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It seems that Eric Holder just cannot survive without committing fraud!
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It seems that Eric Holder just cannot survive without committing fraud! The DOJ has been so busy covering up for Obama and his gun running scheme that they probably don't have time to worry about bank fraud. This story is probably only the tip of the iceberg. Evidence of Credit Suisse fraud mounts Loan scheme allegedly bankrupted dozen luxury resorts MIAMI BEACH, Fla. – There is mounting evidence Zurich-based Credit Suisse Group AG has committed criminal violations in the trading of U.S. mortgage-backed securities. WND has reported that “equity recapitalization” loans originated by Credit Suisse allegedly were a major factor in the bankruptcy of the high net-worth Yellowstone Club. Now, WND research indicates that the Credit Suisse lending scheme possibly bankrupted a dozen additional high net-worth resort developments. In February, federal criminal charges were brought against Kareem Serageldin, 38, Credit Suisse’s former global head of structured credit trading, and two associates. The three were accused of falsifying prices of mortgage-backed securities to meet bank-established profit targets, enhance their performance ratings at the bank and boost their year-end bonuses. As Bloomberg reported, charges were brought against Serageldin after two of his former associates, David Higgs, 42, and Salmaan Siddiqui, 36, claimed when pleading guilty that Serageldin told them to overstate the value of mortgage-backed assets in a Credit Suisse trading book known as ABN1 after the collapse of the U.S. housing market. According to Bloomberg, Serageldin, who lives in the U.K., earned $7.27 million in salary and other compensation in 2007. Credit Suisse, the second largest bank in Switzerland, took a $2 billion loss when the mortgage-backed securities pricing fraud was discovered. Credit Suisse told Reuters the three employees involved in the scheme were fired in 2008. The question now is why the Justice Department has not begun a criminal investigation of Credit Suisse’s lending activities regarding a dozen or more high-profile, high net-worth luxury resorts located throughout the United States and in the Bahamas. ‘Equity recapitalization’ – a criminal fraud? As WND has reported, several hundred pages of legal documentation provided by Tim Blixseth, the founder of the Yellowstone Club, and his attorney, Michael Flynn, indicate Credit Suisse utilized inflated appraisals conducted by Cushman & Wakefield in making the equity recapitalization loan that led to the Yellowstone Club’s bankruptcy. The inflated Cushman & Wakefield appraisals arguably were not compliant with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 – the FIRREA. The valuations were based on a non-FIRREA-compliant standard of “total net value” that established a value for the Yellowstone Club at $1.165 billion when it was only worth approximately $455 million. Yet, to date, the Department of Justice, headed by Attorney General Eric Holder – a former partner in the Washington-based law firm Covington & Burling – has not undertaken any civil or criminal investigations against Credit Suisse. WND has documented that Credit Suisse is a Covington & Burling . Bankrupt luxury resorts Now, WND research shows that the Credit Suisse lending scheme bankrupted possibly a dozen additional high net-worth resort developments in addition to the Yellowstone Club in Montana. They include the following three examples: Lake Las Vegas, a 3,600-acre, 1,600-home resort development in Henderson, Nev. A Lake Las Vegas bankruptcy creditor trust sued the billionaire Bass brothers in Texas, the Transcontinental Corp. of Santa Barbara, Calif., and several other Las Vegas investors to recover some $470 in profits and/or capital that the creditor trust alleges the investors took out of a $670 million Credit Suisse equity recapitalization loan made to the resort, as reported by VegasInc.com in October 2011. Tamarack Resort, a mountain ski-and-golf resort in west-central Idaho. On Jan. 30, 2010, a class action suit with RICO charges was filed against Credit Suisse and Cushman & Wakefield charging that an equity recapitalization loan arranged with a fraudulent appraisal was responsible for the bankruptcy of Tamarack Resort. The class action suit alleges the Credit Suisse equity recapitalization program was a deliberate scheme designed to burden property holders in the resort with debts they could not repay, so that the bank could gain through foreclosure or bankruptcy a property interest in the resort at a fraction of its true value. Ginn Sur Mer, a resort development at West End, Grand Bahamas. The luxury resort was initially envisioned with 1,400 single home sites and more than 4,000 condo hotel units, complete with an Arnold Palmer-designed golf course, a Jack Nicholas-designed golf course, a 55,000 square foot casino, an equestrian facility, a championship tennis facility and a central grand canal equipped with water taxis and gondolas. The resort’s financial problems began when developer Bobby Gin and his financial partner, Lubert Adler, defaulted on a $675 million loan arranged from a syndicate of lenders brokered by Credit Suisse. The scheme was simple: Credit Suisse made untold millions in fees through inflated loans on high visibility luxury real estate based on inflated Cushman & Wakefield appraisals that neglected standards set in FIRREA. Credit Suisse had virtually no risk of loan loss because the loans were sold to a “syndicate” of investors, including hedge funds and foreign investors. In an attempt to bypass various federal lending laws, Credit Suisse allegedly originated loans through a Cayman Island branch that consisted only of a post office box, while loan documents linked back to Credit Suisse First Boston, thereby assuring legal standing under federal laws, should the lenders default on the loans. By encouraging developers to recapture their capital immediately simply by taking the vast majority of the loan proceeds for themselves, Credit Suisse virtually guaranteed the developments would be insolvent and the loans would default. Once the resorts were in bankruptcy, Credit Suisse exerted its rights under the loan agreements to take over the role of developer and assume a property-ownership interest in the resorts, all at a fraction of fair market value. WND research could not find any of the dozen or so resort properties that enrolled in Credit Suisse’s equity recapitalization program that had not defaulted on the loans, throwing the properties into bankruptcy proceedings. Loan documents fraudulent? WND previously reported that Credit Suisse made a $375 million syndicated equity recapitalization loan to the Yellowstone Club through a Credit Suisse branch in the Cayman Islands – a loan that ultimately led to the bankruptcy of the Yellowstone Club. WND has determined that evidence in the credit agreement Credit Suisse prepared and signed for the loan Sept. 30, 2005, indicates the bank possibly committed fraud by violating the terms of its own loan agreement. On page 7 of the credit agreement, “eligible assignee” is defined as a lender, an approved fund, or a commercial or savings bank organized under the laws of the United States, with the clear implication that any organization functioning under the agreement would have to comply with FIRREA requirements to be an eligible assignee. This implication is reinforced by Section 9B of the credit agreement, “Assignment by Lenders,” which further specifies that eligible assignees function as lenders under the agreement. As such, the assignees have the same rights and obligations as the lenders, including complying with all FIRREA requirements. Yet, WND is in possession of the appraisal Cushman & Wakefield of Colorado prepared for Credit Suisse First Boston, LLC, dated July 1, 2005, which on page 2 specifically states that the appraisal Credit Suisse used in making the $375 equity recapitalization loan was not FIRREA compliant. Attorney Flynn, representing Blixseth in the Yellowstone Club bankruptcy proceedings, told WND that Credit Suisse’s attempt to circumvent the requirements of the credit agreement by utilizing a Cayman Island branch to make and syndicate the loan to participating financial entities and qualified investors indicates criminal intent. “This is what our pleadings allege,” Flynn explained to WND. “Credit Suisse engaged in a patently criminal fraud. Credit Suisse used the Cayman Islands as an attempted circumvention but in using the Cushman & Wakefield appraisal, the bank contradicted the assignment language making all loans subject to FIRREA.” The case for criminal fraud was clear, according to Flynn. “Credit Suisse says in the assignment language that all assignments in making the loan must comply with all relevant laws, but yet the appraisal provided Credit Suisse by Cushman & Wakefield says in black and white that the appraisal is not in compliance with FIRREA requirements.” Congratulations to Rep. Issa and Sen. Grassley for showing some backbone and standing up to two of the worst criminals in Washington. Now if the rest of congress will get off their collective, complacent backsides and start doing their jobs, we may yet pull what's left of this country out of the dustbin of history. Now that Obama has exercised "executive privilege", it's HIS mess to contend with. I think he's getting more than he's bargaining for... and none of it good! Executive Privilege for criminal activity? Hmmmmmm.... Obama is obsessed with himself. You have to wonder sometimes if Obama's patent race-consciousness isn't due to a innate insecurity. The fact remains that he is, at best, only half-black by ancestry. A "mulatto", by an old term. Dreams of his father (whomever that might be!)... but not his white hippie mother. Nor of the grandmother (the "typical white") who cared for a little boy when no one else did. Is he so ashamed of his white blood that he not only cringes from the reality, but tries to deny it by his attitude towards white Americans and all their works?... such as the Constitution and the United States itself? Intimidation, fraud, deceit, lies foreign made voting machines, lost absentee ballots, disenfranchised military votes, illegal aliens voting multiple times. All this will be in place in November. Romney has yet to even pick a VP, Obozo is waiting to see who he has to smear next! His bag of dirty tricks has not even begun to be emptied out upon us! The next three month's will decide, by the close of the GOP convention we will see the real Barry Soros JR come out to play, and play dirty he will. He wants to be king, and he will not go quietly into the night unless his puppet master George (Daddy) Soros tells him to!!! Eric Holder belongs in Gitmo on the serious end of a water board. Now that would be such good pay-for-view, we could probably wipe out the national debt in just a few months!!!! holder has failed miserably and does not have the courage, conscience or integrity to call it quits. This entire ‘Fat & Furious’ program was an attempt to demonize guns and enact more restrictive gun laws  It can't be any clearer; unarmed people are more dangerous than armed ones!!!Holder may escape prosecution for his crimes in this life, but for those of us who believe in God, we know that he will pay in spades in the next. Holder is the poster boy of this admin. Zero accountability for their screw ups and his is a criminal screw up! here is a brief summary: . April 16, 2009 —While visiting Mexico Obama said, “This war is being waged with guns purchased not here but in the United States … more than 90% of the guns recovered in Mexico come from the United States.. Obama and Hillary get some press denouncing American guns sales and inferring new laws were needed – until the real number of just 17% was exposed. Sept 9th 2009, earliest known reference to the Fat and Furious operation Oct 2009, Gun stores were pressured by the ATF to allow straw buyers to purchase guns. Program is officially renamed Fat and Furious. Oct 26, 2009, teleconference with 13 officials to discuss new operations directed at Mexican cartels. Attendees include Melson, ATF acting director; Mueller, FBI director; and several attorneys from Holders Justice Dept. The existence of Fat and Furious was withheld from Mexican officials. Somehow the FBI NICS program (designed to keep felons and the insane from buying guns) was neutralized and convicted felons were allowed to purchase hundreds of guns. Which strongly implies the FBI was involved in F & F. Acting Director Melson was able to sit at his desk in Washington and watch a live feed of straw buyers entering the gun stores and purchasing dozens of AK-47 variants. March 12, 2010 David Voth, the ATF’s Phoenix Group supervisor, sent a threatening e-mail to field agents to quell complaints about the F & F operation. Special agents were sending complaints up the ladder protesting allowing guns to walk across the border. Among those were Dodson and Casa. April 2, 2010, Voth sent an email to a government-redacted recipient that said, “Our subjects purchased 359 firearms during the month of March alone, to include numerous Barrett .50 caliber rifles.” These .50-caliber rifles are used for sniping by U.S. Special Forces… Dec. 14, 2010, U.S. Border Patrol Agent Brian Terry, is killed. The day after an e-mail exchange among ATF agents at 7:45 p.m. confirmed that two of the weapons that convicted felon Jaime Avila had purchased as part of Operation Fat and Furious were found at Terry’s murder scene. Jan 2011, GOP takes control of the House and Rep. Issa takes over the investigation of Fat and Furious. Jan.19, 2011, the ATF arrests the straw purchasers. Jan. 25, 2011 Phoenix Special Agent in Charge William Newell held a press conference announcing the indictment. When asked if agents purposefully allowed weapons to enter Mexico, Newell said, “Hell, no.” He later qualified his statement to “not knowingly”. Jan. 27, 2011, Sen. Grassley wrote a letter to ATF Acting Director Melson that said numerous complaints have been received that the ATF sanctioned the sale of hundreds of assault weapons to suspected straw purchasers, who then allegedly transported into Mexico….” Jan. 31, 2011, Grassley wrote a second letter to Melson that claimed whistleblowers were being targeted. Feb. 4, 2011, Assistant Attorney General Weich wrote Sen. Grassley and denied that the U.S. Justice Department “sanctioned” the sale of guns to people they believed were going to deliver them to Mexican drug cartels. Feb. 15, 2011, Immigration and Customs Agent Jaime Zapata is murdered in Mexico. AP reports (on Feb. 2  , based on an unnamed source, that the weapon used to kill Zapata “was shipped through Laredo with the possible knowledge of the ATF.”Feb. 23, 2011, CBS Evening News ran a story on Operation Fat and Furious that included interviews with ATF whistleblowers. March 22, 2011 President Obama was asked about Operation Fat and Furious by reporter from Univision. “Well, first of all,” answered President Obama, “I did not authorize it. Eric Holder, the attorney general, did not authorize it. May 3, 2011, AG Holder testified to the House Judiciary Committee. Holder said, “I probably heard about Fat and Furious for the first time over the last few weeks.” *** Fat & Furious has highlighted 3 "Truth's" about the Leadership of the Democrat Party. These Truth's have become "Liberal Dogma", & indicate the "Anti-Constitution" Goal's of the Far-Left. 1) Private Firearm possession causes more Crime. = Democrat Dogma This has been proven to be False. That conclusion is amply supported by Evidence from across 4 decades & every State that has relaxed it's Gun-Control Laws. This Evidence is incontrovertible, an Armed Population will cause a major reduction in Violent Crime. 2) Restrictive Gun-Control will reduce Violent Crime. = Democrat Dogma This is "Dogmatic Doctrine" for ALL Liberals, here, as well as overseas. And it, too, has been Proven False. For decades, handguns were Totally illegal in N.Y.C. & Washington D.C. From the '60's onward, Violent "Gun" Crimes soared to Record-Setting levels! Criminals had easy access to black-market guns, & in N.Y. Organized Crime gave it's street-thugs Police Dept. issued Concealed Carry Licenses - obtained through crooked City Officials. In recent years, these restrictions have been eased or struck down, & average Citizens began to Arm up - Crime swiftly plummeted! 3) drug-Gang Wars on the Border are fought with American Civilian Firearms, purchased Private Gun Stores near the Mexican Border. = Democrat Dogma There is ZERO evidence that Foreigners have bought guns in Tx, NM, Az, or Cal Gun Stores. But the Mexican Gvmt. HAS reported on the source of the drug-Gang's weapons. Most come from the Mexican Army or overseas. The Army weapons are stolen from Armories, obtained through bribes, or through hijacked shipments. It's from these sources that the Gangs have gotten the U.S. made military-grade weapons found - Guns the Mexican Gvmt purchased through Anti-drug Foreign Aid Programs authorized by Congress. Only a handful were Civilian grade, stolen during raids across the Border into U.S. Territory. These 3 Items are proven Facts - each of the Democrat "Dogma's", & the Real Facts that refute the Dogma. The Dem Leadership is NOT composed of Stupid People, they Must know that their Party's Position on these 3 Issues is wrong... But, they persist in their "Stated" belief's! Further, the BO admin has gone so far as to risk it's Political Life, with this F&F frame-job in order to shore-up their Dogma & make Private Gun sales look bad - Paving the way for more Gun Control Laws. But, why? The risk was Incredible, yet they did it, anyway! Why? What "Goal" could Possibly justify(to an amoral Liberal) the insanely high Political Risks? I can see only one answer that Fits The Facts... The Democrat Party Leadership obviously does NOT want the American Public to be Armed. Since it's Not to fight Crime, their objection to an Armed Citizenry can only be to thwart the 2nd Amendment's Primary Purpose! That "Purpose" is to ensure the People can successfully Revolt against an "Out-of-Control" Federal Government. Why then, IF the Democrat Party has been Honest about their Goals, would they be SO desperate to destroy the 2nd Amendment? There's No Logically Legitimate Reason(s)... Unless... A) The Democrat Leadership IS stupid & REALLY believes in Items 1~3! ...OR...  The Democrat Leadership has a hidden Agenda/Goal that, when fully implemented, would likely trigger an Armed Uprising by the American People.Given the numbers/demography of Armed Citizens in America, we represent a Clear & Present Danger to 112years of Progressive Success in twisting our Constitutional Federal Republic into the Marxist Utopian System they've always envisioned... run by their "Elite's", of course! Today's Liberals descend from a Progressive Movement that was started after the CivilWar. Pro-Slavery Northern Academics(Democrats), bitter over the rise of Freed Blacks getting into Gvmt Office, desperately wanted to regain relevance with the Voters. They came up with a psuedo-philosophy of Racism mixed with Marxist Populism, together with other bits'n'pieces. Their End-Goal was to create a System that would put "Elites" in permanent Control, & keep the Lower Classes into "their-place". And, they intended to Replace/Destroy the Constitution! - They called this "philosophy" The Progressive Movement. - And the Dis-Arming of the American Public is critical to their success. This is an excellent and comprehensive summary by CatHerder54 of this critical issue. Only those with an IQ lower than their age and vicious statists could attempt to refute these points!!! Obama and Holder are both traders to the constitution and the republic! If you vote for Obama you’re delusional! Holder is the head of Organized Crime in the Obama administration..... the word "justice" should be removed from his department title.... It should be DOM, department of malfeasance! This whole administration is so corrupt that you can't believe anything. It is so mind boggling that most people can't even grasp the magnitude of what is going on. Especially LIBERALS! Eric Holder of ‘Fat & Furious’ gun running fame is talking about ‘gun control’... what a fool! |
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6/21/2012 8:02 pm |
Holder and obama are not only corrupt and incompetent, they are downright EVIL!
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The lawlessness of this Administration is a large part of the overall problem in America right now. They just keep on lying and getting away with everything and we just keep on allowing it. As long as they are allowed to keep defying the will of the people they will stay in business and we will suffer. Most of them are lawyers and we are keeping them in business. They are draining this country dry on law fees alone. Over 100 legal challenges to Obama's eligibility. Obama's lawyers are raking in millions while the average American don't even know where their next meal is coming from. It would seem that we are playing right into their hands and they appear to be winning. Every concerned citizen should join the battle to force government agencies to follow the laws. Holder should be FULLY prosecuted in the manner of a common citizen. We have been told too many times that "we have no standing". Far too many issues (fat and furious, obamacare, state sovereignty, border enforcement, amnesty, voter ID) and it is time to stop backing down. The very heart of the Constitution was to CONTAIN GOVERNMENT POWER. Do you really want bho, holder, pelosi, a handful of czars, and HHS's "Big Momma" having the power of Kings? The Constitution allows legitimate change to occur if certain requirements are met by APPROVAL BY THE MAJORITYof citizens. Had that been done, or if it is done then I will accept what is occurring now, but not until. We had better wake up ... invaluable and irreplaceable freedoms are about to be lost forever. The words "of the people, for the people and by the people" give us standing, and we had better start using it!!!
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O & his cronies have done more damage to our Constitution, economy, and the American Way of Life than his predecessors in a little less than 4 yrs. Obama has been a complete failure, continues to lie & deceive Americans. He & Michelle are no prize. We need real change & soon. God Help & Save America!!!
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