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WASHINGTON, DC --
'There is a very serious aspect to the current economic collapse
that no one wants to discuss, neither the economic pundits, the
media or the scared politicians. This concerns an aspect of the
subprime scams and, basically and stripped of euphemistic words
and propaganda phrases, is that very large amounts of money from
various banks and financial institutions and the owners and
controllers thereof were, and are being, sent outside this
country to a secure area. I am speaking most specifically of
American business frantically sending, electronically, huge
amounts of money to banks in Israel.
The three banks
that are getting most of the stolen money are: Hapoalim group,
Bank Leumi group, Discount Bank group. It is not necessary to
mention that the senders are all Jewish and it should be noted
that Israeli banking concerns practice strict banking security
(see their Protection of Privacy Law, 1981 [PPL]) Under the PPL,
'an infringement of privacy is, inter alia, a violation of an
obligation to maintain secrecy regarding a person's private
affairs, established by explicit or implicit agreement.' The
bank's obligation of secrecy extends not only to the details of
the client's account but also to all transactions related to the
account In other words, if the US authorities want to know about
this, they can bend over while the Israeli bankers drive them
home.
And if the
sticky-fingered ones decide to make a quick flight to Israel
ahead of FBI investigators, like their new accounts, they are
entirely safe. Note here that Israel does not extradite its
citizens. But it does allow prosecutions in its own courts for
crimes committed abroad. None of this information is really
secret but is well-known to investigative bodies such as the
Department of State and the FBI. Currently, U.S.
law-enforcement personnel and prosecutors, who fear that
Israeli-oriented economic criminals will use the Jewish state as
a refuge.
Lehman Brothers
Shipped Off $400B Just Before Bankruptcy Nice !
By Linda Sandler
September 27, 2008
Bloomberg -- Lehman Brothers Holdings Inc.'s brokerage unit, in
the months before its parent filed for bankruptcy protection,
lost more than $400 billion in assets, according to the trustee
overseeing customer accounts.
Lehman's holding company filed for bankruptcy Sept. 15 claiming
$639 billion in assets, using four-month-old data. The wholly
owned brokerage unit shrank to less than $100 billion in assets
from $500 billion ``a few months ago,'' according to a Sept. 19
court statement by James Giddens, the trustee overseeing the
settling of Lehman brokerage customer accounts by the Securities
Investor Protection Corp.
The loss in value was caused by ``changes in the market,''
according to Giddens, a partner at law firm Hughes Hubbard &
Reed, who spoke at a bankruptcy court hearing in Manhattan. The
runoff may indicate Lehman's customers, including many hedge
funds, canceled and closed out trades as they began to doubt the
firm's ability to navigate the credit crunch, bankruptcy
analysts and lawyers said.
``There was the proverbial run on the bank'' at Lehman, said
Martin Bienenstock of the law firm Dewey & LeBoeuf, who is
advising clients including Walt Disney Co. on recovering their
money from Lehman. There was a similar capital flight from Bear
Stearns earlier this year, he said.
Most of Lehman's pre-bankruptcy assets were securities,
according to its balance sheets. Lehman said on Sept. 10 that
the consolidated gross assets of the firm stood at $600 billion
and net assets at $311 billion. The difference between net and
gross is the so-called matched book, which is overnight lending
or securities pledged for overnight borrowing.
http://tbrnews.org/Archives/a2880.htm
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