The causes of the subprime crisis in 2008/9 were very clear by now and how leniently the big US banks were treated by the US govt. No one goes to jail. No big banks were indicted. Yes, all the American banks were treated with special care like they were family despite the huge fraudulent packaging of foul property products and sold to the public.
There was one incident that very few people outside the USA heard off involving the abusive indictment of a small local bank in New York for subprime crimes. 182 charges were slammed at this small bank as if it was the main cause of the subprime crisis. Why? The bank was owned by a small group of American Chinese operating in the Chinatown district of New York.
Here are some of the comments in Wikipedia about this racist indictment of a small Chinese owned bank in the so called rule of law country, the protector of human rights, rights of an individual and democracy. The police charged into the bank and handcuffed all the employees and linked them onto a long chain before parading them out of the bank like the days of black slavery. White supremacist marshalls rounding up black slaves in chains.
In May 2012, New York prosecutors from the Manhattan District Attorney's office indicted the bank and 19 of its employees on charges of fraud in relation to hundreds of millions of dollars' worth of mortgages that had been sold to Fannie Mae between 2005 and 2010. The bank was accused of falsifying loan applications so that borrowers would qualify for mortgages. Abacus argued that it uncovered the improper behavior itself, reported it to the regulator, and fired the employee in question. It also said it was not involved with the fraudulent packaging of subprime mortgage securities and had a mortgage default rate of 0.5%, a tenth of the national average.
Verdict
The bank, along with its former Chief Credit Officer and its former loan supervisor, were acquitted of all charges brought by the New York prosecutors in a jury trial in New York Supreme Court on June 3 and 4, 2015. (After a long 5 year legal battle defended by the legally trained daughters of Sun Quchen, the founder of the bank).
The aggressive prosecution of Abacus, in contrast to the relatively lenient treatment received by large banks, was questioned and criticized by various media outlets. It was criticized by journalist Matt Taibbi in his 2014 book The Divide: American Injustice in the Age of the Wealth Gap.
The story is told in Steve James's feature-length documentary Abacus: Small Enough to Jail, which had its premiere at the Toronto International Film Festival, September 11, 2016. It was broadcast nationally on PBS Frontline on September 12, 2017. Abacus: Small Enough to Jail was nominated for the 2018 Academy Award for Best Documentary Feature.
The above brief showed how racist and discriminatory was the American administration in Washington and how they victimized law abiding minority citizens in fake and fraudulent charges and abusing them with the rule of law and the justice system. This was the only small bank, or the only bank attacked by the American administration for subprime crime when the guilty parties, all white banks were spared from such abuses.
You can read more about the racist white regime in the USA and reflect on how they are dealing with Huawei and the illegal and outrageous arrest and treatment of Meng Wanzhou, even knowing that the whole deal was political but refusing to admit that it was political and refusing to release Meng claiming that they were following the rule of law. It is white man’s rule of law applied to coloured people in the USA and the rest of the world. Such injustice must be put to an end and the hypocrisy of the white men must be shamed in public.
15 comments:
Good morning, RB. Tok kong research & exposition. Too big too fail, maybe Too big & too white to prosecute?
And too small & too yellow must prosecute.
The big banks and the huge corporations in Wall Street and America are owned by the Anglo-Saxons and the Jewish Americans especially the Rothschilds. The Jewish Americans have managed to manipulate themselves into positions of power and leadership into all the important strategic departments in the American administration viz banking and finance, the judiciary, CIA, Pentagon and Foreign Policy. The powers they are holding is hugely disproportionate to their small numbers in the country. In fact the subprime rate crisis and the fraudulent hedge funds and derivatives trading benefit only the one percent American elites but the huge debt of hundreds of billions of dollars from losses are turned into national debt to be borne by the ordinary American people and taxpayers. In the Wall Street crisis of 2008 the American treasury department injected 1.5 trillion dollars into the economy in which the whole lot went to all the big Wall Street banks where the banksters use the money to buy back the hugely depressed shares and subsequently manipulated the market to enrich themselves substantially. This had a strong downside effect on the large middle class in America who gained practically nothing from the quantitative or qualitative easing by the treasury department. In fact the crooks and scoundrels in all the American big banks and corporations are one and the same in the American government administration. Further the Jewish Americans and the Anglo-Saxons are causing all the wars everywhere just to make money and profits and they operate through control of the foreign policy, the white house, CIA and the Pentagon. Unless the Jewish Americans are removed from positions of power in the American government there will be no peace in this world.
Southernglory1
Saturday, 29th December, 2018.
People must demand their gov to go after those big corps rather than the people on welfare cheques. Unfortunately most gov are not true and fair but just a bunch of corps lickers.
Huawei must repackage itself to win this game. Get a few angmos to face the front. Create confusion and win the game.
China has to be more wary when doing business with the white man. White supremacy is synonymous with European imperialism. The White superiority racist agenda is a mega tool of deception, manipulation and suppression of the non- whites. The Anglo-Saxons with Uncle Sam in the forefront continues its dream of empire building and subjugation of weak nations. The Chinese cried foul when the white supremacists started a trade war and to add insult to injury, abducted Sabrina Meng. It brought back memories of a century of humiliations. The strong Chinese response has rattled the whites. For once, Uncle Sam was forced to blink.
1148am agree. SG too biased n mixed every analysis with anti-Jew len. Not wise n not accurate, though some things are sound.
This is why I like to invest in US becoz at the end of the day, property rights and human rights and rule of law are more or less available, and all are subject to investigative reporting and repatriations and compensations.
Unlike in countries with 3rd world systems such as Singapore or China where discrimination or disproportionate or miscarriage or outright manipulation of justice cannot be corrected or re-trial or made into a movie or reported in the news or even talked about in the coffeeshops.
Unless there is regime change and then all the skeletons fall out of the closets.
US President Donald Trump announced that the United States cannot continue to be the "policeman" of the world.
That could mean the United States want to be "police commander" instead, ordering other smaller countries to do its bidding, demanding others to provide the resources and do the chores for it.
eg Singapore expended $16 million of taxpayers' money for the Kim-Trump summit even though as host it should have been paid for its services.
Anon 1:18pm,
Do you believe the arrest of Meng Wanzhou is about the rule of law or respecting human rights?
Now this Chinese bank case is a perfect example of what the Whites can and will do to prevent coloured people from ever rising above them. They want to nip any semblance of huge success by non-whites in the bud, which is the obvious reason they are targeting Huawei.
They persecute or sanction states at the slightest suspicion of irregularity, sometimes cooking up charges with little concrete evidence, just like WMD in Iraq. Yet, the bananas failed to see the true colour of the racist white supremacist, with brainwashed thinking much like the Japanese in Africa decades ago, and hoping to be accepted as whiter than white.
The sanctions against most coloured states and people are another example of keeping the Whites at the top economically, financially and militarily. But they did not foresee or failed to predict the abilities of the South Koreans, Taiwanese, Japanese and now Chinese deciding to pour so much money into R & D and overtaking them in many fields.
The evil empire had, on many occasions, thrown obstacles into successful non-white projects like renewal energy generation and electric cars, which they failed to compete successfully, or just would not allow the non whites to move ahead. Trump even warned his countrymen with threat of punishment for the purchase of electric cars, to make sure such cars will not compete with fuel driven automobiles in the US. How desperate is the evil empire now?
From a historical perspective, the white racists have no more reason to feel superior than the Chinese, who for most of the last two thousand-odd years have actually been the greatest human civilization. White nations are slowly but surely declining in power. This is the consequence of white arrogance. They had thought of themselves as invincible, as inevitable winners and as masters of the whole world. The rise of China has won reluctant respect for Asian intellectual prowess. White supremacy still rears its ugly head but with decreasing frequency.
@ RB
One GREAT THING about the American polity, is that anyone can criticise the government and the judiciary. In fact, anyone can criticise anyone in the public sphere, and they are protected IN and BY law. No other cuntry since America has the robust constitutional structures of the USA's First and Second Amendments to their originally flawed constitution. We all know how difficult constitutional amendments are to do, but they did it. They amended it again to elevate the status of women, and to grant equality to former slaves --- although the culture has "caught up" and "got with the program", there's still pockets of racial and misogynistic elements amongst the people and their government.
However, that is to be expected. If you have equal rights in law, and you have freedom of speech and expression also in law, sooner or later you are going to get CLASHES and CONFLICTS. And entertainment ensues...😂
One glaring aspect of the prosecution of Abacus Federal Savings Bank is that it occured when OBAMA was president. At the time the "yes we can" and "Change we can believe in" were the campaign slogans of the day. The unfair prosecution of Abacus proves that whatever a politician says during the campaign, and what happens after they win office....is a MIXED BAG at best, and TOTAL BULLSHIT 💩💩 more or less as The Norm
To add to the irony, super democrats like rock-star atheist journalist Matt Taibibi covered the incident extensively. The "happy ending" to this saga is that Abacus was eventually acquitted after lengthy and expensive court theatrics.
I've lived as a minority for over half my life in several western "democracies" and I swear by and live by one principle to keep me going and NEVER for even one moment worry about "racism":
Massive success is the best REVENGE. Some people will hate you for your ethnicity. Most of the same people will hate you for achievement. There's no getting around those people --- you can't change peoples' minds, they have to be willing to change in the first place.
That's just HUMAN NATURE.
Anyway, for readers, you can get the excellent docco from Youtube for about 2 US bucks. I'll be watching it later tonight.
Matilah...good morning. I know of someone who had managed mainly whites n foreigners money, ignored n maybe even quietly despiced by our top helicopters, but was extremely successful n retired.
Making the pie bigger for everyone who trust you n you yourself get a big slice of the pie is a good way to end a story.
Success is a good revenge..is quite nice!
@ 953
Haters are going to hate. That's just life. Sometimes even friends turn out to be "frenemies" when it gets to a point where they despise you for your success and achievements --- especially if they themselves tried and "tak boleh dapat".
Well, as far as I know "1st time lucky" is a rare event. And to sustain "beginners luck" is almost unheard of. The point here is that every one who tries the hard stuff, eventually FAILS. This gives enemies and frenemies a felling of DELIGHT. OH HOW THEY LOVE IT WHEN YOU FAIL! And we all do --- that too is part of life. The difference between resentful frenemies who didn't succeed and the people who eventually do, is that the "warriors" NEVER GIVE UP. They get back in The Game. If you are going to have massive success, then you will have to surrender to massive failure along the way.
And you are right: CREATE MASSIVE VALUE for others. This is how one powers ahead of the competition, and leaves them way behind they can't even smell your smoke.
Cheers
If you don't bet, you cannot win.
If you don't have chips, you cannot bet.
Know when to hold, when to fold, and when to walk away.
There is no old bold trader.
Only a few very successful disciplined old traders, knowing the rare times to break the rule.
The outcome of speculation is vast majority will eventually be losers, with only a few eventual exponential winners.
The mystery of risk-taking & destiny.
All are appointed to died and return to dust and then accountability.
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