‘Shadow Banking’ Still Thrives, System Hits $67 Trillion
November 18, 2012, CNBC/Reuters
The system of so-called “shadow banking” … grew to a new high of $67 trillion globally last year, a top regulatory group said, calling for tighter control of the sector. A report by theFinancial Stability Board (FSB) [states] that shadow banking is set to thrive, beyond the reach of a regulatory net tightening around traditional banks and banking activities. The FSB, a task force from the world’s top 20 economies, also called for greater regulatory control of shadow banking. The study by the FSB said shadow banking around the world more than doubled to $62 trillion in the five years to 2007 before the crisis struck. But the size of the total system had grown to $67 trillion in 2011 — more than the total economic output of all the countries in the study. The multitrillion-dollar activities of hedge funds and private equity companies are often cited as examples of shadow banking. But the term also covers investment funds, money market funds and even cash-rich firms that lend government bonds to banks, which in turn use them as security when taking credit from the European Central Bank. The United States had the largest shadow banking system, said the FSB, with assets of $23 trillion in 2011, followed by the euro area — with $22 trillion — and the United Kingdom — at $9 trillion.
Note: That’s $10,000 for every man, woman, and child on the planet. Do you think the bankers are somehow manipulating the system? For deeply revealing reports from reliable major media sources on financial corruption, click here.
Anonymous, Karl Rove and 2012 Election Fix?
November 19, 2012, Truth-out.org
At around 11:25 pm EST on election night, Karl Rove knew something had gone terribly wrong. Minutes earlier, Fox News called the key battleground state of Ohio for President Obama, sealing his re-election. But as the network took live shots of jubilant Obama supporters camped outside the Obama re-election headquarters in Chicago celebrating their victory, Karl Rove began building a case against the call his employer network had just made. Rove explained that when Fox called Ohio, only 74% of the vote was in, showing President Obama with a lead of roughly 30,000 votes. But, as Rove contended, with 77% reporting according to the Ohio Secretary of State office, the President’s lead had been slashed to just 991 votes. “We gotta be careful about calling the thing,” Rove said. Rove was supremely confident that the numbers coming in from Ohio throughout the night that favored President Obama weren’t indicative of who would win Ohio when all the votes were ultimately tabulated by the state’s computers. With a quarter of the vote still out there, Rove was anticipating a shift to the Right just after 11 pm, which, coincidentally, is exactly what happened in 2004. So the question is: on election night this year, when Karl Rove was protesting the call his network had just made in Ohio, was Rove anticipating a wave of unpredicted vote totals to swing the election back to Mitt Romney after a statewide server crash, just as had happened in 2004? Just two days after Election Day … Anonymous released a press statement claiming it did indeed prevent an attempt by Rove to steal the election for Mitt Romney.
Note: We don’t normally use Truthout as a source, but as no major media sources have yet covered this most important news, we are including it here. We have independent, reliable sources confirming that it is very likely that Rove tried to swing this election, as he did in 2004, but was stymied by Anonymous. For another inspiring article describing how Karl Rove may have been stopped from manipulating the US elections by Anonymous, click here.
Phone hacking scandal: Ex-confidants of U.K. PM charged with illegal payments to government officials
November 20, 2012, Toronto Star (One of Toronto’s leading newspapers)
Two former confidants of Britain’s prime minister have been charged with conspiring to pay public officials in exchange for stories and information — the latest development in the country’s establishment-shaking scandal over media malfeasance. Britain’s Crown Prosecution Services [said] that former tabloid editors Andy Coulson and Rebekah Brooks were among five people being charged with conspiracy to commit misconduct in public office. Prosecutors said that Brooks, a neighbour, close friend, and political ally of Prime Minister David Cameron, conspired with journalist John Kay to funnel as much as £100,000 ($160,000) to Ministry of Defence employee Bettina Jordan Barber in return for seven years of stories that were published in Murdoch’s The Sunnewspaper. The allegations cover 2004 to 2011, when Brooks was editor of The Sun and then in charge of News International, the parent company of Rupert Murdoch’s media empire. The prosecutors alleged that Coulson, who until last year served as Cameron’s top press aide, conspired in 2005 with former royal reporter Clive Goodman to pay officials for access to a royal phone directory known as the “Green Book.” The confidential directory includes home and office numbers for senior royals including two of Queen Elizabeth’s children, Prince Edward and Princess Anne, as well as the landline, office and mobile numbers of the royal household staff, the Telegraph reported.
Note: For deeply revealing reports from reliable major media sources on media corruption,click here.
SEC Rocked By Lurid Sex-and-Corruption Lawsuit
November 19, 2012, Rolling Stone blog
Move over, adulterous generals. It might be time to make way for a new sexual rats’ nest – at America’s top financial police agency, the SEC. In a salacious 77-page complaint … David Weber, the former chief investigator for the SEC Inspector General’s office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of [retaliation] after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC. Weber claims that in recent years, while the SEC Inspector General’s office has been attempting to investigate the agency’s seemingly-negligent responses in such matters as the Bernie Madoff case and the less-well-known (but nearly as disturbing) Stanford Financial Ponzi scandal, two of the IG office’s senior officials – former Inspector General David Kotz and his successor, Noelle Maloney – were sleeping together. Weber also claims that Kotz was also having an affair with a lawyer representing a key group of Stanford victims, a Dr. Gaytri Kachroo. Weber claims that Maloney last year refused to meet with Kachroo as part of the Stanford investigation. By then, Kotz had stepped down as SEC IG and Maloney had replaced him as Acting IG. Weber was fired on October 31st. Apparently he has decided not to take the firing quietly. “When David Weber began to uncover the depth of dysfunction at the SEC, they fired him,” his attorney Cary Hansel said. “He has no intention of being silenced by threats and false allegations.”
Note: We don’t normally use Rolling Stone as a source, but this important story has not been covered elsewhere in the major media.