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The British Banking Industry Has Become Identical With An Organised Criminal Enterprise.


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Rowan Bosworth-Davies is a Fraud and Anti-Money Laundering Consultant and blogger. He is kind of the British answer to Max Keiser.

http://rowans-blog.b...has-become.html

Definitions of Organised Crime:

"...Organised crime constitutes any enterprise, or group of persons, engaged in continuing illegal activities which has as its primary purpose the generation of profits, irrespective of national boundaries... (UK)

The British banking sector has become an organised criminal enterprise which has been allowed to develop because of the criminogenic environment in which it functions, which has resulted from the absence of any meaningful regulation which those who control and manage the banks would fear
In this organised criminal category I include the various mis-selling cases, including pensions, PPI Insurance and interest rate swap derivatives; the criminal manipulation by Barclays and other banks of the LIBOR interest rate structures; the institutionalised level of money laundering as identified in the HSBC case; the serial abuse of the US sanctions provisions as indicated in the Standard Chartered Bank case; as well as many other examples of criminal actions such as theft of client funds, teeming and lading, abuse of client instructions, insider dealing, front running, churning, and market manipulation which have become the subject of international regulatory interventions.
It has failed despite the huge bureaucratic organisation which has been created for its control, because those who are employed to provide the regulatory oversight of the market, the Lead Regulator, the Financial Services Authority, and the subordinate compliance officers within the individual regulated member firms, do not and have never understood the true nature of the criminogenic personality of so many of those who profess the trade of financial practitioner, nor do they exhibit any great inclination to wish to deal with the egregious activities of these individuals in a 'policing' manner.

This is the bit I like the most:

Much of the trading activity which takes place within the banking environment, particularly in the area of proprietory trading is literally no different from gambling on horse races or games of chance and its practitioners tend, generally, to possess the same commercial mentality as the gambler.
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It has failed despite the huge bureaucratic organisation which has been created for its control, because those who are employed to provide the regulatory oversight of the market, the Lead Regulator, the Financial Services Authority, and the subordinate compliance officers within the individual regulated member firms, do not and have never understood the true nature of the criminogenic personality of so many of those who profess the trade of financial practitioner, nor do they exhibit any great inclination to wish to deal with the egregious activities of these individuals in a 'policing' manner

There's also the fact that the regulators rotate jobs within the financial sector and the regulators. They usually go back and forth.

It's quite likely that the regulators do know the nature of the financial sector.

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Rowan Bosworth-Davies is a Fraud and Anti-Money Laundering Consultant and blogger. He is kind of the British answer to Max Keiser.

"The British Banking Industry Has Become Identical With An Organised Criminal Enterprise"

Has become identical with an organised criminal enterprise?

That sort of implies that, at some point in the past, it wasn't.

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Bosworth-Davies is correct, quite literally, with the following qualifications:

1 ) It is not just British banks; Wall St and European ones too, for a start.

2 ) He misses the main reason why they are tolerated. Unlike Al Capone, banks pay their taxes.

3 ) The laws are never fully enforced because bankers have captured the politicians.

It really is time to start erecting gallows.

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Much of the trading activity which takes place within the banking environment, particularly in the area of proprietary trading is literally no different from gambling on horse races or games of chance and its practitioners tend, generally, to possess the same commercial mentality as the gambler.

Two questions:

In these zero sum trades and bets:

Who are the losing parties?

How is the other (typically losing) party recruited and why do they play?

Is the game fixed?

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Two questions:

In these zero sum trades and bets:

Who are the losing parties?

How is the other (typically losing) party recruited and why do they play?

Is the game fixed?

Good questions.

First and foremost, the non-banking sector of the economy must borrow at interest its medium of exchange from the commercial banking system.

Our broad money supply is lent to us under this rent-a-currency system and no significant economic activity can take place without effectively a cut going to the banking sector.

In the financial sphere, where vast sums of money move around seeking return, and exotic contracts reportedly aggregating to hundreds of trillions dollars are struck and traded, the banking system and its various financial offshoots are both players and 'the house'.

While bank to bank a lot of activity might be zero-sum, it is clear that between bank and non-bank, the game is rigged.

Then of course with rent-a-currency, under which our medium of exchange exists only within the accounts and balance sheets of commercial banks, there is the 'too big to fail' bind, forcing Joe Public to underwrite much of the debt of those insider gamblers who lose, while having no claim on the gains of those who win.

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2 ) He misses the main reason why they are tolerated. Unlike Al Capone, banks pay their taxes.

IIRC The big UK banks received more money in bailout cash then they have cumulatively paid in tax during their entire existence.

And the ones that weren't bailed out moved their losses around and don't expect to pay UK tax again.... ever.

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IIRC The big UK banks received more money in bailout cash then they have cumulatively paid in tax during their entire existence.

And the ones that weren't bailed out moved their losses around and don't expect to pay UK tax again.... ever.

There are no Non-bailed out banks int he UK.

Inflation, devulation, interst rate rigging and theft of pruchasing power have been used to provide banks with ultra-cheap money and screw everyone else.

It is a cartel of theft with the government and central bank playing leading roles.

Edited by OnlyMe
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I'm not sure that this is true. After all, the Mafia has often been involved in trade and/or productive activity. This may have been illegal trade and/or productive activity, but the point stands. Plus they would often act to protect their local community, knowing that it's essential to have at least some people onside.

Whereas the bankers of the world are engaged in no more productive activity than they were 50 years ago (hell, growth rates are lower now), and consider themselves perfectly entitles to everything they can grab regardless of the consequences.

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He's totally wrong in comparing Bankers to Organised Criminals- because those involved in organised crime can be imprisoned for their crimes- bankers can't.

So I would argue that what the bankers have achieved is of a higher order than that of organised crime- it's more like a coup d'état- they have gained a measure of influence and control over the state that most Mafioso could only dream of.

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He's totally wrong in comparing Bankers to Organised Criminals- because those involved in organised crime can be imprisoned for their crimes- bankers can't.

So I would argue that what the bankers have achieved is of a higher order than that of organised crime- it's more like a coup d'état- they have gained a measure of influence and control over the state that most Mafioso could only dream of.

It sounds similar to what Bill Black and Karl Denninger have been saying for years about racketeering.

The political side, well that's our fault. Voters are like bank depositors - someone else will look after me.

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He's totally wrong in comparing Bankers to Organised Criminals- because those involved in organised crime can be imprisoned for their crimes- bankers can't.

So I would argue that what the bankers have achieved is of a higher order than that of organised crime- it's more like a coup d'état- they have gained a measure of influence and control over the state that most Mafioso could only dream of.

No- it's the fault of the people who are elected in good faith and choose to align themselves with the looters instead of the people who gave them their trust.

Absolutely, on both counts.

They're both party to the fraud going on, either intentionality or through a dereliction of their duties.

However, the state and the banking system have had a symbiotic relationship for centuries. Maybe it is only now that the masses are starting to become aware of it.

What surprises me is that people think that voting for one set of chumps or another will make a damn bit of difference. Both the state and their banking buddies are parasites and it is high time said institutions were shunned and left to whither and die.

At least Bitcoin is leading the charge on the banking front. I suspect it will take a while longer on the statism front.

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