America’s second largest lender has reached a $16.65 billion settlement with US federal authorities over selling bad mortgages, the Justice Department said Thursday.
“This historic resolution – the largest such settlement on record – goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement posted on the US Justice Department website on Thursday.
The bank will pay out $9.65 billion in cash and $7 billion for consumer relief – such as modified home loans and refinanced mortgages.
The fine is the largest single compensation settlement, beating out JPMorgan Chase & Co’s $13 billion penalty paid in November 2013. Citigroup, another major US bank, had to pay $7 billion in July.
In March, the bank was ordered to pay $9.5 billion to the Federal Housing Finance Agency to resolve similar associations. Since the financial crisis, the bank has been ordered to pay over $60 billion in fines, claims, and buying out mortgage bonds.
The bank admitted it misled investors about the quality of mortgage loan sale prior to the housing crash, when banks lent out too much money to homeowners who eventually could not pay off their loans.
This eventually resulted in the collapse of the housing bubble and the beginning of the recession in late 2007. The banks defrauded investors about the condition of the loans, which led to billions in losses while millions of Americans lost their homes to foreclosure.
Three quarters of the loans in question came from Countrywide Financial, which Bank of America acquired in 2009, along with Merrill Lynch. In total, between 2004 and 2008, the groups sold more than $965 billion in bad loans.
How much damage did they do and how much profit did they make? A trillion dollar fraud leveraged 10 to 1 under our fractional reserve banking system, pulling the rug out from the global economy, undermining the dollar, putting millions on the street, while reaping windfalls via credit default swaps they took out to bet against the very crap they were peddling. No, I think these “people” need to be liquidated into the hands of their many victims.
Not to mention both sides of the “war” itself:
US may attempt to arm and provide air cover for terrorists in Syria after claiming success in fighting ISIS in Iraq using Kurds.August 21, 2014 (Tony Cartalucci – LD) – As predicted, the “sudden” appearance of the Islamic State in Syria and Iraq (ISIS) in northern Iraq weeks ago, has created the rhetorical framework within which the United States and its regional partners will attempt to militarily intervene in both Iraq and Syria. Token US airstrikes have already been underway in Iraq, and it is now revealed that US special operation forces have been operating in Syria, under the guise of attempting to rescue abducted and now slain American journalist, James Wright Foley.The New York Times in an article titled, “U.S. Tried to Take Foley and Other Hostages From ISIS,” claimed:
A secret nighttime military mission authorized by President Obama to rescue Americans held captive in Syria failed early this summer when a team of two dozen Delta Force commandos raided an oil refinery in the northern part of the country but found after a firefight with Islamic militants that there were no hostages to be saved, administration officials said Wednesday.With one American journalist, TIME reporter Steven Sotloff, still missing and allegedly being held by ISIS terrorists, further US military incursions into Syrian territory may be attempted under a similar alleged pretense. To further justify expanding across the border and into Syria already ongoing US military operations in Iraq, the Western media has begun claiming that ISIS leadership, “fearing” US airstrikes, are fleeing to safety in neighboring Syria.The Wall Street Journal in its article, “Iraqis Say Some Commanders of Insurgency in Iraq Retreat to Syria,” claimed:
According to the Iraqis, the commanders went to eastern Syria, where Islamic State has built an operational base amid the chaos of civil war over the past few years. The insurgents are able to dash across the border into Syria, where that base continues to offer the space to recruit and reorganize largely unchallenged.
“They’ve got much better cover in Syria than they do in Iraq,” said Will McCants, an expert on militant Islam at the Brookings Institution and a former State Department adviser. “When they have that kind of strategic depth, they’re just allowed to live another day.”
Image: Clearly, ISIS’ path into Iraq began not in Syria, but in NATO-
member Turkey’s territory. ISIS is nothing more than an extension of the
US-backed terrorist forces assembled for the explicit purpose of
overthrowing the Syrian government.Clearly, the answer, left for readers to arrive at on their own, is that these “successful” US airstrikes in Iraq must be carried over into Syria – where mission creep can do the rest, finally dislodging the Syrian government from power after an ongoing proxy war has failed to do so since 2011. After arming and aiding the Kurds in fighting ISIS in Iraq, the US will attempt to make a similar argument regarding the arming of terrorists in Syria and providing them direct US air support to defeat ISIS – and of course – Damascus.
It should be remembered that ISIS itself is a creation of the United States, Saudi Arabia, Israel, Qatar, and has been harbored and provided material assistance by NATO-member Turkey for years. Portrayed by various names by the Western media – ISIS, al-Nusra, the “Free Syrian Army” – in reality it is a conglomerate of Western-backed mercenary forces raised as early as 2007 to overthrow the government in Damascus and confront Iranian influence across the entire region, including in Lebanon and in Iraq.
In a recent essay entitled, “The Strategic Significance of the Internet Commons,” former Secretary of Homeland Security Michael Chertoff describes cyberspace and the Internet as a “global commons” that must come under “global governance.” This is the latest salvo in an ongoing campaign by a disparate congeries of internationalists, socialists, communists, and jihadists to turn over control of the Internet to some sort of regime under the United Nations.
Unbeknownst to most Americans, the effort to transfer that control to the UN — including Internet taxing, censoring, and surveillance powers — is already far advanced. As The New Americanreported in March of this year, the Obama administration has already begun the phased transfer of Internet control to a nebulous and uncertain governance structure that has been set up as an innocent-appearing transition platform that, ultimately, is set for transfer to UN control.
The Chertoff article, which appeared on the International Relations and Security Network (ISN) on August 14, was originally published in the Summer 2014 issue of Strategic Studies Quarterly, a journal published by the Air Force Research Institute. In it, Chertoff writes:
Cyberspace, much like the high seas, air, outer space, and Antarctica should be viewed as the newest global commons…. Cyberspace is a strategic resource that is essential to today’s global economy yet poses unprecedented risk and vulnerability. Like the development of global governance for the high seas and outer space, cyberspace needs global governance that preserves its freedom and openness while strengthening its security to protect the shared economic and utility value of all nations.
Chertoff Cheers UN Law of the Sea Treaty
Chertoff seems especially enamored of the United Nations Law of the Sea Treaty (LOST), citing it approvingly several times as the model for dealing with the cyberspace global commons. This is revealing, inasmuch as LOST has been a cauldron of controversy for decades, since it would: a) challenge the sovereignty of our inland and coastal waters; b) give the UN pretended legal authority over “all ocean space”; c) give the UN a huge constant revenue stream from seabed mineral rights and sea lane taxes ; d) subject our naval operations to UN interference; and much more. (See here, here, and here.)
So, how is it that former DHS chief Chertoff is now an expert on the Internet, and why is he stumping for “global governance” for cyberspace? The short bio at the end of his article that we quote above states that he is “the co-founder and chairman of the Chertoff Group and a member of the Global Commission on Internet Governance.” Following in the footsteps of many other “public servants,” Chertoff has parlayed the contacts and connections from his government career into a lucrative and influential consultancy business. We won’t take space here to go into his business conflicts of interest (as, for instance, his public promotion of full-body airport scans, while failing to disclose that his firm’s client, RapiScan, is the main producer of the technology and is making millions of dollars on the supposed “security” provided by the devices), but what about this Global Commission on Internet Governance. Sounds very official, no? So who commissioned this commission?
Chatham House Leads Internet Grab
According to a press release from Chatham House on January 22 of this year: “Carl Bildt, Sweden’s Minister of Foreign Affairs, will chair a new Global Commission on Internet Governance, launched by The Centre for International Governance Innovation (CIGI) and the Royal Institute of International Affairs (Chatham House).”
The Royal Institute of International Affairs (RIIA, also known as Chatham House) is the British cabal of globalists who serve as the de facto governing class of the U.K., in much the same manner that its New York-based sister house, the Council on Foreign Relations (CFR, also known as Pratt House), operates here in the United States. ….
The timing of the RIIA announcement at the WEF was not accidental; the organized one-worlders hope to push through much of their agenda to seize the Internet at the rapidly approaching Ninth Annual Internet Governance Forum (IGF) conference to be held in Istanbul, Turkey, this September 2-5. Turkey, which is supplying the IGF venue, is, of course, something less than a paragon of civil liberties. And heading up the Internet Governance Forum confab is United Nations Under-Secretary General Wu Hongbo, a functionary of the Communist Party of the Peoples Republic of China, where posting an unapproved Internet comment can bring a visit from the cyber police and cause the offending commenter to “disappear.” ….
The Obama administration is promising to change the way travelers can ask to be removed from its no-fly list of suspected terrorists banned from air travel.
The decision comes after a federal judge’s ruling that there was no meaningful way to challenge the designation, a situation deemed unconstitutional. In response, the Justice Department said the U.S. will change the process during the next six months. As of late last summer, about 48,000 people were on the no-fly list. …
Fraud, myth, lies, charade, pretend, mind control etc. The terrorists are pretending to follow the law while pretending to protect us from the pretend enemies that they financed, trained and deployed in their pretend war that funnels pretend money into their pretend corporate “people” while the real people, the peons, pretend that it’s all about the greater good even though they personally can only pretend to have a decent standard of living by borrowing the same pretend money from other pretend “people” that create it out of thin air. It’s the same mindset required of watching a movie: suspension of disbelief. The red pill is admitting 9/11 was a domestic false flag operation. Until you do, you’re just a tool of terrorists.
Nearly half of the people on the U.S. government’s widely shared database of terrorist suspects are not connected to any known terrorist group, according to classified government documents obtained by The Intercept.
Of the 680,000 people caught up in the government’s Terrorist Screening Database—a watchlist of “known or suspected terrorists” that is shared with local law enforcement agencies, private contractors, and foreign governments—more than 40 percent are described by the government as having “no recognized terrorist group affiliation.” That category—280,000 people—dwarfs the number of watchlisted people suspected of ties to al Qaeda, Hamas, and Hezbollah combined.
The documents, obtained from a source in the intelligence community, also reveal that the Obama Administration has presided over an unprecedented expansion of the terrorist screening system. Since taking office, Obama has boosted the number of people on the no fly list more than ten-fold, to an all-time high of 47,000—surpassing the number of people barred from flying under George W. Bush. …
This is what we fought against in 1776 and in WWII. And now it’s back again, because the aristocracy can’t think of anything better to do than mess with everyone else, and they have enough money to normalize it and pay for it in britain, in germany, and now in the USA.