Sunday, June 1, 2008

aid4families $145M est. loss due to ABCP double standard


This week aid4families returns to court and across the country parties in the $32Billion debacle return as well. Aid4families will be facing the crown and rcmp who need to build a fraud case to justify the indictment. The crown, rcmp, nor regulators will be attending the Asset backed commercial paper(abcp) hearing on whether investors will be able to sue for fraud at their own expense. In the past several days the major banks reported continued red ink due to their involvement in the u.s. subprime crisis for the second quarter.

Since last fall people who trusted the major banks and their divisions have been betrayed by a justice system paralyzed by hypocritical corruption. Aid4families which had no canadian clients and was not part of a customer uproar fell victim to regulatory malice. Meanwhile the same system failed hundreds of canadian citizens who were being bullied into a lopsided deal. One that requires them to exchange their 30-60 day notes into 3200 day notes after being delayed from their money for nearly a year already. In addition the main sticking point was in order to get this rape in the exithole, they would have to agree to not seek damages for being swindled.

Note to self--add purdy crawford to speed dial. Regulators and enforcement agencies refuse to even read about it in the paper, so they don't have to justify their inaction. One would assume that standard procedure was to raid the offices of scotia bank and toronto dominion headquarters, arrest the executives and issue consumer alerts not to deal with the major banks in canada. Well that's what happened to us(so I'm just saying ;). When you have a country with no banking system and allow the financial industry to dictate the rules, then you're bound to get the people shafted.

We have non-client detractors and I gleefully ignore them since I've spent thousands of words explaining the financial crisis. Anyone still calling aid4families a scam has no credibility when they fail to condemn real criminality.
Also in the news is the need for an additional pension plan because the CPP is a leaky titanic. Canadian regulators rushed to push aid4families from the market so people could be sold this abcp garbage with the trusted institutions. 10 months and 32billion later, I'm asking "hows dat workin' for ya" like Dr. Phil. What I suggest is that these investors sue regulators and enforcement agencies for their concerted inaction. Regulators for their blind endorsement, along with rating agencies which have been the biggest parasites in the global crisis. Regulators and ratings have played a crucial role in the fraud of legitimate banking and safe investments.

The final crooks I would like to throw under the bus before I go. Freddie Mac the governments mortgage program(u.s.), like so many of these $#^^@ is giving advice on how to avoid fraud!!! This agency deceived investors by misreporting their income by 43% and had been doing so for years. Then paid $410Million to settle a class action. The punishment, pay a fine and keep doing what you are doing. So that's how it goes organizations with victims and complaints get carte blanche and maybe spend some of their ill gotten gains as hush money without admitting fault. While decent programs are chased away to limit choices for the public. It's been a few years and we still don't have anyone that can explain why we are a scam. All we can say for sure is that no one with their morals or principles on a sliding scale can be taken seriously. Not regulators, enforcement, nerds in their parents basements or anyone else that is too cowardice to assist true suffering victims of real crimes.

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