A global investigation based on leaked banking documents has opened a crack of sunlight into the exclusive and highly-secretive world of Swiss banking and the manner in which the world's criminal elite hide their vast wealth, launder their profits, and avoid tax payments from governments around the globe.
According to 60 Minutes, the fallout over the leaked data "is shaking the Swiss banking world to its core. It contains names, nationalities, account information, deposit amounts - but most remarkable are these detailed notes revealing the private dealings between HSBC and its clients."
As this article itself suggests, there is nothing surprising or really new in this report. All that we have now is some meat on the bones of our well-founded suspicions.
The real story here is the enforcement - or lack thereof - of financial regulations, both internationally and domestically.
By the way, for a more interesting story, go to the 60 Minutes page at the cbsnews website and look at the story titled "New search engine exposes the 'dark web.'"
A few reports over the past few decades of a shipping palette of some estimate $6B disappears in Iraq; gold hoards that might be gold coated (tungsten? - ah, the light blinks on); $15 B from Nuland's gang to U(n)kraine; grandpa Bush benefiting during the nazi era - the list goes on. Kept in the background is the configuration of virtual slave labor and toxic dumping world wide as characterized in the film Manufactured Landscapes; and today wallmart workers so eloquently explicating the means of the 21st century colonization of their lives by the cunning use of time - their time, the profits from which inspired the walton family to reportedly establish a seige-proof bunker estate. Hmm, wonder why. Agribusiness linking up with extractive mining to mine and destroy existing biomes (when there is so much waste metal that could be recycled), human rights, the right of prior and informed consultation with indigenous peoples, of the people who traditionally live on the land; that despite agribusiness, 70% of the world's population is fed by small farmers.
Never have local and regional collaboratives looked so good. I'm reminded that the concept behind the bitcoin and related ideas is an algorithm that is trackable, can eliminate the usurious fee, can be applied to all sorts of functions. The latter a horror to the financial industry ... I wonder why.
The head of HSBC at the time was Lord Stephen Green, who, despite the UK Conservative government under Cameron having had access to all this whistleblown evidence of HSBC's wrongdoing (these files being submitted to the UK Tax Authority), was still appointed by them to the position of Minister for Trade and Investment and made into a peer. F£%£ing disgraceful! The sheer arrogance and egregious contempt for the public and the law of such an appointment leaves you speechless. Yet these same politicans regularly give speeches attacking benefit 'scroungers' and give moralising lectures about those claiming them having a 'sense of entitlement.' Not to mention coming down on them like a ton of bricks should the authorities detect the tiniest misdemeanour.
Yet on the other hand it's understandable: they do it because they think they can get away with it, and they think they can get away with it because they DO get away with and they will get away with it this time as well and probably they will go on to win the next election because there is enough idiots out there to vote for them. Plus it's easy to get away with it when the people supposedly upholding the law are your regular dinner guests.
The banks get away with it, even foreign ones, because "they own the country" (US Senator Durban).
Why,one askes do they own it?
Answer: because they can shut down the credit, as well as the money supply, crashing the economy. In America, the New York FED controls the rest of the branches and favors Wall Street. No politician wants a crashed economy!
The FED's drawing interest for expanding the money supply - backed by the full faith and credit of the American people - is a public subsidy for private profit and another question. The FED is private and loves a profit. Who doesn't?
".Under US law, any bank that does that, that assists a US person in evading US tax is guilty of a felony. And it doesn’t matter where the bank is located or where the bankers are located...'" Sure and I have a bridge to sell you, Mr Blum. I am not alone in still waiting for that trail of bankers' tears leading to the penitentiary.
According to the local TV news here, the UK government is reported to have recovered a billion plus pounds from their tax cheats on the list. It isn't mentioned here so perhaps it was just blowing smoke, expensive smoke, however.
Nice to get some public revelation of -some- of the rampant dealings that the biggest global banks have with every form of "dark" money.
i mean, where does the international drug trade park its cash? In buried coffee cans? Illegal arms dealers can't find a financier? The international sex trade and slave trade don't have bankers? All those trillions just looking for a home?
Anyone who believed the biggest banks weren't hip-deep in "criminal" money needs a basic refresher in logic.
Capitalism is not an economic paradigm that can be tinkered with. Paper money is the bane of modern civilization. The continuation of capitalism, in any form, is to surrender the hope of justice and equality for humanity. It is the equivalent of Obama care - a scheme for institutionalized inequality.
The Vatican bank: I hear…
theoldgoat has explained it wonderfully, we know the problems, what and when are we going to do something about it?
Somehow the wealthy want us to think that their profits are a result of them flying to some distant planet to extract the goods and bring them back to earth therefore they want us to think that they are not obligated to give back anything of the huge profits they exact.
Why did you direct this response to me? Why not ask theoldgoat?