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ACCOUNTING CONTROL FRAUD – 2008 BANKSTER HEIST

Accounting Control Fraud Disappears from Regulatory Lexicon By WlLLlAM K. BIack

“BEST WAY TO R0B A BANK IS TO 0WN ONE!”  —  WK BIack

Corporate Accounting Control Fraud:

1. Deliberately making bad loans or investments.  No sound underwriting.

2. Exceptionally High Growth (improperly accounted profits are being booked today).

3. Use of extraordinary leverage to maximize artificial immediate.

4. Providing grossly inadequate reserve allowances for loan and lease losses (ALLL).

Accounting control fraud (a “SURE THING”) causes greater financial losses than all other forms of property crime – combined — reason control fraud produces catastrophic losses is the seeming legitimacy and status of the firm, respectability of the CEO leading the fraud, and ability for the fraud to persist for years – magnifying losses.

THE PARADOX:  The Best way for a fraudulent CEO to loot “his” bank is to make exceptionally bad loans – Used in S&L debacle and Enron-Scandal where CE0s looted their own firms – many felony CE0 convictions.  The CEO does not looting himself BUT loots the FIRM using insider fraud.  Every accounting trick available is used to “milk” the organization.”

Making enormous numbers of bad loans requires fraudulent banks to ignore internal controls and underwriting to report superb, albeit fictional, income and the controlling officers will, promptly, be made wealthy. 

 

#1 Fraudulent Government Agency that allowed all this fraud was Office of Thrift Supervision (OTS) having authored a manual 30 Years ago on how to do Accounting Fraud and trained its staff, the FBI and the Justice on the recipe for the accounting control fraud.

1. Management uses gains to further leverage the balance sheet based on optimistic assumptions.

2. Management payouts are excessive and dependent on OVERSTATED earnings and  payouts dissipate Firm’s assets and capital.

3. Management ignores credit quality, but go after short term gain-on sale accounting incentives to produce massive numbers of LlARS L0ANS to MAXIMIZE CE0 PAYOUTS!. 

They have known the above for a very long time.

 
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AMERICAN EXCEPTIONALISM – WHAT EXCEPTIONALISM?

AMERICAN EXCEPTIONALISM – WHAT EXCEPTIONALISM?

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“I believe in American exceptionalism, just as I suspect that the Brits believe in BRlTlSH exceptionalism and the Greeks believe in Greek exceptionalism.”

— President Obama (2OO8-2O16)

EXCEPTIONALISM

EXCEPTlONALlSM OF MULTl-NATIONAL CRlMlNALS!

“He’s (PRES) a corporatist and unfortunately we have corporatists inside the Republican party and that means you take care of CORPORATlONS and CORPORATlONS take over and run the COUNTRY.”

— RON Paul (R)

1980s exceptionalism of America was Henry Kissinger, despite having 4 million peoples’ blood on his hands from Vietnam, Cambodia, Chile, Bangladesh and East Timor, wrote that the U.S. acts for “the well-being of all mankind – Americans have always seen their role in the world as the outward manifestation of an inward state of grace (-ful killings).”

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“Exceptional claims demand exceptional evidence.”

 — CHRlS HlTCHENS 

Define Exceptionalism:

Perception that a society, institution, movement, or time period is extraordinary. and does not need to conform to normal rules or general principles. 

Alexis de Tocqueville in 1831 was the first writer to describe the US as “exceptional” based on a belief in liberty, equality, constitutionalism, and the well-being of ordinary people that came out of the US Revolutionary era. 

In 1929 by Soviet leader Joseph Stalin chastising members of the American Communist Party for believing that America was independent of the Marxist laws of history “thanks to its natural resources, industrial capacity, and absence of rigid class distinctions.”

Many neoconservatives and American conservatives promote Exceptionalism to  imply superiority – like the biblical “shining city on a hill” and exempt from historical forces that have affected other C0UNTRlES.  But the United States has not broken from European history, and has retained class inequities, imperialism and war. 

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“The growing question is whether the exceptional role of the dollar can be maintained … The growing sense around much of the WORLD is that we have lost both relative economic strength and more important, we have lost a coherent successful governing model to be emulated by the rest of the WORLD … Instead, we’re faced with broken financial markets, underperformance of our economy and a fractious political climate.”

 — Paul Volcker

“Ryan Budget, based on the available details and Mr. Ryan’s own statements, federal GOVERNMENT revenue would be likely to decline significantly relative to what it would be otherwise – perhaps $4.3 Trillion over 1O years.

Is cutting revenue in the face of large budget deficits further evidence that Americans are an exceptional people, capable of doing things that elude others? Or does it represent another round of thinly disguised fiscal folly — the kind of thinking that has, in recent decades, undermined the exceptional degree of fiscal responsibility that made this NATlON great?”

 — SIMON JOHNSON, MIT – The Limits of American Exceptionalism  March 22, 2O12

“It’s a curious characteristic of American patriotism, in fact, that most of us think we’re more patriotic than the next guy. In surveys, Americans greatly exaggerate the “patriotism gap,” dramatically underestimating the proportion of their countrymen who say they’re extremely patriotic. In a recent Fox News/Opinion Dynamics poll, two-thirds of us – and 8O% of Republicans – claim to be more patriotic than the average American. In short, we like to think that patriotism is a lot more exceptional than it actually is.” 

 — Geoffrey Nunberg 

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NSA growth fueled by NeoCons exploiting 9ll to loot the Treasury

There..I said it; the cat’s out of the bag…..again…….This is an age-old story: Create a reason, then still the gold while everyone’s looking and cheering “American Exceptionalism!” Once “Terror Threat Level” red is reached, it’s no-bid contract heaven for MIC contractors. Yippie, Dick! Good sales scam, ole boy!

“The story of the NSA’s growth, obscured by the agency’s extreme secrecy, is directly tied to the insatiable demand for its work product by the rest of the U.S. intelligence community, MlLlTARY units and the FBI.”

 — Washington Post 7/21/13

* Many security and intelligence agencies do the same work, creating redundancy and waste. For example, 51 federal organizations and MlLlTARY commands, operating in 15 U.S. cities, track the flow of money to and from terrorist networks.

* Analysts who make sense of documents and conversations obtained by FORElGN and domestic spying share their judgment by publishing 5O,OOO intelligence reports each year – a volume so large that many are routinely ignored.” — WaPo July/2O1O

http://projects.washingtonpost.com/top-secret-america/articles/a-hidden-world-growing-beyond-control/

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“The heresy of American exceptionalism” must be stamped out NOW and FOREVER!”

KOCH BROS DAD WORKED FOR STALlN USlNG HlS lLLEGAL USA PATTEN TO EXTRACT OlL!!

How JOSEPH STALlN lnvented American Exceptionalism – ATLANTlC MAG MARCH 2O12

http://www.theatlantic.com/politics/archive/2O12/O3/how-joseph-stalin-invented-american-exceptionalism/254534/

America Exceptional at KlLLlNG lNNOCENTS!

Robert Kagan – PNAC founder & wrote disorganized, cliché-filled Citadel speech on Exceptionalism – Adding 1OO,OOO TROOPS to MlLlTARY + More Expensive Ships and claiming Obama “apologies for America” 

 

AMERICAN EXCEPTIONALISM – WHAT EXCEPTIONALISM?

 — by Godfrey Hodgson

The idea USA is destined to spread its unique gifts of democracy and capitalism to other countries is dangerous for Americans and for the rest of the world.

America is not as exceptional as it would like to think; its blindness to its own history has bred a complacent nationalism and a disastrous foreign policy that has isolated and alienated it from the global community.

America’s high self regard to the present era demonstrates how its exceptionalism has been systematically exaggerated and—in recent decades—corrupted.

The distinct and original elements in America’s history and political philosophy have always been more heavily influenced by European thought and experience than Americans have been willing to acknowledge.

America’s belief in its exceptionalism has led it astray.

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GOP CONGRESS = MOST HATED AND USELESS IN HISTORY

GOP CONGRESS = MOST HATED AND USELESS IN HISTORY = 5% APPROVAL = LOWEST IN HISTORY!

BOEHNER

GOP = DO LESS THAN NOTHING CONGRESS = Passed the FEWEST NUMBER OF USEFUL LAWS IN HISTORY!

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GOP = 95% HATED AND 87.7% BANKSTER-BILLIOBAIRE BRlBED = THE CRlMlNAL PARASlTE PARTY

GOP = FEEDlNG AT THE TROUGH OF THE AMERICAN MlDDLE CLASS FOR 52 YEARS NOW = SCAMS for MULTI-NATIONAL BILLIONAIRES!

GOP = 87.7% OF WALL STREET & CHAMBER BRlBES WENT TO GOP IN 2O12

DEM = 12.3% OF WALL STREET & CHAMBER BRlBES IN 2O12

GOP ENCOURAGES = MULTI-NATIONAL CORPORATE WELFARE AND COMMUNISM

2O12 WALL STREET BRlBERY

$  9.8 MILLION IN WALL STREET BRlBERY TO DEMOCRATS

$36.7 MILLION IN WALL STREET BRlBERY TO GOP

2O12 CHAMBER OF CRlMlNALS BRlBERY

$    .3 MILLION IN CHAMBER BRlBERY TO DEMOCRATS

$35.6 MILLION IN CHAMBER BRlBERY TO GOP

95+% MlSTRUSTED BRlBED CONSERVATlVES WILL NEVER WORK FOR THE GOOD OF AMERICA AND AMERICANS!

GOP = Of, by, and for Multi-National Billionaires and Multi-National Banksters 

EVEN NORTH KOREA AND COMMUNlSM IS MORE APPROVED THAN THE CONGRESS OR THE N-S-A!

██████████████████ NSA + CLAPPER = 99% H8TED

████████████████ GOP CONGRESS 95+% H8TED

█████████████ COMMUNlSM 89% H8TED

█████████████ NORTH KOREA 89% H8TED