It's long been established that the financial system is infiltrated and controlled by criminals; however, recent scandals and the economic crash of 2008 have diverted attention away from other misdeeds that should not be ignored.
This report hopes to serve as a reminder that widespread corruption within the banking industry is nothing new; in fact you could say it was built that way. So here we're going to look at just a handful of crimes that the banksters hope you forget:
Iran ContraIn the Iran Contra scandal, the Bank of Credit and Commerce International revealed how it aided the CIA and other intelligence agencies in laundering billions of dollars in financial fraud, illegal drugs deals, and other crimes.
"Allocated" Gold ScamIn August 2005 Morgan Stanley were forced to settle a class-action law suit for duping their clients. The bank sold precious metal under false pretenses, claiming that it was bought and stored by the company when in fact the bank went ahead and invested in lesser-value stocks and securities.
Giant banks have been shown to have engaged in fraudulent foreclosure practices. The big banks used robo-signers to forge mortgage documents that led to many people losing their homes. This included people that never held any mortgages. Even president Obama was affected. Attorney generals from 40 states have launched investigations.
Drugs MoneyIn 2009 the United Nation's drug and crime tsar reported to the Observer that drug money to the tune of billions of dollars saved the financial system from going under during the global crisis.
Nazi ConnectionsIn 1999 the BBC reported that the Nazis were funded by American banks. According to unclassified documents, Manhattan Chase Bank froze the assets of Jews when it collaborated with German authorities during the war.
Mortgage ScamsThe Bank of America NA received financial incentives from a federal program to assist homeowners get mortgage-loan modifications. However, it prevented the homeowners from receiving these modification programs that could have saved them millions of dollars in losses.
Illegal FeesAnd in a massive fraud against American taxpayers and veterans, JP Morgan Chase and San Francisco's Wells Fargo Bank of America and appeared on the list of 13 banks and mortgage lenders that charged military veterans illegal fees to refinance their home loans. In order to conceal the illegal fees, the banks and mortgage companies inflated the legal charges.
Hiking Interest RatesMorgan Stanley was exposed for its part in hiking interest rates. Unsealed documents revealed that the global bank cabal colluded and schemed for many years to manipulate the interest rates.
Insider TradingResearch indicates that most cases of bank fraud usually involve the bank's insiders. More than half of these cases usually involve chief executives, finance directors, and other senior managers.
Dirty MoneyRecently, HSBC were accused in a report by the senate of exposing the American economy to money from Saudi Arabian terrorists, rogue regimes in Cuba and Korea, and Mexican drug cartels.
Like always, these crimes are just a glimpse into the murky world of the corrupt establishment. Do your own research, the items listed here are just the beginning.
Mick Meaney is the editor of RINF Alternative News.
