Showing posts with label LIBOR. Show all posts
Showing posts with label LIBOR. Show all posts

Wednesday, January 9, 2013

No Austerity! No Fix-the-Debt. No more Too-Big-To-Fail! The Rich are naught but Fire-Breathing Wryms.

Smaug the Magnificent was listed as the Richest Fictional Character in History in 2012.

J. R.R. Tolkien wrote of Smaug that when Bilbo Baggins took a small chalice from of "his" hoard Smaug's Rage was the kind which "is only seen when rich folk that have more than they can enjoy lose something they have long had but never before used or wanted."

Plutocrats are fire-breathing Wyrms, destructive nearly invincible forces which don't create but destroy and steal hordes of Capital which they proclaim to be theirs. They are destroying people's lives and livelihoods in pursuit of profits.

The Plutocracy believe the Government should exist for One Purpose with Two Basic Powers; To Protect their Property by 1) Quelling Domestic Dissent and 2) Opening up Foreign Markets for their Use.

Of course, everything else is "Unconstitutional" or "Socialism".

The SEC needs to adopt a Financial Transaction Tax, such as the one the U.S. Government had the federal level from 1914 to 1966. And the state of New York, in conjunction with the New York City from 1905 to 1981.

Such a fee won't hurt Grandmas stocks or minor investors. But what it will do is curb the rapacious behavior of Wall Street and the Banking Criminals who conduct billions of trades a second to manipulate the Stock Exchange.

Did you ever wonder why, in the midst of the Computer Age, the center of the American Financial World is still Wall Street? It's because large Banking Giants have located untold numbers of Terrabyte sized Massive Server in Warehouses geographically close to the NYSE in order to gain a pico-second advantage over other Financial Monsters.

Banking Criminals are not limiting their thievery to merely electronic wizardry but are still engaging in the time-honored traditions of Currency Manipulation and Money Laundering for Criminal Gangs, Terrorist Organizations, Rogue Nations as well as American Plutocratic Cheats.

Just 3 years ago UBS agreed to pay a $780 Million dollar fine to avoid `criminal prosecution and to keep the names of 52,000 American criminals, who illegally sheltered monies in Switzerland, secret. 

Now UBS has been ordered to pay other $700 million to $1.5 Billion for it's criminal involvement in the LIBOR currency manipulation.

HSBC was convicted of LIBOR currency manipulation and was fined $1.9 Billion in December 2012. HSBC was one of 7 Banks which routinely laundered money for International Drug Lords, FARC terrorists and Al Qaeda and Iran.

The second oldest Bank of Switzerland, Wegelin founded in 1741, has agreed to pay $58 Million in fines to the US Government because,
The bank had admitted to allowing more than 100 American citizens to hide $1.2bn from the Internal Revenue Service for almost 10 years.
However,
Otto Bruderer, a managing partner at the bank, admitted that Wegelin had sheltered US clients from tax between 2002 and 2010, and said it was aware that its conduct had been "wrong". 
Mr Burderer's further admission that assisting tax evasion was common practice in Switzerland has caused huge concern among the Swiss banking community, according to the BBC's Switzerland correspondent, Imogen Foulkes. 
The Rich are Rich because, like Dragons, they've stolen Billions from poor working people across the planet for Generations. Banks, like UBS, HSBC or the defunct Wegelin merely made the theivery easier by providing the paperwork and structural apparatus. But, when it comes down to it, the Rich are Fire-Breathing Wyrms willing to burn everything to enjoy the fruits of others labors.

Back here in US there exists a ripe plum which the Rich Wyrms have been salivating over for decades. 

Social Security is one of the last depositories of easily accessible capital waiting for the Capitalists to swindle it into their private bank accounts. If George W. Bush and the Republican Congress had succeeded in 2005 of "privatizing" Social Security, $2.5 Trillion would have vanished in 2007 and 2008. Poof. Manipulated away. Gone just like the equity in your homes thousands of pensions and retirement investments swindled via criminally toxic Goldman Sachs assets. 

Like Smaug The Rich! Want! That! Horde!

Rich Wyrms hope people are foolish enough to believe that cutting their own meager earned-benefits is the way to help the Nation.

However, the Rich don't recognize National Interests. They are pan-National. All they want from America is lower and lower tax rates on Capital (with higher tax rates on Labor) and lax financial laws which give them the ability to move money quickly from one Nation to another.

A big component of their plan was revealed in the Fiscal Cliff Rigamarole. The Republicans and Fix-the-Debt wanted the ability to move Hundreds of Billions of off-shore profits made via wage slave labor into the US without any taxes. Calling it a Territorial Tax System. Once here they could realize Billions in profits from merely moving money around. It would have been a windfall for those who make money by the manipulation of figures not from creating jobs, building factories or inventing new products. But from Legerdemain.

And Fix-the-Debt is merely the latest in the effort of Corporate Moochers to fool the country once again. 

Corporations and Plutocrats are the biggest Moochers in World History. They've been hiding their stolen loot in off-shore tax havens and manipulating Stock prices and currency and engaging in sickening criminal acts all the while revealing in their Power and Magnificence. Believing they are Too-Big-To-Fail, just like Smaug.

Tuesday, July 31, 2012

Caterpillar Inc, Bain Capital, Banks, LIBOR and Mitt Romney: How Capitalism is just the new name for Imperalism

Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration. Abraham Lincoln
Mitt Romney wants to replace Presdient Obama as well as Abraham Lincoln, whose bust he wishes to remove from the Oval Office as a nod & a wink to his "Special Relationship" to the "Anglo-Saxon Heritage". What Mitt has been doing his entire life, through off-shoring and out-sourcing American Jobs and dismantling American Companies is to make Capital superior to Labor.
Caterpillar Inc. announced record-smashing quarterly earnings Wednesday, trouncing 2011 figures and previous projections by market analysts, even as a strike at its Joliet plant is nearing the three-month mark.

The industrial manufacturing giant posted sales and revenues of $17.37 billion – a 22 percent increase over the previous year – including a quarterly profit of nearly $1.7 billion. The company also raised its profit outlook to $9.60 per share.
That sure is great but while Caterpillar is posting back-to-back-to-back-to-back record quarterly profits they are working to lower the wages and pensions of their workers. Why isn't Caterpillar's CEO compensation and worker's salaries tied together?

Why would Caterpillar Inc. be focused on freezing workers pay and pensions? Because Capitalists see high labor prices as an unnecessary evil. Why pay American workers high salaries when with the help of Republican Party and Pro-Business Democrats you can off-shore jobs to slave wage nations and (via Mitt Romney's proposed plan) repatriate overseas profits as tax breaks.

In 2004, the Swiss Banking Giant UBS began approaching affluent Americans (in Banking terms affluent means net worth of $50 Million plus) with the idea of setting up dummy off-shore Corporations. By early 2009 at least 52,000 Americans had hid at least $20 Billion in those off-shore tax havens. UBS paid the IRS a $780 million fine for aiding these Rich Criminals in defrauding tax payments.

But, as Senator Jon Kyl pointed out those Rich Criminals are just better than you,
"President Barack Obama should stop talking about the middle class because it turns people against rich Americans, who should be embraced as the Michael Jordans of the U.S. economy," Senator Jon Kyl (R-Ariz.)

"Here's Jordan for three... Yes!!! Did you see that look? Michael, he can't believe it." - Marv Albert recalls Michael Jordan's retroactive shrug following his invocation by Senator Not Intended to be a Factual Statement Kyl.
As the right-wing universe spearheaded by Faux News tries to rebrand Mitt Romney's time at Bain Capital we see the old ploy of relabelling of concepts which Humanity correctly considers odious into fresh new terms. Hence the word Imperalism is no longer used by Imperalists, what they talk about today is Free Market Capitalism.

Free Market Capitalism and what Mitt Romney did at Bain Capital is nothing more than the new name for an old idea. Which is too steal labor, resources and lives of 99% of the world to enrich a very small cadre of Plutocrats, or Class Warfare.

Mitt Romney did the same thing as a "Venture" Capitalist. Buying up companies, loading them with debt to inflate their worth and selling them off to make a profit. Mitt did not invent the practice nor is he the worst example of it. But, his legacy of sending American Jobs overseas is alive and well at Bain Capital.
Sensata is owned by Bain Capital, the private equity investment firm that the Republican presidential candidate once led and that has been the subject of a campaign debate about jobs and outsourcing. Romney had long since left his leadership position at Bain when Sensata bought the plant in 2010, but the Freeport City Council recently passed a unanimous 8-0 resolution calling on him to come visit and help keep the jobs in town. The workers have written him directly.
And even while Mitt Romney, boating enthusiast, laughingly jets around Lake Winnipesaukee he ignores the pleas of the victims of his evil crimes.

And this doesn't even go into the giant LIBOR manipulation scandal of Barclay's and dozens of British and American banks. Or the evil, corrupt Bankers at HSBC who while gouging every decent hard-working person who might be late on a payment was busy laundering millions of dollars from Mexican Drug Cartels, FARC guerrillas and Al Qaida Terrorists. Barclay's LIBOR rate rigging is nothing new.

Imperialists have always sought new methods and tools to extract the wealth from the poor and transfer it to themselves. It's all legerdemain. A shell game designed to Steal.

But, when dealing with Theft of this magnitude. Theft of Generations. Theft of Lives. Theft of the Wealth of Nations. You can't call it what it is.