Banks Fined $81 Billion for Biggest Fraud in History
The days of banks being trusted institutions to help protect your savings and retirement are over.
First, it was the banks gambling on derivatives that blew up the global economy in 2008 and cost citizens trillions in savings & retirement.
Then, it was the banks turning over customer accounts to the IRS and police for total seizure without due process of law.
Next came reports that banks are abolishing our ability to use and store cash.
And now comes a frightening report that banks have agreed to pay $81 BILLION in restitution and penalties for criminal and civil abuses against the public and their own customers.
So more than ever, if you want real protection of your savings and retirement, you better move it out of the bank. Fast.
Banks Commit Historic Fraud against the Public & Customers
In a recent report by McClatchy detailing the millions in speaking fees the Clintons have received from banks, McClatchy drops a bombshell: the same banks that have been supporting the former (and possibly next) president of the United States have agreed to pay $81 BILLION in restitution and penalties to resolve federal investigations into alleged corruption and to avert criminal and civil trials.In other words, the banks paid their way out of jail after defrauding you and me for years.
Some of the crimes and penalties are as follows:
Bank of America
Restitution & Penalties: $27.8 Billion. Defrauded homebuyers with risky mortgage loans, committed mortgage servicing abuses, and engaged in unsound foreign exchange practices.JP Morgan Chase
Restitution & Penalties: $17.6 Billion. Rigged currency exchange rates, facilitated Bernie Madoff’s Ponzi scheme, sold risky mortgage securities, and engaged in mortgage servicing abuses and unsound banking practices.Wells Fargo
Restitution & Penalties: $5.3 Billion. Engaged in mortgage servicing abuses, and is now at the center of a scandal involving the opening of bogus customer accounts without customer knowledge.Morgan Stanley
Restitution & Penalties: $3.9 Billion. Misled investors in sale of risky mortgage securities.Citigroup
Restitution & Penalties: $3.5 Billion. Manipulated currency exchange rates, engaged in mortgage servicing abuses, and extended toxic loans.UBS
Restitution & Penalties: $3.5 Billion. Manipulated benchmark interest rates, helped Americans evade taxes, and sold toxic mortgage securities.HSBC
Restitution & Penalties: $2.5 Billion. Sold toxic mortgage securities and laundered money to violate U.S. sanctions against Sudan, Cuba, Iran, Libya and Burma.Goldman Sachs
Restitution & Penalties: $1.7 Billion. Duped investors in offshore sale of risky mortgage securities and scammed Fannie Mae and Freddie Mac.The Bankers’ Fraud Continues
While these financial penalties represent historic records, they are a drop in the bucket compared to the hundreds of billions banks earned from scamming the public and its own customers for years. Yet not a single banker has gone to jail after committing these horrible, criminal offenses!And here’s the really scary part: Despite paying $81 billion in restitution and penalties, banks are still gambling with your money.
Congress recently passed a new spending bill that allows banks to once again use your deposited money to bet on those insanely risky derivatives that caused the global financial collapse of 2008!
So apparently the Clintons aren’t the only politicians in bed with the banks.
What’s more, the Wall Street Journal, New York Times and other publications have exposed the banks for conspiring with the IRS and police to confiscate customer accounts without any due process of law.
So with this kind of collusion between the government and banks, is it any wonder that the government has refused to jail one single banker for their massive fraud?!
Get Your Money Out of the Bank and Into a Safe Place
So do you want to remain vulnerable to banking corruption, or do you want to fully protect your savings and retirement?To get true protection, there’s one asset class that sits outside the system, is completely private, and cannot be tracked and controlled by the government or banks: physical gold and silver.
Physical gold and silver have been the world’s greatest wealth protectors for over 5,000 years, shielding citizens from government and banking corruption during the worst crises in history.
And physical gold and silver cannot be instantly seized with the stroke of a keyboard.
So invest in gold and silver now before you have nothing left to protect.
https://www.wholesaledirectmetals.com/81-billion-reasons-your-money-is-not-safe-in-the-bank/?cid=TotalConservativeDedicated&st-t=TotalConservativeDedicated
1 comment:
All banks commit fraud every time they supposedly make a loan. As for the UNITED STATES federal government, Inc's., so called debt, it cannot be paid off with Federal Reserve Notes because each one of those is also debt. So, how can you pay off a debt with something that is already debt, on its face? Trying to pay off the debt with more debt is adding to the debt, not paying it off. Duh! This, so called, debt was created out of thin air. So this debt can only be forgiven, not paid off. So when we hear these dumb ass politicians saying we have to pay down the debt I would ask how would you propose doing that, with more of the same. So they just need to tell the FED to bend over and kiss their asses goodby. Then forgive the so called debt and replace the FED with the Treasury Department, "Treasury Dollars" (NOT Notes). Note, that I said Treasury Department NOT Department of the Treasury. Treasury Department is part of the Republic form of governance. The Department of the Treasury is a sub-corporation of the UNITED STATES federal government, Inc., just like the IRS.
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