Daily Archives: May 13, 2016

Bank Lobby Takes Aim to Unseat Remaining House Republican Who Backed Dodd-Frank

THE BANK LOBBY is making another attempt to unseat Rep. Walter Jones, R-N.C., the maverick House Republican who consistently supported greater oversight of the finance industry, and is the last remaining member of the GOP caucus to have voted in favor of the Dodd-Frank reform law.

The American Bankers Association, a lobby group for the banking industry, this week used a subsidiary called the Fund for Economic Growth to pour$50,000 into campaign advertisements in support of Taylor Griffin, a candidate seeking to unseat Jones in the Republican primary on June 7.

This is the second attempt by Griffin. In 2014, Griffin left a position with Hamilton Place Strategies, a consultancy that helps Wall Street firms with political strategy, to challenge Jones. Griffin’s bid was backed by a Super PAC funded by hedge-fund manager Paul Singer, as well as funds from many major corporate political action committees, particularly from big banks such as Wells Fargo and J.P. Morgan Chase.

Read on.

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Ex-Barclays trader says pressured to lie about Libor setting

One of five former Barclays bankers on trial for the alleged rigging of a key Libor benchmark told a court on Friday he had lied about submitting rates for traders because he felt under pressure from his manager and the bank to “toe the line”.

Jonathan Mathew told the court that he had felt pressured by his manager at the time, Peter Johnson, who jurors heard this week had pleaded guilty in October 2014 to conspiring to manipulate Libor.

Johnson is the first man in Britain to plead guilty to charges related to Libor.

On Friday, Mathew told a London court that he had lied to investigators about taking requests from traders in making submissions to the benchmark, because he was worried he would lose his job and was scared about going up against his boss.

Read on.

Wachovia and other major corporations found on ICIJ offshore leak database

Incorporation Jurisdiction Linked To Data From
WACHOVIA FX LTD 26-SEP-2007 Undetermined Cyprus, British Virgin Islands Offshore Leaks
WACHOVIA GROUP LTD 26-SEP-2007 Undetermined Cyprus, British Virgin Islands Offshore Leaks

On a side note: Wachovia Development Corporation operates as a subsidiary of Wells Fargo & Company.

And here are more big corporations found in the database and some listed below are companies that accused of paying zero taxes in the US:


Incorporation
Jurisdiction Linked To Data From
General Electric International Operations Co., Inc. 23-AUG-2005 British Virgin Islands British Virgin Islands Offshore Leaks

Linked To
Data From
602 Apple Computer Bldg. Burdubai, Dubai UAE United Arab Emirates Offshore Leaks
Incorporation Jurisdiction Linked To Data From
STARBUCKS GROUP INC. 15-FEB-2005 Panama Panama Panama Papers
STARBUCKS GROUP INC. 15-FEB-2005 Panama Bahamas Panama Papers

 

Incorporation Jurisdiction Linked To Data From
Hewlett-Packard (Malaysia) SDN.BHD. 20-OCT-1999 Undetermined Not identified Offshore Leaks
Hewlett-Packard Microwave Products (M) SDN.BHD. 20-OCT-1999 Undetermined Not identified Offshore Leaks
Incorporation Jurisdiction Linked To Data From
BOEING TECHNOLOGY LIMITED 18-FEB-2004 Samoa Cayman Islands, Samoa Offshore Leaks

 

 

Incorporation Jurisdiction Linked To Data From
Pepsi International Holdings Ltd 03-APR-2009 British Virgin Islands British Virgin Islands Offshore Leaks

 

And here are some big drug companies found on the database:


Incorporation
Jurisdiction Linked To Data From
BLUE CROSS INTERNATIONAL INVESTMENT HOLDINGS 22-MAY-2001 Niue Hong Kong Panama Papers
BLUE CROSS DEVELOPMENT CO., LTD. 04-JUL-2006 Undetermined British Virgin Islands, Hong Kong Offshore Leaks

 

Incorporation Jurisdiction Linked To Data From
CIGNA INSURANCE LTD. 07-FEB-1997 Niue Malta Panama Papers

Linked To
Data From
MERCK – FINANZ AG Panama Papers
MERCK HOLDING GmbH Panama Papers
MERCK KgaA Panama Papers
DISTRIBUIDORA MERCK, S.A. Panama Panama Papers

 

“Screw The Next Generation” Anonymous Congressman Admits To “Blithely Mortgaging The Future With A Wink & A Nod”

FYI: The book will be released on May 24, 2016 on Amazon. And according to Amazon, the book is:

#1 Best Sellerin Political Science

Get the popcorn ready!

A shockingly frank new book from an anonymous Democratic congressman turns yet another set of conspiracy theories into consirpacy facts as he spills the beans on the ugly reality behind the scenes in Washington. While little will surprise any regular readers, the selected quotes offered by “The Confessions Of Congressman X” book cover sheet read like they were ripped from the script of House of Cards… and yet are oh so believable…
A devastating inside look at the dark side of Congress as revealed by one of its own! No wonder Congressman X wants to remain anonymous for fear of retribution. His admissions are deeply disturbing…

“Most of my colleagues are dishonest career politicians who revel in the power and special-interest money that’s lavished upon them.”

 

“My main job is to keep my job, to get reelected. It takes precedence over everything.”

 

“Fundraising is so time consuming I seldom read any bills I vote on. Like many of my colleagues, I don’t know how the legislation will be implemented, or what it’ll cost.”

The book also takes shots at voters as disconnected idiots who let Congress abuse its power through sheer incompetence…

And, as The Daily Mail so elqouently notes, the take-away message is one of resigned depression about how Congress sacrifices America’s future on the altar of its collective ego…

“We spend money we don’t have and blithely mortgage the future with a wink and a nod. Screw the next generation.”

 

“It’s about getting credit now, lookin’ good for the upcoming election.”

Simply put, it’s everything that is enraging Americans about their government’s dysfunction andwhy Trump is getting so much attention.

Read on.