Ya gotta love the internet, it really adds meaning to the term desktop publishing. I mean a story like this that doesn't fit mainstream doctrine, would never see the light of day. Readers reach my blogs by searching what they WANT to read about rather than what some talentless writer and corporation wants to TELL them about. Today the media wanted to sell the public on the BS that bank failures are good. The headlines were "no angry customers" you have to read the story to find out that these 2 banks in the american southwest were taken over and changed over without notifying the customers of any problems. It also took place over the weekend, so people will wake up monday morning with another bank holding their mortgage and credit cards, the bank name that they print company checks on is now defunct (but good--lol). All of this dancing to mask the fact of mult-level, multi-generational corruption. I've been asking for nearly a year for the so-called depositor and investment insurance programs to surface and here they are, writing checks out of taxpayers pockets. I already said the crisis would be deeper than they told you last year, that banks would close etc. Now when I watch the news, they are interviewing the same advertisers who got it wrong. Look me up, I said the solution to the mortgage crisis was to save the mortgages not send it to the bankers who would steal the infusions and rate cuts. They did it their way and here we are as they realize that greed only made their situation worse. I watched the media play mouthpiece for their advertisers, talking up central bank action and pissing on homeowner "bailouts". Now that the treasury secretary and central banks have to face reality, the media is still happy to parrot their ramblings. Each week when the bad data comes in they talk about unexpected dips or declines(who didn't expect it? advertiser analyst?). Then they try to talk the markets up for a day to say a number beat expectations (one that's been put excessively low to give it a good headline) ex. company X posted a 10 trillion $ lost instead of the 20 trillion analyst predicted. The "analyst" don't seem to be too good at predicting stuff -huh. Maybe it's the problem like the media and rating agencies, it's hard to be objective when you're being paid. A true media would have alerted the public that these banks were going to collapse, instead of printing advertiser talking points as news. Too many "anal -lyst" have too much vested interest in steering the outcome with their predictions and "expectations".
Against this cancerous backdrop, I bring you the rant de jour. During our witch drowning trial, the prosecution has been hanging it's hat on something called a ponzi scheme. Now running a revolutionary organization rest assured nose-picking dimwits throw it around like yo momma jokes. When it comes to actual law, justice and evidence, I would hope that slanders and smoke would need some support in fact. Despite the fact that it is part of public record that the practices of aid4families worked in complete contradiction to a ponzi scheme, it still lingers out there. So I wondered to myself, hey self "yeees, how may I help...myself" is there anyway to find a concrete definition of ponzi scheme that constitutes the legal understanding? So I went to the rcmp website, I don't constantly go to governments sites like the way sodec and government of canada pawns frequent mine but I may follow a governmental visitor. At the RCMP site, what do we find? The official definition of ponzi scheme according to them.
Everyday, I select stories, articles and other information to keep for future reference. This things get swept under the rug and the coalition of corruption changes it's tune. When that happens reality takes a hit. All of a sudden the bush administration never said iraq was tied to 9-11 or WMDs, the fed is DEMANDING that the government take a role in the sub-prime crisis and not leave it up to them and the markets, all of a sudden "the surge" is the measure of judgment rather than the stupidity of cheer-leading a colonial war. In my situation, that means the stories about abcp and sub-prime have a very short shelf life, quickly purged by the media archives. Google -montreal accord or scotia abcp in a news search or even a websearch won't give you any indepth criticism from the mainstream. I found an article from november, where the process of the abcp was explained in some detail so we could overlay something that has not raised a single eyebrow in the political, judicial, regulatory or enforcement community in nearly 2 decades.
The findings shouldn't shock anyone. The canadian system has been locking up people forever using the ponzi scheme catch-all, while steering people back to the banks who would never practice such foolishness. Au contraire mon frere, ABCP was licensed, sanction, regulated and everyone was aware of the duplicity of telling the public that they defined ponzi as fraud while giving their masters a free pass. Tsh tsh tsh what's a corrupt country to do, well first order of business is try and shut me up for putting a chart on my website warning people of how banks soil money (clean to dirty). Second, canada's favorite past time, blame america. The headlines are "canadian economy strong DESPITE american crisis" no mention that the american economy IS the canadian economy. It is a total coincidence that the other white english speaking nation is in the g-8 and canada's stability and prosperity have no relation to america, only canadian ills. Yet canadian ABCP couldn't get a good rating from other rating agencies, so a canadian one did the dirty work, canadians didn't buy abcp on their trips to florida but through canadian banks and agents not knowing they were tied to american vulture credit. They say that canadian banks have lost less than the banks in europe, u.s. and asia (never mentioning how much smaller they are) or that canada should have less exposure to american mortgages than american banks. Fortunately my dreams are realized, thanks to the internet the canucks refuse to be spoon-fed and when I read this bay street propaganda for what passes for media in this country, the comments are heartwarming. When the bank of canada said the crisis was over in canada a few weeks ago, the comments were livid. That same bank of canada now wants more power to match the 3rd world dictatorial powers that the other central banks have demanded as ransom to stop the crisis. Neither one of these old guard solutions are having the desired effect. Aid4families.com is still up while bear stearns is shuttered and regulators & politicians play catch-up on a backlog of rampant corruption. When we look back on this era and recount it for our children and grandchildren, I'll be the guy that stood up and told the truth and many others will be the ones who hid themselves or argued with the guy who told the truth. That's it.
http://www.reportonbusiness.com/servlet/story/RTGAM.20071116.r-cover17/BNStory/Business/home
http://www.rcmp-grc.gc.ca/scams/ponzi_e.htm
http://www.reuters.com/article/bondsNews/idUSN2142680620080721
http://www.financialpost.com/story.html?id=670380
Sunday, July 27, 2008
The Great Canadian Ponzi Scheme with scotia bank and the caisse
Sunday, July 13, 2008
How the west was lost
Sunday, June 1, 2008
aid4families $145M est. loss due to ABCP double standard
OH WOW!!! OVER 2000 REAL VICTIMS AND NO ARREST!!
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.
Saturday, May 24, 2008
Regulatory capture: The hands that tighten the banks noose
Everyone can sense that we are at a critical juncture in history. It is not often that the foundations of society are available to be greatly influenced. Generally, that is an acceptance of the status quo with only minor adjustments. In these times only the most vigilant rally to perfect the system, everyone else is resigned and are not inclined get involved. Elections, conflicts and now the economy are on the tongues of even the most passive as devastation engulfs the entire globe. At the apex is a perfect storm of policy, governance, greed and corruption. Politics of fear to feed the greed in a conflict for a commodity and to enrich arms manufacturers. It cannot be overstated that the sheer cohesion of powers combined against humanity is a massive foe. What is the fate of a disparate global public against powerful combined interest of global corruption?
Right now we are facing the expansion of a commodity bubble. To find relief from the problem, you need to first find the source. The damned speculators--people getting rich on the bet oil will go up and constantly driving it up to enrich themselves. Banks and governments say that they are powerless against these gamblers, thriving at the publics expense.
When you scratch beneath the surface you will find that most market speculation is dominated by the banks, industry and government. It actually makes sense, since government and industry would be the vested party's in any market.
Yet they offer us this faceless whipping boy called speculator. Government has blown oil prices on everything from production to storage. It lets the oil giants strong arm smaller governments into selfish deals then profit when the people retaliate by destroying a refinery or pipeline. This exercise in absurdity is the case from the Nigerian delta to Iraq. Then there's Venezuela an Iran, two large oil producers being constantly antagonized with western governments working in collusion with oil giants to guide policy, these countries are living on the cash of their oil while flatlining the u.s. currency. Chavez is winning his battle with Exxon and the attempt to starve Iran into regime change has the American people starving to change with a president who has the lowest approval rating ever. The public had no say in the central bank bailouts but white house resident bush doesn't want the taxpayers to spend billions rewarding speculators. There's that word again so to be clear let's define speculator in this instance(markets) a speculator is an investor who will never take delivery of the commodity. This is to say that brokers on the exchanges who purchase wheat, oil, sugar etc never expect a truck to arrive at their homes to deliver 50 tons corn.
In the mortgage market these securities where bought and sold by people who had no idea where the homes where or who bought them, they only looked to profit from the payments made. Those people have been spared the worst case by taxpayer backed interventions into the markets, though they are the only true speculators(along with the banks and brokerages who packaged and sold it). The so-called speculators that governments are refusing to assist are people who may have purchased a second home hoping to rent it out for extra income. Some chose a home that they considered a bargain and planned to invest in it to sell it at market prices. MOST examples leave you with people involved with the individual sell and purchase of a property. Refusing them the same deal as the ACTUAL speculators and pointing at them having to give up on a property is criminal.
So here we are, time to talk tough. With no serious review the fed has been able to put the taxpayers on the hook for hundreds of billions. The oil giants like the banks laugh off government grandstanding. What government can reign in Citibank, shell and haliburton at the same time? Regulators have a job that is born in conflict, to advance the industry against global competition while guarding the public trust. It's stupid on the face of it, how can you be vigilant in restraining someone that you are obligated to advance? In an ideal world a strong national banking industry would be best for the public. What has happened in practical terms is that banks are protected from the public and are sacrificed for the greater banking "good". Every step of the way, agents for the public discuss changes with the banks to get cooperation and what always comes out of it is a threat from the banking industry. The threat always gets the headline to strike fear into the public. Currently and new regulations would force banks to tighten credit and call loans AND raise fees and... Basically they're going to rob the public and all regulators can do is agree to HOW. Every time the grandstanding fades from the headlines and in the backrooms the deal is the same. Generally they will be able to come together to blame a faceless entity and make firm regulations to block competition with something like wealth based licensing or cash minimums. This protects the public from new entrants who become the problem and further erodes the power of the public.
The laws that come out of these conspiracies against the public all look the same. The wording is some catchall like fraud or licensing that allows regulators grand sweeping power to rid the markets of new competitors. Scammers, spammers and crooks are paraded out to look effective, while the big culprits benefit twice, once from being overlooked and the second by getting rid of competition without spending a dime. When you go to government sites and read what to look for when it comes to fraud, there isn't a bank on earth that could escape the definition but they can escape enforcement. They bury terms in contracts, change conditions among other things and use the law to their advantage. When you signed the documents, the disclosure was there, in legalese, in small print on the 8th page you signed. They send you a letter to inform you of a rate change, now that you are well in debt, the law requires them to give you 30days notice to pay them $20k in cash so that your balance isn't calculated at the new tripled interest rate. If a new competitor employed these tactics every media organization, court and enforcement agency would tar them with fraud without a hint of irony.
Every year it gets harder to bring a case against a major financial institution, while fees and deceptions bring in larger profits. Bankers associations are huge campaign donors and are a strong lobby. Regulators and politicians come out of the industry and people from the industry are chosen to be regulators. Two countries in north America ruled by one brokerage. Goldman Sachs alumni Mark Carney (bank of Canada) and Henry Paulson (treasury sec. USA), they should find cooperation with each other and the industry. What's better is neither is a regulator, they simply set the tone for regulators and act as industry surrogates. Incest between industry and government is nothing new. Top executives are always considered the experts and receive government posts with industry endorsement as an inside man. Very few politicians don't see public service as a stepping stone to lofty positions in industry they expect to peddle their knowledge and relationships to the highest bidder.
What can be done. Yes, media, government, activist, public and academia have all taken turns decrying the woes of the common man against greedy industrial interest. Fortunately I am not a professional belly-acher but a visionary pioneer. While others picketed, petitioned, plead, and published I imposed aid4families. In that spirit, here are a few changes that may help. Pick one: government service or industry but not both. With no incentive of cushy jobs after they leave office some politicians may actually focus on their job. Of course people still have to eat so a set time limit should suffice if a person chooses to leave public service. This is a very specific example, whereas the things that generally make it tempting are stripped away. If you serve on the banking committee then you would be barred for no less than 5 years from holding any board or position with interaction with regulators or government. You could be a branch manager or in accounting or IT at the bank where you can comply with regulations but not influence them. If you come from industry, you may not serve on a body that regulates your primary industry. The spirit of these proposals is the important element, the details can be hammered out. Create a jury duty for important government regulations. A basic trial can be held in court in the evening where the pros and cons are argued. The concerns and finding by the jury would be addressed at a public hearing for approval by the government. Finally, like all things, enforce the laws on the books biased enforcement have caused this carte blanche with the industry and banks act as co-regulators, holding funds, reporting competitors etc. The government wouldn't invite drug dealers to draft drug dealing policy, they simply draft consequences and enforce them. The government has to become more than just the PR department for industry interest groups. The government is not there to force the public to yield to industry greed, the role of government is to make sure that industry works for the public. We need to not just fear STATE RUN INDUSTRY but an INDUSTRY RUN STATE!
These reports about industry are from the imf, sec and media, I know how you like it when they tell you.
http://www.imf.org/external/pubs/ft/wp/2006/wp0634.pdf
http://www.nypost.com/seven/10312007/business/sec_eyes_goldman_sachs_good_fo.htm
http://www.deepcapture.com/category/3-regulatory-capture-the-sec/
http://en.wikipedia.org/wiki/Private_Securities_Litigation_Reform_Act
Friday, May 9, 2008
While investors writhe in pain the sipc stalks aid4families
Investor calls to the SIPC probably aren't returned because they are busy stalking us. ( actual visit )
Have you no shame?!?!? I couldn't take time to write yesterday due to court were the crown was a no-show for the second time in 5 months. Though the crown was attempting to avoid another setback we did receive a visit from the sipc. Now the inbreds in their parents basement, media and corrupt government and industry hacks would like you to believe that we're the problem. Why would an agency that should be burning the midnite oil making investors whole from taking part in the greatest economic sham in generations be pestering us? I would hope that it's not to intimidate us. That hasn't worked, everyone whoever said anything bad about the organization has been taken to the woodshed and there hasn't been a peep on the internet in 6 months. Like the man says "accounts of my demise...". I don't know while I'm fighting government, industry and media organizations to a standstill, why a half-baked shell group like the sipc would expect to have an effect that they couldn't.
The sipc like the cipf here in canada should be broke by now, since their low cash balance can't cover the fraudulent losses investors are suffering right now. It has been one year since the amf issued the now infamous and ill advised cease and desist order. Now the rcmp and crown are unhappy after being goaded into this wild goose chase. It's all boiled down to an endless tally of actionable damages that end with a lot of zeroes. How did this happen? Well every pimpled geek and industry hatchett man decided to try and bury the organization, AGAINST THE INTEREST OF THE PEOPLE WHO WERE ACTUALLY PARTICIPATING IN THE PROGRAM!!!! Unfortunately they picked the worst year to cheerlead the corrupt banking industry. It looks totally different a year later to try and call us a scam while the world economy burns and the government and industry get into a finger pointing match. I didn't tell people that there was a such thing as investor's insurance so they wouldn't go broke like they are. I didn't tell them that there money sits safely at the bank ungambled. I didn't tell people that banks and brokerages would always be liquid and wouldn't have to search for cash and bail outs. I didn't give risky assets high credit ratings. I didn't spend the past year lying about the health of the economy or banks. The media hasn't printed a thing the rcmp or crown has said since the first week in november because we told them to get the facts straight. The media believes the opposite of what your mother taught you, they believe if you can't say anything bad...then don't say anything at all--so the silence has been defeafening across the entire internet. See, people can say what they want but I'm telling them in plain language that they are lying and daring them to prove anything they say. People hiding behind avatars, profiles and agencies can say what they want but don't let your ego goad you into a situation where you have to put up or shut up. There was a line around the block of people wanting to talk the talk, now running like roaches with the lights on when it's time to walk the walk.
Back to the sipc. I'm not picking on them there's plenty of blame to go around in this sham of a shell industry that has brought the economy to it's knee's. The sipc didn't destroy the american economy alone. They provided the guise of security that helped lure unsuspecting investors into the trap. But hey, who is going to arrest them? No one hates deceit, fraud, or theft in any sincere way, now do they? Just when they think they can say it about us, if you switch the word aid4families to bank of montreal, bank of america or jpmorgan they quickly avert their eyes afraid to offend their betters. So you're no advocate, you're a coward. If you weren't you would want to save the public against ALL enemies. The sipc had the nerve to write to our hosting company a few months ago and demand they remove our website(you can see how well that worked out). They tried to make it seem as though our conviction was absolute rather than absurd and like they were some industry regulator(which they aren't). I informed the hosting company that it was not my job to write what the sipc likes and it would not be wise for them to remove the site. Let the sipc go the LEGAL route, not the mobster route. The legal route has worked for them the same way it has for everyone else--a dead end. Then I contacted the d.c. attorney general and made a complaint. I haven't heard back yet about how the AG is raiding the sipc's offices and hauling them off to jail yet. I guess there are those of us who dictate the law and those of us who are simply subject to it.
The post telegraph.co.uk didn't want you to see because it is being run by a few fake bloggers who target blogs outside of their clique.
