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market. find out what's really happening to the global economy with. the global financial headlines kaiser report. for the full story we've focused on the biggest issues get a human voice face to face with. more news today. these are the images. from the streets of canada. today.

welcome back here with here is a look at the top stories former russian tycoon. is awaiting sentence after being convicted of embezzling oil and profits this is the second trial of the ex head of the oil giant hugo's was already in prison for tax evasion and fraud. moscow's freezing rain grounds hundreds of flights leaving thousands stranded frustrated passengers have reportedly been staging protests and even tried to break through passport control at one hundred. two years after israel's deadly offensive people in gaza are still struggling to cope with life under siege gazans say the blockade is not being eased and manage people can get basic necessary supplies.

while next how bank of america's trying to buy its way out of being cold names and other financial big shots falls foul in a fraud probe here's max kaiser. and this is the kaiser report yeah we got some more of those stinking financial dearest story of this show let me review for you so far in the program we reveal to you the shenanigans over goldman sachs now michael bloomberg is suing the european central bank to get them to reveal that goldman sachs is the bank that cooked greece's books to get them into the euro we also told you about j.p. morgan's amounts of illegal silver short position we got them so scared now they're

moved their eagle silver short position offshore and now a new bank in the news major financial terror is tearing up the global economy for a few quick but to break of america stacy herbert tell me more yes max kaiser bank of america is in the news the first headline i have to read is just his sterile they're planning on major chaos coming major anger from the peasants coming regarding their action and against because the first head irene's wow bank of america bought sucks and blows u r l's for like everyone at the company so apparently bank of america has bought four hundred thirty nine u r l's including things like brian moynihan sucks dot com who is the c.e.o. and then they went out of their way and bought all sorts of u.r.l.'s for other executives caffery best seller it sucks dot com and she's just the global technology an operations executive they bought sallie krawcheck blows dot com they

also. went ahead and blows that com and so they've all hundreds of these for all these executives and. so we get this straight bank of america do. boyd a public relations problem went out and bought a bride morning and sucks dot com the c.e.o. of bank of america brian moynihan sachs brian moynihan bluenose dot com do avoid a public relations problem and also of course in this propaganda war you want to cover up your crimes of financial terrorism as best as you can and the people on the internet who sussed this stuff out quick you try to divert attention from them because god forbid bank of america should be transparent or a big a law in any way shape or form no no no they want to blow themselves up and everyone around them because brian moynihan stock stock um what else again so let's

look at some of the reasons why they might be wanting to secure all of these the u.r.l. so the next headline reads zero zero. four oh my god bank of america foreclosure fugs break into woman's house and steal cremated actions of her husband so bank of america is accused of breaking into a truckee california woman's home and stealing all of her belongings including persian rugs her son's skiing medals and the cremated ashes of her husband brian money steals the cremated ashley with clients dot com i'm. now i'm going to seriously bank of america then it's perfect doesn't it because america has become kind of the nexus of this entire global farce that is the clump takhar see destroying both the environment and also through the austerity measures that are being imposed on folks that have nothing to do with creating these debts

but tell me more students are well it's not just stealing the ashes of you know dead women of a woman's dead husband arizona suze bank of america alleges loan modification fraud so you know this program run by timothy geithner at the treasury called camp where it's supposed to help keep people in their homes well attorney general in arizona and about us filed civil lawsuits friday against bank of america alleging that the lender is knisley meeting and deceiving homeowners who have tried to modify mortgages in two of the nation's most foreclosure damaged states so currently hundreds of homeowners kept making their mortgage payments because bank of america repeatedly assured them that their loans were being modified instead many of them lost their homes instead you know they're lying brian mining and lives

dot com well start this program name from hamp to prison because that's basically what bank of america is trying to do is to create a new american prison program to keep people wrongfully imprisoned in the shacks that they sold these fraudulently induced mortgages to and pretty soon they're just going to turn the gas up guy that'll be the final solution for bank of america's mortgage fraud crisis solution i'm sure well max the other thing to note about this is that the reason why bank of america and the allegations are that actually met all of the banks are doing this including j.p. morgan and other bad. involved in the mortgage market is that they're basically collecting massive fees from the government i.e. the taxpayer in order to modify these loans they collect the fee they keep the fee and then they turn around and tell them the mortgage holder that in fact they're not they don't qualify so then kick the person out of their home keep the feed and

it's this is the story through the entire financial fraud market is that they're just collecting little fees fees and fees and fees nickel and dime ing the taxpayer everywhere they can now or this is the whole story the bailout isn't they said that they're going to use the money to restore the balance sheets of the banks but they just pay themselves these enormous fees and they left the debts on the banks' balance sheets and going forward in two thousand and eleven we will find out that the banks are holding another twenty trillion in bad debts that they have yet to disclose i see something coming up this is truly remarkable you would think after enron we had seen the last of this but please tell the people tell the people well the headline reads max ernst and young charged with lehman fraud new york's attorney general andrew cuomo charged accounting firm ernst and young with fraud for allegedly helping lehman brothers conceal billions of dollars in debt prior to the banks collapse but remember it's this is

a civil lawsuit in the lawsuits new york attorney general and incoming governor andrew cuomo charged ernst and young with helping lehman removed tens of billions of dollars in securities from its balance sheet in order to deceive the public about lehman's true liquidity condition you know i reported on this extensively when it was happening i called the peekaboo accounting this is a common groups on wall street where before the reporting is meant to be filed with the regulators you simply move debts around as part of this enormous ponzi scheme or hide the parcel scheme now ernst and young of course is been revealed as the. accounting firm that is engaged in the front and their defense of course is that while the lawyer said we could do it the lawyer said we could do it so it's legal because we paid off a bunch of lawyers to write a shyster opinion to say we could commit accounting fraud for lehman brothers while they were committing mortgage fraud so all the banks on wall street could commit

securitized mortgage fraud around the world putting banks all over the world into dire straits and of course this gets right back to the enron scandal arthur andersen was caught doing something similar they went out of business or sucked up by one of these other major accounting firms and the and time business model of wall street and by association america is fraud as i've said before if you took fraud out of the american business model you'd have nothing left except donuts and guns now going forward what's left that can't be incriminating evidence that would require the government to shut down on your own are they really going to let ernst and young dot com ernst and young sucks the big one dot com urge to known blows the big one dot com are they going to let these perkins shysters breathe another oxygen at all well max actually a lot of this fraud it didn't just happen in america though the crucial role played

by the european banks as evidence in this event as well because the assets were taken off the lehman brothers balance sheet transferred to european banks and then in order to hide the bad debts and then they were transferred back so it's the global banking system these these guys are interconnected and the fraud seeks whatever jurisdiction will allow them to basically commit these frauds right there's reciprocity in the banking sector so a layman commits a fraud using a foreign bank going to bank for example one of the banks and then when it's do it you're back. to report they reciprocate by hiding bad debts on lehman's balance sheet and they go back and forth like this this is how you end up with a six hundred trillion or so in derivatives so-called this is just bad debt that's being created a to hide more debt and to shuttle this debt around the world in ways that give

banks deal of reporting profits when there are no profits to report it remember enron went from a eighty billion dollar company to zero in a matter of minutes when it was revealed that they had just been a huge accounting scandal so i want to point out here by the way that you know as i as i mentioned at the top of this item that it is a civil lawsuit this is out right obvious criminal behavior and yet these banks for some reason get over and over charged with civil fines and that are very small compared to the crime committed in the damage done because look at this way andrew cuomo says this hour a lawsuit seeks to recover the themes collected by ernst and young while it was supposed to be using accountable honest measures to protect the public so all they're seeking are the fees that are seen young collected while committing this fraud andrew cuomo of course he's

a politically motivated to do whatever he can just like rudolph giuliani was politically motivated to go after lehman brothers and go after a drexel burnham in his day and then launch his political career but of course andrew cuomo we'll see whether he's actually serious about restoring some kind of justice to the system max actually i would say the opposite because you know mike milken went to prison he did it his time he did years of prison he was for bit into ever trained security ever in the existence of his life again ernst and young which helped commit these crimes is there's no suggestion what so ever that any. but it will face any sort of criminal charge well this is the remarkable thing with each ensuing scandal the lessons learned by wall street is how to not get caught the next time they break any of these laws instead of modifying their behavior and not to break laws it's a their mentality is how do we not get caught next time and again that politicians

increasingly provide cover for them so what they're doing is the public says oh but we punish ernst and young erstein young paid a billion dollar fine which is just the billion dollars that they made committing this fraud and they think that they've been punished even though the guy didn't do any jail time like mike milken did mike milken took as punishment he went to prison he served his time he's not allowed to trade securities these people are allowed to continue to exist to commit another crime for another day right and that billion dollars that they're paying the fine is just borrowed from the fed and then circulated in the global derivatives market for a couple of years until it blows up and then the government forces the public austerity to pay for that billion dollars in the long run anyway so the public has to pay two times for the fraud committed by the bank and then for the bailout that gets thrown circulated as a derivative that blows up and forced the public to pay through via austerity measures thank you so much jason amber for being on the cars report thank you max

right now after the break we're talking with journalist and author absent a tansey so don't go away. for the full story we've got. the biggest issues get the human voice ceased to face with the news makers. lead.

welcome back to the kaiser report imax keyser time to talk in london with after a tansey author and journalist afshin a welcome to the kaiser report max you sound really enthusiastic after a good get up switcheroo whether we agree with the whole transport infrastructure is falling apart and it's because there's much keynesian stimulus on the cards here as well you're a former risk analyst at lloyd's i mean could you have foreseen that in some way for say the cold weather could have eventually hit the u.k. how are they still totally unprepared applicator to think that in winter it would get colder and besides the point is we don't really think the government should really be involved in investment in infrastructure especially in a time of recession because that way that might kick start the economy that seems to be the current thinking here in london all right so imagine keynesianism which of course government spending then you've got the people all over the monitor and

cap to think that base your bank of england and the central banks to get kick start the whole thing and you also handed me something here interesting about the bank of england warns of a five percent interest rate rise that there's a lot to be said about this notion of a natural interest rate being five percent what are your thoughts here is it came to stimulus monetarist kind of tweaking it's going to be an austrian school return to the gold standard or just a lot more of the same going nowhere well i suppose the most important thing is many studies are already showing the book which is increasing in the united kingdom and people are saying that the coalition government which no one voted for in this country said that well their policies are going to be increased potency if the interest rate says the monetary policy committee member paul fisher seems to be say you can be ten times what they are no i think that will have some kind of effect on the housing market don't you well the fact is. is that if pale increase interest

rates yes you well hit that housing market in a substantial way so politically there will be no increase in interest rates as a matter of fact the bank of england is a gaze of quantitative easing for the very reason they want to keep interest rates artificially low which of course is only causing asset prices like precious metals and other and stocks that us should arrive artificially high prices and at that at the lower end of course the austerity measures are being imposed on a vast swathe of the population is are going to be i see some meaningful pushback in london with the student rebellion and the student riots is a big trend going forward in two thousand and eleven do you think after it sounds like. a real year ahead in britain live massive strikes. and well back bretton woods will stare is he in places like ireland and greece is nothing compared to what the government here are doing without even being ordered

to by its actual institutions people getting ready to strike here in every major aspect of the economy it's very very interesting to see how that will affect political constraints and political less boluses because how far can a government cut in the way that the british government is and survive that trend of what those pictures of russian rule around the world where the cuts really haven't hit yet tell us a little bit about how the cuts will affect britain's. cut certainly in basic services whether it be cleaning. road sweeping utilities and local government spending the ability to really search suffering then we have. of course the government here to continue its privatization approach as opposed to say for more money for the exchequer but there will be strikes again all services here because of these because these cuts. as profit is ation worked and it seems that they

privatized hospitals and are failing their privatized rail system and their fowling they privatized education what these top up fees that scheme is failing privatization and the fatter era was a failure why don't they just realize that that has been a colossal failure as a coalition government rare ready to try something else now maybe we'll all be just written that we make the news all around the world and be in the airport and one of the first presidency shoots of that that you got that was the british airports authority which wasn't even allowing media in to cope with the war good issues suffered job during the christmas period as people couldn't travel from the business it actually works there's privatization british authorities and illegal so full of french companies yes and it's all right so british airport authority one of the first enterprises to be privatized by margaret thatcher it becomes controlled by private interests a lot of people are saying well the reason why there aren't enough plain d.i.i.

serves and there is no ability to deal with this crisis because the private shareholders effectively have bankrupted the b.a.a. so that is just working on a subsistence basis and is this one of the problems of privatisation is that you've got a and an entrenched oligarchs just skimming the cream off the top and leaving institutions like the airports not being able to function outside of an absolute very narrow set of you know climate conditions isn't this true basically after that they're being skimmed off the top or the in the coalition going to respond by saying that the pension funds are invested in these protests companies who are all in this together and which will suffer together and we should invest in d. i says through is because it hits all of oprah fits tensions that would be there or you know we are the same argument during the b.p. disaster in the gulf in the united states that something like one some high number one and two and for him. perhaps my numbers are invested in b.p.'s stock therefore

it's not in anyone's interest to hold b.p. accountable for an eco hole a cost i suppose under that logic of auschwitz i've been trading publicly in britain british people would not go after hitler because they own too much stock in auschwitz i met by the same logic one where my father failing in my analysis after a pretty good so you must support authority at all costs because we will suffer if you don't want to georgie sounds a bit like the british novelists stupid to me there's two major dystopian novels of the last century nine hundred eighty four our brave new world one thousand and four is one of total control a brave new world is one of total for balloting people descending into dancing with the stars of vince cable wiles' career bronze and other distractions was pathway going on you're an author you're a journalist are we going down the total control of nineteen eighty-four are the total for vote for valerie of brave new world after what's your analysis going forward will it comes to the british business secretary this group is going out of

the sky platform for you know the criticising the great rupert murdoch uses. in fact of the british labor but your position was so quick out of the gate to say just earlier the business. to lead you if you said that he didn't like the good mood look at which. will be across the atlantic or your europe rupert murdoch is going to say i don't get it and other words vince cable says what's on everybody's mind murdoch's trying to take over the media space murdoch puts out a bunch of pablum for the masses he lies about the war he's a war profiteering err why can't those statements from vince cable simply be picked up by cameron the coalition government is saying hard to get it done this cable speak of the truth let's get rid of this mata murdoch from our air space and open up the real competition why can't you just go with what the truth and set of hiding the facts. that their entire media space is being corrupted by interests of war

profiteers and jackasses like murdoch well i think the current secretary of culture will let you do kate over the books balance sheet the sky. has a very different view he will be adjudicating on that decision competition and he said that with all of the debt to rupert murdoch for such students let's move our to tony of arabia of course tony frick and i'm a liar blair former prime minister tony blair is raking in tens of millions of dollars from the monarchs in the derivate will there say enabled that or it's corrupt regime here in britain is anyone but the daily mail even interested in this tony blair shot of corruption it's even more worrying in that room below. the local road harris would seem to relish that he was a poor me years before if the few americans were this is why i was thinking that you. people just seem to ignore is just yours if you can get away with it he could

use the middle east only voice and wonder what sort of in the coming year what we're going to witness in the occupied territories is to enable them to surround the trying to piece their reach right now you mention the roman polanski film that came out at the same time this scandal when polanski was held by the swiss authorities during a point in time when that film was coming out that all of that those real recent automake yeah exactly the timing was suspect and now we've got of course the julian assigns wiki leaks story where you know last year i was watching a video julian assad praising the freedom of sweden and the press freedom of america within a year now as being a lot wanted for arrest by swedish authorities and to be extradited to america it's become a gulag a senior state i want to ask your opinion about something in america and the progressive talk radio space they are trying to. julia sodje now and the wiki

leaks story as a quote unquote false flag attack the cyber nine eleven giving cover for the government to come in and impose of kind of new direction in regulations on the internet are you going into that mean after your town doing what is this a good read of the united states they're even talking about the actual cables over here in britain less all the b.b.c. studios under seventy women except with so what we are going to want their conspiracy theories surrounding the kinds of leaks that are emerging from the wiki leaks cables and us here in britain the story there is just about rape unfortunately but i want to i want to get into this all the more ashleigh because it's a it's a that in listen america talking about it but they're not really talking about it because in a big gala to a radio outlet like in four wars dot com with alex jones they picked up on this idea that the wiki leaks arrest and scandal is more about

a cyber fourth flag attack everything seemingly is a false flag attack. in my view that's not the case it's a genuine release of internal documents in the name in the cause of free speech is this how you see it from your point of view or do you are you seeing it more as this plant by the cia to create a cyber nine eleven i think it's very difficult to tell isn't one thing aside from whether i mean someone should say that's that's out of the question but certainly reading the cables one has to be very careful because these are after all u.s. diplomats and u.s. stuff trying to impress the section of states in the united states with ruby i'm sure people should be for that so one has to read them with a degree of care and if even the guardian newspaper would. jones what is regal is

necessarily using that because they're very quick to say oh this means this i think you have to look at what these cables say with the low diligence to truly decode them but so what comes out is that. the u.s. and its allies but eighty craned of un rule or any kind of forty five consensus on what it is to be a reputable democratic principled country that it invites by anything close to the us constitution and the un charter. right after attending thanks for being on the kaiser report. and that's going to debt for this edition of the kaiser a par with me max kaiser and stacy arbor i want to thank my guests afshin rattansi if you are so many male players the kaiser report at r t t v dot our year until next time this is back guys are saying by our.