State Finances Rigged in Conspiracy by Banks, Advisers

State Finances Rigged in Conspiracy by Banks, Advisers

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A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.

The call came less than two hours before bids were due for contracts to manage $90 million raised with the sale of West Virginia bonds. On one end of the line was Steven Goldberg, a trader with Financial Security Assurance Holdings Ltd. On the other was Zevi Wolmark, of advisory

(visit the link for the full news article)

If you were upset at how the big banks operated, just wait until you read this article.

I am beyond words, I guess not being concerned with being filthy rich at others' expense leaves me a bit naive to these schemes, as I know there are plenty of folks around who just say they are just doing what banks do, trying to make money.

Ehtics be damned, as long as the bottom line looks good.

How many firms mentioned in this article were recipients of the taxpayer trillions?

sickening

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(visit the link for the full news article)

It only shows that when it comes to corruption in this nation those that are holding the power are above us they are Gods, those that spread their corruption are above us the people.

But then again with all that has been done to the tax payer and to this nation, do you see any riots, any protest anything at all?

Well that is why those that hold the power think themselves as Gods.

You do not need to be in a dictatorship rule to be robbed by your political leaders and those that they cater too.

[edit on 18-5-2010 by marg6043]

The money was intended to build schools, hospitals, roads and sewers and refinance higher-cost debt.

CDR helped arrange deals in which financial firms took millions of dollars in profits from GICs, Bloomberg News reported in October 2006. Almost all of the deals were shams: As much as $7 billion in bond-issue proceeds were invested in GICs but never spent for the intended purpose of providing services to taxpayers.

CDR signed off on interest-rate swaps to municipalities, as banks took hidden fees sometimes 10 times as much as they charged on fixed-rate bond deals, according to data compiled by Bloomberg. For the public, the swaps were fraught with risks.

“Few people understand this part of public finance,” Georgia State’s Hildreth said. “It is a very small band of brothers who know the market. So, of course, they are going to reap the benefits

“The government continues to show that it simply doesn’t understand how this market operated,” Zelenko said in an e- mail.

This last statement just gets me. I don’t believe “anyone,” except for the chosen few, know how these markets operated and still operate today. This is just sickening. What really gets me is that Bank of America has amnesty in this deal. Such amnesty deals for that particular bank really sucks – it seems to be the heartthrob of so many criminal activities that really screwed and are still screwing American citizens – and now municipalities. If these criminals had used their unbelievable talents for the good of man instead of for themselves, just think what a country we would have. S&F.

Peace

Is this the same thing as the Auction Rate Securities that, combined with bribes to elected officials,forced Jefferson County Alabama to declare bankruptcy last year?

It is criminal in my opinion that BoA now has immunity, but hey maybe they will rat on enough of their competitors to see a few more perp walks by banksters than we've seen to date.

I personally think there is a fund behind the scenes, and they run the stock market with it, that means alot of money. I reckon they control the shares on the dow jones, and they have enough money to do this.

So where the feck did this money come from, and how come all you investors are not told.

Its all a fixed game, and you can see why countries are damaged too by this, the ptb are just too rich, and your playing there fixed game, lol.

There's no fighting the elite if it comes down to money..

The Rotschilds alone hold more then 50% of the global wealth in money and land lol.

It never fails to upset me, this unsavory thirst for money by banks and
financial institutions.

And the municipalities, . . they save and plan and it's all taken away.

Oh how proud the Ivy League schools must be . . for turning out these
lecherous bastards that get hired by institutions to rip off the country.

No passion to help or create, just profit-seeking at its ugliest.

I hope the time comes when integrity is a "must-have" attribute that qualifies
someone for these type of jobs.

If you're found lacking you don't get the job. Simply as that.
And if you're found lacking "on-the-job", you're immediately taken to the
public stocks where you're whipped by everyone you've screwed !

Sick people,crooks, they all know what they are and where they are going in the eyes of god. THEY know where they are going, take a guess. This world would be alot better world if we just round up all peoples like this and use them for slave labor, just exactly they do us. The people that did this im sure that if they get caught, will wind up in jail at some golf happy resort. While if you or i did this ,we would be sent to prison to meet bubba and friends in the shower. The crooks let the crooks in, it is a happy place to rob here. The crooks are arrogant too. I saw a licience plate that read rip u off on a red jag. So i played, nickleback,"I WANNA BE A ROCKSTAR". I turned it up all the way, rolled down my windows and i followed him everywhere he went. I played the song over and over.

Originally posted by Romekje
There's no fighting the elite if it comes down to money..

The Rotschilds alone hold more then 50% of the global wealth in money and land lol.

Well i hope when shtf the Rotschilds keeps the money plus our IOU's and we 99% of the population will take the wealth and land and the Rotschilds and politicians can keep all the bog paper they like because the worm will turn and these people will need a lot of tolet paper.

DO NOT EXCEPT 50C ON THE $ FOR THE AMRO WHEN YOUR ASKED OR TOLD

The first chip to fall..

Ex-UBS Banker Pleads Guilty to Muni-Bond Fraud

Mark Zaino, a 35-year-old former UBS employee, became the first Wall Street banker to admit to a role in a conspiracy to pay public agencies below-market returns on investment deals, according to his guilty plea to fraud and conspiracy charges Wednesday and Justice Department records filed in U.S. District Court in Manhattan.

The Justice Department’s more than three-year investigation is the broadest criminal probe ever of the $2.8 trillion municipal bond market, which centers on the auctions for so- called guaranteed investment contracts, known as GICs.

This one sounds like small potatoes.. Could they use him to bring down bigger fish in exchange for a lighter penalty for his crimes?