Virginia Files Billion-Dollar Suit Against Banksters

• Virginia files lawsuit against plutocrats who conned state with toxic mortgages.

By Ronald L. Ray —

True to its state motto — “Sic semper tyrannis,” or “Thus always to tyrants” — the Commonwealth of Virginia has brought a$1.15 billion civil fraud lawsuit against a “banker’s dozen” of the largest international investment houses. Attorney General Mark R. Herring announced the case in mid-September, which was filed in Richmond Circuit Court. In a prepared statement, the Office of the Attorney General (OAG) alleged that the big banks deliberately misrepresented the quality of residential mortgage-backed securities (RMBS), a form of financial derivative, sold to the Virginia Retirement System (VRS), beginning in 2004.

Prior to 2010, “Virginia was forced to sell the vast majority of these toxic securities built on junk mortgages and lost $383 million.” The attorney general now seeks to obtain the maximum penalty allowed by law, in order to redress the harm done to Virginia taxpayers. The OAG expects that the money recovered will go to repay the taxpayers and VRS for their losses.

In a virtual “who’s who” of plutocratic pirates, 13 mega-banks have been accused of violating the commonwealth’s 2002 Fraud Against Taxpayers Act, which permits treble damages for losses, plus additional penalties.

According to the Richmond Times-Dispatch, however, two JPMorgan Chase subsidiaries, JPMorgan Securities LLC and WAMU Capital Corporation (formerly Washington Mutual), were dropped subsequently, when the OAG learned that Herring’s predecessor, Kenneth T. Cuccinelli II, had previously reached a secret settlement with the two firms for $3 million. Depending on circumstances, however, they could be sued in the future.

The remaining “banker’s dozen” are subsidiaries of the world’s biggest institutional usurers: Barclays, Citigroup, Countrywide, Credit Suisse, Deutsche Bank, Goldman Sachs, RBS, HSBC, Morgan Stanley, UBS and Merrill Lynch.

In brief, Virginia alleges that 220 securities it purchased were offered as being rated AAA or similarly, with 0% delinquency. This factor is important to institutional investors like Virginia because ofthe need for a stable and secure return. However, 75% of the mortgages eventually defaulted. The RMBSs were backed by 785,000 mortgages, of which 40% were “fraudulently misrepresented.” The OAG stated that the banks “knew, or shouldhave known,” that claims in their prospectuses and sales presentations were false.

The fraudulent practices were discovered by Integra REC, LLC, “using extremely sophisticated proprietary methods” to match RMBSs with the respective individual mortgages, said the OAG.

The first of three main accusations is that the banks misrepresented the loan-to-value ratio (an indication of likely default). On average, only 23.4% of loans were represented as being for more than 80% of property value, when it was really 54%. Fifteen percent were “underwater.” Further, rates of owner occupancy were overstated significantly, and second mortgage numbers were severely understated. Both of these latter factors also contribute to delinquency rates.

Herring stated: “Every Virginian was harmed by the financial crisis. Homes were lost, retirement accounts were devastated, small businesses saw their credit dry up almost overnight. . . . I will notallow Virginians to be left holding the bag for the reckless, fraudulent business practices of a few big banks who thought they were above the law. These banks lied to Virginia, and taxpayers and [nearly 600,000] state employees lost hundreds of millions dollars as a result.”

As a measure of Herring’s confidence and resolve, the Commonwealth of Virginia has demanded a jury trial. It is to be hoped that true justice will be served, and that there will be no further secret settlements that allow the plunderous plutocrats to return to usury as usual.

Despite a nearly endless stream of revelations of the moneylenders’ wrongdoing—now including collusion by the Federal Reserve—at least one apologist for the weasels of Wall Street, Matthew E. Fishbein, suggests in the New York Law Journal that the banksters and other corporate criminals are the victims, forced by evil government lawyers to admit to things they believe they did not do. He goes so far as to call cases similar to the Virginia lawsuit “marginal,” because they involve only a few hundred million dollars.

But the truth is that the international bankers are usurious pirates, bent on sucking every cent out of the nearly empty pockets of widows and orphans. They have created a corporate culture ofcorruption, which is destroying nearly every economy on the face of the planet. It is time to end the financial pharaohs’ stranglehold on the common man by ending usury and putting every single one of these predatory banks out of business.


Ronald L. Ray is a freelance author and an assistant editor ofTHE BARNES REVIEW. He is a descendant of several patriots of the American War for Independence.

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Money – The Ultimate Consciousness Pacifier

This video offers a great explanation of how the money supply works, and why we should expect some big changes in the world of money. (Some of them have already begun). -LW

Video Description

Money is a fabric of our present reality. Even though this should be taught in school for this reason. You would lucky to meet one in a thousand who understands it. As someone who taught myself currency trading to learn the banking system itself to appreciate the impact on humanity. I offer some wonderful teachers who share their perspectives on this. Those who articulate it in a way that makes something very complex seem vastly simple. For, if we are to move forward as a life form. We need to know where we have come from to appreciate the reality to move forward. Do we want to do it with a banking system?

We have the BRICS option which is justifying Russia’s demonisation due to them being the institutional threat to the present paradigm. We also have Crypto Currencies like Bitcoin. I also think there is an even more obscured … Appreciating each other’s life force and interact like a tribe. For if you choose that. You see your fellow man as an investment. You are the one who determines their value. Treating each other like we would in an Indigenous / Pay it Forward attitude. Investing our energy into our fellow man rather that privately owned Hierarchical Oligarchy. I see my fellow man as having an infinite value compared to this present reality’s effort to not value humanity. Because a concentration of wealth in a few is not possible. But, this has to be your choice.

I believe that the whole purpose of this dance is the consciousness awakening that is the ultimate money pacifier. But, it has to be a personal choice.

Your answer amongst all this is up to you. See the value in investigation an learning. Gaining an understanding is a powerful ally to not only you but all around you. But, hang in there. There is purpose to this all.

‘Fraud and Falsehood Dread Investigation, Truth Invites it’ – Thomas Cooper. Is the money system inviting investigation? Or dreading it?

Monsanto Announces Major Losses After Settling Environmental Lawsuit

Monsanto lost money this past quarter, but only part of that was due to environmental lawsuits. Do you think Monsanto will continue to lose money, as people reject GMOs in growing numbers or was this just a bad quarter? -LW

AFP Photo / Juliette Michel

AFP Photo / Juliette Michel

Biotech giant Monsanto announced major losses for their fourth quarter last week well below analysts’ expectations after spending millions settling an environmental suit.

The St. Louis, Missouri-headquartered company announced a loss of $156 million, or 31 cents per share, on Wednesday, 7 cents per share beyond what analysts surveyed by both Bloomberg and Zacks Investment Research had expected.

According to the Associated Press, Monsanto managed to take the biggest blow during the last quarter due to a one-time payment made to settle an environmental legal case and, had it not occurred, the company would have lost only 27 cents per share. As RT reported at the time, residents of a West Virginia town where Monsanto formerly operated a chemical plant have since July been able to receive free medical monitoring or have their property cleaned-up thanks to a settlement agreement valued at over $90 million.

Despite ongoing and international legal issues, however, Monsanto managed to see sales of its GMO products go up during the last four months, with company execs and analysts alike saying they’re optimistic about the coming year. Monsanto representatives said during a conference call that they’re confident earnings-per-share will double by 2019, and the St. Louis Post-Dispatch reported that lackluster results during the last quarter failed to raise alarm bells for analysts.

“We’re confident in our ability to deliver the targets we’ve set in both the near term and over the longer term,” Monsanto CEO Hugh Grant said in a statement. “In an industry that’s particularly near-term focused right now, there are few companies as well positioned to deliver strong growth today while significantly increasing investments to enable the continued delivery of a broad range of innovative solutions for tomorrow.”

“We think it is reasonable for management to be conservative at this early juncture in light of uncertainty within the agriculture industry with crop prices under pressure and farmer planting intentions unsure,” Edward Jones analyst Matt Arnold told the Post-Dispatch.

Absent more multi-million dollar settlements — and coupled with high expectations concerning new technology platforms, including a farm data business unit, the company said — Monsanto expects positive figures in the coming quarters. According to the Market Business News, net sales for Monsanto’s full year reached $15.9 billion, or 7 percent higher than the year prior: sales for GMO corn and GMO soybean were up by $ 12 million and $112 million, respectively, and net sales of the company’s Roundup herbicide totaled $1.25 billion, compared to $1 billion last year.

Monsanto executives are prepared for first quarter earnings in 2015 to be well below what they saw a year earlier, the AP reported, and expect a slump due to “reduced seed planting in key markets and other seasonal factors.” Otherwise, the company said it expects “strong double-digit to mid-teens earnings growth in fiscal year 2015 despite continued industry headwinds.”

Nevertheless, Monsanto might not sail through the coming quarters with ease given a mounting anti-GMO backlash across the world: three lawsuits were filed last week against competing agribusiness firm Syngenta over a genetically-modified seed variant it markets, and residents of Colorado are slated to vote next month on a measure that could impose new GMO-labeling laws in stores across the state.

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This Is What Happens When Someone Is Desperate To Sell $750 Million Of Stocks

Last week, the mainstream media reported that the US and UK banks would be staging a disaster recovery drill (aka. financial war games) on Monday. For the most part, Monday came and went with no major news of the results of that drill. However, Zero Hedge caught a large volume spike in the US equities market (sell-off). It’s rather anti-climatic for those of us who were hoping for something more exciting. On a side note, it seems that Dinarland is quite resentful that nothing (visible) happened. -LW


Submitted by Tyler Durden  on 10/13/2014 23:22 -0400.

Financial War Games or Cover for Something Else?

Banks in the US and UK are planning a disaster recovery drill on Monday. What do you think they’re not telling us? Will this be a re-boot of the banks? Will this be the cover story for cleaning-out everybody’s bank account(s), like they did in Cyprus? -LW


Chris Giles
October 10, 2014
Financial Times

Jason Hawkes | Iconica | Getty Images

Britain and the US will stage the first transatlantic simulation of a crisis in a large bank on Monday, in a sign of growing confidence that the authorities can now deal with the failure of large institutions.

All of the main players who would need to be involved in a failure of companies such as Bank of America, Goldman Sachs, Barclays or HSBC will gather in Washington DC to make sure they would know what to do, who to call and how to inform the public.

The move reflects the authorities’ view that they are getting close to solving the “too big to fail” problem, even for cross-border banks, outside a full-blown system-wide crisis.

George Osborne, UK chancellor, announced he would be taking part in the “war game” along with Jack Lew, US Treasury secretary, Janet Yellen, head of the Federal Reserve, Mark Carney, Bank of England governor and other senior officials from both countries.

The simulation will not mimic any particular banks but the authorities will run through the procedures they would follow if a large UK bank with US operations failed and those for a significant US bank with a British presence. Unlike domestic war games held before the financial crisis, Mr Osborne pledged to publicise the results.

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Did Yesterday’s “Satan Signal” In S&P Futures Give The ‘All-Clear’ For Selling To Begin?

Even Bob Pisani knows by now that the European Close seems to create a trend-reversal moment intraday that few machines (and even fewer humans) are willing to fight. Whether this is remnants of short-term cycles found due to POMO or just a drop in liquidity is unclear; but what is clear, it happens, and all too regularly… except today. After a notably weak start to the day, the machines were just getting revved up for the 1130ET reversal to kick in and lift the market back to VWAP when a curious thing happened… “someone” canceled-and-replaced orders for 666 contracts 26 times in the 1130ET to 1200ET period… and selling accelerated lower, no reversal, to close at the lows on heavy volume.

Thanks to the incredibly detailed work of Nanex’s Eric Hunsader, we can see the ‘secret’ signal that only the HFTs would have been capable of seeing…

For a sense of how out of place this was, here is the quote size histogram for that period:

We are sure this is nothing… just pure coincidence that on the 4th most active trading day in history and on following a huge surge day in stocks not trusted by any other asset class, someone would send 26 separate times in a few minutes orders for 666 contracts.

Only a tin-foil-hat-wearing digital dickweed would see anything odd about that: for everyone else this is merely yet another market anomaly that is best left unmentioned.

*  *  *

Oh, one more thing, this all happened just after VIX ‘fat-fingered’ spike down and VXX volume surged, launching today’s selloff.

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This Month: Global Reset, Currency Revaluation and US Treasury Notes (GCR, RV, TRN/USN)

christine-lagarde-global-currency-reset-imf_davos2014For the uninitiated, there are big changes to the global financial system in the works. the IMF’s Christine LaGarde has been hinting at monetary reforms for quite some time. Poof talked about it. Zap continues to talk about it, along with Cobra, Drake, Neil Keenan, Ben Fulford, and David Wilcock, to mention only a few. Heck, even astrologer Carl Boudreau said we can expect an “October Surprise”.

A lot of us were hoping these changes would happen in 2012, and after all the hype, who could blame us? Especially when the above-mentioned personalities all indicated that it would indeed happen in 2012. There have been tales of the Iraqi Dinar being revalued, like happened to the Kuwaiti Dinar in 2005. Others have told tales that involved the revaluation of nearly 200 currencies. Lastly, there have been rumours of a gold-backed currency being introduced by the US Treasury that will replace Federal Reserve Notes (FRNs).

Today, Landa Global posted some very interesting information. If you’re wondering, Zap’s information often coincides with posts on this site. It looks like the long-awaited and much-anticipated RV/GCR may finally be here.

Watch for announcements from the US Federal Reserve on Monday (tomorrow). You may be pleasantly surprised. -LW


OCTOBER 5, 2014

We have been advised that the global reset, currency revaluation, and the advent of the TRN (or USN) will occur very shortly, and within this month.

Discussions with senior bankers and Family have confirmed this several times over this last week, and the bankers were particularly informative as to the sheer size of this event. The TRN is already in all banks globally, and the issues revolving around the formal release of this gold backed currency have apparently all been resolved to satisfaction.

The official redemption period for the historic bonds is also anticipated to coincide with these events, and Landa has been in contact with the official redemption teams and groups sanctioned for this process, and has been asked to prepare for this time.

All Landa clients with bond submissions will be advised of this timing, and Landa will play a significant role in providing services for this process. The exact involvement and function of Landa will be revealed at the appropriate time, but at a minimum, we shall be providing interface and matching services for all clients to enable a correct and smooth process to the benefit of the client.

Further information will be provided as we receive it, and will be posted here.

Thank You

LANDA GLOBAL

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