As a result, regulators hope the high street lenders will
be able to continue running the retail arms with no
difficulties even if their investment banking arms get into
trouble.
Basic services such as payments and bank account access
should be able to continue even if the parent group
collapses.
UNQUOTE
This makes lots of sense. The fact that bankers object is
very much a point in its favour. Jeremy Corbyn might well approve, which is not a good
sign. He is busy keeping mouth shut about monstrous
corruption in the socialist paradise of
Venezuela. Any one who wants
honest comment and a good read about the results of
unbridled greed in banking should read
The Big Short by
Michael Lewis.
He was in the belly of the beast, so he knows of what he
writes. Better still, start with
Liar's
Poker and work through the rest of his oeuvre.
PS The comedians running
Wall Street brought us the
Financial Crisis 2008.
If you want to know who paid for it just have a look in the
mirror.
http://newobserveronline.com/third-israeli-bank-fined-195-million-for-helping-jews-in-america-dodge-us-taxes/
Third Israeli Bank Fined $195 Million For Helping Jews Evade American Tax
[ 19 March 2019
QUOTE
Israel’s third-largest bank, Mizrahi Tefahot, jhas [ sic ] become the third
bank in the Jews-only state to be fined millions of dollars by the US
Justice Department after admitting to helping Jews avoid paying tax in
America by hiding money in Israel—and even then the latest fine was cut
by 40 percent after a “deal” with the US government.
The bank engaged in schemes to hide clients’ funds so they could
avoid paying US income taxes between 2002 and 2012, the Justice
Department said.
Under the settlement, Mizrahi Tefahot, accepted responsibility for
the actions of former employees, the Israeli business daily Globes
reported.
The employees worked in private banking and customer relations
between 2002 and 2012.
In August, the bank rejected a proposal from the Justice Department
to pay a fine of $342 million to settle the tax evasion investigation,
saying it was not a “reasonable calculation.”
In a quarterly earnings report in August, the bank said it had set
aside 425 million shekels ($117.75 million) during the quarter to cover
a likely fine by U.S. authorities. The bank had previously set aside
161.9 million shekels ($44.86 million).
The bank noted that it “held intensive talks with US authorities”
since rejecting the offer in August.
The Justice Department said the $195 million payment includes $53
million in restitution, $24 million in disgorgement, and a fine of $118
million.
Moshe Vidman, chairman of the bank’s board, said he was satisfied the
negotiations yielded positive results and led to an agreed settlement.
Mizrahi Tefahot is not the first Israeli bank to be caught out with
this tax avoidance racket which is unique to the Jews-only state because
of the dual-nationality status of so many Jews in America.
Larger rival Bank Leumi underwent a similar investigation and paid
$400 million in fines to US authorities in late 2014.
In addition, Hapoalim, one of Israel’s two largest banks along with
Leumi, last week said it would set aside an additional $246 million to
cover a potential settlement of a US investigation into tax evasion by
“the bank’s clients.”
This provision, to be taken in the fourth quarter of 2018, will bring
its total provisions to $611 million, while Hapoalim said it had held
talks with US justice officials in recent weeks. It added that the
settlement amount may even be significantly higher.
UNQUOTE
This bank exists. See
https://en.wikipedia.org/wiki/Bank_Mizrahi-Tefahot.
Yes, it is run by thieves. See
https://www.reuters.com/article/us-mizrah-tefaht-bk-usa-taxevasion-idUSKBN1QT2XW
-
Israel's Mizrahi Tefahot to pay $195 million in U.S. tax case settlement
Deutsche Bank Clients Are Pulling $1 Billion A Day
[ 17 July 2019 ]
QUOTE
There is a reason James Simons' RenTec is the world's best performing hedge
fund - it spots trends (even if they are glaringly obvious) well ahead of
almost everyone else, and certainly long before the consensus.
That's what happened with Deutsche Bank, when as we
reported two weeks ago, the quant fund pulled its cash from Deutsche
Bank as a result of soaring counterparty risk, just days before the full -
and to many, devastating - extent of the German lender's historic
restructuring was disclosed, and would result in a bank that is radically
different from what Deutsche Bank was previously (see "The
Deutsche Bank As You Know It Is No More").
UNQUOTE
So Deutsche Bank
is on the run. The Germans are supposed to be too clever, too sensible to go
broke. Will they? Probably not but it is time to move on. Keep your money
under the mattress. It pays just as well, safer too.
Hapoalim Sets Aside Another $246 Million for U.S. Tax Probe
[ 7 March 2019 ]
QUOTE
Q
Q
UNQUOTE
You have to pay them money to read what they say about thieving Jews. But
Reuters is not so greedy/shy/reluctant to tell the truth even though Reuter
was another of them. See
https://www.reuters.com/article/us-bank-hapoalim-results-idUSKCN1QZ0DW -
Israel's Bank Hapoalim fourth-quarter profit sinks on U.S. tax probe provision
Israel’s Largest Bank, Bank Hapoalim, Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts OPA Department of Justice
[30 April 2020 ]
QUOTE
Bank Hapoalim (Switzerland) Pleads Guilty and Bank Hapoalim B.M.
Enters into Deferred Prosecution Agreement for Criminal
Misconduct; Agree to Pay Nearly $875 Million
Jeffrey A. Rosen, the Deputy Attorney General of the United
States, Richard E. Zuckerman, the Principal Deputy Assistant
Attorney General of the Justice Department’s Tax Division,
Geoffrey S. Berman, the United States Attorney for the Southern
District of New York, and Don Fort, the Chief of the Internal
Revenue Service, Criminal Investigation (IRS-CI), announced
today the guilty plea of Bank Hapoalim (Switzerland) Ltd. and
filing of criminal charges against Bank Hapoalim B.M. for
conspiring with U.S. taxpayers and others to hide more than $7.6
billion in more than 5,500 secret Swiss and Israeli bank
accounts and the income generated in these accounts from the
Internal Revenue Service (the IRS). BHS’s Chief Executive
Officer appeared on behalf of the bank to enter the guilty plea
before U.S. District Judge Mary Kay Vyskocil.
As part of today’s resolutions, along with resolutions
entered into with state and federal partners, Bank Hapoalim B.M.
(BHBM), Israel’s largest bank, and Bank Hapoalim (Switzerland)
Ltd. (BHS), its Swiss subsidiary, agreed to pay approximately
$874.27 million to the U.S. Treasury, the Federal Reserve, and
the New York State Department of Financial Services. Today’s
resolution is the second-largest recovery by the Department of
Justice in connection with its investigations since 2008 into
facilitation of offshore U.S. tax evasion by foreign banks.
“Today’s resolutions and payment of $874 million make clear
that tax evasion cannot be taken lightly,” said Deputy Attorney
General Jeffrey A. Rosen. “A fair tax system requires
even-handed compliance, and honest conduct by all participants
in the system.”
“The Department of Justice continues to aggressively
prosecute banks and other financial institutions that help U.S.
taxpayers conceal their income and assets in offshore bank
accounts,” said Principal Deputy Assistant Attorney General
Richard E. Zuckerman. “Today, Bank Hapoalim is being held
accountable for its conduct – it has admitted to its crimes and
will surrender all fees it earned, repay the United States for
lost tax revenue, and pay a substantial fine.”
“Israel’s largest bank, Bank Hapoalim, and its Swiss
subsidiary have admitted not only failing to prevent but
actively assisting U.S. customers to set up secret accounts, to
shelter assets and income, and to evade taxes,” said U.S.
Attorney Geoffrey S. Berman of the Southern District of New
York. “The combined payment approaching $1 billion reflects the
magnitude of the tax evasion by the Bank’s U.S. customers, the
size of the fees the Bank collected to provide this illegal
service, and the gravity of the illegal conduct.”
“There is no excuse for a foreign financial institution to
unlawfully assist wealthy Americans in flouting their
responsibilities to pay their taxes,” said IRS Criminal
Investigation Chief Don Fort. “With today’s guilty plea, Bank
Hapoalim is taking responsibility for their role in deliberately
breaking the law and undermining the integrity of this nation’s
tax system. Offshore tax evasion is a top priority for IRS
Criminal Investigation and we are wholeheartedly committed to
bringing offenders to justice. Today’s resolution serves as
proof that financial institutions engaging in tax fraud face
dire criminal and financial consequences for their behavior.”
“The vast majority of New Yorkers follow the rules and pay
their taxes, thereby contributing their fair share towards
critical state and federal government operations and public
services,” said Superintendent Linda A. Lacewell of New York
State Department of Financial Services. “There are some,
however, who went to great lengths to avoid paying their share,
and Bank Hapoalim offered a whole array of services to U.S.
citizens, including New Yorkers, that knowingly facilitated
their tax evasion. DFS will not tolerate such behavior from
banks that operate in the State of New York. DFS thanks our
federal partners at the U.S. Department of Justice, U.S.
Department of the Treasury, and the Federal Reserve Board for
their assistance and coordination during this investigation.”
Today’s resolutions include agreements with BHBM and BHS
(collectively, the “Bank”) under which the Bank agreed to accept
responsibility for its conduct by stipulating to the accuracy of
extensive Statements of Facts. BHBM further agreed to refrain
from all future criminal conduct, implement remedial measures,
and cooperate fully with further investigations into hidden bank
accounts. Assuming BHBM’s continued compliance with its
agreement, the Government has agreed to defer prosecution of
BHBM for a period of three years, after which time the
Government will seek to dismiss the charge against BHBM.
According to documents filed today in Manhattan federal
court:
BHBM is Israel’s largest bank and operates primarily as a
retail bank with approximately 250 branches throughout Israel
and more than 2.5 million accounts. In addition to retail
banking services, BHBM offered private banking services for
onshore and offshore customers through its retail branches and
its Global Private Banking Center. BHBM also wholly owned Poalim
Trust Services Ltd., which provided trust formation and
management services. Outside Israel, BHBM owned BHS, a Swiss
subsidiary that provided private banking. BHS is headquartered
in Zurich and at times during the prosecution period had
branches in Geneva, Luxembourg, and Singapore. BHBM also had
branches in New York, Miami, the Cayman Islands, the United
Kingdom, and Jersey.
From at least in or about 2002, and continuing until at least
in or about 2014, the Bank conspired with employees, U.S.
customers, and others to: (1) defraud the United States with
respect to taxes; (2) file false federal tax returns; and (3)
commit tax evasion. Employees of BHBM and BHS assisted U.S.
customers in concealing their ownership and control of assets
and funds held at the Bank, which enabled those U.S. customers
to evade their U.S. tax obligations, by engaging in the
following conduct:
- Assisting U.S. customers with opening and maintaining
accounts in the names of pseudonyms, code names, trust
accounts, and offshore nominee entities;
- Opening customer accounts for known U.S. customers using
non-U.S. forms of identification;
- Enabling U.S. taxpayers to evade U.S reporting
requirements on securities’ earnings in violation of the
Bank’s agreements with the IRS;
- Providing “hold mail” services for a fee, avoiding any
correspondence regarding the undeclared account being sent
to the U.S.;
- Offering back-to-back loans for U.S. taxpayers to enable
them to access funds in the United States that were held in
offshore accounts at the Bank in Switzerland and Israel; and
- Processing wire transfers or issuing checks in amounts
of less than $10,000 that were drawn on the accounts of U.S.
taxpayers or entities in order to avoid triggering scrutiny.
At least four senior executives of the Bank, including two
former members of BHS’s board of directors, were directly
involved in aiding and abetting tax evasion of U.S. taxpayers.
Under today’s resolutions, the Bank is required to cooperate
fully with ongoing investigations and affirmatively disclose any
information it may later uncover regarding U.S.-related
accounts. The Bank is also required to disclose information
consistent with the Department of Justice’s Swiss Bank Program
relating to accounts closed between Jan. 1, 2009, and Dec. 31,
2019. The agreements provide no protection from criminal or
civil prosecution for any individuals.
BHBM will pay a total of $214.38 million, which has three
parts. First, BHBM has agreed to pay $77,877,099 in restitution
to the IRS, which represents the unpaid taxes resulting from
BHBM’s participation in the conspiracy. Second, BHBM has agreed
to forfeit $35,696,929 to the United States, which represents
gross fees (not profits) that the bank earned on its undeclared
accounts between 2002 and 2014. Finally, BHBM has agreed to pay
a penalty of $100,811,585.
BHS will pay a total of $402.53 million, which also has three
parts. First, BHS has agreed to pay $138,908,073 in restitution
to the IRS, which represents the unpaid taxes resulting from
BHS’s participation in the conspiracy. Second, BHS has agreed to
forfeit $124,628,449 in gross fees to the United States.
Finally, BHS has agreed to pay a fine of $138,998,399. These
payments were approved by Judge Vyskocil today in connection
with BHS’s plea and sentencing.
Both the penalty and fine amounts take into consideration
that the Bank, after initially providing deficient cooperation
through an inadequate internal investigation and the provision
of incomplete and inaccurate information and data to the
Government, thereafter conducted a thorough internal
investigation, provided client-identifying information, and
cooperated in ongoing investigations and prosecutions. The Bank
further implemented remedial measures to protect against the use
of its services for tax evasion in the future.
The Board of Governors of the Federal Reserve System is also
announcing today that it has reached a resolution with BHBM, by
which BHBM has agreed to a consent order, certain remedial steps
to ensure its compliance with U.S. law in its ongoing
operations, and a civil monetary penalty of $37.35 million.
Additionally, the New York State Department of Financial
Services is announcing a similar resolution by which BHBM has
agreed to a cease and desist order and a monetary penalty of
$220 million.
This agreement marks the third time an Israeli bank has
admitted to similar criminal conduct. The Bank Leumi Group (in
December 2014) and Mizrahi-Tefahot Bank Ltd. (in March 2019)
entered into DPAs with the Department of Justice admitting that
they conspired with U.S. taxpayers to prepare and present false
tax returns to the IRS by hiding income and assets in offshore
bank accounts in Israel and elsewhere around the world.
Deputy Attorney General Rosen, Principal Deputy Assistant
Attorney General Zuckerman, U.S. Attorney Berman, and Chief Fort
commended special agents of IRS-Criminal Investigation, who
investigated this case, and Assistant Chief Todd A. Ellinwood
and Senior Litigation Counsel Nanette Davis of the Tax Division,
and Assistant U.S. Attorneys Sagar K. Ravi and Timothy V.
Capozzi of the United States Attorney’s Office for the Southern
District of New York, who prosecuted this case. Principal Deputy
Assistant Attorney General Zuckerman also thanked Assistant
Chief Kathleen Barry and former Trial Attorney Timothy Russo of
the Tax Division for their substantial assistance.
UNQUOTE
Jews like thieving. It beats honest work.
Royal Bank Of Scotland Ran A £45 Million VAT Fraud [ 22 June
2020 ]
QUOTE
Taxpayer-owned Royal Bank of Scotland was last night accused of 'scandalous'
behaviour after the High Court decided it was involved in a £45million VAT
fraud. The bank will now have to pay out tens of millions of pounds after a
judge found it guilty of offering fraudsters 'dishonest assistance' in cheating
the taxman. It is appealing the ruling, made last month.
The ruling that RBS traders turned a blind eye to
the fraud – only months after the taxpayer had rescued the bank in the financial
crisis – will infuriate politicians and the public.........
Justice Snowden found two RBS traders had lied
over the carbon credits fraud in 2009. The credits allow companies to buy the
right to emit greenhouse gases from other firms.
Andrew Gygax and Jonathan Shain, who worked for
RBS subsidiary RBS Sempra Energy Europe Ltd, were found to have given 'untrue'
evidence designed to 'conceal' the fact they did not want to 'risk...the
extraordinary levels of very profitable trading'.
UNQUOTE
They only screwed the taxman, keeping money that
Her Majesty's Government would have
stolen or wasted. More to the point, it was about
Carbon Emission Trading, which is not
merely a multigigabuck fraud but one that steals trillions. HMG is complicit it
that one. The rationale is that it helps reduce
Global Warming, something heavily marketed by the
Lunatic Fringe.
PS RBS is going to appeal, which will drag matters out while making lawyers
richer.
Natwest Being Prosecuted For Laundering £365 Million [
19 March 2021 ]
QUOTE
It would have looked unremarkable to a passer-by: A man carrying a hold all,
walking into a building on an industrial estate. It was anything but. The
bag was stuffed with more than £250,000 in cash. And the man carrying it was
among a procession of couriers who ensured up to £2million flowed into that
building every day.
It is against this dramatic backdrop that
Natwest now finds itself heading to court.
The High Street lender, formerly known as
Royal Bank of Scotland, was this week revealed to have provided banking
services to the firm at the centre of the criminal operation – gold dealer
Fowler Oldfield.
That led regulators to launch criminal
proceedings against the bank on Tuesday, in a move that has surprised many
in the City. The Financial Conduct Authority (FCA) accused Natwest of
breaching anti-money-laundering regulations when handling a string of cash
deposits made by Fowler Oldfield between November 2011 and October 2016.
Some £365million worth of payments into the
firm's account included £264million deposited in bank notes, the FCA
alleges.
The case against Natwest is the first criminal
prosecution ever undertaken under the 2007 rules.
UNQUOTE
Fowler Oldfield was screwed by the government. The reality of
Money Laundering is that it is a crime
invented to oppress the peasant masses. Governments bully banks into spying on
us. Know Your
Customer and betray him is Public Policy and
Practice. In England it is called
The
Money Laundering Regulations 2017. Compare this reality with the fact
that the Treasury can and does print money when it wants. In fact it has gone
past printing; it just injects a few extra zeroes onto the numbers. If we do the
same it is called forgery, counterfeiting, an attack on sound money. It will get
you prison time. Or compare it with little Rishi, our wonderful
Chancellor Giving The Crime Industry £52 Billion Tax Free Cash Injection.
Easy come, easy go? Well, it's not his money but we get to pay it back after he
disappears to spend his payoffs.
Standard Chartered Bank Fined £46 Million For Telling Fibs
[ 22 December 2021 ]
QUOTE
Standard Chartered has become the
latest bank to be punished by regulators after it was fined £46.5million.
The Prudential Regulation Authority (PRA),
which is overseen by the Bank of England, said the FTSE 100 lender
repeatedly misreported its liquidity position and failed to be ‘open and
cooperative’. It was the biggest fine the PRA has ever
levied in a case where it was the only watchdog involved.
UNQUOTE
Did anyone go to prison? Probably not. What about the directors bonuses?
They might be down bit.
Bank of England discovers it owned 599 slaves in Grenada in the 1770s after
claiming it was 'never directly involved' in the trade
QUOTE
The
Bank of England owned nearly 600 slaves when it acquired two plantations
on the Caribbean island of Grenada in the 1770s, new research has revealed.
The startling fact came to light in a study
commissioned after the 2020
Black Lives Matter protests [ as well
as their rioting, looting & fraud - Editor ].
Now, an exhibition opening this week at the
bank's headquarters in Threadneedle Street, London, will commemorate the
names of each of the 599 slaves,
The Guardian reports.
As a trading ground for sugar, coffee and
slaves, Grenada was a place where fortunes were made and lost in the late
18th Century - affected by Britain's wars with
France and American independence. The Bank of England has apologised for
its links to slavery - with no fewer than 25 of its governors and directors
the owner of slaves..........
Now will present the findings of its
historical analysis in full at the free exhibition.
UNQUOTE
We all care deeply about Slavery & its effects on
Blacks, don't we? Or do we just pretend we are
ashamed? This is part of the Culture Wars
being waged against us by various Enemies Within
marketing Western Guilt.
They have infiltrated the Education Industry &
Mainstream Media using the techniques worked out by
Antonio Gramsci, the leading intellectual
of the communists in Italy. The Long March Through
The Institutions is paying off; the Puppet
Masters are winning. For background, for truth, for context look at
Fred's article. He
links to
Complicity - How the North Promoted, Prolonged, and Profited from Slavery.
Self righteous rogues in the North, Puritans &
similar bores had their eyes firmly on the main chance. They had no
compunction about using blacks but discovered that importing white people
from Europe was cheaper and more effective. You want evidence? Try
Slavery in Connecticut facing buried truths or even
The Myth and Reality of Slavery in Salem, Connecticut It
was also written up by the
Hartford Courant
saying that
Connecticut's slave population peaked at about
5,000 in 1774, but shipping records indicate its farms were feeding
West Indies slaves by the tens of thousands.
Jews Broke Silicon Valley Bank
[ 22 March 2023 ]
QUOTE
The Times of Israel
reports that Israeli firms were able to transfer $1 billion from Silicon
Valley Bank (SVB) to Israeli accounts just before the bank was seized:
“Israel’s two largest banks, Bank Leumi and Bank Hepialid, set up a
situation room that has been operating around the clock to help firms
transfer their money from SVB — before it was seized — to accounts in
Israel. Over the past few days, teams at LeumiTech, the high-tech
banking arm of Bank Leumi, have been able to help their Israeli clients
transfer about $1 billion to Israel, the bank said.
SVB, the “go-to lender of technology startups in Israel and the US,”
failed “after depositors hurried to withdraw money last week amid anxiety
over its health.”
It was the second-biggest bank failure in US history. More information
here.
UNQUOTE
The timing is suspicious. How did they know it was time to pull out? A
sudden rush of funds out of the door was definitely not helpful. Albeit the
management seem to have been dangerously incompetent.
Sam Bankman Fried Convicted Of Stealing $10 Billion
[ 4 November 2023 ]
QUOTE
Sam Bankman-Fried's parents broke down in court on Thursday night after
their son was found guilty of embezzling $10 billion of his clients money,
in what the prosecutor said was 'one of the biggest financial frauds in
American history.' Bankman-Fried now faces up
to 115 years in prison.
The 31-year-old, who founded crypto exchange FTX,
was convicted on all seven counts against him. The jury reached their
unanimous verdict in less than five hours..............
His parents,
Stanford law professors Joseph Bankman and Barbara Fried, were
sitting in the front row of the courtroom, and hugged once the verdict was
read out. Barbara fought back tears, putting her fingers in her ears to
drown out what the judge was saying, while Joseph held his head in his
hands.................
Bankman-Fried will
be sentenced on March 28, but his lawyer, Mark Cohen, insisted they will
continue to 'vigorously fight the charges.' [ At $1,000 an hour?
It's like Christmas every day but then he is a Jew - Editor
]...................
Williams said that, although cryptocurrency
was new, the fraud perpetrated by Bankman-Fried was 'as old as time'. 'A multi-billion-dollar scheme designed to
make him the king of crypto,' said Williams......................
Federal prosecutors built their case against
him around the testimony of his three top employees, who all quickly took
plea deals with the hope of securing more lenient
sentences..................
During the trial, the court heard that Bankman-Fried
grew up in Palo Alto to a mother and father who were both economics
professors at Stanford University.
He studied mathematics at MIT where he met
Wang before working at Jane St Capital, a Wall St trading firm, and then
starting Alameda in 2017, followed by FTX in 2019..................
But Bankman-Fried struggled during a tough
cross-examination by Assistant US Attorney Danielle Sassoon, dodging
questions so often Judge Lewis Kaplan repeatedly told him to answer the
questions.......... He claimed he was a different person under
cross-examination and could not remember details being asked of him over 140
times................
Bankman-Fried squirmed while being asked what he meant when he told a
journalist that FTX customers were 'dumb m*************'
UNQUOTE
Sam Bankrupt-Fraud is a cunning thief and a Jew. But he got evasive when he
was being interrogated. His lawyer is a Jew. His parents are Jews
teaching law and ethics at Stanford. What did they teach him? NB The
Mail even mentions Bernie Madoff, another
thieving Jew but a better thief. He stole around $65 billion. The
Mail thinks we are also 'dumb m*************' because it is not
censoring comments this time.
