“We’re Firing Trillion Watt Lasers into the Sky”: Top Scientist Admits to Weather Modification on CBS

weatherweather

In the aftermath of the devastation wrought by Hurricane Harvey and Hurricane Irma, and Hurricane Jose brewing in the Atlantic, many people are looking for answers as to the increasingly volatile weather being witnessed.

And while climate change is one potential cause, there are other lesser known activities that could potentially be playing a role in the manifestation of these weather anomalies.

While weather modification and geo-engineering are still somewhat taboo subjects to the mainstream, often considered to be in the realm of conspiracy theory, there is a significant body of academic research and science that confirms that these technologies not only exist but are being operationalized.

No, the Free Thought Project is not claiming the government, nor anyone else is making hurricanes or actively controlling the weather. We are only presenting this information because it exists and people should be aware that it exists.

In a segment aired on CBS in 2013, respected scientist Dr. Michio Kaku, a physics professor at City College of New York, discussed – with Charlie Rose and Norah O’Donnell – the science of weather manipulation.

During the interview Kaku, in discussing the experiments with weather modification notes that “We’re shooting trillion watt lasers into the sky,” referencing the use of lasers to induce changes to naturally occurring weather phenomena.

Later in the conversation, Kaku briefly touches on the history of weather modification that has been carried out for decades by the government – with the CBS hosts quickly interrupting him to note these programs were only “alleged.”

Of course, these hosts must be ignorant of the declassified history of “Operation Popeye,” which was a weather manipulation program enacted during the Vietnam War as a means of creating ongoing monsoon conditions in an effort to impeded the Viet Cong’s mobility in the region.

This is no “conspiracy theory.”

In fact, research published in the Proceedings of the National Academy of Sciences specifically notes that laser beams create plasma channels in air, which in turn, cause ice to form.

Professor Jean-Pierre Wolf and Dr. Jerome Kasparian, both biophotonics experts at the University of Geneva, actually organized a conference at the World Meteorological Organization to discuss how powerful laser pulses can be used to generate changes in the atmosphere that influence the weather.

Wolf and Kasparian said:

“Under the conditions of a typical storm cloud, in which ice and supercooled water coexist, no direct influence of the plasma channels on ice formation or precipitation processes could be detected.

“Under conditions typical for thin cirrus ice clouds, however, the plasma channels induced a surprisingly strong effect of ice multiplication.

“Within a few minutes, the laser action led to a strong enhancement of the total ice particle number density in the chamber by up to a factor of 100, even though only a 10−9 fraction of the chamber volume was exposed to the plasma channels.

“The newly formed ice particles quickly reduced the water vapour pressure to ice saturation, thereby increasing the cloud optical thickness by up to three orders of magnitude.”

Adding credence to the idea of scientists using geo-engineering technology to manipulate the weather, according to the MIT Technology Review:

A pair of Harvard climate scientists are preparing small-scale atmospheric experiments that could offer insights into the feasibility and risks of deliberately altering the climate to ease global warming.

They would be among the earliest official geoengineering-related experiments conducted outside of a controlled laboratory or computer model, underscoring the growing sense of urgency among scientists to begin seriously studying the possibility as the threat of climate change mounts.

Sometime next year, Harvard professors David Keith and Frank Keutsch hope to launch a high-altitude balloon, tethered to a gondola equipped with propellers and sensors, from a site in Tucson, Arizona. After initial engineering tests, the “StratoCruiser” would spray a fine mist of materials such as sulfur dioxide, alumina, or calcium carbonate into the stratosphere. The sensors would then measure the reflectivity of the particles, the degree to which they disperse or coalesce, and the way they interact with other compounds in the atmosphere.

Another top American climate researcher – Professor Alan Robock from Rutgers – says that the CIA is looking into weather modification as a form of warfare.

As reported in The Independent:

A senior American climate scientist has spoken of the fear he experienced when US intelligence services apparently asked him about the possibility of weaponising the weather as a major report on geo-engineering is to be published this week.

Professor Alan Robock stated that three years ago, two men claiming to be from the CIA had called him to ask whether experts would be able to tell if hostile forces had begun manipulating the US’s weather, though he suspected the purpose of the call was to find out if American forces could meddle with other countries’ climates instead.

During a debate on the use of geo-engineering to combat climate change, at the annual meeting of the American Association for the Advancement of Science in San Jose, California, Prof Robock said: “I got a phone call from two men who said we work as consultants for the CIA and we’d like to know if some other country was controlling our climate, would we know about it?

“I told them, after thinking a little bit, that we probably would because if you put enough material in the atmosphere to reflect sunlight we would be able to detect it and see the equipment that was putting it up there.

“At the same time I thought they were probably also interested in if we could control somebody else’s climate, could they detect it?”

Professor Robock, who has investigated the potential risks and benefits of using stratospheric particles to simulate the climate-changing effects of volcanic eruptions, said he felt “scared” when the approach was made.

“I’d learned of lots of other things the CIA had done that haven’t followed the rules and I thought that wasn’t how I wanted my tax money spent. I think this research has to be in the open and international so there isn’t any question of it being used for hostile purposes.”

Professor Robock’s concerns come as a major report on geo-engineering is to be published this week by the US National Academy of Sciences. Among the report’s list of sponsors is the “US intelligence community”, which includes Nasa, the National Oceanic and Atmospheric Administration, and the US Department of Energy.

The professor alleges that the CIA told a colleague of his that it wanted to fund the report, but claimed that it did not want this fact to be too obvious – he added that the CIA is “a major funder” of the report which “makes me really worried about who is going to be in control”.

He claimed the US government had a proven history of using the weather in a hostile way, citing the action of seeding clouds during the Vietnam War to muddy the Ho Chi Minh foot-trail and attempt to cut it off, as it was used as a supply route but the north Vietnamese.

He claimed the CIA had also seeded clouds over Cuba “to make it rain and ruin the sugar harvest”.

While certain powerful constituencies are well aware of the extremely powerful forces that can be unleased through weather modification technology, these same groups would like to keep the general public unaware of these technologies and programs.

Whether these recent weather phenomena may, or may not, have anything to do with weather manipulation technology, make no mistake that weather modification is a real and practiced science – and is no conspiracy theory.

Listen to Dr. Michio Kaku briefly explain the reality of scientific weather manipulation below:

Source Article from http://thefreethoughtproject.com/cbs-weather-modification-scientist/

U.S. National Debt Hits $20 Trillion






U.S. National Debt Hits $20 Trillion


September 11th, 2017

Via: CBS:

The U.S. national debt reached $20 trillion for the first time ever last Friday after President Trump signed a bipartisan bill temporarily raising the nation’s debt limit for three months.

While at Camp David, Mr. Trump, with the stroke of his presidential pen, increased the statutory debt last Friday by approximately $318 billion, according to the Treasury Department. Before the bill’s completion, the U.S. debt was sitting around $19.84 trillion.

The legislation allowed the Treasury Department to start borrowing again immediately after several months of using “extraordinary measures” to avoid a financial default. The bill passed last Thursday 80-17 in the Senate and in the House 316-90 on Friday. Around $15 billion in emergency funding for Hurricane Harvey recovery efforts was attached to the borrowing measure.

The $318 billion increase raised the U.S. national debt to $20.16 trillion by Friday. Since Mr. Trump’s inauguration, the debt has increased about $215 billion from around $19.94 trillion.















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US debt surpasses historical $20 trillion









 






The United States has now officially accumulated a $20 trillion debt. The ceiling was broken after the White House allowed the Treasury to borrow more money.

As of Tuesday, the American national debt stood at $20.16 trillion, according to the US Debt Clock website. This is almost $62,000 per person and over $167,000 per tax payer.

The debt number had been stagnant since March due to the debt ceiling, as the US Treasury faced a temporary ban on further borrowing.

On Friday, President Donald Trump signed a law to suspend the debt ceiling until December 8. The Treasury can now borrow freely till that date. Since Trump’s inauguration, the debt has increased about $215 billion from around $19.94 trillion.

The largest budget items are healthcare, social security, and defense.

The Congressional Budget Office (CBO), a federal agency that provides budget and economic information to Congress, said federal debt held by the public is now at its highest level since shortly after World War II.

If current laws stand, widening budget deficits will increase that debt sharply in the next 30 years; the deficit would reach 150 percent of GDP in 2047, the CBO predicts.

According to the agency, mounting debt increases government interest costs, put additional pressure on the budget, and improve the chances of a fiscal crisis.

Total American debt (the combination of government, business, mortgage, and consumer debt) is approaching $68 trillion.

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Afghanistan: America’s Trillion Dollar War






Afghanistan: America’s Trillion Dollar War


August 29th, 2017

Via: ZeroHedge:

16 years since the Bush administration launched its military intervention in Afghanistan, President Trump has announced his intention to increase the U.S. military presence in the country. As Statista’s Niall McCarthy notes, there are approximately 8,400 U.S. troops on the ground in Afghanistan and reinforcements could start arriving within days. Trump’s new strategy is set to extend the longest war in U.S. history and add even further to its already staggering cost.

Website “The Balance” has been keeping track of Afghanistan’s economic impact and the conflict has now cost the U.S. at least $1.07 trillion since 2001.















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Hurricane Harvey Has Dumped 15 Trillion Gallons Of Water On Texas And May Be The Most Expensive Natural Disaster In U.S. History

[8/29/17/ MICHAEL SYNDER]  Authorities are now telling us that Hurricane Harvey may end up causing more economic damage than even Hurricane Katrina did.  We already knew that some parts of southeast Texas are going to be “uninhabitable for an extended period of time”, but the latest forecasts are calling for about 10 more inches of total rain than had previously been projected.  At this moment 15 trillion gallons of water have already been dumped on Texas, and the rain continues to fall.  You can get some idea of the devastation that has taken place in Houston by watching this drone footage.  Essentially, some communities along the southeast Texas coastline have been totally destroyed.

It would be bad enough if 15 trillion gallons of water were dropped anywhere in the continental United States, but for it to happen in the Houston area makes it a disaster of unprecedented proportions.  Houston is our fourth largest city, and that means that millions upon millions of people are being deeply affected by this storm.  As I mentioned above, some experts now believe that this could end up being the most expensive natural disaster in our history

Tropical Storm Harvey has dropped more than 15 trillion gallons of water on Texas, triggering catastrophic, unprecedented flooding in the Houston area. The rains have broken all-time records, exceeding the rainfall totals seen during Tropical Storm Allison in 2001.

There may be no parallel available to any other rainstorm in U.S. history, based on the number of people affected, amount of water involved, and other factors, meteorologists have warned.

Due to its wide geographic scope across America’s 4th-largest city, the ensuing flood disaster may rank as one of the most, if not the most, expensive natural disaster in U.S. history.

And 15 trillion gallons is just the current number.  Meteorologists are forecasting that another 6 trillion gallons of water will fall on Texas before this storm is over.

Just yesterday, authorities were warning that some areas may see more than 40 inches of total rain, but now many forecasts are calling for “as much as 50 inches of rain” before Hurricane Harvey finally leaves Texas…

As the water rose, the National Weather Service issued another ominous forecast: Before the storm is gone, some parts of Houston and its suburbs could get as much as 50 inches of rain. That would be the highest amount ever recorded in Texas.

FEMA’s Long predicted that the aftermath of the storm would require FEMA’s involvement for years.

“This disaster’s going to be a landmark event,” Long said.

If these forecasts are accurate, the rainfall levels will exceed any previous record.

In fact, the amount of rain that has already fallen on southeast Texas would be enough to completely fill the Great Salt Lake in Utah, and then fill it all the way to the top again.

FEMA officials are already saying that they are going to be in the Houston area for “years”.  Tens of thousands are already using temporary shelters, and it is being projected that 450,000 people will ultimately file for disaster assistance…

U.S. emergency management officials said on Monday they were expediting federal resources to Texas to help with rescue efforts after Hurricane Harvey swamped coastal areas of the state and forced 30,000 people to seek refuge in temporary shelters.

Federal Emergency Management Agency Administrator Brock Long said more than 450,000 people were expected to seek disaster assistance due to flooding after Harvey made landfall during the weekend before weakening to tropical storm status.

Of course whenever there is a disaster such as this, bad people are going to try to take advantage of the situation.

According to Houston police chief Art Acevedo, a number of looters have already been arrested

Acevedo also said officers are focused on protecting the city from looters as floodwater recede.

“We’ve already arrested a handful of looters. We’ve made it real clear to our community we’re going to do whatever it takes to protect their homes and their businesses,” Acevedo said. “And when people come from the outside to Houston, Texas, know we’re going to be out in the city, we’re not going to rest as a police department or law enforcement community until people restore their lives.”

I am proud of how the Trump administration and the authorities down in Texas are responding to this unprecedented crisis.  The loss of life appears to be minimal so far, and thousands of people have been rescued from their homes and vehicles.

We never give emergency responders the credit that they deserve.  Day after day they are saving lives in the most difficult of situations, and I am so thankful for all of the wonderful people that are working so hard to help Houston pull through this.

Please keep the people of Houston in your prayers, because this is truly the worst crisis that city has ever seen.

Michael Snyder is a Republican candidate for Congress in Idaho’s First Congressional District, and you can learn how you can get involved in the campaign on his official website. His new book entitled “Living A Life That Really Matters” is available in paperback and for the Kindle on Amazon.com.

Source Article from http://govtslaves.info/hurricane-harvey-dumped-15-trillion-gallons-water-texas-may-expensive-natural-disaster-u-s-history/

Damning Study Shows Govts Rob Taxpayers $5 Trillion a Year to Keep Fossil Fuel Industry Going

subsidiessubsidies

As the global energy paradigm is undergoing the next great transition from fossil fuels to renewable energy, a new report shows that fossil fuels continue to be propped up by governments with staggering amounts of subsidies.

A study published in the World Development journal, by researchers from the International Monetary Fund (IMF), found that fossil fuel subsidies amounted to $5.3 trillion dollars in 2015, rising from $4.9 trillion in 2013. This amounts to 6.5 percent of global GDP.

The authors use an expanded view of subsidies, not only “direct financial cost that result in consumers paying a price that is below the opportunity cost of the product” but also externalized, hidden costs. These hidden costs include environmental damage from air and water pollution, and damage to human health from the burning of fossil fuels, as well as “taxes applied to consumer goods in general.”

The cost of fossil fuels to human health is estimated at $74.6 billion a year; the environmental costs are more difficult to quantify but no less important, as human health depends on healthy ecosystems. The cost of U.S. military protection of overseas oil sources amounts to as much as $1 per gallon at the pump.

It is absolutely justifiable to include these hidden costs of fossil fuels as subsidies. Every economist knows that externalized costs matter, and in the case of fossil fuels these are not shouldered by the coal and oil industries profiting from their extraction. These costs are placed on consumers via the state, and they must be quantified to achieve a true picture.

According to The Guardian:

“[T]he authors discuss both consumer subsidies (when the price paid by a consumer is below a benchmark price) and producer subsidies (when producers receive direct or indirect support which increases their profitability). The authors then quantify what benefits would be achieved if the fossil fuel subsidies were reformed…

Pre-tax (the narrow view of subsidies) subsidies amount to 0.7% of global GDP in 2011 and 2013. But the more appropriate definition of subsidies is much larger (8 times larger than the pre-tax subsidies). We are talking enormous values of 5.8% of global GDP in 2011, rising to 6.5% in 2013.”

The authors also note that, unsurprisingly, coal and oil receive the most subsidies, and that China, USA and Russia are the top three subsidizers of fossil fuels.

For some in the U.S. coal industry, this is not enough. West Virginia governor and long-time coal baron, Jim Justice, is in discussions with President Trump about having the federal government (taxpayers) pay a direct subsidy of $15/ton to Appalachian coal. Justice cites bogus “national security” threats for his proposal, but it’s really about using government to prop up the dying eastern U.S. coal industry. Workers in that region would be far better served diversifying into renewable energy, which provides five times more jobs than coal.

It’s important to note that coal is going down due to market forces, not a fictitious “war on coal.” The rapid fall of natural gas prices that came with the fracking boom is the primary threat to coal. In addition, wind and solar energy prices are crashing due to leaps in technology.

A third factor is flattening energy demand due to rising efficiency. No new regulations were put on coal since the 1970s — including during the rapid 5-year decline of coal — until Obama-era rules began going into effect in 2016.

On the subject of subsidies, it is certainly true that renewable energies have received subsidies as well, although the aforementioned study shows that they are dwarfed by fossil fuel subsidies. The externalized costs of fossil fuels in terms of damage to human and environmental health, military protection of overseas oil sources must be factored into the equation.

The fact is, renewable energy is now competitive or even cheaper than fossil fuels due to market forces – not subsidies. And this trend will continue as renewable prices keep falling due to rapid technology advances, despite the best efforts of administrations allied with the fossil fuel industry. Renewable energy is also an incredible economic machine, as solar and wind jobs are now growing 12 times faster than the U.S. economy.

To make the right choices concerning our energy paradigm, we must have accurate information, as study author Dr. David Coady notes.

A key motivation for the paper was to increase awareness among policy makers and the public of the large subsidies that arise from pricing fossil fuels below their true social costs—this broader definition of subsidies accounts for the many negative side effects associated with the consumption of these fuels. By estimating these costs on a global scale, we hope to stimulate an informed policy debate and provide renewed impetus for policy reforms to reap the large potential benefits from more efficient pricing of fossil fuels in terms of improved public finances, improved population health and lower carbon emissions.

It is past time to break fossil fuel’s grip on government, which appears to be the primary reason why fossil fuels are being sustained as top energy sources. If the true price of coal and oil were known to consumers – instead of being hidden through subsidies, taxes, military costs, and health and environmental costs – we would be much farther into the transition to renewable energy.

Source Article from http://thefreethoughtproject.com/fossil-fuel-subsidies-5-trillion/

Americans collectively owe over $1 trillion in credit debt

(INTELLIHUB) — Credit card companies have once again lent to high-risk customers in droves despite what happened in 2008 leaving Americans owing over $1 trillion dollars in debt altogether.

Although the average debt for credit card holders is lower in 2017 than it was in 2008, with the average American owing around $8000 instead of $10,000, the situation is still serious.

To combat the problem, lenders intend to issue lower limits of credit to cardholders on average.

Featured Image: frankieleon/Flickr
©2017. INTELLIHUB.COM. All Rights Reserved.

Source Article from https://www.intellihub.com/americans-collectively-owe-over-1-trillion-in-credit-debt/

Physical Silver Vs The $5 Trillion Counterfeit Paper Silver Scam

The U.S. Supreme Court allowed private antitrust lawsuits brought by investors including big U.S. cities accusing major banks of conspiring to manipulate the pivotal Libor benchmark interest rate to move forward.

The justices rejected an appeal filed by a group of banks including Bank of America Corp(BAC.N), Deutsche Bank AG(DBKGn.DE), UBS AG(UBSG.S) and JPMorgan Chase & Co(JPM.N) of a May 2016 ruling by the New York-based 2nd U.S. Circuit Court of Appeals that allowed various lawsuits against them to proceed.

The appeals court reversed a lower court judge’s dismissal of investors’ antitrust claims against the banks. The private litigation is separate from Libor rigging probes that have resulted in roughly $9 billion of sanctions worldwide, including $2.5 billion against Deutsche Bank in April 2015. Several bank affiliates have pleaded guilty to criminal charges, and more than 20 people have been criminally charged.

Alleged illegal activity including the execution of rapid trades just before the rate was set each day, called “banging the close,” causing the British brokerage ICAP Plc (IAP.L) to delay trades until they moved ISDAfix where they wanted, and posting rates that did not reflect market activity. Settled is a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

Under the settlement, payments would include $52 million from JPMorgan; $50 million each from Bank of America, Credit Suisse, Deutsche Bank and RBS; $42 million from Citigroup and $30 million from Barclays.

Alaska Electrical Pension Fund et al v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 14-07126. The settlement made public on May 3, which requires court approval, resolves antitrust claims against Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE), JPMorgan Chase & Co (JPM.N) and Royal Bank of Scotland Group Plc (RBS.L).

April 14 Deutsche Bank AG agreed to settle U.S. lawsuits accusing it of conspiring with other banks to manipulate gold and silver prices at investors’ expense, court papers show.

The settlements were disclosed in letters filed in Manhattan federal court by lawyers representing investors and traders who accused Deutsche Bank of violating U.S. antitrust law.

Terms were not disclosed, but both settlements will include monetary payments by the German bank. Deutsche Bank also agreed to help the plaintiffs pursue claims against other defendants.

The plaintiffs accused Deutsche Bank of conspiring with Bank of Nova Scotia, Barclays Plc, HSBC Holdings Plc and Societe Generale to manipulate prices of gold, gold futures and options, and gold derivatives through twice-a-day meetings to set the so-called London Gold Fixing.

They also accused Deutsche Bank, HSBC and ScotiaBank of a similar conspiracy to manipulate silver prices by rigging the daily Silver Fix.

UBS AG was also accused in both lawsuits of conspiring to exploit metals prices.The cases are In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation, U.S. District Court, Southern District of New York, No. 14-md-02548; and In re: London Silver Fixing Ltd Antitrust Litigation in the same court, No. 14-md-02573.

Deutsche Bank 2016

[June 2015 John Cryan, British former chief financial officer of UBS CEO of Deutsche Bank ]

“It is categorically false that pressure from regulators [known as BaFin,] was a factor in the decision of the co-C.E.O.s to step down early,” Michael Golden, the spokesman, said in an email.

He pointed out that Mr. Jain would not receive about 15 million euros in pay he would have been entitled to if he had been fired. Mr. Jain will leave at the end of June while Mr. Fitschen will remain another year.

Sunday 7 June 2015 14.36 EDT Anshu Jain will leave Deutsche Bank at the end of this month, with Jürgen Fitschen staying on until the bank’s annual meeting in 2016. The surprise move of the joint chief executives of

Deutsche Bank came just over a month after Deutsche was fined a record $2.5bn (£1.7bn) for rigging Libor, ordered to fire seven employees and was accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate.

John Cryan, the British former chief financial officer of UBS, will replace Jain as co-chief executive. When Fitschen departs he will not be replaced, leaving the 54-year-old Briton in sole charge.

[June 5 Deutsche Bank AG and its role in Ruble flight]

Transactions involving stocks bought by Russian clients in rubles through Deutsche Bank, and simultaneous trades through London in which the bank bought the same securities for similar amounts in U.S. dollars allowed Russian clients to move funds out of Russia “without properly alerting the authorities,” Deutsche Bank AG ithinks this may have involved about $6 billion over more than four years.

The Bank of Russia approached Deutsche Bank in October asking the firm to examine the stock-trading activities of some clients in the country, said one person, who asked not to be identified because the discussions are private.

The German lender is analyzing data from 2011 through early 2015, and has alerted Britain’s Financial Conduct Authority, the European Central Bank and Germany’s Bafin of the investigation.

Since 2006, , Russian individuals have sent nearly $200 billion out of the country—or more than 10 percent of the country’s gross domestic product for 2013. And the flow of cash accelerated, up from $5.9 billion in the first quarter of 2013 to $13.4 billion in the third quarter of 2014.

[April 23 Germany’s largest lender by assets will book a profit and “near record revenues” for the first quarter, despite LIBOR fine]

Deutsche Bank AG’s alleged involvement in rigging of foreign-exchange markets, is likely to involve an even higher fine than the Libor investigations. Deutsche Bank is also being probed for alleged violations of U.S. sanctions on countries such as Iran and over high-frequency trading.

Deutsche Bank will agree to plead guilty to manipulation and acknowledge that its internal monitoring systems were insufficient to prevent the manipulation of Libor. Deutsche Bank is nearing a settlement fine of more than $2.15 billion with British and American regulatory authorities.

The bank is subject to 180 regulatory investigations and faces 1,000 lawsuits with a claim value of more than €100,000 each, Deutsche Bank has paid more than €5 billion over the past two years for settlements and fines stemming mostly from the financial crisis. Annual revenue 2014 $47.30 B

[November 17 2014 JPM legal costs reserve $5.9 billion: possible 2006 Mortgage Operations problem]

“The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare”

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as “massive criminal securities fraud” in the bank’s mortgage operations.
Thanks to a confidentiality agreement, she’s kept her mouth shut since then

Justice Department is conducting a criminal investigation into foreign exchange trading by JPMorgan Chase & Co. JPMorgan’s filing came on the same day that HSBC set aside $1.6 billion for legal costs, some of which is earmarked for an ongoing investigation into that bank’s foreign exchange trading business by U.K. regulators.

JPM might need as much as $5.9 billion to cover losses beyond reserves for legal matters, up $1.3 billion from the end of June, and the most since since mid-2013.

In October, Citigroup — another bank in settlement talks with regulators — slashed its previously-reported third-quarter profits in order to factor in an additional $600 million in legal costs.

Large banks, especially in Europe, have taken billions of dollars worth of hits to their profits in the third quarter to deal with expected legal costs stemming from investigations into foreign exchange manipulation. RBS set aside $640 million, Deutsche Bank has had a $1.1 billion legal charge, and Barclays has had a $800 million charge.

Credit Default Swaps Investigations and Litigation. In July 2013, the European Commission (the “EC”) filed a Statement of Objections against the Firm (including various subsidiaries) and other industry members in connection with its ongoing investigation into the credit default swaps (“CDS”) marketplace.

The EC asserts that between 2006 and 2009, a number of investment banks acted collectively through the International Swaps and Derivatives Association (“ISDA”) and Markit Group Limited (“Markit”) to foreclose exchanges from the potential market for exchange-traded credit derivatives.

The Firm submitted a response to the Statement of Objections in January 2014, and the EC held a hearing in May 2014. The U.S. Department of Justice (“DOJ”) also has an ongoing investigation into the CDS marketplace, which was initiated in July 2009.

Separately, the Firm and other industry members are defendants in a consolidated purported class action filed in the United States District Court for the Southern District of New York on behalf of purchasers and sellers of CDS.

The complaint refers to the ongoing investigations by the EC and DOJ into the CDS market, and alleges that the defendant investment banks and dealers, including the Firm, as well as Markit and/or ISDA, collectively prevented new entrants into the market for exchange-traded CDS products.

Defendants moved to dismiss this action, and in September 2014, the Court granted defendants’ motion in part, dismissing claims for damages based on transactions effected before the Autumn of 2008, as well as certain other claims

Foreign Exchange Investigations and Litigation. DOJ is conducting a criminal investigation, and various regulatory and civil enforcement authorities, including U.S. banking regulators, the Commodity Futures Trading Commission (“CFTC”), the U.K.

Financial Conduct Authority (the “FCA”) and other foreign government authorities, are conducting civil investigations, regarding the Firm’s foreign exchange (“FX”) trading business.

These investigations are focused on the Firm’s spot FX trading activities as well as controls applicable to those activities. The Firm continues to cooperate with these investigations and is currently engaged in discussions with DOJ, and various regulatory and civil enforcement authorities, about resolving their respective investigations with respect to the Firm. There is no assurance that such discussions will result in settlements.”

In 2013, JPMorgan paid over $20 billion in settlements, fines, and compensation to settle investigations into mortgage securities trading, its massive “London Whale” derivatives loss, and its relationship with Bernie Madoff

JPMorgan’s lawyers accepted the $1.7 billion penalty, stemming from two felony violations of the Bank Secrecy Act for turning a blind eye to the Ponzi scheme run by Bernard L. Madoff. The bank also agreed to pay $350 million to the Office of the Comptroller of the Currency, accepting the agency’s only offer.

[October 31 $6.5 to $35B may be collected from banks in forex investigation]

Major U.S. and European investment banks this month boosted to as much as $6.5 billion their collective war chest/reserves for settling with global regulators who are investigating allegations of collusion and manipulation in the $5 trillion-a-day foreign exchange market. Earlier this year, banking research firm Autonomous put the worldwide total at around $35 billion.

[October 8 U.S. prosecutors expect Banging the close action soon]

U.S. prosecutors are pressing to bring charges against a bank for currency-rate rigging by the end of the year, and actions against individuals will probably follow in 2015, according to people familiar with the probe. are looking into allegations that traders shared data about orders with people at other firms using instant-message groups with names such as `€œThe Cartel`€ and `The Bandits Club.`

One focus is whether dealers sought to move the WM/Reuters benchmark rate in their favor by pushing through trades before and during the 60-second windows when the benchmark is set at 4 p.m. in London each day, a process known in the industry as “banging the close.

[December 4 2013]
A record total of 1.71 billion euros ($2.3 billion) on December 4 was awarded for rigging financial benchmarks. The penalty is the biggest yet to be handed down to banks for rigging the benchmarks used to determine the cost of lending, one of the most brazen violations of conduct since the financial crisis. It is also the highest antitrust penalty ever imposed by the Commission, the EU’s competition regulator.

The other banks penalized are Societe Generale, JPMorgan and brokerage RP Martin. Deutsche Bank received the biggest fine of 725.36 million euros. The European Commission said it would continue to investigate Credit Agricole, HSBC, JPMorgan and brokerage ICAP for similar offenses.

[Earlier]

Standard Chartered has put one of its senior forex traders, Matt Gardiner on leave. Richard Usher, J P Morgan chief currency dealer in London, and Citi’s Rohan Ramchandani also went on leave after regulators probing forex manipulation started investigating traders’ use of an instant-message group.

[October 29]

The U.S. Justice Department is investigating the manipulation of foreign exchange rates, a top federal prosecutor said on October 29, in the first public acknowledgement of such a probe in the United States. Criminal and antitrust authorities have an “active, ongoing investigation” into the possible manipulation, Mythili Raman, the acting head of the department’s criminal division, said.

[October 7]

Swiss authorities said they were investigating whether financial institutions had colluded to manipulate foreign exchange markets. Traders could potentially influence exchange rates by pushing through large orders exactly at the right time. If those suspicions are proved correct, it could result in yet another embarrassing reputational scandal, not just for individual banks but also for the integrity of the global financial sector.

The $4.7-trillion-a-day (CHF4.2 trillion) currency market, the biggest in the financial system, is also one of the least regulated, according to experts. Even the smallest movement in exchange rates could affect the value of investments made by institutional investors, including pension funds.

Finma, said it was investigating several Swiss banks but did not name them. The agency also said it was cooperating with authorities in other countries and that banks outside the country were also suspected. UBS is fourth among global banks in currency trading, according to Euromoney. Credit Suisse is a relatively minor player, with 3.7 percent of the currency market vs. 10.1 percent for U.B.S.

The largest currency trader globally is Deutsche Bank in Frankfurt, with 15.2 percent of the market. The probes come after reports that dealers at banks pooled information through instant messages and used client orders to move benchmark currency rates.

Britain’s Financial Conduct Authority said that month it was reviewing the allegations. The U.S. Commodity Futures Trading Commission has also been reviewing potential violations of the law with regards to foreign currency markets, according to a person familiar with the matter who asked not to be identified.

Authorities around the world are investigating the alleged abuse of financial benchmarks by the firms that play a central role in setting them.

Armada Of People Withstanding The Onslaught From The Kamikaze Zionist Bankers

[August 28]

In the space of 20 minutes on the last Friday in June, the value of the U.S. dollar jumped 0.57 percent against its Canadian counterpart, the biggest move in a month. Within an hour, two-thirds of that gain had melted away.

The same pattern — a sudden surge minutes before 4 p.m. in London on the last trading day of the month, followed by a quick reversal — occurred 31 percent of the time across 14 currency pairs over two years. For the most frequently traded pairs, such as euro-dollar, it happened about half the time, the data show.

The recurring spikes take place at the same time financial benchmarks known as the WM/Reuters rates are set based on those trades.

Fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes.

The recurring spikes take place at the same time financial benchmarks known as the WM/Reuters (TRI) rates are set based on those trades. Now fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes.

In June that dealers shared information and used client orders to move the rates to boost trading profit. The U.K. Financial Conduct Authority is reviewing the allegations, a spokesman said. “We see enormous spikes,” said Michael DuCharme, head of foreign exchange at Seattle-based Russell Investments, which traded $420 billion of foreign currency last year for its own funds and institutional investors.

“Then, shortly after 4 p.m., it just reverts back to what seems to have been the market rate. It adds to the suspicion that things aren’t right.” Authorities around the world are investigating the abuse of financial benchmarks by large banks that play a central role in setting them.

Former Barclays CEO Robert Diamond gave evidence to the Treasury Select Committee in London on July 10, 2012. Diamond stepped down from his position after regulators fined the bank 290 million pounds for attempting to rig the benchmark interest rate.

Barclays Plc (BARC), Royal Bank of Scotland Group Plc and UBS AG (UBSN) were fined a combined $2.5 billion for rigging the London interbank offered rate, or Libor, used to price $300 trillion of securities from student loans to mortgages.

More than a dozen banks have been subpoenaed by the U.S. Commodity Futures Trading Commission over allegations traders worked with brokers at ICAP Plc (IAP) to manipulate ISDAfix, a benchmark used in interest-rate derivatives.

ICAP Chief Executive Officer Michael Spencer said in May that an internal probe found no evidence of wrongdoing. Dralers at banks, which dominate the $4.7 trillion-a-day currency market, may be executing a large number of trades over a short period to move the rate to their advantage, a practice known as banging the close.

Because the 4 p.m. benchmark determines how much profit dealers make on the positions they’ve taken in the preceding hour, there’s an incentive to influence the rate, DuCharme said. Dealers say they have to trade during the window to meet client demand and minimize their own risk.

[April 2013]

The Financial Stability Oversight Council (FSOC) recommended April 25 in its latest annual report to Congress that policymakers “promptly” identify other interest rate benchmarks that could replace the London Interbank Offered Rate, which the council said was “unsustainable in the long run.”

The lending gauge, known as Libor, comprises a set of rates used to price financial instruments worldwide and is based on self-reported borrowing costs for unsecured loans between banks.

The regulators’ call to move from a regime in which banks self-report their borrowing costs to one anchored in actual, observable transactions would shake up the current underpinnings of the financial system.

The recommendation is the first of its kind for FSOC, a collection of regulators ranging from the Federal Reserve to the Consumer Financial Protection Bureau that was formed after the financial crisis to spot risks.

Hue and Cri

Morgan Obelisk
“Millionaires do not use astrology, billionaires do.” -J. P. Morgan

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