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‘Fast and Furious’ Linked to Immunity Deal Between U.S. and Sinaloa Cartel, Trafficking Defendant... ^ | 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: maggief; thouworm

SOme information but some BS from:

Information on Wikileaks that we can’t get to.

151 posted on 01/01/2012 4:04:11 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: hoosiermama

“One investor in all three regions, billionaire Nadhmi Auchi, is widely regarded as a corrupt supporter of Saddam Hussein’s regime who got his money from doing deals, especially illegal arms transfers for Saddam,” states the report.

Auchi is a central figure in the U.N. oil-for-food program where both U.S. Congress and a special U.N. investigation are looking into massive corruption and a missing $10 billion.

Auchi is no ordinary man but a member of Saddam Hussein’s inner circle. Auchi was tried alongside Saddam Hussein for his involvement in a conspiracy to assassinate an Iraqi prime minister in the 1950s. Auchi used money from military contracts in Iraq to establish close political, business and banking contacts in Britain and Luxembourg.

“His first business coup was to broker a deal to sell Italian frigates to the Iraqi defense ministry, for which he received millions of dollars in commission. The deal to buy the ships and other military equipment from the Italian naval shipyards, Catiri Navali Riunit, sparked an Italian parliamentary investigation into alleged bribes. Investigators discovered that a Panamanian company owned by Auchi, the Dowal Corporation, was used to funnel alleged illegal payments,” noted the May 2004 Defense Department report.

Auchi’s relationship with the British government is already under fire, with the billionaire having collected several prominent politicians as directors of his vast European empire of holdings.

152 posted on 01/01/2012 4:12:12 PM PST by maggief
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To: maggief
He certainly has no compass....Is he now involved with drug/human trafficking?
153 posted on 01/01/2012 4:29:25 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: neverdem
U.S. prosecutors deny the existence of such an immunity deal between the U.S. government and the cartel.

LOL! The day has finally dawned when a .gov mouthpiece (aka federal prosecutor) opens his yap, and nobody believes him...

154 posted on 01/01/2012 5:04:33 PM PST by kiryandil (turning Americans into felons, one obnoxious drunk at a time (Zero Tolerance!!!))
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To: saintgermaine

“I wonder how many in our government are on the cartels payroll? Just too much easy money floating around.”

Too much money via other sources to take money from this.

Now turning a blind eye is another story.

155 posted on 01/01/2012 5:36:04 PM PST by EQAndyBuzz (Mose Conservative in the Primary, the Republican Nominee in the General.)
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To: kiryandil

Patrick Fitzgerald killed all my trust in Fed prosecutors with his Valerie Plame/Scooter Libby investigation/prosecution. Fitzgerald should be spending the rest of his life in prison for what he did.

156 posted on 01/01/2012 5:49:36 PM PST by TigersEye (Life is about choices. Your choices. Make good ones.)
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To: maggief

“I see a pattern...”

then, a little over three months later, he goes to the Treasury Dept as Under-Secretary

157 posted on 01/03/2012 9:17:00 AM PST by thouworm (.)
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To: maggief

Thanks for posting that Jim Cramer/Steel episode.

I had forgotten about that, but I had watched those programs and distinctly remember Cramer was humiliated. Stunned, in fact, that he had been so taken. Cramer is at least smart enough to listen for all the fudge words, and He trusted Steel to convey an accurate picture (or, at the very least, not to break the law).

My post 137:

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.

AND, from your post,

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.

“On March 9, 2009, on Mad Money,[51]... 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.”

So....the investigation on Steel didn’t begin til Jan 2009. What happened to that investigation?

Like I said, Steel has a canny ability to skirt trouble and keep a squeaky clean “image.”

158 posted on 01/03/2012 9:40:21 AM PST by thouworm (.)
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To: thouworm

Wachovia, Wells Fargo, and the Taxpayer-Funded “Stealth” Bailout

Steel departed from Treasury just before the Wall Street meltdown, then took the helm at Wachovia. As Wachovia was failing, “the FDIC wanted to put the company through receivership—shutting it down and wiping out its shareholders. But Steel’s buddies at Treasury and the Fed intervened, and instead of closing Wachovia, they arranged a merger with Wells Fargo at $7 a share—saving Steel himself $7 million.”[1] Wells Fargo accepted $25 Billion in taxpayer-funded TARP bailout dollars, and Steel sat on Wells Fargo’s board until July 2010.

CBS Evening News on Wachovia’s “Stealth” Bailout

In February 2009, CBS Evening News made the following report:[5]

Troubled Wachovia has been bought out by Wells Fargo for $12.7 billion, creating the nation’s second-largest bank in terms of deposits. But it might not have happened without the generous support of the federal government and your tax dollars.

Here’s how. Last fall, in the span of just six days, Wells Fargo flip-flopped: first rejecting then accepting a deal to buy Wachovia.

What changed so drastically in less than a week? Two things.

First, Treasury Secretary Henry Paulson quietly issued a document revising the tax code, giving enormous benefits to some banks that buy other banks. For Wells Fargo, it could be worth up to $25 billion.

Then, Congress passed the giant bailout that would provide $25 billion in direct funds to Wells Fargo.

The very same day the bailout passed, Wells Fargo announced the surprise turnaround to investors: It would buy Wachovia after all.

On a call, Richard Kovacevich, the chairman of Wells Fargo, said: “This is of course a very exciting moment in the long history of Wachovia and Wells Fargo.”

Wells Fargo became one of nine banks to receive bailout money and quickly close deals with other banks. The takeovers are so politically dicey that a Wells Fargo executive assured Congress his company did not use bailout funds to buy Wachovia.

“We completed our own capital raise to assure that we have the appropriate levels of capital to complete that transaction,” said Jon Campbell, the CEO of the Minnesota region of Wells Fargo bank.

But nobody from Wells Fargo would explain how that squares with their press release from two weeks earlier. It says money raised by issuing stock and “the capital investment from the government” - that’s the taxpayer bailout - “will enable us to finance the Wachovia acquisition.”

159 posted on 01/03/2012 9:55:06 AM PST by maggief
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To: maggief; hoosiermama
Another thread on Nadhmi Auchi from Dec 2008

Does Barack Obama Sing the Tiger Song?

How many have heard of Nadhmi Auchi? Why are we not hearing more about him? Nadhmi Auchi was born in 1937. He is an Iraqi born British-resident and Britain's 22nd wealthiest individual.

Nadhmi Auchi co-conspired with fellow Baathist Saddam Hussein in 1959 to assassinate then Prime Minister Abd al-Karim Qasim. Rezko and Obama are both financially connected to him.

MSNBC reports that Nadhmi Auchi had helped Orascom (which owns Djezzy GSM), owned by Onsi Sawiris, gain a contract to set-up mobile phone networks in post-Saddam's Iraq.

As per Orascom's annual report, page 65, Huawei Technologies is listed as a subsidiary of Orascom.

NATO code-named Huawei network's “Tiger Song”.

The Huawei network was used to shoot down allied aircraft flying patrol over the Iraqi skies.

The network was installed in violation of an U.N. embargo. Worse still, the air defense network was paid for by the corrupt oil-for-food program which sent cash to Huawei that was intended to feed starving Iraqi children.

So why would Barack Hussein Obama know anything about a "Tiger Song"? The Times Online UK reported in February 2008:


Court papers describe Mr Rezko as a close friend of Mr Auchi, although Mr Auchi disputes this. The two are involved in a large Chicago land development together. But it is unclear how long the two men have known each other or whether they were linked before the 2003 Iraq war. Neither side would discuss their relationship.

The Times has, however, discovered state documents in Illinois recording that Fintrade Services, a Panamanian company, lent money to Mr Obama’s fundraiser in May 2005.

Fintrade’s directors include Ibtisam Auchi, the name of Mr Auchi’s wife.

160 posted on 01/03/2012 10:01:30 AM PST by thouworm (.)
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To: thouworm

Aug. 5, 2011, 12:08 p.m. EDT
Wachovia settles class action suit for $627M

161 posted on 01/03/2012 10:11:56 AM PST by maggief
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To: maggief

just surreal...


162 posted on 01/03/2012 10:19:11 AM PST by thouworm (.)
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To: thouworm; maggief; STARWISE

If the money was “lent” and not paid back it would be considered a contribution wouldn’t it...Illegal for foreign entities to contribute to a candidate isn’t it? Shouldn’t this have been turned over to the FEC for investigation? Has it?

163 posted on 01/03/2012 10:24:00 AM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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To: maggief

Still looking for what happened to that SEC investigation and found this:

SEC Charges Wachovia With Fraudulent Bid Rigging in Municipal Bond Proceeds
Wachovia Agrees to $148 Million Settlement With SEC and Other Authorities


Washington, D.C., Dec. 8, 2011

Only reason I mention is that it appears that SEC gets a complaint, SEC “investigates,” and, depending on rank on the SEC’s most-favored list, said corporation in question gets tapped on the knuckles and pays a quite reasonable pay-to-play fine.

164 posted on 01/03/2012 10:25:42 AM PST by thouworm (.)
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To: thouworm

(no link)

Wachovia suits dismissed
Winston-Salem Journal (NC) - Friday, February 25, 2011
Author: RICHARD CRAVER ; JOURNAL REPORTER ; Winston-Salem Journal
A judge has dismissed two shareholder lawsuits against Wachovia Corp., including one in Forsyth County, in which the plaintiffs claimed they were misled by management during the bank’s collapse in 2008.

John Jolly Jr., the chief special Superior Court judge for complex business cases in N.C. Business Court, dismissed separate cases Wednesday that had been filed by five plaintiffs in Forsyth and three in Mecklenburg County.

The lawsuits were filed Oct. 1, 2009 — two days after the stunning announcement that Citigroup was going to buy Wachovia and nine days before Wells Fargo & Co. beat out Citigroup’s offer and bought Wachovia with the blessing of the Federal Deposit Insurance Corp.

Tony Plath, a finance professor at UNC Charlotte, estimated that about $1 billion in shareholder value vanished in the Carolinas from the Wachovia collapse.

Plath said he was not surprised by the judge’s decision.

“Basically, the Business Court is concluding that there’s no compelling reason that the plaintiffs should be treated any differently from any of Wachovia ‘s other shareholders, and we all lost a bunch of money from our equity experience at Wachovia ,” he said.

Both lawsuits had as defendants Wachovia and Wells Fargo, as well as Ken Thompson, the former chairman and chief executive of Wachovia , and Robert Steel , who succeeded Thompson as chief executive and was in charge when it was sold to Wells Fargo.

Also named as defendants were Thomas Wurtz, its former chief financial officer, and Donald Truslow, its former chief risk officer, who left as Wachovia declined in 2008.


Washington, D.C., Dec. 8, 2011

SEC Charges Wachovia With Fraudulent Bid Rigging in Municipal Bond Proceeds
Wachovia Agrees to $148 Million Settlement With SEC and Other Authorities

165 posted on 01/03/2012 10:27:39 AM PST by maggief
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To: thouworm



INVESTIGATED ... as in dropped?

Steel is no stranger to public scrutiny. After Wachovia was taken over, the SEC investigated whether Steel misled investors when he said the company was planning to stay independent, and then a day later started talks to sell the company.

166 posted on 01/03/2012 10:31:34 AM PST by maggief
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To: maggief

Municipal bonds’ seamy underside exposed


The game worked like this: After cities or states sold bonds, they would hire brokers known as bidding agents to garner competitive bids from the banks, which would create vehicles to hold the proceeds until the municipality was ready to spend them. But instead of creating competitive auctions, the brokers would instead regularly collude with bankers, telling them just how much they needed to bid in order to win the business, in return for kickbacks.

In an example cited in an SEC lawsuit last week, a Wachovia banker asked if his $3.5 million offer for some business in New Jersey would be “embarrassing,” as in too high, and the bidding agent said it “might.” But when another party at the last minute indicated he would offer $5.25 million, the bidding agent warned that the bid was “a little high, and he should check his numbers to make sure ... he wasn’t ‘overpaying’.”

Wachovia won the deal with a $3.3 million bid, depriving the New Jersey issuer of $2 million in cash that it would have otherwise collected. Capping off the sorry episode, Wachovia later falsely certified that it had participated in a bona fide auction.

The amounts in the New Jersey example may be small, but the muni-bond market is huge and the corruption seems to have been rampant. The SEC said that Wachovia rigged at least 58 transactions between 1997 and 2005, involving $9 billion worth of municipal securities.

Expect to hear about more cases involving all of Wall Street’s big banks in the coming month

167 posted on 01/03/2012 10:37:00 AM PST by maggief
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To: maggief


Latest Silly SEC Investigation: Bob Steel, Wachovia; Henry Blodget|January 24, 2009

In some cases, this sort of investigation is worthwhile: When a CEO or other senior officer made material, detailed public statements that were clearly inaccurate when there is evidence that he or she knew differently.

In other cases, however, this sort of investigation is ridiculous: When CEOs make vague optimistic noises that subsequently prove to have been misplaced.

Based on the details that have been leaked so far, the SEC's investigation of Bob Steel is the latter sort:

"silly investigation" --- remember Blodget? lol

OK; I give up. I am assuming the disposition of that investigation is only to be found in the fine print of pdf SEC files or in a FOIA request.

168 posted on 01/03/2012 11:11:13 AM PST by thouworm (.)
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To: thouworm

Yeah, right ... filed along with those American Express Bank and Wachovia money laundering (expired) criminal investigations. : o /

169 posted on 01/03/2012 11:17:07 AM PST by maggief
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To: maggief

“Expect to hear about more cases involving all of Wall Street’s big banks in the coming months.”

Where this will go as well -— the black hole of SEC investigations.

Unless...the Municipal-bonds case is to be used to 1) get heavier Wall St campaign contributions, and 2) demonstrate how independent Obama is from Wall St money. Then it will be highly publicized, with knuckle-tapping pay-to-pay fines.

170 posted on 01/03/2012 11:32:54 AM PST by thouworm (.)
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Disappointed Cat is Disappointed

You Didn’t Donate?
I’m Very Disappointed in You
Boop My Nose!

171 posted on 01/03/2012 12:02:55 PM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: thouworm; maggief

Campaign CONtributions = Pay to play

172 posted on 01/03/2012 1:25:09 PM PST by hoosiermama (We need more Jobs.....Steve Jobs....entrepreneurs and creators.)
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