Maand: februari 2017

The Unthinkable Just Happened In Spain

Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel Ángel Fernández Ordóñez, and its former deputy governor (and current head of the Bank of International Settlements’ Financial Stability Institute), Fernando Restoy. It also summoned for questioning Julio Segura, the former president of Spain’s […]

via The Unthinkable Just Happened In Spain —

 

Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel Ángel Fernández Ordóñez, and its former deputy governor (and current head of the Bank of International Settlements’ Financial Stability Institute), Fernando Restoy. It also summoned for questioning Julio Segura, the former president of Spain’s financial markets regulator, the CNMV (the Spanish equivalent of the SEC in the US).

by Don Quijones via WolfStreet.com,

spain-flag-screenshot_1Untouchable. Inviolable. Immunity. Impunity. These are the sort of words and expressions that are often associated with senior central bankers, who are, by law, able to operate more or less above the law of the jurisdictions in which they operate.

Rarely heard in association with senior central bankers are words or expressions like “accused”, “charged” or “under investigation.” But in Spain this week a court broke with that tradition, in emphatic style.

As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia – which had been assembled from the festering corpses of seven already defunct saving banks – Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel Ángel Fernández Ordóñez, and its former deputy governor (and current head of the Bank of International Settlements’ Financial Stability Institute), Fernando Restoy. It also summoned for questioning Julio Segura, the former president of Spain’s financial markets regulator, the CNMV (the Spanish equivalent of the SEC in the US).

The six central bankers and one financial regulator stand accused of authorizing the public launch of Bankia in 2011 despite repeated warnings from the Bank of Spain’s own team of inspectors that the banking group was “unviable.”

Though they have so far only been called to testify, the evidence against the seven former public “servants” looks pretty conclusive. Testifying against them are two of Banco de España’s own inspectors who have spent the last two years investigating Bankia’s collapse on behalf of the trial’s presiding judge, Fernando Andreu. There are also four emails from the Bank of Spain’s inspector in charge of overseeing Bankia’s IPO, José Antonio Casaus, to the assistant director general of supervision at the Bank of Spain, Pedro Comín, that very clearly express concerns about the bank’s “serious and growing” profitability, liquidity, and solvency issues.

Here are four brief excerpts:

  • [April 8, 2011] “Bankia is unviable, both economically and financially. In the end, the FROB [Spain’s state-owned Fund for Orderly Bank Restructuring] will have to convert its debt into shares for the BFA [Spain’s state-owned banking group] and refund holders of Bankia’s subordinate bonds and “preferentes” shares. […] Find a buyer for the group.”
  • [April 14,2011] “This is not working, it’s getting worse. […] Bankia’s capacity to generate resources is deteriorating.”
  • [May 10, 2011, uppercase used by Causus for emphasis] “The endogenous solution put forward by Bankia — a public listing with a double banking structure without the necessary structural changes — WILL NOT WORK AND WILL HAVE A DEVASTATING IMPACT ON TAXPAYERS.”
  • [May 16, 2011, 2 months before the IPO] “The (bank’s) board is highly politicized and unprofessional. It still has the same directors that led the former entities to need public assistance: [they are] discredited in the eyes of the markets.”

As the court’s edict reads, the contents of the emails unequivocally demonstrate that the Bank of Spain’s management was perfectly aware of the “inviability of the group” as well as “the fabricated financial results it had presented.” Yet, together with the CNMV, it lent its blessing to those results, knowing full well they bore no relation to reality .

Featured in the IPO prospectus, those results were crucial in luring 360,000 credulous investors into buying shares in the soon-to-be-bankrupt bank, not to mention the 238,000 people who bought “preferentes” shares or other forms of high-risk subordinate debt instruments being peddled by Bankia’s sales teams as “perfectly safe investments.” Most have since been refunded by Spanish taxpayers.

The IPO prospectus was also signed off on by Bankia’s auditor, Deloitte, whose Spanish representatives are also warming the defendants’ bench. Deloitte was not just the bank’s auditor, it was also the consultant responsible for formulating its accounts. As El Mundo put it, first Deloitte built Bankia’s balances, then it audited them, in complete contravention of the basic concept of auditor independence [read: Deloitte About to Pay for its Spanish Sins?].

Given this deeply compromising, not to say illegal, set-up, it’s hardly any surprise that Deloitte was happy to confirm in Bankia’s IPO prospectus that the newly born frankenbank was in sound financial health, having made a handsome profit of €300 million just before its public launch. It was a blatant lie: in reality Bankia was bleeding losses from every orifice.

Now, just about everybody who played a role in this momentous deception, with the exception of the government itself, is standing trial. That includes 65 former members of Bankia’s management team including its former President and ex-chief of the IMF, Rodrigo Rato, who faces charges of money laundering, tax fraud, and embezzlement.

In his testimony to the court almost exactly two years ago, Rato argued (quite rightly) that the blame for Bankia’s collapse should be much more evenly spread out. Bankia’s public launch “was not a whimsical decision” taken by its chief executives, he said, but was the inevitable result of regulatory changes at the beginning of 2011. According to Rato, the CNMV even played an active role in drawing up the bank’s lie-infested IPO brochure.

Now, two years later, some of Spain’s most senior central bankers and financial regulators find themselves in the rare position of having to explain and defend the actions and decisions they took that helped pave the way to the biggest bank bailout in Spanish history. It will be one of the first times that senior members of the global central banking complex have had to face trial for the consequences of their actions.

That’s not to say that justice will prevail. Spain’s legal system is notoriously slow, especially when it’s convenient, and heavily politicized. There’s also the possibility that the ECB may intervene as it did in Slovenia’s investigation of its central bank’s alleged misuse of bailout funds. The last Spanish judge that dared to take on the financial elite, Elpidio Silva, sent Caja Madrid’s CEO Miguel Blesa to jail — not once, but twice – and was barred from the bench for 17 years. As such, the presiding judge of the current case, Fernando Andreu, would do well to tread carefully; he risks stepping on some very important toes.

Now a hot new bail-in-able debt got cooked up by financial engineers in France. And it’s a big hit. Read…  Biggest EU Banks Embark on the Mother of All Debt Binges

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Millionaire Basement Wars BBC Documentary 2015 – Landmass London Property Development

Gepubliceerd op 28 mei 2015

Luxury Interior Designer and Property Developer Landmass London feature where the super-rich are maximizing property value in the heart of London as never before.

http://www.landmass.co.uk/

But they’re not building up, they’re digging down, creating mega-basements or ‘iceberg homes’ – nicknamed because there’s more square footage under the ground than above. Over the last ten years an estimated 2000 new basements have been dug in central London. Into these multi-level subterranean structures owners are building anything from cinemas, swimming pools, beauty parlours, squash courts, wine cellars and servants’ quarters. Some take as long as three years to complete. As well as the noise of the digging, fleets of concrete mixers and lorries taking away the dug soil service the sites. So life for neighbours in some of London’s poshest addresses has been hell.

As the Royal Borough of Kensington Council responds to angry residents and tries to regulate the number of mega-basements and the disruption they cause, this BBC film goes behind the hoardings to look inside the extraordinary structures and talk to builders, owners and irate neighbours to tell the story of the conflict that has gripped the millionaires and gold-paved streets of London’s smartest postcodes.

http://www.landmass.co.uk/

The Veneer of Justice in a Kingdom of Crime

Gepubliceerd op 18 mrt. 2016

Statement of Use–see below.

For a transcript of this video, please see http://www.karlonia.com/2016/03/23/ve…

Introduction 1:45
Part 1 – Background 7:59
Part 2 – The Untouchables 15:30
Part 3 – The Cover-Up 25:20
Part 4 – The Criminal King 34:43
Honor Roll 44:40
_____________

Summary.

The criminal global banking cartel has effected a coup d’etat in the U.S. This is why the same criminal financial elite that saw 1000 of its members go to prison 20 years ago (after the S&L crisis) is now above the law.

To date, the question of why the U.S. Department of Justice has failed to prosecute even one too-big-to-fail bank for the pervasive criminal frauds that drove the multi-trillion-dollar economic meltdown of 2008 has been answered pretty much with shrugs.

By far the most insightful answer was provided by Martin Smith’s breathtaking Untouchables episode, which PBS Frontline aired in January 2013. See http://www.pbs.org/wgbh/frontline/fil

But even Smith’s answer—that the DOJ never truly investigated Wall Street crime due largely to the so-called collateral consequences doctrine—really explains how rather than why prosecutions have been scuttled.

In an effort to pick up where the Untouchables left off in early 2013, BestEvidence presents “The Veneer of Justice in a Kingdom of Crime.” In addition to analyzing events that have occurred since the Untouchables aired (including events caused by the Untouchables), and in an attempt to answer some of the deeply troubling issues raised by Martin Smith, “Veneer” examines certain implications the DOJ’s pronouncements, since late 2012, that the rule of law is effectively dead (having been supplanted by the management of oversized global banks).

What follows is a brief American legal history of the executive branch’s overthrow by criminal global banks, which is divided into four roughly chronological segments.

I. Background (March 2010 to December 2012)

Goldman Sachs’ legal defenses to fraud—and the DOJ’s adoption of those defenses—are summarized and exposed as false. The DOJ soon admits it refrains from prosecutions not based on any law, but on unspecified collateral effects that prosecutions allegedly would have.

II. Lessons From the Untouchables (January 2013)

Since it won’t prosecute Wall Street, the DOJ doesn’t even bother conducting investigations. The overriding factor is collateral consequences. Two potential sources for collateral consequences opinions emerge: government regulators and the very financial institutions that have been accused of crimes.

III. The DOJ’s Endless Lies to Conceal Its Master (February 2013 – April 2014)

The DOJ’s claim that government regulators provided opinions on collateral consequences is exposed as a lie. There never were any such regulators. Instead, the DOJ’s sources of collateral consequences opinions are—as the DOJ itself once admitted, before falsely backtracking—the very banks accused of crimes. The collateral consequences doctrine itself is next exposed as a sham, used by global banks to declare immunity from their own crimes—the act of a king.

IV. Presenting the True Sovereign Power in the Executive Branch

The one bank that’s on record as having gained access to a DOJ conference room—where, as the DOJ previously admitted, global banks asserted immunity from their own crimes—is revealed. The true chain of command in the DOJ is presented.