This is AMTV News, I’m your host Topher Morrison. Today is Tuesday July 10th 2012.
Drug Cartels Launder with B of A, Again
After being caught laundering $3 billion in 2006 from one branch, Bank of America officially rejoins an infamous list of big banks including Wells Fargo, Wachovia, and of course the British Crown’s original repository of opium proceeds – HSBC. These are just a few among countless others in the Laundromat of the War on Drugs. FBI affidavit submitted to a Texas federal court linked the Las Zetas Mexican drug cartel, a local racehorse business and several B of A accounts. Should any unscrupulous banking practices be exposed expect B of A to receive a slap on the wrist. In 2010 Wachovia settled a nearly $400 billion laundering binge to the tune of merely $160 million.
Bank Runners Vote With Their Wallets
It’s been said Barclay’s LIBOR scandal was like finding your house was built on quicksand, rampant rate manipulation by the world’s leading financial institutions and yet again nobody sees a jail cell. Well, its time to stop having Tea Parties and occupying Wall Street and vote with your wallet! There has been an explosion of requests to move money from the ‘big five’ banks to smaller more responsive and hopefully more ethical alternatives like co-ops, building societies and credit unions.
The Rate Heard Round the World
The outbreak of negative interest rates in Europe is a telltale sign the second shoe has dropped in the ongoing global financial saga, central banks don’t want you saving they want you risking your money in the markets. The negative rates is ultimately an effort to depreciate sovereign currency, driving global money parkers elsewhere and hopefully spurring exports and growth. Problem is this hurts the local banks reliant on interest from loans and savings accounts to stay afloat. This also runs the risk of competing with the biggest depreciator of them all – the Federal Reserve.
Iran’s Black Market Oil
In the face of EU sanctions Iran is still selling its oil to Europe through a private Iranian consortium. Selling up to 20% of its average volumes to privately-owned European refineries it is likely the union of exporters, under an agreement with Iran’s central bank and oil ministry, will offer minor privileges and discounts to buyers in light of international restrictions. Japan and China are also eager to bypass sanctions approving insurance and offering tankers to secure their energy. Don’t expect the transactions to be in US dollars though, which reminds me how did that work out for Hussein and Ghaddafi again?
Yes, Obamacare IS the Biggest Tax Increase in History
From Kevin Drum at Mother Jones, to Ezra Klein at the Washington Post, to Bloomberg’s Elizabeth Dwoskin, to the New Republic’s Jonathan Cohn and all the links back to Drum and Klein herd journalism of the left claims Obamacare isn’t the largest tax hike in US history, problem is – it’s the biggest tax increase in the history of the world. According to page 36 of Drum’s cited CBO analysis it’s $525 billion worth of new taxes.
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