The Voice of the White House
Washington, D.C., October 2, 2007: “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 !
September 27, 2008
by Linda Sandler
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.