with MANY cartels. Why is the media emphasis on Zetas alone?

The Sinaloa Cartel is a global criminal organization that moves up to two-thirds of drugs into the United States and operates in 52 countries.

The Obama regime is brilliant (Obama being merely the useful figurehead)---a fascist oligarchy criminally operating like queen bees...worker bees firmly in tow.

Untethered from ethics, morality, and law...

I am not optimistic.

Having said that, I forwarded my post to someone who is in regular contact with a successful federal prosecutor, now also a respected journalist. Although not in his area of expertise, I am hoping he might weigh in on the legalities of the last link I cited in my post:

Gunwalker: Justice Dept. Violated U.S. Laws Beyond Those Being Investigated

I wish Mark Levin and other legal experts who have the public's ear and respect would do the same.

I am also curious if Issa has this statute in mind.

We can't defer hope to the next election; however, GOP candidates have a bully pulpit few of our conservative leaders are willing to use. Will any candidate be willing to aim for the jugular? I doubt it. The outcry will have to come from a conservative grassroots groundswell.

IMO, the factual evidence for a big-picture conspiracy is beginning to come into view---of which F & F was only one important thread that unraveled by the death of Brian Terry, and now that unraveled thread threatens to unravel the whole fabric of the conspiracy. Is it any wonder that F & F is depicted as just a "botched" operation inspired by misguided and errant underlings who only deserve "reassignment" as penalty for their keystone-cops plan?

109 posted on 12/31/2011 2:44:34 PM PST by thouworm (.)
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To: thouworm

Real quick ‘cause V is banging pots and pans already. Hold onto this post. Should have the new TM up sometime tomorrow.

Happy New year Everyone!


110 posted on 12/31/2011 3:01:01 PM PST by MestaMachine (obama kills)
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To: Grizzled Bear; gardencatz; Darksheare

Gentleman I’m well aware how the military functions. Two brothers spent their time in Nam, one under constant fire the other a copter mechanic going on to retire civil service while on-call maintaining turbines on Aegis class ships, worldwide and that brother received some type of award signed by Reagan for streamlining a procedure to save the government millions of bucks. The two had overlapping service while in Nam. Dad retired as Lt. Commander Naval Aviator (enlisted, see if you can figure that one out). Purple heart in there somewhere. You can only imagine what the family get togethers and discussions were like.

Follow your orders, don’t ask questions, never volunteer. Congress has fixed it now where the military can now take arms up against citizens or haven’t you been paying attention?

I do give credit for the US executing so many wars recently and doing a fairly decent job, all without a draft. A force with technology to be feared, for sure.


111 posted on 12/31/2011 3:30:49 PM PST by Razzz42
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To: Darksheare

Stay safe! Have you deployed before? Let me know if you need anything!


112 posted on 12/31/2011 4:00:04 PM PST by Grizzled Bear (No More RINOS!)
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To: thouworm
...with intent to undermine a sovereign friendly nation."

[emphasis added... because I vociferously think this as well and have so posted! You and I are in the minority on this.]

I suspect that more people than have posted that idea agree with it or are at least open to more evidence of it. You have provided quite a bit more in that respect. A good deal more than I was aware of.

The Obama adm ALWAYS tries to kill as many birds with one stone as possible---and the bird they publicize to kill is rarely the chief bird they are aiming for.

I couldn't agree more with that and have seen it in other administration policies and actions. There is no good reason to think that F&F and other policies and programs should be viewed as having only one goal or desired effect. Pushing gun control just isn't credible as the main reason for F&F, Castaway and other similar programs revealed so far. I have no doubt that they would use them as much as possible for that though.

113 posted on 12/31/2011 4:46:11 PM PST by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: Drill Thrawl

Isn’t it clear that the Moron in the White House is a Traitor?
Are there any Democrats who are looking into this?
Answer....No

All Gutless Enablers....It makes Me want to start constructing a Guillotine.


114 posted on 12/31/2011 4:50:55 PM PST by LtKerst (Lt Kerst)
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To: thouworm
Here are three new threads that tie in with your work.

Complicity With Evil

Hizballah Fundraising and Operations in the US and Latin America

Report: Hizbullah Laundered Drug Money in US Banks

115 posted on 12/31/2011 5:20:16 PM PST by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: neverdem
Is anyone really surprised? Think about the many billions of dollars in the drug trade. That's a lot of money to turn down. There is a reason Mexico is totally corrupt and why the Mexican ruling class likes it that way. The war on drugs makes for big profits, both on distribution and prosecution. Don't think for one minute that any of "our" candidates, except maybe that nut job Paul, would lift a finger to stop the flow of drugs and money.

Our government is eaten up with corruption. Top to bottom, reps go to D.C. middle class and leave fifthly rich, hello!

116 posted on 12/31/2011 5:33:17 PM PST by jpsb
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To: thouworm; Berlin_Freeper; Hotlanta Mike; Silentgypsy; repubmom; HANG THE EXPENSE; Nepeta; ...
Image and video hosting by TinyPic

. . . . Back to the thread, - check out thouworm's # 109 , then # 113 , # 115 .

Happy New Year, Everyone.

117 posted on 12/31/2011 5:57:44 PM PST by LucyT (~Happy Happy New Year~)
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To: MestaMachine; thouworm

Play particular attention to banks and banking....Remember that both his mother and grandmother were involved with international banking.

International banking....Drug carteles......Hmmmmmm


118 posted on 12/31/2011 6:30:37 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: thouworm; TigersEye; MestaMachine; LucyT; little jeremiah; Erik Latranyi; thecodont

Has anyone looked for any connection between Jack Wheeler’s murder and this obvious illegal operation cross-border?


119 posted on 12/31/2011 7:27:08 PM PST by SatinDoll (/O FOREIGN NATIONALS AS U.S.A. PRESIDENT)
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To: MestaMachine

I vote G-d. Somehow His hand in the upcoming. It’s beyond human agency to fix IMO. We all have to try our best and do what comes to hand but I have faith that He will do something - give strength - make some arrangements - it’s too evil and too huge.


120 posted on 12/31/2011 9:31:31 PM PST by little jeremiah (We will have to go through hell to get out of hell.)
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To: TigersEye

Words cannot express how disgusted I am with the vermin in our government. If the country was buried in burning sulphur tomorrow it would be no more than we deserve.


121 posted on 12/31/2011 9:42:53 PM PST by butterdezillion
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To: LucyT

Happy New Year and thanks for all the pings,and keeping us informed.

Cheers!


122 posted on 12/31/2011 9:47:25 PM PST by TheConservativeParty ( Everytime a democrat loses, a Moonbat gets its wings burned off.)
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To: butterdezillion

Well, the District of Columbia at any rate.


123 posted on 12/31/2011 10:14:56 PM PST by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: newfreep
>"Big Govt (Crony) Socialism - choosing the winners and losers in the illegal drug cartels."

Also choosing which drugs are "legal*" to create monopolistic sales advantages!


*not a constitutionally granted power, just like bammy cair.

124 posted on 12/31/2011 10:28:45 PM PST by rawcatslyentist (It is necessary that a person be born of a father who is a citizen; ~Vattel's Law of Nations)
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To: SatinDoll; Albion Wilde

Albion, note Satin Doll’s comment on this thread.


125 posted on 12/31/2011 10:54:00 PM PST by little jeremiah (We will have to go through hell to get out of hell.)
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To: hoosiermama; MestaMachine; maggief; Liz; TigersEye
"Play particular attention to banks and banking...."
~~~~~~~~~~~~~~

Good point---"follow the money." This sleeper scandal came to mind when I read your post.

How a big US bank laundered billions from Mexico's murderous drug gangs [April 2011]

Wachovia Drug Money Laundering

The first link is from the Guardian. To my knowledge it was the most indepth article published.

A review of some of the facts [The entire article should be read]:

"On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel."

"During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo."

Criminal proceedings were brought against Wachovia, though not against any specific individual.

The case never came to court.

In March 2010, Wachovia settled the biggest action to date brought under the US bank secrecy act.

Wachovia paid $110m in forfeiture, and a $50m fine.

"Wachovia was sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn [between May 2004-May 2007]– a sum equivalent to one-third of Mexico's gross national product – into dollar accounts from so-called casas de cambio (CDCs) in Mexico, currency exchange houses with which the bank did business."

Wachovia's total fine was less than 2% of the bank's $12.3bn profit for 2009.

"At the height of the 2008 banking crisis, Antonio Maria Costa, then head of the United Nations office on drugs and crime, said he had evidence to suggest the proceeds from drugs and crime were "the only liquid investment capital" available to banks on the brink of collapse. "Inter-bank loans were funded by money that originated from the drugs trade," he said. "There were signs that some banks were rescued that way.""

[Note to Hoosiermama: If the above paragraph is true, How could anyone follow THIS money trail?] The only entity with the means to do so is the government, and they don't have the will (foremost, because it would require the government to indict itself)---except in selected cases, like Wachovia, where punishing the crime became self-serving to the government.

The Guardian article was written with the assistance of Martin Woods (one of the most important whistleblowers of our time.") If for no other interest, the article is worth a read to hear his story. I barely touched the highlights---and perhaps not even the most important ones.

Martin Woods: "Is it in the interest of the American people to encourage both the drug cartels and the banks in this way? Is it in the interest of the Mexican people? It's simple: if you don't see the correlation between the money laundering by banks and the 30,000 people killed in Mexico, you're missing the point."

One last note: The article suggests that the settlement doesn't preclude additional liability on the specifics of this case---which just tells me that the government has a powerful inducement for Wachovia (purchased by Wells Fargo)to play ball.

126 posted on 01/01/2012 9:08:55 AM PST by thouworm (.)
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To: maggief
Out of all the people that work for the FBI, only 2 agents were charged? That's outrageous. Then, to add insult to injury, a judges fines the American people 101 million dollars. No cost to the FBI or it's agents at all. Congress then slapped themselves on the back and praised each other for the fine job they did and walked away as usual. The fix is always in.

Our government has become a criminal enterprise in the last 100 years and it's getting worse.

127 posted on 01/01/2012 9:09:57 AM PST by metalurgist (I Want your country back? It'll take guns and rope. Marxists won't give up peaceably.)
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To: neverdem

BTTT


128 posted on 01/01/2012 9:28:48 AM PST by hattend (If I wanted you dead, you'd be dead. - Cameron Connor)
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To: thouworm; hoosiermama; MestaMachine; maggief; Liz; TigersEye; LucyT

http://www.nytimes.com/2010/03/18/business/18launder.html

Wachovia and U.S. Settle a Money Laundering Case
By REUTERS
Published: March 17, 2010

MIAMI (Reuters) — The Wachovia Bank, a unit of Wells Fargo & Company, has agreed to pay $160 million to settle accusations that it laundered Mexican drug money.

Under the agreement, Wachovia will forfeit $110 million, representing the proceeds of illegal narcotics sales that were laundered through the bank, the United States attorney’s office in the Southern District of Florida said.

The bank will pay an additional $50 million fine to the Treasury.

(snip)

//

http://query.nytimes.com/gst/fullpage.html?res=9D02E1D61E3BF933A25754C0A96E9C8B63&pagewanted=all

Wachovia hires a Treasury insider to lift it out of its banking woes
By Eric Dash
Published: July 10, 2008

From his perch inside the Treasury Department, Robert Steel has wrestled with the troubles plaguing America’s financial industry. Now he will confront those problems up close at the Wachovia Corporation, one of the nation’s largest banks.

On Wednesday, Wachovia ended its six-week search for a new leader when it named Steel, the under secretary of the Treasury for domestic finance, as its chief executive.

(snip)

Steel, a former vice chairman at Goldman Sachs, played a crucial role in formulating the Bush administration’s response to the running crisis in the mortgage markets. He also championed a controversial plan by Treasury Secretary Henry Paulson Jr., a colleague at Goldman, to overhaul the financial industry’s regulatory apparatus.

(snip)

//

http://freerepublic.info/focus/f-news/1965976/posts

Duke bolsters legal team in fighting lawsuit (Duke Hires Jamie Gorelick)
The Herald-Sun (Durham) ^ | Feb 6, 2008 | By Ray Gronberg

Posted on Wednesday, February 06, 2008 1:14:50 PM by Ken H

DURHAM — Duke University has added a former deputy attorney general of the United States to the legal team that will defend it against a federal civil-rights lawsuit filed by three members of the 2005-06 men’s lacrosse team.

Court papers filed this week indicate that Washington, D.C., attorney Jamie Gorelick will assist two Greensboro litigators in representing the school.

They’re also the attorneys of record for the Duke University Police Department, Board of Trustees Chairman Robert Steel, school President Richard Brodhead and numerous other university officials.

(snip)

//

wiki:

Robert King “Bob” Steel (b. August 3, 1951) is an American business leader and an expert on financial institutions and markets. In June 2010, he was named Deputy Mayor for Economic Development by New York City Mayor Michael Bloomberg. Previously, he had served as Under Secretary for Domestic Finance of the United States Treasury, as the last president and CEO of Wachovia Corporation, and as vice chair of Goldman Sachs.

(snip)

U.S. Treasury, 2006–08 ...

Wachovia/Wells Fargo, 2008–2010 ...

He is also a member of the Pew Charitable Trusts Task Force on Financial Reform, which advises the United States Congress on critical financial reform issues. In December 2009, he testified before the Joint Economic Committee of the U.S. House and Senate regarding financial reform.[40] He is also a member of The FDIC Advisory Committee on Economic Inclusion (ComE-IN), which focuses on how to improve underserved and low- and moderate-income consumers’ access to the financial mainstream.[41]

Although Steel was appointed to his Treasury post by a Republican president, he does not regard himself as an ideologue, and has been occasionally criticized for his political independence. For example, although Steel hosted fundraisers at his home for John McCain,[5] columnist Bob Novak complained that Steel is “no Republican,” citing that he had worked with Clinton Treasury Secretary Robert Rubin at Goldman Sachs and made campaign donations in 2002 to Democrats from his home state of North Carolina.[42]


129 posted on 01/01/2012 9:47:22 AM PST by maggief
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To: abb; Protect the Bill of Rights; ltc8k6; CondorFlight

Ping to Robert K. Steel, former Chairman of the Duke Board of Trustees, connection ... post #129.


130 posted on 01/01/2012 10:31:28 AM PST by maggief
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To: abb; Protect the Bill of Rights; ltc8k6; CondorFlight

See also post #126.


131 posted on 01/01/2012 10:35:23 AM PST by maggief
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To: maggief; thouworm

Steel isn’t there someone connected to one of the GOP candidates with that last name? Are they related?

BTW they still haven’t indicted anyone from the banking or judicial community in CHIcogOH. waiting tap tap tap.


132 posted on 01/01/2012 12:11:01 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: hoosiermama
Steel isn’t there someone connected to one of the GOP candidates with that last name? Are they related?

Are you thinking of Michael Steele, Former RNC Chairman?

133 posted on 01/01/2012 12:35:09 PM PST by thouworm (.)
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To: maggief; Berlin_Freeper; Hotlanta Mike; Silentgypsy; repubmom; HANG THE EXPENSE; Nepeta; Bikkuri; ..
Image and video hosting by TinyPic

. . . . See # 29 .

Thanks maggief.

134 posted on 01/01/2012 1:16:48 PM PST by LucyT (~Happy Happy New Year~)
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To: thouworm

NO He has an e at the end of his name.


135 posted on 01/01/2012 1:22:38 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: thouworm
IMO Off shore banking in the Caribbean should be monitored. Any/all transfer of funds in any amount from one of these banks to any on shore immediately noted and followed.
136 posted on 01/01/2012 1:59:05 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: maggief; MestaMachine; hoosiermama; Liz
Also, re: Robert Steel:

American Action Network, 2010–present

In 2010, Steel became a founding member of the Advisory Board of the American Action Network, a group devoted to developing and marketing conservative ideas. The group was described by the New York Times as a "center-right version of the Center for American Progress."

Wikipedia
~~~~~~~~~

Robert King "Bob" Steel

To abbreviate (really not abbreviated at all and overlaps with maggief's post): I was intending to gather a chronology and got over zealous with some interesting details:

Steel received his undergraduate degree from Duke in 1973, majoring in history and political science. He received his Master of Business Administration degree from the University of Chicago in 1984.

Steel spent nearly 30 years at Goldman Sachs, rising to vice chair of the firm. He joined the Chicago office in 1976 and served as that office's co-head of institutional sales.

Goldman Sachs, 1976–2004
Barclays Bank, 2005–06
U.S. Treasury, 2006–08

Steel was appointed Under Secretary for Domestic Finance at the United States Department of the Treasury on October 10, 2006 and served until July 9, 2008.

In March 2007, Steel testified before the U.S. House Financial Services Committee on reform of the housing Government Sponsored Enterprises (GSEs)

In April 2008, Steel testified before the U.S. Senate Banking Committee regarding the rescue of Bear Stearns. Steel explained that although the Treasury had believed that the rescue of Bear Stearns was necessary, it had encouraged a low sale price so as not to encourage risky behavior by other large institutions.[20]

Wachovia/Wells Fargo, July, 2008–2010
~~~~~~~~~~~~~~~

Steel certainly seems to be able to skirt trouble, even when under suspicion:

1) Also during Steel's term, the Duke campus experienced the false-rape charge known as the 2006 Duke University lacrosse case. Steel was criticized for supporting the university's president and asking that the legal proceedings take their course.[32]

When the charges were dismissed, Steel said the players "deserve our respect for the honorable way they have conducted themselves during this long legal ordeal .... Much as we wish that these three young men...could have been spared the agony of the past year, we believe that it was essential for the university to defer to the criminal justice system."[33]

In a suit by the lacrosse players, Steel is alleged to have helped suppress evidence of innocence to protect Duke's image, ordering Duke police to falsify their records to make the players appear more guilty, and explaining, "Sometimes good people have to suffer for the good of the organization".

["helped suppress evidence" and "ordering Duke police to falsify their records"--- What became of those charges?]

2) On July 9, 2008, Steel was named president and CEO of Wachovia.[6] Although Steel's predecessor, G. Kennedy Thompson had been criticized for exposing the firm to high-risk mortgages,[7] Steel hoped to put the company on firm footing until it failed in the Fall 2008 crisis. He bought one million shares of Wachovia stock on the open market and bought a house in Charlotte.[8] He also turned down a bonus he was due to receive.[9]

Steel was adamant that Wachovia would stay independent. However, by September 2008, market conditions had deteriorated severely. On September 26, Wachovia lost almost one percent of its deposits, leading regulators to force Wachovia to put itself up for sale.[10] After an initial deal with Citigroup for $1/share,[11] Steel and the Wachovia board accepted an offer to merge with Wells Fargo for $7/share.[12] (Wells Fargo would be purchasing 100% of Wachovia; .... The arrangement made Wells Fargo the second-largest retail brokerage in the United States.

In January 2009, The Wall Street Journal reported that the Securities and Exchange Commission was investigating claims Steel made about the future of the bank before it started talks about a potential merger.

Following the merger, Steel was invited to join the board of Wells Fargo and served on the firm's credit and finance committees.[15] In June 2010, upon being appointed Deputy Mayor for Economic Development of New York City, Steel resigned his seat on the Wells Fargo board.[16]
~~~~~~~~~~~~

The Wachovia drug-money laundering investigation spanned the years 2004-2007, and Steel presided over the settlement as CEO of Wachovia (2008-2010):

In April 2008 Wachovia was also investigated by United States federal prosecutors as part of a probe into drug money laundering by Mexican and Colombian money-transferring firms. The investigation of the alleged laundering also included other large U.S. banks.[69]

Wells Fargo has since admitted that its Wachovia unit was involved in money laundering for drug traffickers.[70] It allowed money to be transferred in and out of casas de cambio, without proper due diligence, in violation of the Bank Secrecy Act. In March 2010 Wachovia agreed to pay a $160 million dollar fine for involvement in Mexican drug cartel money laundering that could total up to $420 billion dollars.[71] Said Jeffrey Sloman, the chief US prosecutor in the case, "Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations."[72]
~~~~~~~~~~~~

Just prior to Steel joing Wachovia as CEO, Wachovia settled another large lawsuit in April 2008:

A May 2007 New York Times article described Wachovia's negligence in screening or taking action against companies connected to identity theft.[67] These companies used stolen identities to remove funds from personal Wachovia bank accounts via unsigned checks. The article goes on to say "In all, Wachovia accepted $142 million of unsigned checks from companies that made unauthorized withdrawals from thousands of accounts, federal prosecutors say.

Wachovia collected millions of dollars in fees from those companies, even as it failed to act on warnings, according to records." Furthermore, the article adds "In a lawsuit filed last year, the United States attorney in Philadelphia said Wachovia received thousands of warnings that it was processing fraudulent checks, but ignored them."

On April 25, 2008, Wachovia agreed to pay up to $144 million to end the investigation without admitting wrongdoing.[68] The investigation found that Wachovia had failed to conduct suitable due diligence, and that it would have discovered the thefts if it had followed normal procedures. The penalty is one of the largest ever demanded by the Office of the Comptroller of the Currency.

SOURCES from Wikipedia:

Robert K Steel
Wachovia
Bear Stearns

137 posted on 01/01/2012 2:05:17 PM PST by thouworm (.)
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To: hoosiermama

Here’s your Chicago connection ...

http://www.robertksteel.com/

Biography of Robert K. Steel

Robert “Bob” Steel was born in 1951, and grew up in Durham, North Carolina. In 1973, he graduated from Duke University with a B.A. in history and political science.

Mr. Steel moved to Chicago in 1976 to work in institutional sales at Goldman Sachs. He earned his M.B.A. from University of Chicago in 1984.

In 1987, Goldman Sachs sent him to work in its London office, where he spent seven years helping to privatize state-owned businesses in Europe. After his first year, Mr. Steel became partner and headed the European Equities Division. In 1994, he moved to New York City to co-lead the U.S. Equities Division.

Two years later, he was elected vice chairman of Goldman Sachs. He retired in 2004, assuming the role of advisory director.

Upon leaving Goldman Sachs, Mr. Steel became further involved in the non-profit sector. He co-founded SeaChange Capital Partners, which assists nonprofit organizations scale rapidly via a nationwide donor network. He also chaired The After-School Corporation, which is devoted to providing young Americans enriching activities through after-school programs.

In 2004, Mr. Steel began teaching at the John F. Kennedy School of Government. His teaching excellence helped increase student enrollment, for which he was awarded a bonus by the university president.

In 2005, the National Humanities Center, a private institute dedicated to the study of humanities, elected Bob Steel to its board of trustees. He also began serving as a non-executive director of Barclays Bank.

In 2005, Mr. Steel became chairman of Duke University’s board of trustees, after serving on the board for eleven years, five of which he was vice chairman.

In 2006, President George W. Bush asked Mr. Steel to serve his country as Under Secretary for Domestic Finance at the U.S. Department of Treasury. For nearly two years, Bob Steel was chief advisor to the secretary on financial and economic matters. As Under Secretary, Mr. Steel tackled complex challenges in credit markets and the economy. He is credited with reviving the President’s Working Group, which was the core group then prepared to respond to the global economic crisis of 2008. He managed the Department’s Blueprint for Modernized Regulatory Structure, which recommended several of the reforms since pursued by the Obama administration. And he helped manage Department affairs day-to-day. When Secretary Geithner took office under President Obama, the Wall Street Journal noted that what the incoming Secretary needed was “the next Bob Steel.”

For his achievements at the Treasury Department, Mr. Steel was awarded the Alexander Hamilton Award, the highest award given to any Treasury employee.

In 2008, he became president and CEO of Wachovia bank. During his tenure, Mr. Steel led Wachovia into a business-saving merger with Wells Fargo.

Bob Steel currently serves on the board of Wells Fargo, and he chairs the Aspen Institute, a non-profit organization that promotes value-based leadership. He also serves on the Pew Charitable Trusts’ Task Force on Financial Reform, which advises Congress on critical financial issues; and serves as director emeritus for The After-School Corporation.

Mr. Steel is a frequent television commentator, providing insight and analysis on economic and financial issues.

In his free time, Bob Steel enjoys golfing, skiing, hiking and spending time with his family, including his wife Gillian and their three daughters.

http://www.bizjournals.com/triad/stories/2008/07/07/daily35.html

Robert Steel is a North Carolina native. He grew up in Durham near Duke University’s east campus. He attended Durham public schools and then Duke, graduating with a bachelor of arts in history and political science in 1973.

After college, Steel relocated to Chicago for his first job in asset management. In 1976, he joined Goldman Sachs & Co. in institutional sales in the Chicago office. While at Goldman, Steel earned a master’s in business administration from the University of Chicago. He graduated in 1984 and became co-head of institutional sales in Chicago.

In 1986, he transferred to London, where he founded Goldman’s European equity capital markets group and was extensively involved in privatization and capital raising efforts for European corporations and governments. He later became head of equities for Europe. In 1994, he moved to New York and was head of the equities division from 1998 to 2001, when he was named a vice chairman of Goldman. Steel retired from Goldman in 2004 but still serves as an adviser to the firm.

He also is a nonexecutive director of Barclays plc and Barclays Bank plc.

In October 2006, Steel became Under Secretary of the Treasury for Domestic Finance. In that role, he was the principal adviser to the U.S. Treasury secretary on matters of domestic matters. He also led the department’s activities with respect to the domestic financial system, fiscal policy and operations, governmental assets and liabilities, and related economic and financial matters.

(snip)

(no links)

Durham’s own leads Duke Trustees - A Bull City first: R.K. Steel , raised near East Campus, replaces Nicholas
Herald-Sun, The (Durham, NC) - May 15, 2005
Author: PAUL BONNER

Robert K. Steel on Saturday became the first Durham native to be elected chairman of Duke’s board of trustees since the university was created from Trinity College in 1924.

Steel , who retired as vice chairman of Goldman Sachs & Co. in New York City last year and lives in Greenwich, Conn., has been on the board of trustees since 1996, serving as vice chairman since 2000. On July 1, he replaces as chairman Peter M. Nicholas, who will retire from the board.

Steel is a Duke alumnus, as were both his parents, the late Charles Steel III and Elizabeth Steel . Charles Steel III also was a Durham City Council member from 1957 to 1977. He died in October. Robert Steel grew up in Durham in the family’s Trinity Park home near the Duke East Campus, attending Durham Public Schools and graduating from Durham High School.

(snip)

//

Obituary - STEEL III
Herald-Sun, The (Durham, NC) - October 28, 2004

STEEL III DURHAM - Mr. Charles Leighton Steel III died Wednesday, October 27, 2004. He was born January 13, 1921, in Philadelphia, Pennsylvania. He grew up in Teaneck, New Jersey where his father was the high school principal. He graduated from Duke University in 1942 where he was captain of the lacrosse team. Following graduation, he entered the Marine Corps as an officer candidate and trained as a paratrooper. He served in the South Pacific and then as a member of the 28th Regiment, Fifth Marine Division that conducted the amphibious assault on Iwo Jima and raised the flag on Mount Surabachi. He was promoted to the rank of Captain, and after occupation duty in Japan he returned to Durham and established Steel Music Company as an operator and distributor of jukeboxes.

He was later a general agent for Life Insurance Company of North Carolina and Georgia International Life Insurance Company. He was active in civic affairs serving five terms as a member of the Durham City Council and was elected Mayor pro tempore by his fellow Council members.

http://www.conservapedia.com/Jim_Cramer

On September 29, 2008, during a segment of Mad Money on CNBC, Jim Cramer discussed the Wachovia call he made on September 15, 2008.[44][45] Wachovia CEO Bob Steel told Mad Money viewers that out of $500 billion in loans on the bank’s books, only $10 billion were bad. Just two weeks later, Citigroup bought Wachovia for a highly discounted price, because the actual total was $42 billion, and the FDIC was about to seize Wachovia. Cramer trusted CEO Bob Steel, who he’s known as a solid financier for 25 years, and he urged viewers to do the same. More than anything, Cramer was mad at himself for letting his viewers down. “I let you down,” Cramer said. “I let my judgment of Steel cloud my thinking about Wachovia.”[45] He apologized both on Mad Money and on the Today Show for believing in Steel.

...

Mr. Steel is survived by seven sons, Charles Leighton Steel IV, Robert King Steel , John Deaton Steel , Richard Leighton Steel , William Seldon Steel , James McIntyre Steel , and Paul Riddell Steel ; and seven grandchildren. He is also survived by his sister, Betty Ann Martens of Dayton, Virginia; and his brother, John S. Steel of Harwichport, Massachusetts.

On March 9, 2009, on Mad Money,[51] Jim Cramer said Frank Rich “chastised me for endorsing Wachovia’s stock after then-CEO Bob Steel came onto Mad Money and spoke positively about the bank.” After the bank collapsed, Cramer reminded viewers that he takes pride in “the part about accountability,”[52] and is the first person to admit when wrong. Cramer mentioned, “Look, I was taken in, the guy pantsed me. I made a mistake. The SEC is investigating Steel’s appearance on the show for truthfulness, though. I made a mistake, but they’re investigating him to see if he lied. Bigger issue. Sometimes you just get had.”[51]

http://www.cnbc.com/id/26728133/CNBC_EXCLUSIVE_CNBC_TRANSCRIPT_CNBC_S_JIM_CRAMER_INTERVIEWS_WACHOVIA_PRESIDENT_CEO_ROBERT_STEEL_ON_MAD_MONEY_W_JIM_CRAMER_TONIGHT

CNBC EXCLUSIVE: CNBC TRANSCRIPT: CNBC’S JIM CRAMER INTERVIEWS WACHOVIA PRESIDENT & CEO ROBERT STEEL ON “MAD MONEY W/JIM CRAMER” TONIGHT

http://www.chicagobooth.edu/magazine/30/2/feature2.aspx

Guiding Domestic Finance
by Melissa M. Bernardoni
Published: June 7, 2008

EXCERPT

Steel: I didn’t have a mindset toward an analytical approach, so I found the ideas of linear programming, and how series relate, and statistics with Harry Roberts quite helpful.

As one becomes more interested in planning and managerial issues, these skills become even more valuable. Look at what’s happened in finance. When I started at Goldman Sachs in 1976, there were few derivatives aspects to the capital markets, so you didn’t need to understand the concepts of derivatives very clearly. Today you’re not as well positioned if you’re not comfortable with more sophisticated financial relationships, for which Chicago gives a terrific foundation. I’ve always liked the analogy that the GSB gives you tools you can apply to any situation. At Chicago, I picked up many tools, especially on the analytical side, that I had not developed in my undergraduate program. I had a liberal arts background, so Chicago really let me burnish another side of my potential.

For me, the most enjoyable were all the investment classes: Jim Lorie’s, Merton Miller’s. That was like dessert for me; I found it interesting and just plain fun.

Snyder: Your experience in privatization put you at an important intersection between finance and public policy. Was that part of the backdrop for your involvement with [Harvard’s John F.] Kennedy School [of Government]? It might seem unusual for a partner at Goldman to decide he wants to be involved in a significant way with the Kennedy School.

Steel: Goldman Sachs has a pretty long tradition of encouraging people to engage in all parts of life outside the firm. Consider many of the people who led the firm while I was there: John Whitehead, former deputy secretary of state; Bob Rubin, the first head of the National Economic Council and then secretary of the treasury; Steve Friedman, former head of the National Economic Council and now head of the president’s foreign advisory force on intelligence; Jon Corzine, ’73, former U.S. senator and New Jersey’s current governor; and Hank Paulson, secretary of the treasury. There’s a tradition from the top of being interested in public service and the world outside 85 Broad Street.

I decided to leave Goldman Sachs full time in 2004. A colleague from Goldman Sachs had been working on a class at Harvard and invited me to join him. We co-taught that class for two years, which was a lot of fun. We talked about the economic aspects of public policy and looked at issues, whether it was Social Security or Medicare/Medicaid or Basel, as financial and public policy issues. Public policy schools and business schools have their respective lenses on these issues and we tried to bring them closer to the middle. These are challenging economic issues with a big public policy effect. It was a comfortable transition from Goldman Sachs to think about these issues, and it served as a nice—and completely serendipitous—transition to this job.

Snyder: How did you end up in this job?

Steel: Secretary Paulson called in late June 2006. He and I had been close associates for almost 30 years. I joined Goldman Sachs in 1976 in Chicago and the secretary also worked in the Chicago office, having joined the firm about a year earlier. We were on the 60th floor of the Sears Tower, when that was a new building, and the office had less than 100 people. There are different divisions of the firm, but in a regional office you can’t help but know each other. Over the years, he has been my associate, my partner, and my boss. I’ve always had tremendous respect for him. So when he called and suggested there might be a way that I could help at Treasury, I was quite honored.


138 posted on 01/01/2012 2:07:26 PM PST by maggief
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To: maggief

Sorry ... copy and paste error ... this is part of the obit posted above..

Mr. Steel is survived by seven sons, Charles Leighton Steel IV, Robert King Steel , John Deaton Steel , Richard Leighton Steel , William Seldon Steel , James McIntyre Steel , and Paul Riddell Steel ; and seven grandchildren. He is also survived by his sister, Betty Ann Martens of Dayton, Virginia; and his brother, John S. Steel of Harwichport, Massachusetts.

Should read:

Obituary - STEEL III
Herald-Sun, The (Durham, NC) - October 28, 2004

STEEL III DURHAM - Mr. Charles Leighton Steel III died Wednesday, October 27, 2004. He was born January 13, 1921, in Philadelphia, Pennsylvania. He grew up in Teaneck, New Jersey where his father was the high school principal. He graduated from Duke University in 1942 where he was captain of the lacrosse team. Following graduation, he entered the Marine Corps as an officer candidate and trained as a paratrooper. He served in the South Pacific and then as a member of the 28th Regiment, Fifth Marine Division that conducted the amphibious assault on Iwo Jima and raised the flag on Mount Surabachi. He was promoted to the rank of Captain, and after occupation duty in Japan he returned to Durham and established Steel Music Company as an operator and distributor of jukeboxes.

He was later a general agent for Life Insurance Company of North Carolina and Georgia International Life Insurance Company. He was active in civic affairs serving five terms as a member of the Durham City Council and was elected Mayor pro tempore by his fellow Council members.

Mr. Steel is survived by seven sons, Charles Leighton Steel IV, Robert King Steel , John Deaton Steel , Richard Leighton Steel , William Seldon Steel , James McIntyre Steel , and Paul Riddell Steel ; and seven grandchildren. He is also survived by his sister, Betty Ann Martens of Dayton, Virginia; and his brother, John S. Steel of Harwichport, Massachusetts.

http://www.conservapedia.com/Jim_Cramer

On September 29, 2008, during a segment of Mad Money on CNBC, Jim Cramer discussed the Wachovia call he made on September 15, 2008.[44][45] Wachovia CEO Bob Steel told Mad Money viewers that out of $500 billion in loans on the bank’s books, only $10 billion were bad. Just two weeks later, Citigroup bought Wachovia for a highly discounted price, because the actual total was $42 billion, and the FDIC was about to seize Wachovia. Cramer trusted CEO Bob Steel, who he’s known as a solid financier for 25 years, and he urged viewers to do the same. More than anything, Cramer was mad at himself for letting his viewers down. “I let you down,” Cramer said. “I let my judgment of Steel cloud my thinking about Wachovia.”[45] He apologized both on Mad Money and on the Today Show for believing in Steel.

...

On March 9, 2009, on Mad Money,[51] Jim Cramer said Frank Rich “chastised me for endorsing Wachovia’s stock after then-CEO Bob Steel came onto Mad Money and spoke positively about the bank.” After the bank collapsed, Cramer reminded viewers that he takes pride in “the part about accountability,”[52] and is the first person to admit when wrong. Cramer mentioned, “Look, I was taken in, the guy pantsed me. I made a mistake. The SEC is investigating Steel’s appearance on the show for truthfulness, though. I made a mistake, but they’re investigating him to see if he lied. Bigger issue. Sometimes you just get had.”[51]


139 posted on 01/01/2012 2:30:20 PM PST by maggief
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To: maggief; thouworm; alamogal
Any connections with banks in the Caribbean?

Remember the journalist found dead in his motel room the morning he was suppose to bring the Clinton's account numbers with him to England? They were suppose to be receiving money from drug movement through Arkansas's airport?

Think Alamo gal has it all documented.

140 posted on 01/01/2012 2:36:26 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: hoosiermama
IMO Off shore banking in the Caribbean should be monitored. Any/all transfer of funds in any amount from one of these banks to any on shore immediately noted and followed.

Your comment reminded me of this quote by the whistleblower Martin Woods in the article in post 126. I don't think I quoted it in #126. I should have. Woods has extensive knowledge about operations in London:

"New York and London," says Woods, "have become the world's two biggest laundries of criminal and drug money, and offshore tax havens. Not the Cayman Islands, not the Isle of Man or Jersey. The big laundering is right through the City of London and Wall Street.

How a big US bank laundered billions from Mexico's murderous drug gangs

141 posted on 01/01/2012 2:42:18 PM PST by thouworm (.)
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To: maggief; Liz

Great post Maggie IIRC Liz has background on non-profit organizations and their illegal activities. Maybe she can give us some insight on the groups he has been involved in.


142 posted on 01/01/2012 2:44:55 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: thouworm
HMMMMmmm Steel was in Chicago and London
From a local scandal, it wasn't so much as being dishonest yourself, but who the individual networked, bonded and trusted. The crook covered his own azz, while his pansies ended up doing time.

Small things are often overlooked when friendship is involved. Just ask the all Rat city counsel in our community who were all voted out because they trust an individual or embezzled hundred of thousands.

143 posted on 01/01/2012 3:00:20 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: hoosiermama

“HMMMMmmm Steel was in Chicago and London”

He had London connections with GS (lived there) and then did that short stint at Barclays.
~~~~~~~~~~~~

Barclays Bank, 2005–06

From June 1, 2005 to October 11, 2006, Steel served on the board of directors of Barclays Plc.[4]

In 2005 he helped settle a conflict between Barclays’ commercial and investment divisions over who would serve a newly purchased South African bank.

Treasury Secretary Henry Paulson later said of Steel: “He’s very good at smoothing over conflicts; and when there’s tensions, bringing the temperature down.”[5] Wikipedia
~~~~~~~~~~~~~~~

This position seems a little odd to me. Given the timing in the chronology, I am suspicious there was more to it.


144 posted on 01/01/2012 3:09:07 PM PST by thouworm (.)
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To: hoosiermama; thouworm

http://www.sourcewatch.org/index.php?title=Goldman_Sachs

Exposing foreign institutions to subprime risk

Goldman Sachs used offshore tax havens, often in the form of secret deals run through the Cayman Islands, to sell its mortgage-backed securities to institutions worldwide, including European and Asian banks. In at least one such offering, as documented in a September 26, 2006 investment circular, Goldman Sachs pitched supposedly high-grade bonds backed by residential, commercial, and student loans, but the ratings of many of the mortgage securities hid their true risks and, in some cases, Goldman’s descriptions exaggerated their quality. The September 2006 offering, one of billions of dollars worth of such deals in 2006 and 2007, was made at a time when Goldman Sachs began to disengage from the subprime market. “One bond analyst who reviewed the 2006 Cayman deal dismissed it in a report to clients as ‘a not so cleverly disguised way for Goldman Sachs & Co. to unload its unwanted exposures to the subprime real estate market onto foreign investors.’”[25]

...

In his 2009 book, Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves, Andrew Sorkin reports that same week Paulson was trying to convince Goldman to buy Wachovia.

Jim Wilkinson, Paulson’s chief of staff, realized that such a deal would be a public-relations nightmare at the worst possible time—just as they were trying to pass TARP. “Hank, if you do this, you’ll get killed,” Wilkinson frantically told his boss. “It would be f*cking crazy.” Paulson, he said, would lose credibility; he would be accused of lining the pockets of his friends at Goldman; the “Government Sachs” conspiracy theories would flourish.[117]

Throughout this time, Treasury Secretary Henry Paulson, formerly a Goldman Sachs chief executive was aided in his administration of the Treasury Department by numerous advisers who also had personal ties to Goldman Sachs.[118]

...

Political appointees and figures

Robert Rubin, Former United States Treasury Secretary
John Corzine, Governor of New Jersey
Henry Paulson, Chief Executive, U.S. Treasury Secretary under George W. Bush
Robert Zoellick - United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006), World Bank President. 2007-
Reuben Jeffery III, Under Secretary of State for Economic, Business, and Agricultural Affairs (2007-)
Joshua Bolten, Bush’s chief of staff during the bailout
Mark Patterson, Obama’s Treasury chief of staff, former Goldman lobbyist
Ed Liddy, whom Paulson put in charge of bailed out insurance giant AIG, the former Goldman director
Neel Kashkari, Head of TARP
Gene Sperling, Deputy Dept of Treasury
Gary Genzler, CFTC Chair
Robert D. Hormats, Dept of State Under Secretary for Economic, Energy and Agricultural Affairs (2009 -)
Phil Murphy, Democratic Party’s national finance chairman, represents the United States in Berlin [14]

Other notable Goldman alums: [13]

George Herbert Walker IV - member of the Bush family and current managing director at Neuberger Berman
Robert Steel - Chairman and President, Wachovia.
Jim Cramer, MSNBC Commentator
Michael Cohrs, Head of Global Banking at Deutsche Bank
Mark Carney, Current Governor of the Bank of Canada [92][93]
Malcolm Turnbull, Australian politician, currently the federal leader of the Liberal Party of Australia.
John Thain,former Chairman and CEO, Merrill Lynch, and former chairman of the NYSE.
Romano Prodi, Prime Minister of Italy twice (1996-1998 and 2006-2008) and President of the European Commission (1999-2004)[94]
Mario Draghi, governor of the Bank of Italy (2006- )[94]
Massimo Tononi, Italian deputy treasury chief (2006-2008)[94]

Former Goldman Sachs Employees Hired by the Obama Administration

Mark Patterson: former Goldman Sachs lobbyist, currently Treasury chief of staff; [119]

Gary Gensler: former Goldman partner, currently chair of the Commodity Futures Trading Commission. [120]

Gene Sperling: former Goldman consultant earning $887,727 from the bank in 2008, currently Counselor to Treasury Secretary Timothy Geithner. [121]

Diana Farrell: former Goldman employee, currently deputy director of the White House’s National Economic Council. [122]

Former Goldman Sachs Employees Hired by the Bush Administration

Joshua Bolten: former Goldman Sachs executive, Chief of Staff to President Bush.[123]

Henry Paulson: former Goldman Sachs CEO, appointed Treasury Secretary in 2006 on Bolten’s recommendation.[124]

Neel T. Kashkari: former Goldman Sachs investment banker, hired as Interim Assistant Secretary of the Treasury for Financial Stability in 2006, headed the Office of Financial Stability during the financial crisis and given responsibility for TARP.[125]

Reuben Jeffrey: previously Under Secretary of State for Economic, Energy and Agricultural Affairs, Chairman of the Commodity Futures Trading Commission, worked for 18 years at Goldman Sachs, hired by Kashkari in 2008 as interim chief investment officer for TARP. [126] [127]

Dan Jester: former Goldman Sachs strategic officer, hired on contract to advise Henry Paulson during the crisis, advised on AIG, GSEs, TARP and other bailouts. [128]

Steve Shafran: former Goldman Sachs trader in Asian private equity, hired by Paulson to handle student loan and money market issues.[129]

Kendrick R. Wilson III: former Goldman Sachs executive, enlisted as unpaid adviser to canvass banks on reaction to Treasury initiatives during crisis.[130]

Edward C. Forst: former Goldman Sachs chief administrator, hired as advisor to Paulson during the crisis, became head of Goldman Sachs asset management division in 2010.[131] [132]

Robert K. Steel: former Goldman Sachs vice chairman, hired by Paulson Undersecretary of the Treasury for Domestic Finance in 2006. [133]

Ed Liddy: former Goldman Sachs director, appointed by Paulson as CEO of AIG.[134]

Former Goldman Sachs Employees Hired by the Clinton Administration

Robert E. Rubin: former co-partner of Goldman Sachs, where he worked for twenty six years. Appointed by Clinton in 1993 to be first director of the National Economic and then appointed as Treasury Secretary, a post he held from 1995 to 1999. [135]

Former Government Officials Hired by Goldman Sachs

Richard Gephardt: Goldman Sachs lobbyist, former House Democrat Leader. [136]

Harold Ford Sr.: Goldman Sachs lobbyist, former Representative, (D-Tenn.). [137]

Steve Elmendorf: Goldman Sachs lobbyist, former deputy campaign manager for John Kerry and aide to Richard Gephardt. [138]

Kenneth Duberstein: Goldman Sachs lobbyist, Reagan White House chief of staff. [139]

Eric Ueland: Goldman Sachs lobbyist, former Senate Majority Leader Bill Frist’s (R-Tenn.) chief of staff.[140]

Robert Zoellick: hired by Goldman Sachs as managing director in 2006, former US Trade Representative 2001 – 2005, Deputy of the US State State Department 2005 – 2006, , n became World Bank President in 2007. [141]

Goldman Sachs Connections with the Federal Reserve

William C. Dudley: former Goldman Sachs partner and managing director, hired by then President of the New York Fed Timothy Geithner to work at the New York Fed in 2007, became New York Fed’s President in 2009. [142]

Stephen Friedman: former Goldman Sachs chairman, appointed to the New York Fed in the category reserved for representatives of the public, chaired New York Fed, chaired President Bush’s Foreign Intelligence Advisory Board. Resigned from New York Fed in 2009 due to controversial purchase of Goldman Sachs shares. [143]

Gerald Corrigan: currently Goldman Sachs managing director, former CEO and President of the New York Fed from 1985 to 1993. [144] [145]

Other notable Goldman connections

South African officials

Prior to South Africa’s first democratic elections in 1994, Goldman Sachs trained ANC economists. Of those Goldman Sachs trained, Tito Mboweni became South Africa’s Reserve Bank Governor. On his retirement from the Bank Mboweni was hired by Goldman Sachs as an advisor. Lesetja Kganyagom, another Goldman Sachs trainee, is the director-general of the National Treasury. [146]

http://www.charlierose.com/download/transcript/10674

ANDREW SORKIN: You know, the fascinating part about Hank Paulson was
that he did see this coming. And, you know, the book starts the day after
Bear Stearns is sold to J.P. Morgan for $2 a share. I was on your program
and we talked about it.

And it becomes an inflection point for the rest of the story. And
there’s a very important meeting that happens about two weeks after that
transaction takes place where Hank is having his morning meeting with his
staff at 8:30 in the morning, everybody’s arrayed around the room, and he
says “Lehman Brothers may be insolvent, too.”

And that is really a moment where you realize, OK, you can start to
see how the dominos are going to play out. And that’s really how the book
is structured. You’re just watching the dominos go.

And he spends the next six months to his credit to some degree trying
to save Lehman Brothers in ways that we as the public at least never
appreciated.

CHARLIE ROSE: For example?

ANDREW SORKIN: He is — for example, behind the scenes he is calling
his friend Warren Buffett and saying, “Warren, you should think about
making an investment in Lehman Brothers.”

In fact, there’s a whole sequence over a weekend in March — this is
March of 2008. This isn’t over the summer, this isn’t a month or a week
before they went under. This is in March where they’re trying to get this
deal done.

He ends up directing one of his colleagues, Bob Steele, who later
leaves treasury to go to Wachovia, Bob Steele...

CHARLIE ROSE: He was formally with Goldman Sachs.

ANDREW SORKIN: Formerly of Goldman Sachs as well, and we can talk
about the Goldman Sachs in connection in a second. But Bob Steele was
making calls to Bob Diamond, the CEO of Barclays, to try to buy Lehman
Brothers not in September of 2008, but in April.

http://www.scribd.com/doc/23788612/Break-the-Glass-Plan-for-the-US-Treasury-Dept-by-Neel-Kashkari

The Confidential “Break the Glass” Plan was written by the Treasury Department on April 15, 2008, five months before the near economic ..


145 posted on 01/01/2012 3:14:59 PM PST by maggief
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To: thouworm

Remember seeing a drug route from Afganistan to US years back....Can’t remember if South Africa was on it. But don’t they have a fairly open banking system? An entry point from Asia to Europe?


146 posted on 01/01/2012 3:16:40 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: thouworm

I see a pattern ...

http://www.upi.com/Business_News/2006/06/22/Barclays-buys-Wachovia-unit-for-469M/UPI-69751151006554/

Barclays buys Wachovia unit for $469M
Published: June 22, 2006 at 4:02 PM

NEW YORK, June 22 (UPI) — Barclays Bank PLC is paying $469 million to Wachovia Corp. to buy the U.S. mortgage servicing business of HomEq Servicing Corp.

(snip).

It also said it sees the deal as an opportunity to “grow our existing U.S. mortgage securitization franchise.”


147 posted on 01/01/2012 3:31:22 PM PST by maggief
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To: maggief; thouworm
Here's a blurb from CHicago thread:

“Antoin Rezko’s money man and “close friend” is London based Iraqi billionaire Nadhmi Auchi who is one of the wealthiest and most powerful men in the corporate, banking, political and real estate world. It is Nadhmi Auchi who funded Antoin Rezko.”

Auchi funded BhO's house in Chicago...etc etc etc

148 posted on 01/01/2012 3:33:54 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: maggief

IIRC Cayman Islands is where CLintons were reported to have their hidden accounts.

Can we tie Auchi/Obama into Barclays?


149 posted on 01/01/2012 3:44:39 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: hoosiermama; thouworm

Steel:

Kennedy School, 2004–06

From February 2004 to September 2006, Steel was a senior fellow at the John F. Kennedy School of Government at Harvard University.[21]

Auchi:

He was also Vice-Chair of the Kennedy School of Government at Harvard University from 1996 and 2000

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

http://www.isgp.eu/introduction.htm

At the time of the Oil-for-Food scandal it turned out that Nadhmi Auchi’s General Mediterranean Holdings
had a majority share in BNP Paribas (34), the bank that handled all of the Iraqi loans and has subsidiaries all over the Middle-East. Auchi is a member of Le Cercle and is up to his ears involved in illegal arms trafficking, British Intelligence, and the British throne itself. Look for his bio in the membership list of Le Cercle.


150 posted on 01/01/2012 4:02:21 PM PST by maggief
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