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Monthly Archives: October 2012

The Banksia Financial Group Collapse

Some folks in Australia are feeling the pain of losing their investment. They all thought they were safe, because the auditors had just given the company “a clean bill of health” just a few weeks ago. Of course, that was weeks ago. Plenty of time since then to go bankrupt.

Perhaps the auditors should be prosecuted for bribery or fraud.

About 15,000 investment accounts have been frozen as receivers work through the company’s books.

Receiver McGrathNicol said yesterday it was still trying to work out what had led to the downfall.

But it expect to provide investors with a “meaningful return” on the $650 million of funds now in question.

The collapse came less than four weeks after Banksia’s auditors gave the accounts of Banksia Securities, the key subsidiary behind the group’s downfall, a clean bill of health.

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Wastebook 2012 – Senator Coburn (R-OK)

Take a look at a part of what our tax dollars are going:

Wastebook 2012 – Senator Coburn (R-OK)

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Government sues Bank of America for $1 billion over mortgage frauds

Federal prosecutors sued Bank of America for $1 billion on Wednesday, alleging that the

bank’s former Countrywide unit concocted a mortgage scheme it called the “Hustle” in order to sell thousands of fraudulent and otherwise defective mortgage loans to Fannie Mae and Freddie Mac….

When the loans “predictably” defaulted, Fannie and Freddie, which in 2008 required a massive taxpayer bailout due in large part to the purchase of toxic mortgages, incurred more than $1 billion in losses, the lawsuit says.

The mortgage scheme continued through 2009, well after Bank of America acquired Countrywide, according to the lawsuit.

Bank of America did not immediately respond to a request for comment.

Let the games begin!!!!

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Iraq and Kuwait sign historic financial settlement

The war reparations from Iraq’s invasion of Kuwait back in 1990 appear to be finally settled. This is a very big day, because it has been the biggest hurdle preventing Iraq from coming out of chapter vii of the United Nations sanctions.

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US Sanctions Push Iran Into a Gold Standard

The overuse and misuse of sanctions have been eroding their effectiveness for a long time. So called “non-aligned nations” are steadily setting up their own trading systems that bypass the US do

llar and the Fed. It used to be that all foreign trade was done in dollars, and so it all passed through the Fed, which made a percentage on every transaction. That was the advantage of the dollar being the “world currency.”But because this trade system has been used to coerce other nations into conforming to the will of the US government (and Europe), other countries are now setting up their own direct trading systems. Hence, Japan and China can now facilitate trade in their own currencies without using the dollar. And now that the US has imposed sanctions on Iran by refusing to let them settle international trade payments through the Fed and the dollar, Iran is now literally forced to revert back to the gold standard.

Iran and India have agreed to trade oil for gold. The same is now occurring with Turkey, which purchases Iranian oil and pays them in gold through the banks of Dubai, according to this news article:

The bottom line is that US foreign policy is fast destroying the mechanism of power by which America has been bullying the world. Given enough time, the dollar will become irrelevant and pass from the scene as only a bad memory. Then America will have to live within its means.

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