Forum Post: Lawsuits too expensive for Avg Voter to Sue Government or Corporation, and prevents federal Regulation of Corporations
Posted 5 years ago on June 24, 2012, 8:04 a.m. EST by Middleaged
This content is user submitted and not an official statement
Financial Crisis and Subprime Mortgage Crisis has Gone Un-Punished because of many factors.
1) Lack of Referrals from State and Munipalities to the FBI.
2) Lack of Personnel Assigned to Financial Fraud and Accounting Fraud in the FBI (William Black has estimated requirement might be for 20000 dedicated FBI Lawyers).
3) No Political Will in Washington DC.
4) Lobby and Campaign Dollars Corurpting Washington DC. 5) The US Political System.
6) The Western Global Banking Systems including national central banks and international stability and bailout mechanisms.
7) It is too Expensive for Regulatory Agencies to Sue Corporations.
8) It is too Expensive for "Main Street" or the "99%" to Sue the Federal Government, it's agencies, and the Corporations.
Takes Money to File Lawsuits. Most US Citizens are deprived of the court system due to liabiltiy and cost. Mostly I mean if I had $110K Dollars - I still wouldn't have enough dough to feel comfortable filing a lawsuit against a big Wall Street Bank or any other big Entity either public or private.
Maybe I am Risk Averse. Maybe I'm unusual. But I can't see anyone I know suing the US Government or Suing corporations (which by defintion have deep pockets of money and lawyers on staff).
I SAY it takes over $2 Million Dollars of Wealth to allow you to consider a Lawsuit against the US Government or a Corporation.
Therefore, Most US Citizens are deprived of the court system due to liabiltiy and cost.
And we know Banks repeat violations of regulations because they only pay fines or settle government lawsuits from regulators with small percentages of money that they received through questionable or fraudulent behavior.
Russia has reached a settlement with Bank of New York Mellon over a $22.5 billion lawsuit against the bank stemming from a 1990s money laundering scheme by one of its executives, Finance Minister Alexei Kudrin said Wednesday.
BCCI came under the scrutiny of numerous financial regulators and intelligence agencies in the 1980s due to concerns that it was poorly regulated. Subsequent investigations revealed that it was involved in massive money laundering and other financial crimes, and illegally gained controlling interest in a major American bank. BCCI became the focus of a massive regulatory battle in 1991 and on July 5 of that year customs and bank regulators in seven countries raided and locked down records of its branch offices.
Clearstream has been criticized for allowing banks to move money undetected and has been accused of involvements in a number of cases involving money laundering and tax evasion. Two notable cases have become known as the Clearstream Affair which started with the release of the book Révélation$ in 2001 by the investigative reporter Denis Robert and ex-Clearstream banker Ernest Backes and the Second Clearstream Affair which started in 2004 when anonymous denunciations were sent to magistrate Renaud Van Ruymbeke accusing a number of major French political figures of having received kickbacks.
James N. Fiedler, Esq.
Spire Law Group, LLP
April 23, 2012, 12:01 a.m. EDT
© Marketwire 2012
NEW YORK, NY, Apr 23, 2012 (MARKETWIRE via COMTEX) — In a lawsuit alleged to involve the largest money laundering network in United States history, Spire Law Group, LLP — on behalf of home owners across the Country — has filed a mass tort action in the Supreme Court of New York, County of Kings. Home owners across the country have sued every major bank servicer and their subsidiaries — formed in countries known as havens for money laundering such as the Cayman Islands, the Isle of Man, Luxembourg and Malaysia — alleging that while the Obama Administration was publicly encouraging loan modifications for home owners, it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law.
The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole hundreds of millions of dollars of home owners’ money during the last decade and then laundered it through offshore companies. The complaint, Index No. 500827, was filed by Spire Law Group, LLP, and several of the Firm’s affiliates and partners across the United States.
Far from being ambiguous, this is a complaint that “names names.” Indeed, the lawsuit identifies specific companies and the offshore countries used...
The United States (US) Financial Industry Regulatory Authority (FINRA) has issued a Letter of Acceptance, Waiver and Consent (22 May 2012), fining Newport Coast Securities Inc (Newport) US$100,000 for failing to maintain a proper anti-money laundering (AML) compliance program and establish and implement policies, procedures, and internal controls reasonably designed to detect and report suspicious transactions, between 2008 and 2010. According to FINRA, Newport has accepted and consented to the fine without admitting or denying FINRA's findings. (Source: FINRA)
The United States (US) Financial Industry Regulatory Authority (FINRA) has issued a Letter of Acceptance, Waiver and Consent (23 May 2012) against investment advisors Mahler & Emerson, fining the firm US$10,000 for failing to conduct independent testing of its anti-money laundering (AML) program between 2006 and 2010 and for failing to maintain an adequate system to preserve the firm's email correspondence. According to FINRA, Mahler & Emerson has accepted and consented to the fine without admitting or denying FINRA's findings. (Source: FINRA)
Western Union representatives are suspected of having helped move tens of millions of dollars in drug money out of Australia in the last five years. Investigations by the Australian Federal Police and the Australian Crime Commission reportedly discovered that money remitters, including Western Union sub-agents, wired suspected drug money offshore.
The Reserve Bank of India (RBI) has announced that it has imposed a fine of Rupees five lakh (approximately €7,700/US$11,000) on Shreenath Co-operative Bank Ltd, for violating the RBI's instructions on Know Your Customers norms and the AML guidelines.
The RBI has also announced that it has imposed a fine of Rupees one lakh (approximately €1,600/US$2,200) on the Municipal Co-operative Bank Ltd, for violating the RBI's instructions on Know Your Customer norms and for unsecured advances observed during the bank's inspection on 31 March 2010.
Lawsuits too expensive for Avg Voter to Sue Government or Corporation, and prevents federal Regulation of Corporations