Sunday, August 12, 2012

Marine Links British Bankers Fast & Furious to Romney's Young Gun Running Mate

United States Marine and virtual presidential candidate, Field McConnell, has linked the British Bankers Association’s funding of Fast and Furious to Mitt Romney’s Young Gun running mate, Paul Ryan.

McConnell claims that the British Bankers’ Association structured the U.S Treasury Asset Forfeiture Fund for the alleged use of Ryan’s Young Guns and their Obama counterparts to buy Fast and Furious weapons found at the scene of the murder of ATF agent Brian Terry.

Marine Links HSBC Libor Forfeiture Fund with Sister’s Fast and Furious Hits

“Global banks are the financial services wing of the drug cartels As HSBC [BBA Libor panel bank] executives apologise to the US Senate for laundering drugs money, the fact is that nothing changes … Last week, managers from Britain's biggest bank, HSBC, lined up before the Senate's permanent sub-committee on investigations – just across the Potomac river from the scene of Dorsey's crime – to be asked questions such as: "It took three or four years to close a suspicious account. Is there any way that should be allowed to happen?" The "suspicious account" was that of a "casa de cambio", a currency exchange house operated in Mexico on behalf of the largest criminal syndicate in the world and one of the most savage, the Sinaloa drug-trafficking cartel. The dealings had been flagged up to HSBC bosses by an anti-money laundering officer, but to no avail – the dirty business continued. "No, senator," came the reply from a bespectacled Brit called Paul Thurston, chief executive, retail banking and wealth management, HSBC Holdings plc. … HSBC has been found to have handled $7bn in narco cash, "and this is the starter for 10", Woods now says. "We'll get the full picture over time. But what's the sanction on these banks? What's their risk? The cartels should renegotiate their charges with the banks. They're being priced for a risk element that isn't there." Wachovia was not the first, neither will HSBC be the last. Six years ago, a subsidiary of Barclays – Barclays Private Bank – was exposed as having been used to launder drug money from Colombia through five accounts linked to the infamous Medellín cartel. By an ironic twist, Barclays continued to entertain the funds after British police had become involved after a tip-off, from HSBC. … "People don't like to ask how close the banker's finger is to the trigger of the killer's gun," says Woods. But in this newspaper – when we revealed the original "cease and desist" order against HSBC – the former head of the UN Office on Drugs and Crime, Antonio Maria Costa, posited that four pillars of the international banking system are: drug-money laundering, sanctions busting, tax evasion and arms trafficking. The response of politicians is to cower from any serious legal assault on this reality, for the simple reasons that the money is too big (plus consultancies to be had after leaving office). The British government recruits a former chairman of HSBC as trade secretary just as the drug-laundering scandal breaks.” reports that the Senate probe has lasted months. In addition, HSBC [a BBA Libor panel bank] is under investigation by the SEC and the DOJ. Another probe by the U.S. Federal Reserve and Office of the Comptroller of the Currency found that there was significant potential for unreported money laundering or terrorist financing. HSBC is reportedly also under investigation for its involvement in the LIBOR rate-fixing scheme. HSBC’s involvement in drug money laundering also has implications for the Obama administration. In December 2011 the New York Times reported on the Department of Justice’s involvement in drug money laundering. Immediately, the House Oversight and Government Reform Committee, which is investigating Operation Fast and Furious, announced that it was going to expand its investigation of gunwalking to the Mexican Sinaloa drug cartel to now include drug money laundering, but the Department of Justice refused to cooperate. The same Lanny Breuer who is implicated in gunwalking also was involved in letting Wachovia Bank off with a slap on the wrist after it had been established that it was laundering drug money for the same Sinaloa cartel. HSBC then moved in to take over the drug money laundering activity of the cartel under the watchful eye of the Obama administration. The question posed by Lyndon LaRouche is, how much of the drug money was funneled into the 2008 Obama Presidential campaign?”

“The Treasury Forfeiture Fund (the Fund) is the receipt account for the deposit of non-tax forfeitures made pursuant to laws enforced or administered by Treasury law enforcement agencies and the United States Coast Guard. It was established in October of 1992 as the successor to the Forfeiture Fund of the United States Customs Service. When the enabling legislation for the Fund was enacted, it brought together all of Treasury law enforcement under a single forfeiture program. The member law enforcement bureaus of the Treasury Forfeiture Fund are the U.S. Customs Service (Customs), the U.S. Secret Service (Secret Service), the Bureau of Alcohol, Tobacco and Firearms (ATF), and the Internal Revenue Service’s Criminal Investigation (IRS-CI). These Treasury bureaus are joined by the U.S. Coast Guard of the Department of Transportation, a member of the Fund as the result of a long-standing close law enforcement relationship with Customs. The Fund’s enabling legislation was first published in Public Law 102-393, enacted October 6, 1992, and is codified under Title 31 of the United States Code, Section 9703. The Fund is a “special receipt account.” This means the Fund can provide money to other Federal entities toward the accomplishment of a specific objective for which the recipient bureaus are authorized to spend money. The Executive Office for Asset Forfeiture (EOAF), which provides management oversight of the Fund, falls under the auspices of the Under Secretary for Enforcement, U.S. Department of the Treasury. EOAF’s organizational structure includes the Fund Director, Legal Counsel, Assistant Director/Policy and Operations, and Assistant Director/Financial Management and Chief Financial Officer. Functional responsibilities are delegated to various team leaders. EOAF is located in Washington, D.C. and currently has 20 full time equivalent positions.”

“Paul Davis Ryan (born January 29, 1970) is the U.S. Representative for Wisconsin's 1st congressional district, serving since 1999, and presumptive Republican Party nominee for Vice President in the 2012 election. Ryan is often cited for his views on fiscal policy and his proposed changes to Medicare. … Ryan currently chairs the House Budget Committee, where he has played a prominent role in the Republican Party's budget proposals. … Ryan is one of the three co-founders of the Young Guns Program, an electoral recruitment and campaign effort by House Republicans. On August 11, 2012, Ryan was chosen by Mitt Romney to be his vice presidential running mate.”

“The Congressional Budget Office (CBO) uses procedures similar to those specified in the Federal Credit Reform Act (FCRA) to value assets purchased under the TARP. In a report dated February 6, 2009, the Congressional Oversight Panel concluded that the Treasury paid substantially more for the assets it purchased under the TARP than their then-current market value. The COP found the Treasury paid $254 billion, for which it received assets worth approximately $176 billion, for a shortfall of $78 billion. The COP's valuation analysis assumed that "securities similar to those issued under the TARP were trading in the capital markets at fair values" and employed multiple approaches to cross-check and validate the results. The value was estimated for each security as of the time immediately following the announcement by Treasury of its purchase. For example, the COP found that the Treasury bought $25 billion of assets from [BBA Libor panel bank] Citigroup on October 14, 2008, however, the actual value was estimated to be $15.5, creating a 38 percent (or $9.5 billion) subsidy.”

More to follow.

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