Wells Fargo Just Admitted to Robbing US Citizens by Deceiving the Govt and No One Was Charged / How a big US bank laundered billions from Mexico's murderous drug gangs
The intentional deception by this corrupt bank led to an insurmountable debt liability for American taxpayers as the FHA was forced to pay out insurance claims on all the defective loans.
As Reuters reports, Friday’s settlement is a reproach for “years of reckless underwriting” at Wells Fargo, U.S. Attorney Preet Bharara in Manhattan said in a statement.
“While Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust,” Bharara added.
However, Bharara’s words ring hollow when looking at the bank’s punishment. For robbing the public through defrauding the US government, not one single Wells Fargo employee will face criminal charges. The bank was merely ordered to pay a $1.2 billion fine. This is barely a slap on the wrist considering the turmoil that ensued from such criminal practices.
Criminal proceedings were brought against Wachovia, though not against any individual, but the case never came to court. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami. Now that the year's "deferred prosecution" has expired, the bank is in effect in the clear. It paid federal authorities $110m in forfeiture, for allowing transactions later proved to be connected to drug smuggling, and incurred a $50m fine for failing to monitor cash used to ship 22 tons of cocaine.
More shocking, and more important, the bank was sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn – a sum equivalent to one-third of Mexico's gross national product – into dollar accounts from so-called casas de cambio (CDCs) in Mexico, currency exchange houses with which the bank did business.
"Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," said Jeffrey Sloman, the federal prosecutor. Yet the total fine was less than 2% of the bank's $12.3bn profit for 2009. On 24 March 2010, Wells Fargo stock traded at $30.86 – up 1% on the week of the court settlement.
JPMorgan Chase America's Most Corrupt Bank
JPMadoff explains how Madoff could never have perpetrated his massive fraud without the knowing assistance of a major financial institution – which profited heavily from its complicity because Madoff, who never bought securities for his investment advisory customers, left billions of dollars on deposit at JPMorgan Chase which, of course, help fund JP Morgan Chase's speculative London-Whale trading operation. This all occurred under the "watchful" eye of Jamie Dimon, Chairman, President, and CEO of JP Morgan Chase.
This is a book not just about individuals, but about the corrupt, symbiotic relationship between big financial institutions and politicians—the Washington/ Wall Street axis that breeds a system where a seventeen-year-old kid who robs a 7-Eleven of three hundred dollars goes to jail in a police van, but a thirty-four-year-old Wall Street banker who steals $1 billion from customers goes home to Greenwich in his limousine. And gets an eight figure bonus to boot.
As Senator Warren has noted, it is a national shame that, eight years after the financial meltdown, not a single banker has gone to prison. But this is not an accident. As Chaitman and Gotthoffer explain in JPMadoff, the Wall Street firms have purchased control of law enforcement and Congress. Just check out the top campaign contributors to the House Financial Services Committee and Senate Banking Committee members.
As a result, according the authors, neither the Department of Justice nor the SEC was willing to shut Madoff down, and both failed to bring one prosecution or enforcement action against a single Wall Street banker for the massive frauds that devastated the American middle and lower classes.
Mitch McConnell (R) (current senator Kentucky)
The seizure of the narcotics shipment in the Caribbean port occurred far away from Kentucky, the state in which Senator Mitch McConnell is now facing a career-defining election. But the Republican Senate minority leader has the closest of ties to the owner of the Ping May, the vessel containing the illicit materials: the Foremost Maritime Corporation, a firm founded and owned by McConnell’s in-laws, the Chao family. Read more: http://www.copsrcorrupt.com/crime-does-pay--mitch-mcconnell-.html
Eric Holder (D) (former attorney general)
who is Eric Holder? Read more: http://www.copsrcorrupt.com/crime-does-pay--eric-holder-.html
Crime Does Pay
By Christopher R Rice
These crooks did not rob a local liquor store for a handful of dollars because they were hungry or strung-out or desperate, these crooks wore suits and ties to steal millions of dollars from their countrymen. And not for the good of others but only to enrich their own wealth.America's real criminals in no particular order:
Jeff Sessions (R) (current attorney general)
It's more than a conflict of interest. The more people Attorney General Jeff Sessions sends to private prisons, the more money he shoves in his pockets. Read more: http://www.copsrcorrupt.com/crime-does-pay--jeff-sessions-.html
Donald J. Trump (R) (current Prez. of the United States of Idiots)
Trump and the Russian Mafia Read more: http://www.copsrcorrupt.com/crime-does-pay--donald-j.-trump-.html
Bank of America whistle-blower’s bombshell: “We were told to lie” Bank of America Hit with $1.27 Billion Criminal Penalty
Bank of America is Bad for America. Despite ruining the economy with their reckless greed, Bank of America consistently avoids any form of accountability to the American taxpayer. Bank of America pockets billions in profits and bailouts, but then pays $0 in American taxes and even gets tax refunds.
Cheating out on taxes has real costs. If Bank of America paid their fair share of taxes, we could ‘uncut’ $1.7 billion in early childhood education. Read more:
Hillary Rodham Clinton (D) (formerly ran the State Department)
The Clinton Foundation is a massive money-laundering scheme. Money goes in, State Department weapons deals come out. Read more: http://www.copsrcorrupt.com/crime-does-pay--hillary-clinton-.html
Antonin Gregory Scalia (R) (former Supreme court Justice)
Crimes against Humanity Read more: http://www.copsrcorrupt.com/justice-scalia-s-crimes-against-humanity.html
Rick Scott (R) (current governor of Florida)
Rick Scott was CEO of Columbia/HCA when they committed what was then the largest Medicare fraud in US history. Read more: http://www.copsrcorrupt.com/crime-does-pay--part-i-rick-scott-.html
John McCain (R) (current senator AZ.)
McCain fortune traced to organized crime and Saudi Arabia. Read more: http://www.copsrcorrupt.com/crime-does-pay--john-mccain-.html