HENEGHAN: Madoff Update ~ Ponzi Scheme Escalates
Tom Heneghan
Madoff Update ~ Ponzi Scheme Escalates
by Tom Heneghan
International Intelligence Expert
Tuesday January 13, 2009
Ponzi scheme artist Bernard Madoff
AP by Kathy Willens
United States of America – It can now be reported that at least 60% of the original $780 BILLION emergency ‘bailout’ funds was used to pay off lawsuits tied to Bernard Madoff created derivatives linked to Citibank, J.P. Morgan and Bank of America.
Note: Robert Jaffe, a former Madoff associate, missed his court appearance today in Massachusetts.
Jaffe is familiar with Madoff’s second set of books, including Madoff’s use of laundered funds disguised as profits that were sent to Israel and used to buy arms directly from the U.S. Defense Department bypassing Senate Appropriations Committee.
Reference: We have already detailed Israel’s use of U.S. Taxpayers' foreign aid to BRIBE the U.S. Congress and the U.S. media.
P.S. The corporate-controlled U.S. media continues to ignore the major blockbusting story involving Eliot Spitzer, the Office of the Comptroller of the Currency (OCC) and the Bushfraud Administration’s use of the OCC to prevent states from pursuing the theft of their pension funds by the Madoff cabal.
Tonight we bring you the actual Eliot Spitzer oped in the Washington Post that was published just before he was busted for involvement with a call girl named Ashley Dupre (placed by the Israeli Mossad).
P.P.S. At this hour the Bushfraud-Israeli Mossad dominated Justice Department is discussing giving Bernard Madoff a plea bargain in which he returns $.20 on a dollar.
This is happening simultaneously as Citibank and Morgan Stanley discuss a merger that would help them avoid bankruptcy.
Question: Could it be that Madoff’s plea bargain of $.20 on a dollar will finance the Citibank-Morgan Stanley merger.
Stay tuned for further updates on this massive ponzi scheme and the looting of the U.S. Treasury by this Bush-Clinton Crime Family criminal filth that continue to loot every last dime out of the U.S. Treasury.
New York Governor Eliot Spitzer
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
By Eliot Spitzer
Thursday, February 14, 2008; A25
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay,making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.
Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many sub prime lenders that were engaged in predatory lending practices. Several state legislatures, including New York 's, enacted laws aimed at curbing such practices.
What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no.
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.
Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.
Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect. But the curbs we sought on predatory and unfair lending would have in no way jeopardized access to the legitimate credit market for appropriately priced loans. Instead, they would have stopped the scourge of predatory lending practices that have resulted in countless thousands of consumers losing their homes and put our economy in a precarious position.
When history tells the story of the sub prime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably.
The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
The writer is governor of New York.
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We live free or die as we continue to identify the enemies of the American Republic and the 2nd American Revolution in the 21st Century and eradicate them.
Overlord at Yorktown remains relentless and victorious.
Lafayette remains at Brandywine and Albert Gore Jr. remains the REAL President of the United States.
Non-inaugurated, duly elected
President Albert Gore Jr.
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International Intelligence Expert, Tom Heneghan, has hundreds of highly credible sources inside American and European Intelligence Agencies and INTERPOL-- reporting what is REALLY going on behind the scenes of the controlled mainstream media cover up propaganda of on-going massive deceptions and illusions.
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