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Tuesday, March 18, 2014 – by Gérard Foucher

Scoop: The Bank of England dismantles the dogma!

« There are many ways to organize a banking system, one that we use today is the worst of all. » -Mervin King, Governor of the Bank of England from July 1, 2003, to July 1, 2013

The Central Bank of England, in its latest bulletin released on March 14, 2014, dutifully dismantled the misconceptions that are still widely taught in many courses of Economics about the currency, and replaces them with a complete description of the reality of the facts.

Explanation

Gold Bar Badge from Bank of England

photo by Dark Dwarf: http://www.Flickr.com/photos/darkdwarf/
(CC BY – ND 2.0) http://creativecommons.org/licenses…

For the first time in the history of finance, a Central Bank finally publishes a perfectly clear and accurate description of the way in which money is created and distributed in society, and it is a quite shattering version for the established dogmas.

This publication is also excellent news for all activists who, for years, are fighting to publicize these essential devices, and faced the disbelief of a large part of the public and the majority of the experts in the field, they are economists, academic or political leaders.

It’s an event all the more important that these monetary mechanisms have incalculable consequences at all levels of our societies (inequality, plundering of the economy and the planet, crises to repetition, stifling of democracy, etc, etc…).

Moreover, despite many efforts (videos, documentaries, books, articles…), money creation by the debt remained far was a quite confidential field, limited to a few insiders.

No official institution did this so far publicly and exhaustively these information.

This just changed all to all.

He had been previously a few timid approaches of these highly counter-intuitive mechanisms by other central banks.

-The Bank of France, in his booklet « the currency and us », announced without comment that

« Money created by the lender banker is found deposited in other banking institutions. » (p 15),

and that

« The credit made… appear on an account an amount that did not previously exist. » (p 29)

but this book is almost not found today.

-La Bank Nationale Switzerland for its part thus answered the question « How banks create money? »:

« If the contractor acquires to 16 000 francs from hardware and that the seller pays the amount received into its bank notes, it can again lend a part in the form of credit. The money supply is increasing again. The process of money creation is continuing. »

But it was at the bottom of a complex site and professional use. http://www.SNB.ch/f/Welt/portrait/banks/4.html

However, it must be recognized that central bankers, despite the often obscure nature of their speeches, have never really « hidden » system that controls the monetary creation and distribution mechanisms.

On the other hand, they have never sought to deny the legends surrounding since always the currency, the first of these legends is that the business of the Bank is to collect deposits and lend to borrowers, and the second legend is that the quantity of money issued by the Central Bank base at any time limit the amount of currency in circulation in society, and that consequently central banks retain a crucial role in the good management of the economy.

For the first time in an absolutely official manner in this bulletin, the Bank of England says now the opposite of these legends, and joined thus, finally, analyses of citizens from all sides who decipher the true nature for years.

The two key findings of the Bank of England are as follows:

1. the monetary creation is performed by commercial banks whenever they emit a credit for a customer
2. the creation of credit is not limited by the Central Bank, but by the profit opportunities available.

The consequences are clear:

-Any currency that resides on bank accounts (i.e. the total of all balances of all economic agents: individuals, businesses, Governments, local communities, etc.) has been issued by a bank loan, and therefore any currency debt that circulates.

-The quantity of money in the economy depends on the State or the Central Bank. It only depends on the willingness of banks to issue credit and currency of agents needs non-banking (individuals, businesses, State).

-The money, it’s the debt, and the debt, it is the currency.

-For every penny coin, there is a penny of debt.

-We want more money in the economy, it should go into even more debt.

-If you tried to repay the debt, should empty all accounts and there would be more a penny of money.

And these are only the immediate data of the problem.

The ramifications are much deeper, and unbalancing daily and for decades all the relationships between humans, between social classes, between countries. This system has made the currency pay, to infinity, and exponentially.

As more frontally says Tarek El Diwany Economist:

« We have institutionalized fraud, fraud we speak not of… abuse of the creation of money by the banking system is at the heart of the problem… As long as we have not treated this fraud at the heart of our system, nothing else will be fair. »

(Tarek El Diwany at « The City and the Common Good: What kind of City do we want? » debate – St Paul’s Cathedral, 7th May 2013) http://youtu.be/Qh8Lz70aCss?t=26m5s

On the first conclusion, the omnipresence of the currency debt, the newsletter for the BoE is very clear.

Quote:

« In a modern economy, the greater part of the currency exists in the form of bank deposits, which are created by the commercial banks themselves. When a Bank provides a credit to one of its customers, it simply credits the account of the client with a higher deposit balance. At this time, the new currency is created. »

Explanation: The banks do not lend to existing repositories. Deposits are included in the liabilities of banks, and are not assets that could be lent. On the contrary, these are simple commitments of applicants to their money at any time, provided that this money is available at the time when they apply, and provided that everyone does ask his money at the same time!

On the lack of control of the money supply in circulation, the doubt is not allowed either. The Bank of England to dismantle one of the most solid myths of the teaching of Economics: the money multiplier.

Until now, it was difficult to address this thorny issue of creation ex nihilo of endless amounts of credit by banks ‘ provided that they walk all the same not « , as wrote j.-m. Keynes (which could help to explain inter alia the emergence of speculative and real estate bubbles, and their explosion).

All economics textbooks teach that central banks have a power of regulation on the possible flare-ups of the banking sector private through the control of the « base currency », the famous « reserves » that they are the only ones to be able to. It is this process that all economists generally emerge when asked the question: « That limit emissions of credit by banks? »

Explanations from the Bank of England, however, totally refute this myth, and they are perfectly clear:

Quote:

« The relationship between reserves and credits operates in the opposite direction from that which is described in some economics courses. Banks decide first how much they will lend according to available profit opportunities… What are these decisions which determine the amount of deposits that will be created by the banking system. The amount of deposits influence in turn the amount of Central currency that banks want to hold in reserve (to provide the withdrawals from the public, payments to other banks, or meet the requirements of liquidity ratios ».

Explanation: The money multiplier does not exist. The monetary authorities have no power to decide the quantity of money that the economy needs in imposing a any amount of reserves to private commercial banks. The process works in reality in reverse: banks create ex nihilocredit first, and reserves after fit. Central banks may even stimulate the economy by boosting credit to businesses by creating the base currency, because these quantitative easing operations are the creation of reserves, and these reserves cannot be transmitted to the real economy.

(It is true however that money creation is not entirely without constraints, and the monetary policy of central banks, i.e. the control of interest rates, still has a role, but this technique has now revealed all its inadequacies. Despite rates at most low for years and massive monetary easing policies, the business credit shows no trend resumed.)

One may therefore legitimately ask the question of whether a private money creation system, dependent on the decisions of a sector of society, and that injects the new currency in the economy in the form of debt subject to interest, is really the best process to face all ecological, financial and social problems facing humanity at this very moment.

With time and much effort, the banking sector had managed to resume the political world the privilege of « beat currency ». The pretext was that politicians were not up to the task. We see that the banking sector is much better, and that mechanisms would be to review thoroughly, perhaps even to replace the whole…

Whatever it is, we must congratulate the Central Bank of England for his courage and honesty. For the first time in the world, the truth is made on the actual functioning of the monetary system.This section of the official Bulletin of the Bank of England will undoubtedly enter history, and will remain the ultimate reference, now and in the future, to understand, teach, or reform our financial system. This is a great victory and it will be an excellent support for all those who fight for years to try to educate policy makers and the general public about these realities.

We can even hope to revive educational publishing and printing industry: there will be a number of textbooks and academic to destroy and rewrite!

The secrets of the currency – change the currency to change the world

Money creation

Understand money

http://www.bankofengland.co.uk/publications/documents/quarterlybulletin/2014/qb14q102.PDF

Two misconceptions about money creation

The vast majority of the money held by the public takes the form of bank deposits. But the question of where does the stock of bank deposits is often misunderstood.

A misconception is that banks are simply acting as intermediaries, transmitting to borrowers deposits that investors entrust to them. In this perspective, the deposits would be « created » by the decisions of household savings, and then banks « lend » these existing deposits to borrowers, for example to companies seeking to finance investments or to persons wishing to buy homes.

In reality, where households choose to save money in their bank accounts, these are all spending that they will not be in favour of undertakings which could then receive this money in payment of goods or services. The amounts secured in Bank by savers are funds which will not be put on deposit by companies. Savings by itself does not increase the total of bank deposits.

In fact, just see banks as intermediaries ignores the fact that, in the reality of a modern economy, these are commercial banks that create money from deposits.

This article explains how the banks do not lend the deposits they receive, but on the contrary, create deposits by the credit Act. The reverse of the sequence usually described in textbooks.

Another common misconception is that the Central Bank determines the amount of loans and deposits in the economy through the control of the amount of Central Bank money – the « money multiplier » approach. In this perspective, the central banks implement monetary policy by choosing the quantity of reserves. And, because it is assumed to be a constant ratio between the base currency and the money in circulation, these reserves are then « multiplied » to become an amount much more important credits and bank deposits.

To be valid, this theory should be the amount of the reserves have a constraint on the amount of appropriations, and that the Central Bank can directly determine the amount of the reserves. This theory of the money multiplier can be a useful way to make money and the Bank in an economy manual, but this is not an accurate description of how money is created in reality. In general, rather than controlling the quantity of reserves, the central banks are implementing today monetary policy by setting the reserve price – which is a rate of interest.

In reality, reserves have no constraints on the credits, and the Central Bank does not set the amount of the reserves available. As the relationship between deposits and loans, the relationship between reserves and credits generally operates in the opposite direction from that which is described in some economics textbooks.

Banks first decide the amount of credit that they will issue on the basis of profitable lending opportunities available to them, and who rely on primarily by the rate of interest determined by the Bank of England. What are these credits creation decisions which determine the amount of bank deposits that will be created by the banking system. The amount of bank deposits influence in turn the amount of base currency that banks will want to hold in reserve (to cover the withdrawals by the public to make payments to other banks, or meet the regulatory requirements of liquidity). These reserves are, under normal circumstances, provided upon request by the Bank of England.

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The truth is that something goes very wrong in this world…

CAN WE GET OUT OF THE EURO ZONE?

Galadriel 12 January 2015 crisis, economy, europe, politics

The question is for the future. So as the battle rages in policies as among economists.

To help you see things more clearly, here is a quiz proposed by Le Figaro Economie, via the question Greek. It can hardly suspect of primary anti-liberalism.

More surprising is that their answer is Yes. However, the analysis of the consequences is theirs and will deserve to be dug. But it is important, if not fundamental that you know.

Can the Greece actually get out of the euro zone?

TRUE / false – the Treaty of Lisbon provides a way out for Member States wanting to leave the club on 28. But abandon the European currency is more complex.

Explanations.

The « Grexit » is back. This abandonment by Athens of the currency scenario single European, feared at the peak of the crisis of debt in 2011, has re-emerged with the information published this Saturday in the German weekly Der Spiegel. Since the European Commission wanted to reassure that membership in the euro is « irrevocable ». But what exactly say European texts?

• Any member country can leave the European Union.

True. The Lisbon Treaty, entered into force December 1, 2009, includes a withdrawal clause. Article 50 States as well as « Any Member State may decide, in accordance with its constitutional rules, to withdraw from the Union ». The Treaty provides for ‘the Member State which decides to withdraw shall notify its intention to the European Council. In the light of the guidelines of the European Council, the Union negotiates and concludes with this state an agreement laying down the modalities for its withdrawal, taking account of the framework for its future relationship with the Union. This agreement is signed on behalf of the Union by the Council, acting by a qualified majority, after approval by the European Parliament.

The withdrawal is enacted in a maximum period of two years « unless the European Council, in agreement with the Member State concerned, decides unanimously to extend this time » says the Treaty. « With this article, it is the first time that the possibility of an output of the European Union is raised. This is quite innovative, »said Vivien Pertusot responsible for the office of theIfri in Brussels.

• Treaties also provide a withdrawal from the euro zone.

FAUX. « Nothing is planned on this subject in the treaties, because this possibility has never been considered, » said Ifri specialist. « As no release is scheduled, it means that the adoption of the euro is irreversible. All countries entered the European Union must comply with this requirement to enter the monetary union if they meet the conditions laid down by the treaties. Unless legal exceptions, such as the United Kingdom or the Denmark ‘, says Vivien Pertusot.

However, the adoption of the euro is not an irrevocable act, as yet stated yesterday Annika Breidthardt, spokesperson of the Commission. « What is irrevocable, and which is specified in article 140 (3) of the Treaty of Lisbon, it is the rate at which the euro replaced the currency of the Member State concerned. The Commission exaggerates the reading of this Treaty’, ensures Vivien Pertusot.

• A member of the euro zone countries can abandon the single currency while remaining within the European Union

True and false. The European Commission’s statements suggest that any output of the European Union actually causes an exit from the eurozone. « The Treaty does not exit from the eurozone without exit from the EU. It is the current situation, »said besides spokeswoman Karolina Kottova in 2011.

But it’s still a very broad interpretation of European texts. « From a purely legal point of view, there is no causal connection between the two phenomena. « The absence of a legal framework for the release of the euro area is that a country could apply for abandonment of the euro while keeping within the EU or even the opposite! », provides the specialist of Ifri.

« On the other hand, the problem is to know with which countries wishing to abandon the single currency must submit its application. It should apply to the European Commission, having exclusive competence for monetary policy of the euro area countries, but it is not equipped for such an approach, »says Vivien Pertusot.

The abandonment of the single currency is therefore for the moment inevitably by a release of the European Union. « But anything is possible with a revision of the treaties. One can imagine that the EU revises the texts and provides an opt-out of the euro zone to allow a country like the Greece to leave – and change the conditions for adoption of the single currency – for example while keeping it within the European Union. With the ability to negotiate the terms of a return. Everything is playable, but one is in the fiction policy », says Vivien Pertusot.

• The forced eviction of one country by the other members is possible.

FAUX. European texts do not allow to exclude a country from the euro area. « Even in the event of failure to comply with the economic commitments by a member country, this option is not provided », explains the specialist of the Ifri. However, the EU may push a country out of indirect way, through economic pressure. This scenario was travelling in 2012 for the Greece. If Athens was not pursuing its rigorous efforts, Member States could consider to suspend payment of the aid and the ECB to stop loans to banks. Short of cash, the Government had other choices that re – print drachmas, outgoing thus de facto eurozone…

• The consequences of an output of a State of the euro area would be important.

True. ‘From a political point of view, it would send a terrible signal. The output of a State would seriously undermine the credibility of the political project that is the euro area. It is for this that in my opinion, an output of the Greece is unlikely », says Vivien Pertusot. This last opinion was shared by Christopher Dembik, analyst at Saxo Bank: « in the short term, there is no reason that after the massive efforts made by the Greeks and the solidarity shown by the other countries of the eurozone as Syriza and/or the troika choose the path of the break and return to the Drachma », he explains.

From an economic perspective, the fear of a « Grexit » however shook stock markets which fell yesterday, as the single currency, fell under $ 1.20. Analysts fear the judgment of reforms based on the policy of austerity, dictated by the EU and the IMF. They also fear the systemic effect, even if the latter is swept by Germany due to advances in Spain, the Portugal, Ireland and the creation of the European stability mechanism (ESM).

« In spite of safeguards, it will be very difficult to identify the consequences of a Grexit. The historical precedents show that it is almost impossible to maintain a monetary union when the decomposition process began.

« Financial markets will undoubtedly turn to other vulnerable countries where growth is sluggish or even negative, where inflation is a problem and where the sustainability of the debt is an open question « , says Christopher Dembik. ‘ Can however be considered that a scenario disaster for national economies is not automatic.  » The risk of inflation bond is not inevitable and will depend closely on the choice of monetary policy and fiscal policy, »concludes the latter.

CORRUPT TRASH THAT GOVERN US

February 11, 2015

NEW EVASION IN EUROPE

GIGANTIC EVASION AT HSBC

CAMERON – GREEN

The case of tax evaders of HSBC embarrasses the British Government. The SwissLeaks survey conducted by «Le Monde» and several international media made a bombshell in the United Kingdom, countries which depends the offending Bank. Stephen Green, who was the boss of HSBC at the time of the facts revealed by the survey, is entered in the Government of David Cameron as Secretary of State for trade, in January 2011, eight months after the first revelations about the British Bank. The establishment is accused of blind eye to tax evasion by the wealthy clients of its Swiss subsidiary or even have helped them defraud the tax authorities in their country of origin. Stephen Green has left the Government since. Shilpa Lagarde, French Finance Minister at the time, transmitted the files stolen from HSBC to the competent authorities in all European countries, including the United Kingdom, in May 2010.

In opposition, the Labor Party asked for an explanation for David Cameron. «As Chairman of the Bank, Mr. Green would have been aware of malpractice either, if this were not the case, one might ask why it was not», noted one of the leaders of Labour in an open letter to the Minister of finance Tuesday. « ‘ Downing Street defended himself by providing that » no member of the Government knew that HSBC could be involved in offences concerning its Swiss subsidiary. A spokesman for the Prime Minister said that evidence of tax evasion by customers of HSBC, known at the time, were distinct evidence of embezzlement of the Bank itself.

Within the Government, the topic is hot. Vince Cable, the liberal Democrat economy Minister, wrote to Douglas Flint, who chaired HSBC today to verify that the Bank did not retaliation against whistleblowers. Sue Shelley, an employee of HSBC in the Luxembourg, said on the BBC that she had been dismissed in 2013 after reported cases of tax evasion.

The present French on the HSBC list professions are of great diversity. But a diversity with several zeros on bank account. Workman, artisan or technician of surface point. Rather contractors, businessmen, lawyers, doctors, a few celebrities, heirs and sometimes even the people questioned by the French justice .

Show-biz in the middle of the business through the World of art and of the sport, the account in Switzerland proves a financial strategy shared by the more remunerative professions. They have been declared – is very rare – or not at their opening, many of these accounts have since been regularized with the french tax authorities.

EUR 300 million have been recovered by the French administration in four years of work on the list. As was the case in February 2014, when the previous article revealing the names of holders of accounts at HSBC Geneva, Le Monde has joined all the personalities cited as part of its investigations, or attempt the do, so their allow to react and deliver their explanations. Only a minority has never responded. Mediapart and Challenges had also cited some names as a result of our first article.

Dugarry, Elmaleh, Lavil…

GAD Elmaleh is probably the best-known name among french customers of the Bank. While he appeared in recent months in advertising where he imagined his ideal Bank, the comedian had between 2006 and 2007 in Geneva of an account on which are deposited near 80 000 euros maximum. According to our information, Mr. Elmaleh, who never responded to the demands of the World, would have regularized his situation with the french tax authorities.

Lisa Azuelos, Director of the film LOL is also included in the list of clients. It ensures, through the voice of his Press Secretary, that « everything is now resolved » without giving further details.

The artist Christian Boltanski, who did not want to respond to the demands of the world, also conducted a regularization, according to our information. He had a numbered Swiss bank account.

The presence of certain people among clients is due to an inherited account. This is the case, for example, Stella, the wife of scientist and writer Joël de Rosnay, which had an account as a result of an inheritance, says the Council of the couple. Their situation has since been rectified.

Philippe Lavil singer was in the same situation. ‘ It dates very long, he explains.»I have never created account abroad. Was not there on my part a desire to escape tax, I have also never did means. ‘ He had inherited assets abroad and was contacted by the tax authorities a few years ago. His situation is now rectified.

You can also find the name of Christophe Dugarry. The world Cup champion in 1998, converted by consulting sports, opened in 2005 an account associated with an offshore company – Faroe Capital, opened by the subsidiary of HSBC in the British Virgin Islands – pledged more than EUR 2 million according to the data of the Bank. It did not want to answer the questions of the World.

Tax havens are among the few places where there are side by side the names of footballers and politicians. Thus, Aimery of Montesquiou, Senator (UDI) of the Gers, is associated in the files of the Bank to a numbered account, opened in the 1990s and closed in 1994, itself linked to a company based in the Panama and named Susumi Finance Corporation. However, Mr. de Montesquiou denied: « I have no account abroad », he says.

The prism of scandals profiteers

Sometimes the assets are placed in Switzerland for Start of business. Peter Lindbergh, fashionphotographer, filed hundreds of thousands of euros to an account in Geneva. His agent explained that it was « in the course of a project of development of photographic activities ». It states that the Geneva Office has never been launched. And that the situation has since been rectified without requiring the photographer to pay fine.

Business leaders and entrepreneurs, large, medium and small, are also present in numbers in the HSBC list. The hairdresser Jacques Dessange – real name Hubert – is one of those. In 2012, quite early so in the controls procedure incurred by the tax administration, the french businessman has regularized his situation. « Mr Dessange began to rule with the tax in 2012. This cost him dear’, confirmed to the World one of its advice. The owner of hairdressing salons had concealed 1.6 million euros in Switzerland, according to surveys of 2006-2007, behind the screen of an account number and a foundation in Panama, Hacienda, formed in 2005.

Include family Mentzelopoulos, owner, among other things, the prestigious wine estate Château Margaux. The death of Armande Montaner Mentzelopoulos, who long ruled the area, his heirs were caught up by the assets hidden in Switzerland and on offshore places, including in the Cayman Islands. Regularization of such assets were proceedings with the tax administration.

Ouaki – owner of Tati until 2004 – family is also included in the listings. Fabien Ouaki, who sold the family company in 2004, inherited from his father an account hidden in Switzerland, matching of »an artificial Panama society ». This account was created in the 1950s by Jules Ouaki, the founder of Ensign clothing at low prices, in the Bank of the ex-financier billionaire Edmond Safra, then acquired by HSBC. « Son Tati » acknowledged fraud and regularized his situation.

The HSBC list can also be read through the prism of business scandals that have punctuated the end of the 1990s and early 2000s. This is the case of the Elf scandal and the Asad_p2 for which several protagonists appear on the list.

Of the man of affairs André Guelfi, said ‘Dede the sardine’, in André Tarallo, former boss of Elf Gabon. Watermark, appear powerful networks, specifically those of Charles Pasqua. The former Minister of the Interior is not, but it is the case of a strong man. Jean-Charles Marchiani, sentenced in the case of the Asad_p2, appears in the list
Learn more about http://www.lemonde.fr/economie/article/2015/02/09/swissleaks-artistes-avocats-hommes-d-affaires-ces-clients-francais-chez-hsbc_4572382_3234.html#V6U0ykRfL8C1qDbk.99

The opening of shops on Sundays, the city of Brussels opts for

Should we open stores on Sunday? While Paris and the France tear on this issue, a jet of Thalys, Brussels is about to take the plunge. The communal Council indeed engaged Monday a process which should lead to the Sunday opening next may shops in the centre of the city (and only the centre). To get there, no great parliamentary battle, but only the use of the derogations permitted by the Belgian legislation. Hitherto this possibility was prohibited de facto: stores must comply with the principle of a weekly day of rest, and traders had almost all made the choice to close on Sundays – and indeed, Brussels is a city half asleep that day there. The situation concerned the Brussels elect for months, who fear that tourists migrate to places where it is good to eat Sunday, as Antwerp. Reason for which the Municipal Council voted a provision part of the centre of the town – within the small belt around the Grand Place – a « tourist zone ». With this label, the 3,000 shops which are located shall have the right to open on Sundays. Only the Green Party voted against this project, which has yet to receive the green light from the federal Government

Learn more about http://www.lesechos.fr/monde/europe/0204147692603-ca-se-passe-en-europe-cameron-rattrape-par-laffaire-hsbc-1092209.php?WHl55fhzIB1Fi299.99

The HSBC case took a political turn Wednesday to the United Kingdom, where the leader of the Labour opposition, Ed Miliband, roundly criticised David Cameron appointed Minister the former President of the Bank, today in the heart of the turmoil in his Government four years ago. Stephen Green, Director general (2003-2006) and Chairman (2006-2010) of the British banking giant had been chosen in September 2010 by Mr Cameron as Minister of trade, a position he held from January 2011 to end 2013. « It was known in September 2010 that HSBC favoured tax evasion on a large scale (…). Is-what the Prime Minister really believes make us believe that during the three years when Stephen Green was Minister, he has never spoken with him about what was happening at HSBC? », has lambasted Mr Miliband during an Exchange in the House of Commons. « Is what does the Prime Minister can explain the revolving door between the Conservative Party (of Mr Cameron) and the Swiss branch of HSBC, » said the head of the Labour Party, who wants to conquer the position of Mr Cameron in the general elections in the month of May. Mr Cameron said that labour were in power in London at the material time (2006-2007) and themselves had collaborated regularly with Mr. Green when he headed HSBC.
Tags: fraud, HSBC, Switzerland

The hot case LUPERTO

Poster everywhere these days following a possible hot story of exhibitionism in a parking lot of the region’s Spy, Jean-Charles Luperto, born November 17, 1973, is a Belgian politician of French-language, Member of the Socialist Party. He has dual nationality, Belgian and French and found himself at the head of several mandates, most paid handsomely even.

First of all, as Chairman of the Parliament of the French community, he perceived until recently €9.314 net per month but returning Walloon backbencher, his treatment will « fall back » to €5.730 monthly.

Add to this the Mayor of Sambreville for amount gross annual €78.673 €6.556 / month gross. In 2013, was also 2 other paid mandates, the first to the Association Intercommunale health of the Basse-Sambre and the second to the economic Bureau of the Province. However, it is unclear how much this gave him right.

Finally, do not forget to add the fact that he had had a car, services of a driver as well as menus benefits such as support for its GSM subscription.

And Yes, that’s it, the Belgian policy.

May 7, 2013

32

Behind a mask of respectability and authority, liquidators of companies & licencieurs series

When psychopaths take control of the company

Various

NdT – Excerpts (in bulk) dealing with psychopaths and their grip on modern societies where it flourish beautifully to the point of becoming a ruling minority. Passages appear strangely familiar and will likely think situations and/or existing characters or existed. Tell me « psychopath » and suddenly I think quite a few men and women politicians. (warning: this text contains a non-professional translation of professional jargon ))

Imagine – if you can – you have no conscience, no feeling of guilt or remorse, and this regardless of your deeds, that you are never hampered by concern for the well-being of a stranger, a friend or even a family member. Imagine you have never experienced shame, not once in your lifetime, for an Act also selfish, lazy, malicious or immoral, that it has been. And pretend that the concept of responsibility is unknown, otherwise as a burden that others seem wearing without asking questions, such as gullible fools.

Now, add to this strange delirium an ability to hide under a psychological make-up does you are radically different from the others. Since everyone assumes that consciousness is universal in humans human, you will have virtually no effort to hide your lack of consciousness. You are not limited by a sense of guilt or shame, and you’re never questioned for your coolness. Ice water coursing through your veins is so bizarre, so foreign to their own experience they can rarely to guess who you are.

In other words, you are constrained by no moral constraints, and your boundless freedom to do exactly what you want to do, without crises of conscience, is invisible to the eyes of the rest of the world. An ideal situation.You can do everything and anything but this strange ability that gives you an advantage over the majority of the people, limited as they are by their consciences, will remain despite all your little secret.

If no one is there to stop you, you can do whatever you want. If you were born at the right time, and if you have inherited a small stipend, and if you have a particular talent for stirring up hatred and feelings of frustration among the people, you can arrange to kill large numbers of people without suspicion. With enough money, you can accomplish the same thing remotely, and you can sit quietly at the shelter and observe from afar the proper conduct of operations, with some satisfaction…

How would your life be? How take advantage of this benefit, a huge and secret advantage over all those who are constrained by their conscience?

The answer will depend on much of the nature of your desires, because people are not all the same. Even those who are deeply without scruples are not all the same. Some people – consciously or not – prefer the ease of inertia, while others are filled with wild ambitions and dreams. Some beings humans are bright and talented, some are obtuse but most, consciously or not, are somewhere between the two. There are violent and non-violent, there are those who are motivated by lust for blood and those who have no such appetites…

DSK has even forgotten his room key…

Crazy and scary – and real, to about 4 percent of the population… The rate of population of anorexia is estimated at 3.43%, deemed figure close to an epidemic. And yet this figure is only slightly lower than that of the population with an antisocial personality. Important disorders classified as schizophrenia occur in only 1 percent of [the population] about – barely a quarter of the rate of antisocial personalities – and Disease Prevention and control centers say that the rate of cancer of the colon in the United States, considered « alarming », is 40 per 100,000 – one hundred times less than the anti-social.

The high rate of psychopaths in human society has a profound effect on the rest of society which is also condemned to live on this planet, including those of us who have never been clinically traumatised. Individuals who make up these 4% damage to our relations, our bank accounts, our works, our pride, and our well-being on this earth.

Yet, surprisingly, many people do not know anything of this disorder, or even think of only the violent psychopath form – murderers, serial killers, murderers mass – people who have clearly committed multiple crimes and which could end up in jail or even sentenced to death.

We are rarely aware and have generally not used to identify the large number of violent psychopaths among us, people who are rarely openly offenders and against which our legal system offers little protection.

Most people are unable to imagine the relationship between the design of ethnic genocide and, for example, the fact to lie shamelessly to his boss about a co-worker. But not only this psychological link exists, it is even scary. Simple and profound, this link is the absence of an internal mechanism that slows down us, in terms of emotional, when we make a choice that we consider as immoral, unethical, negligent or selfish.

Most people feel slightly guilty if they eat the last piece of cake in the kitchen, not to mention what they would feel if they were in head to intentionally hurt someone in cold blood. Those who have no conscience are a group, whether they are tyrants, assassins or simple snipers social unscrupulous.

The presence or absence of consciousness is a deep division between beings humans, probably more important than intelligence, race, or even sex.

What differentiates a psychopath who lives the work other than that from time to time flies in a store, or a crook of top-flight contemporary – in sum makes a regular of a murderous psychopath thug – is nothing more than social status, energy, intellect, the thirst for blood, or simply the possibilities offered. What distinguishes these people from all others is a gaping hole in their psyche, there where there should be all the most advanced features of humanization.

Psychopathy can be characterized as a trend both domination and the coldness… Psychopaths are prone to anger and irritation and are willing to exploit others. They are arrogant, manipulative, cynical, exhibitionist looking for sensations, Machiavellian, vindictive and interested only in their own gains… they require love and social recognition and consider themselves very worthy and important, but do not offer love or recognition in return, because they regard the other as unworthy and insignificant. This behavior is clearly consistent with the essence of psychopathy is commonly described.

Psychopaths, like everyone, are born with tastes, repulsions and different desires, which explains why some of them are physicians or the presidents and other thieves and rapists.

Martha Stout, The Sociopath Next Door (‘The psychopath you’ or ‘your neighbour the psychopath’ – NdT)

It was not so long ago in the Japan, the word of a man in the world of business or Government had value of commitment to society. He was caught in flagrante delicto of lie, or if he « lost face », he could lose life, and often in his own hand (hara-kiri). Even in this country above (United States of America – NdT), it was not so long ago the word of a man or a manly handshake meant something. Admittedly, there has always been thugs and Crooks, but before we were more careful to get rid of the incompetent as psychopaths. As said Owen Young, ‘ is not the modern crook of the business world that we fear, but an honest man who does not know what he does. . (1980, p.38)

Unfortunately, everything changed. We must now fear the super-sophistique modern crook who knows what he does… and the fact that nobody sees. Yes, psychopaths love of the business world.

« Indifferent to others, he saw a cold look their fears and desires, and manipulated as seemed it. Such a man would not necessarily sentenced to spend his life behind bars or flee Justice. Instead of outstanding individuals, it will liquidate companies. It licenciera to arm circumference instead of killing serially, restructure and délocalisera instead of cutting his victim into pieces… « (Harrington, 1972, p.18)

Before insider trading cases that struck Wall Street in 1987, white collar crime did not appear to deserve special attention. Certainly « sentences » for white collar crimes are significantly less stringent than for crimes in « blue collar ». As indicated by the head of the Houston Police in the CrimeWarpsbook,  » police do not devotes its efforts to chase the white collar crime. Crime that we pursue is that interest the public, of the streets. I do not think that things would change. « (1987, p.105)

Of course, the consequences of this for the ordinary white collar crime are staggering.

According to criminologist Georgette Bennett, economic crimes represent nearly 30% of the presented cases before American courts – more than any other category of offence or crime. The total harm caused by burglary, assaults and other activities of the thugs on the streets of the country amounts to approximately 4 billion dollars per year. However, apparently model citizens who frequent the boards and white-collar crooks extort us between 40 and 200 billion dollars per year.

Our society is becoming more and more materialistic, and success at all costs has become the credo of many businessmen. The psychopath type revels in such an environment where it is considered a « hero ».

The psychopath is a predator. If one reflects the interactions between predators and their prey in the wild, can have some idea of what lies behind the « mask of sanity » of the psychopath. Just as the predator which uses schemes for approaching stealthily its prey, to isolate herd, approaching, and to exhaust, the psychopath builds a range of sophisticated camouflage, composed lyrics, apparently, lies and manipulations – in order to ‘trick’ prey.

Unlike normal people who like to see other people happy, or rewarding, the psychopath likes to suffer.

The Ponerology became a new branch of science born out of a historical necessity and the latest advances in medicine and psychology… She studied the components and the causality of evil, regardless of its social impact.

During the « good » times, people gradually sight lose the need for a profound reflection, introspection, the knowledge of others and an understanding of the complex laws of life. During these ‘good’ times, the search for the truth bothers because it reveals embarrassing facts. Therefore, it is better to think about things more simple and enjoyable… In times like these, the possibilities of having a logical and rigorous thinking born of necessity in difficult times, begins to fade. When communities lose the ability of reasoning and moral criticism, the process of generation of evil is increasing at all social levels, be they individual or macro-sociaux, until the return to a « dark » period

Suffering, stress and mental activity encountered during dark periods lead to progressive, and usually accentuated lost values, regeneration resulting in human progress. When the dark periods occur and people find themselves overwhelmed by evil, they must gather all their physical and mental strength to fight for their survival and that of the reason.

From their earliest age, psychopaths learn to recognize them and become aware of the existence of others similar to them. They also take awareness of being different from the people who surround them. They see us with a certain distance, as a species apart… They become experts to detect weaknesses and sometimes engage in cruel experiments. The suffering and injustice that they cause do they inspire no remorse because such reactions in others are considered to be the result of a difference and does so belong to ‘these people ‘.

When a ponerogenique process encompasses all the ruling class of a society or a nation, or when the opposition of normal people see smothered – due to the prevalence of the phenomenon, or by spellbinding means and physical coercion, including censorship – we are dealing with a phenomenon known as macro-ponerologique.

To ‘happy time’ peace, when it is built on social injustice, the children of the privileged classes learn to suppress their minds unpleasant ideas that might suggest that they and their parents would benefit from this situation of injustice at the expense of others. These young people learn to dismiss and disparage the moral and mental anyone values which they exploit labour… They grow up to become hysterical adults who will pass their hysteria to the next generation, which in turn will develop these characteristics at a higher level.

It is now well known that ‘ The protocols of the elders of Zion ‘ document is a hoax that is falsely attributed to the Jews. However, the content of this document is clearly not a fake as a careful study of the events in the United States over the past 50 years about provides many indications of its implementation with a view to bring to power the current neoconservative administration [Bush / Cheney]. Anyone who wants to understand what happened in the United States must read the protocols to understand how a certain group of disturbed has taken this text at the foot of the letter. The document « Project for a new American century », written by neoconservatives, is inspired by the same schizoid vision of the world.

-« If the picture is good, you can leave Guantanamo and return home. »
-« Stop, you’re nasty… » »Don’t listen, he jokes »
-« Ha! HA! HA! HA!’

The Pathocratie is a system of Government in which a small pathological minority takes control of a company. In a pathocratie, all management positions (…) must be occupied by people with the same psychological deviations (…). But such people represent only a very small percentage of the population, which makes them so still more precious in the eyes of the pathocrates. The pathocrates will therefore not very looking on the intellectual level or professional skills, which will be even more rare.

After a few years of operation of a such system, virtually all people with psychopathy will be incorporated into activity pathocratique, and they are regarded as the most loyal elements, even if some of them are involved in one way or another in the opposing camp.

In such conditions, any field of social life can grow normally, be it the economy, culture, science, technology, administration, etc. The pathocratie progressively paralyzed everything.

Normal people should then develop a superhuman ability to keep calm to simply explain what to do and how to do one any deviant pathological, mediocre and obtuse, appointed head of a project that it is incapable of understanding and even less to manage. This particular pedagogy – which is to educate deviants, while avoiding their wrath – requires a lot of time and energy. But it would be otherwise impossible to maintain acceptable living conditions and necessary achievements for the economy or the intellectual life of a society. But despite all these efforts, the pathocratie gradually interferes in everything and numbs everything.

All those who were initially attracted to the original ideology are realising that they now have case to something else, something that has taken the place of the original ideology and that presents itself under the same name. The disillusionment experienced by these former ideological supporters is extremely bitter.

The determination of the pathological minority to keep power will be threatened by the society of normal people, whose critics continue to swell.

Meanwhile, the phenomenon of pathocratie matures: a vast and active indoctrination system is built, with a suitably renovated ideology that will be the vehicle or the Trojan to pathologise individuals and society thought processes. The goal is to force human minds to integrate the pathological methods and predetermined forms of thought, and therefore to accept the rule – what is ever admitted openly. It is the selfishness of the pathocratie which is at the origin of this objective and the pathocrates consider its achievement as not only necessary but feasible. Thousands of activists must therefore participate in goal. However, time and experience confirm that the psychologist could announce long in advance: all efforts produce so few results are not reminiscent of the work of Sisyphus. The result is a generalized suppression of intellectual development and an increasing number of large protests against « hypocrisy » shameless and contemptuous. The pathocratie and its performers are unable to understand that the decisive element that complicates both the achievement of their objective is located in one of the fundamental characteristics of the human race: human beings normal humans are in the majority.

All of the system of coercion, of terror and forced indoctrination, or rather, of pathologization, is therefore actually infeasible, causing a big disappointment at the pathocrates. The pathocrates are convinced that their methods can change people in depth at the point where they will eventually recognize that pathocratique of Government is ‘normal’, but their beliefs collide with reality.

During the initial shock, the social links between normal people is dwindling. But having survived the phenomenon, the overwhelming majority begins to develop a psychological immunization. The company then embarks on the collection both skills on this new reality and its psychological properties.

Normal people learn slowly to find the weak points of such a system and to make improvements to make life easier. They begin to exchange tips, thus gradually restoring social links and reciprocal confidence. A new phenomenon occurs: a division between the pathocrates and the society of normal people. These have the advantage of the know-how, skills and common sense is still intact. They therefore have some very advantageous cards. The pathocratie eventually realize that it must either find a modus vivendi, or establish relationships with the majority of society, because after all, it must be someone to do the work for us».

This makes the pathocrates tend to limit the level of terror, to apply cosmetics to their propaganda and indoctrination methods, and to grant to the company that they control some marginal autonomy, in particular as regards cultural life. The most liberal pathocrates will be not opposed to such a company a minimum of economic prosperity in order to reduce the level of dissatisfaction, but their own corruption and inability to manage the economy prevented them to do so.

Psychopaths are aware of being different from normal people. That is why their « political system » is able also to hide this difference. They wear a personal mask of sanity and know how to create a macro mask of the same kind… The pathocrates know that their true ideology is derived from their deviant nature and deal with « the other » – the ideology of facade – with barely concealed contempt. Ordinary people end up one day by realizing it.

The pathological social structure gradually covers the whole of the country by creating a « new class » within the nation. This privileged class of deviant feels threatened continuously by others’, that is to say by the majority of normal people. The pathocrates are no illusions about their fate in the event of return to a system of normal people. A normal person deprived of any privilege or rank will seek work to earn a living, but the pathocrates never had a real talent, and their time spent in power eliminates any possibility of adaptation to the requirements of a normal job. If the normal human laws should be reinstated, them and their supporters may find themselves judged, including judges on their pathological deviations. They could not only lose their ranks and privileges, but also their freedoms and their lives. As they are unable to do this kind of sacrifice, the survival of a system where they can flourish becomes an imperative for them.

For the pathocrates, destroying physical, psychological, moral and economic of the majority of normal people becomes a necessity « organic ». Many ways are available to them, starting with the concentration camps and the war against a well armed and obstinate enemy who spread and weaken the human potential launched his attack, namely the human potential that represents a danger to the reign of the pathocrates: children of normal people, sent to war for a ‘noble cause’ illusory. Once dead and harmless, the soldiers will then decreed heroes and will be venerated with hymns, always useful to raise a new generation faithful to the pathocratie and always ready to die in his name.

Ken Magid, Carole A. McKelvey

The Psychopaths Favorite Playground: Business Relationships (the playground favorite psychopaths: labour relations)

Translation « was the word I needed to refer to this band of Weirdos » by VD for the Grand evening with probably a few more typos and shells than usual.

I realize that under the cover of war puppet, they will certainly draw a film, since they had the visit of a Director, which he would even it’ll be deceased, that said, I doubt if they will see by the ratings and under the guise of solid removal 200 girls of BOKO HARAM, to hide, I don’t know What surveys of an American Israeli company called AFRICOM military command US, that unfolds when the soil is interesting and who founded IASPS Institute for Advanced Strategic and Political Studie(on the basis of observation, an American think-tank, theInstitute for Advanced Strategic and Political Studies (IASPS), called for the creation of this unified command.) Announced by theBush administration on 6 February 2007, he started to operate on 1St October 2008 and was placed under the command of the American general William E. Ward, former coordinator of security between Israel and thePalestinian Authority.AFRICOM: command of the United States for Africa ,so under cover fight a war puppet, they have (they, those are, lesU SA, the CONGRES(républcains et démocrates), on and their BILLIONAIRES, and I’m sure they listen a deficient mind, and, the Israeli Government, I say the Government, because obviously the people who have already suffered, by brimbaler) , from left to right, by the their (their soi so-called elites) (say that I find, funny, this is not the word, rather strange, that whenever, it happens no matter what thing, this is systematic Jew, pause you question, even if you find it stupid, why is this it is still on the Jew, on tape, or that it mocks, bref(ce n’est certainement que de la faute de l’autre?) )

I noticed, also, that the left and right, have always made a WSPU, would it only to the initiated, the masons fancs because, seen well, that it is a rather forced to be in the Government, would be on the video, the holland, as, on agreement it say, « SI Y FAUT PASSER by the », one feels the answer that’s more than obliged, kind, if I have no choice, that under means bien(genre;le chien deles de toons DROOPY), why, it has forced some members go, more or less, to be honest bricklayer, course it does me were not the knife under the throat , but some partIt was worse, car, on their requested tocareerin the Government, but also in Freemasonry, so, let’s tell me, that you were not requiring to be free masons, it is true!, but you had beautiful, out of ENA, or, science po, of HESSEC, if you were not straightforward bricklayer, you had it in the bone; e.g.If you were a doctor, and you wererank, or notin the big East, you could be Minister of health, but if you were doctor, doing not part, of the Grand Lodge, or that you were not straightforward masons, you could hope to be meedecn Social Security Council, this is an example for a lawyers, that is, such, you are not going to tell me that rachida dati, became Minister, slamming, albeit with sarko, I’m more surprised.

* HERE ARE LINKS THAT WILL CERTIFY THAT IT IS GOOD POROSHENKO,(ET SON GOUVERNEMENT FASCISTE), WHO GIVES A DAMN SHIT

i http://www.autistici.org/tridnivalka/preparatifs-guerriers-entre-lukraine-et-la-russie-show-ou-realite/

II http://www.thedailybeast.com/articles/2014/04/17/the-Ukrainian-army-is-crumbling-before-Putin.html

iiihttp://ndilo.com.ua/news/u-viyisku-rozpochavsja-bunt.html via http://ukraineantifascistsolidarity.WordPress.com/2014/05/30/beginning-of-rebellion-in-the-Ukrainian-army/

IV Idem.

v Idem.

vihttp://www.volynpost.com/news/33715-vijskovi-z-51-oi-brygady-vlashtuvaly-na-mykolaivschyni-bunt via http://ukraineantifascistsolidarity.WordPress.com/2014/05/29/Volhynia-soldiers-mutiny-and-refuse-to-go-to-the-Donbas/

VIIhttp://ukraineantifascistsolidarity.WordPress.com/2014/06/02/soldiers-relatives-protests-spreading-in-Ukraine/

VIIIhttp://ukraineantifascistsolidarity.WordPress.com/2014/06/04/soldiers-relatives-block-military-recruitment-office-in-Lviv/

IX Idem.

x Idem.

XI http://ukraineantifascistsolidarity.WordPress.com/2014/06/11/Kherson-soldiers-relatives-picket-military-enlistment-office/

XII http://ukraineantifascistsolidarity.WordPress.com/2014/06/19/Chernivtsi-soldiers-relatives-block-Highway-demand-soldiers-brought-back-from-the-East/

XIII http://112.UA/obshchestvo/pod-zhitomirom-semi-voennosluzhaschih-perekryli-dorogu-kyjev-chop-79161.html

XIV http://ukraineantifascistsolidarity.WordPress.com/2014/06/10/soldiers-relatives-block-troops-in-Melitopol-from-being-sent-to-the-front/

XV http://www.YouTube.com/embed/hyLIUk6U9yA

XVI http://ukraineantifascistsolidarity.WordPress.com/2014/06/04/soldiers-relatives-block-military-recruitment-office-in-Lviv/

XVII http://www.aitrus.info/node/3875// via http://libcom.org/forums/news/protests-ukraine-02122013?page=11#comment-541714

XVIII Idem.

XIX http://www.YouTube.com/embed/0WbCvUoZEQ

XX http://ukraineantifascistsolidarity.WordPress.com/2014/07/25/riot-in-Western-Ukraine-against-army-mobilization/

XXI Idem.

XXII http://www.aitrus.info/node/3875 / via http://libcom.org/forums/news/protests-Ukraine-02122013?page=11#comment-541714

XXIII http://www.YouTube.com/embed/G2qm3_c2O-8 and http://www.YouTube.com/embed/fiRqdLi6fk0 via http://ukraineantifascistsolidarity.WordPress.com/2014/08/06/protests-against-the-war-in-Zaporizhia-and-Kyiv/

XXIV http://www.rferl.org/media/video/Ukraine-National-Guard-cannon-fodder/25426820.html

XXV http://observerukraine.NET/2014/05/08/for-an-independent-social-movement-for-a-free-Ukraine/

XXVI http://en.ITAR-TASS.com/world/733524/

XXVII http://LIVA.com.UA/miners-war.html via http://ukraineantifascistsolidarity.WordPress.com/2014/05/30/Donetsk-miners-strike-against-war-eyewitness-account/

XXVIII http://www.Marxist.com/Donetsk-miners-strike.htm

XXIX http://observerukraine.NET/2014/05/27/Petro-Poroshenko-the-chocalate-King-walks-onto-a-sticky-wicket/

xxx http://kroha.DN.UA

XXXI http://ukraineantifascistsolidarity.WordPress.com/2014/06/13/mothers-and-parents-organisations-appeal-stop-the-war-save-the-people-of-Donbass/

XXXII http://Brend-Archer.livejournal.com/324036.html via http://ukraineantifascistsolidarity.WordPress.com/2014/06/13/mothers-and-parents-organisations-appeal-stop-the-war-save-the-people-of-Donbass/

XXXIII http://www.YouTube.com/embed/xUFxhbGE-8i

XXXIV http://ukraineantifascistsolidarity.WordPress.com/2014/06/20/Kharkov-tank-factory-rally-against-the-anti-terrorist-operation/

XXXV http://observerukraine.NET/2014/05/12/appeal-of-the-Kryviy-Rih-basin-miners-to-the-workers-of-Europe/

XXXVI http://www.aitrus.info/node/3870// via http://libcom.org/forums/news/protests-ukraine-02122013?page=11#comment-541385

 

Risk financing terrorists, drug cartels and sanctioned regimes also on the books of HSBC to the title of Lord Green

February 11, 2015

A system failure to prevent money laundering or to comply with U.S. laws shows need for sanctions for executives of large banks

Click here to read the complete information

Tax HSBC scandal shows that British law must be changed so that senior bankers are held criminally responsible when they monitor their institutions on several occasions to break the law, said Global Witness today.

In most recently disclosed documents supposed to reveal how Switzerland arm HSBC customers contributed helped hide accounts and evade taxes between 2005 and 2007, the largest bank of the United Kingdom has been sentenced to a record £1.2 billion by U.S. authorities in 2012 after admission allowing the laundering by drug cartels and dealing with pariah States, in violation of U.S. law. He was also accused by a Subcommittee of the U.S. Senate to ignore the terrorist financing concerns. Both cases were presided over by Lord Stephen Green, who served as the CEO of HSBC from 2003 to 2006 and then President until December 2010, when he left to become Minister of State of United Kingdom for trade and investment.

« Efforts of HSBC Switzerland to help the clients to hide money and evade taxes have shocked us all – but they only to scratch the surface of the fault of the quarter-Lord Green Bank.  » Among other breaches, HSBC has allowed one of the greatest of the Mexico drug cartels to launder money at a time where 35 000 people were killed in the Mexico drug wars. « Lord Green was ultimately responsible for the compliance of the Bank, but achieves 20 million £ in premium performance during this time, with all be paid back, no public document », said Stuart McWilliam of Global Witness.

« Unfortunately Lord Green is not just a »rotten apple »- it is the most visible symptom of a wider malaise born of uniformly low regulations and lack of accountability of senior managers. » This has disastrous consequences for society as a whole – crimes such as drug trafficking, money-laundering and corruption are not possible without a supposedly reputable bank account to hide the money in and provide a smoke screen by the authorities. If we want to clean the system, we need much more severe penalties for those decisions to the big banks when things go this wrong wrong – it is how to get the lessons, « he added.

Lord Green specifically amended his tenure as president to include responsibility for compliance and audit during this time, ensure that the buck stopped with him. In addition to the allegation of tax, other areas of concern include:
•Drug cartels : In December 2012, HSBC was sentenced to fined a record £1.2 billion by U.S. authorities after an agreement of deferred prosecutions in which she admitted to money laundering by drug cartels and pariah States, in violation of U.S. law. (1) in 2012 a U.S. Senate Committee investigation, said convicted Bank of « serious, widespread and long-standing » deficiencies in its anti-money laundering systems (2) which describes the culture as « deeply polluted » Bank.(3), starting in 2005, Green has been copied to emails warning about problems with checks on conformity to the Mexican branch of HSBC, including falsification of key documents.
•Sanctions busting : According to its deferred prosecution agreement with the Ministry broke us HSBC justice U.S. law to allow $660 million of countries sanctioned (such as the Iran, the Libya, Burma and the Sudan) to be moved by the American financial system, in violation of economic sanctions.(4)
•Risk of terror financing: The Senate American Subcommittee, made reports suggesting that a Saudi Bank, may have links with financial organizations associated with terrorist groups, including Al Qaeda. The Bank later categorically denied any such links. HSBC has reversed an internal policy of 2005 to stop doing business with the Bank, leaving the HSBC Middle East and others to continue to do so, with HSBC U.S. physical supply to a total of more than 1 billion $ between 2008 and 2010. (5)

All the details of the allegations are available in a new Global Witness briefing,  »  » it is not just tax «  ».

/ ENDS

Contact: Oliver Courtney + 44 (0) 7912 5171147 ocourtney@globalwitness.org ; Stuart McWilliam + 44 (0) 7711007199 smcwilliam@globalwitness.org

Notes:

(1) see press release U.S. Department of Justice, December 11, 2012

(2) see United States Permanent Senate Subcommittee on investigations July 2011 report: US vulnerabilities to money laundering, drugs and the financing of terrorism: HSBC, p3 case history

(3) see us Senate Permanent Subcommittee on investigation press release ‘ HSBC US financial system for money-laundering, drugs, terrorist financing risks exposed«16 July 2012»

(4) see the United States Department of Justice deferred prosecution agreement document indicates 63-67

(5) U.S. Permanent Subcommittee on Senate investigation report pp6 and 221

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