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Sunday, May 24, 2015

New York Times Editorial, "Banks as Felons, or Criminality Lite": No Mention of the Clinton Foundation

In an editorial entitled "Banks as Felons, or Criminality Lite," The New York Times informs us:

"As of this week, Citicorp, JPMorgan Chase, Barclays and Royal Bank of Scotland are felons, having pleaded guilty on Wednesday to criminal charges of conspiring to rig the value of the world’s currencies. According to the Justice Department, the lengthy and lucrative conspiracy enabled the banks to pad their profits without regard to fairness, the law or the public good.

. . . .

In all, the banks will pay fines totaling about $9 billion, assessed by the Justice Department as well as state, federal and foreign regulators. That seems like a sweet deal for a scam that lasted for at least five years, from the end of 2007 to the beginning of 2013, during which the banks’ revenue from foreign exchange was some $85 billion."

Got it: These banks will pay fines of $9 billion on foreign exchange revenue of $85 billion. Sweet!

However, what the Times doesn't tell us is the connection of some of these banks (not Royal Bank of Scotland) to the Clinton Foundation and the Clinton Global Initiative ("CGI"). The Clinton Foundation lists Barclays Capital and the Citi Foundation as donors in the $1,000,001 to $5,000,000 range. It also lists JPMorgan Chase as a donor in the $100,001 to $250,000 range.

In addition, with regard to Barclays, a March 3, 2015 CNN article entitled "Base wary of Clinton Foundation's ties to troubled banks" by Alexandra Jaffe states:

"British banking giant Barclays emerged as a 'strategic partner' with CGI for its 2010 annual meeting, and gave the same level of support every year after that.

. . . .

In August of 2010, the Justice Department announced Barclays would pay nearly $300 million in fines for breaking sanctions against Iran, Cuba, Sudan and others.

. . . .

According to a Justice Department statement issued in June 2012, Barclays "admitted and accepted responsibility for its misconduct" at the center of a scheme to manipulate global interest rates, which in turn affected prices for consumer lending.

The bank agreed to pay $450 million in total to the Justice Department, the U.S. Commodity Futures Trading Commission and the UK's Financial Services Authority to resolve the violations.

. . . .

In July 2014, the Senate Permanent Subcommittee on Investigations accused both Barclays and Deutsche Bank of helping hedge funds avoid paying more than $6 billion in taxes."

Can't wait for Hillary to field questions concerning her foundation's ties to the banking industry from a journalist who didn't donate to the foundation. Yes, I know, I shouldn't hold my breath.

1 comment:

  1. Thanks JG.

    All I can think of is how jealous Al Sharpton must be of the Clintons having perfected the shake-down/protection on such a scale.

    Senator Sanders will have no problem asking those questions of Hillary, who will be wagging the dog....