Tag Archives: Bank of America

Money Laundering and the Drug Trade: Role of the Banks

wachovia drug money laundererBy Dylan Murphy
Global Research

Mexico is in the grip of a murderous drug war that has killed over 150,000 people since 2006. It is one of the most violent countries on earth. This drug war is a product of the transnational drug trade which is worth up to $400 billion a year and accounts for about 8% of all international trade.

The American government maintains that there is no alternative but to vigorously prosecute their zero tolerance policy of arresting drug users and their dealers. This has led to the incarceration of over 500,000 Americans. Meanwhile the flood of illegal drugs into America continues unabated.

One thing the American government has not done is to prosecute the largest banks in the world for supporting the drug cartels by washing billions of dollars of their blood stained money. As Narco sphere journalist Bill Conroy has observed banks are ”where the money is” in the global drug war.

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The Coming Derivatives Crisis That Could Destroy the Entire Global Financial System


By The Economic Collapse

Most people have no idea that Wall Street has become a gigantic financial casino.  The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.

The word “derivatives” sounds complicated and technical, but understanding them is really not that hard.  A derivative is essentially a fancy way of saying that a bet has been made.  Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever seen before.

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HOLY BAILOUT – Federal Reserve Now Backstopping $75 Trillion Of Bank Of America’s Derivatives Trades

By The Daily Bail

UPDATE – Chcek out regulator William Black’s blistering reaction to this story HERE.

This story from Bloomberg just hit the wires this morning.  Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers.  Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties.  Now the Fed and the FDIC are fighting as to whether this was sound.  The Fed wants to “give relief” to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input.

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First Fed audit reveals $16 trillion in secret loans; conflicts of interest

Fed Audit
By Sen. Bernie Sanders

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study.

“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

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The Federal Reserve Cartel: The Eight Families

By Dean Henderson
Global Research

(Part one of a four-part series)

The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.

According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1]

So who then are the stockholders in these money center banks?

This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.

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Bank of America Document Leaks Allege Insurance Scams

By Abigail Field
Daily Finance

At one minute past midnight on Monday morning, a hacker collective released a set of emails on the website BankofAmericaSuck.

While all the allegations in the leaked documents involve Bank of America (BAC) — through a soon to be ex-subsidiary called Balboa Insurance — they also implicate many other big banks that are clients of Balboa, including: “GMAC, Aurora Loan Services [a subsidiary of Lehman Bros Holdings], IndyMac Federal Bank [a subsidiary of OneWest Bank], Saxon, HSBC, PennyMac [a collection agency started by former Countrywide Home Loans executive Stan Kurland after CHL and Balboa were sold to BAC], Downey Savings and Loans, Financial Freedom, Select Portfolio Services, Wells Fargo/Wachovia and [BofA].”

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Black ops on GM critics, other social justice advocates reveal corporate-government collusion

Energy companies, biotech firms, business associations and globalists hire spies, police and mercenaries to scrutinize activists and thwart their activities. Methods include infiltration, criminal trespass, theft, computer hacking, and creating false identities and fraudulent documents to smear labor unions, environmentalists, and other progressive groups. Greenpeace, Common Cause and Protect Our Elections are fighting back with lawsuits. (Embedded links added.) ~Ed.

Greenpeace finds itself in cross hairs

By Peter Huck
New Zealand Herald

The first time Greenpeace USA realised they had a security problem was in April 2008 when Mark Floegel, senior investigator with the environmental organisation, took a call from a colleague.

“He told me Jim Ridgeway, a reporter with Mother Jones, was writing a piece and would call me for comment. I didn’t know what he was talking about,” Floegel said.

Ridgeway revealed Greenpeace had been “targeted” by a private security company and that a trove of sensitive documents was stashed in a Maryland storage locker.

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Chamber of Commerce thugs use terror tools to target me, my family

By Brad Friedman
The BradBlog

U.S. Chamber of Commerce Thugs Used ‘Terror Tools’ for Disinfo Scheme Targeting Me, My Family, Other Progressive U.S. Citizens, Groups

And why they are likely to get away with it…

“[W]ho better to develop a corporate information reconnaissance capability than companies that have been market leaders within the DoD and Intelligence Community.” – ‘Team Themis’, from their 11/3/10 “Corporate Information Reconnaissance Cell” proposal delivered to the U.S. Chamber of Commerce’s law firm Hunton & Williams.

As I learned late last Thursday, the U.S. Chamber of Commerce, the most powerful Right wing lobbying group in the country, was revealed to have been working with their law firm and a number of private cyber security and intelligence firms to target progressive organizations, journalists and citizens who they felt were in opposition to their political activism, tactics and points of view.

As I went on the air Thursday night — my fifth in a six-day guest hosting stint on the nationally syndicated Mike Malloy Show — revelations about the planned multi-million dollar political hit job by the security/intelligence firms working to develop a scheme for the U.S. Chamber (and another one, almost identical to it, on behalf of Bank of America) were just beginning to come to light. Both plots were being developed by the Chamber and BofA by the very same law firm, Hunton & Williams and with the cyber intelligence firms HBGary Federal, Berico Technologies & Palantir Technologies.

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“Too Big To Fail”

By Betsy L. Angert

April 25, 2010, the day before the scheduled Senate vote. The subject, a debate financial reform

On April 25, 2010, a day before a vote that would decide whether the Senate would debate financial reform, Senator Bernie Sanders spoke of the oft-stated belief, some enormous economic engines are to “Too Big To Fail.”

Senator Sanders presented the numbers beginning with the big four (4). Bernie Sanders bellowed, there are 4 major banks in our country. These are Bank of America, Wells Fargo, JP Morgan Chase, and CitiGroup. Many in the audience might have recalled that three of these Tapped the Fed for Financing in August 2007.

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Cuomo Takes on the Money Party

Bank of America Looks Like  First of Many

Michael Collins

“This merger (Bank of America and Merrill Lynch) is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.” (Image)

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Max Igan: The Calling

Australian filmmaker and freedom fighter, Max Igan, honors COTO Report by featuring us on his blog this week. Check out The Crow House.

Here is his latest film, The Calling, which is a condensed version (68 mins) of three of his films, The Big Picture, Fight the NWO with Global Non Compliance, and NWO: The Final Solution.

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