COAST TO COAST AM ON THE BANKSTERS

Last night, John B. Wells hosted a show about the banksters:

Banking Fraud Special
Date: 08-25-12
Host: John B. Wells
Guests: Robert Mazur, Barry James Dyke,
William K. Black, John Truman Wolfe

Robert Mazur claimed that Wachovia was fined for allowing money laundering from Mexico and he is correct:

Wachovia Settles Money-Laundering Case
By EVAN PEREZ And CARRICK MOLLENKAMP
March 18, 2010
WALL STREET JOURNAL

Wachovia Bank reached a $160 million settlement with the Justice Department over allegations that a failure in bank controls enabled drug traffickers to launder drug money by transferring money from Mexican currency-exchange houses to the bank.

Under a deferred-prosecution agreement with federal prosecutors in Miami, Wachovia, which is owned by Wells Fargo WFC +0.35% & Co., "admitted failure to identify, detect, and report suspicious transactions in third-party payment processor accounts," according to the Justice Department. Prosecutors said the bank processed $420 billion in transactions without using proper money-laundering detection.

William K. Black provided more background on the Great Casino and a surprising tidbit about ACORN (from a recent post by Black):

The Frontline special (“The Warning”) explains that Alan Greenspan believed that fraud could not exist and therefore eagerly destroyed Brooksley Born’s (CFTC Chair) effort to protect us from credit default swaps (CDS).  It was that same dogma that led Greenspan to an even more catastrophic refusal to act.  The Federal Reserve had the unique authority under the Home Ownership and Equity Protection Act of 1994 (HOEPA) to ban endemically fraudulent liar’s loans.  Greenspan refused to do so despite pleas from colleagues and housing advocates (including ACORN).  Indeed, the refused pleas to even send the Fed’s examiners in to the holding company affiliates making the fraudulent liar’s loans to determine the facts.  Greenspan and the Fed economists then, having refused to find the data, shamefully dismissed pleas to use HOEPA to ban liar’s loans by experts who explained how the frauds and predatory lending occurred on the grounds that the experts’ reports were “merely anecdotal.”

Of course, Wells had to squeeze in a wacko, John Truman Wolfe:

John Truman Wolfe contended that the financial crisis has been orchestrated in order to collapse the US dollar and replace it with a "global monetary authority, which is essentially a global financial dictator for the planet." While he conceded that this sounds extreme, Wolfe revealed that just such an entity, known as the Bank for International Settlements, was created in 2009 at the G20 Summit. The BIS, he said, serves as central bank for all the centrals banks of the G20 nations. Wolfe warned that the "fiscal autonomy of the United States, whatever there was of it," was usurped by the BIS when President Obama signed on to the agreement. He suggested that, since joining the BIS requires Congressional approval, people need to contact Congress and demand regulatory oversight be added to the agreement.