i'm christine freeze out hope you have a great night and a great weekend. wealthy british style. is not the type of. market why not. come to. find out what's really happening to the global economy with a much stronger no holds barred look at the global financial headlines tune in to cause a report. on. a very warm welcome to you this is your news today protesters on the whole city streets they have.

essentially it's a good chance to try to get the status of the human experiment. to see if we pursue a business rap music in which it snows movies allegedly trying to make sense of global economy and it's all changed things as financial template. to maintain confidence in markets and. wants to be easing swaim policies risk cheapie missions close to collapsing the subprime loan foreclosed homes that some fail circulates again feel like it's a us crash and seven smashed. teams players are close to the clutches and in streaks behind me and just programs increase the total economy. ok. we'll.

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i'm max foster this is the kaiser report yeah we start of the global insurrection against banker occupation we're going to do about you know stacy herbert i was thinking that now that you've got the global insurrection against banking occupation and all the subchapters like occupy wall street and occupy various cities around the world there needs to be a down move to politicize all this and i'm thinking that why not take all of the occupy movements around the world and join the. various global pirate parties around the world the beginning of that movement in the swedish pirate party and then it quickly spread to countries all over the world that could be the political wing of the occupy wall street movement there on the exact same page and this would give them representation because the pirate party already has representation in countries around the world and they can use the civil disobedience of abandoning

the entire copyright intellectual property system that is draco nian that is anti creativity which is basically part of the. state emerging so i believe this could be the next phase i'm calling for what do you think well it's interesting because the pirate party is responding to when our police and harsh laws which penalize the people and that's what you see in the financial sector and the political sector from the why scale corruption look at in the u.k. not only is tony blair not only did he accept twenty seven mil. in pounds from the kuwaiti royal family best thanks for invading iraq but now liam fox the defense secretary is like openly handing out deals to cronies that are traveling with them as official companions but another benefit of this of course is that a lot of the wealth confiscation schemes and algorithms used by wall street are

patented wealth confiscation technologies if you repealed the patent laws and copyright laws that would eliminate wall street's ability to use this patented technology to confiscate wealth through high frequency trading and algorithmic trading so there would be a way to topple them by eliminating their monopoly position using algorithmic patented algorithmic trading to confiscate cash from from society yeah and due to copyright laws the government regulators are not actually able to look at their proprietary theft which. are all follow up on this now speaking of pirates there's other pirates in the news tell me more now access in the first headline here maybe rescues italian cargo ship from pirates a royal navy team freed twenty three hostages on a ship hijacked by pirates after picking up a message in a bottle and it really think of the occupy wall street protesters the tea party

protesters or at least some of them but these are like the equivalent of this message in a bottle i mean how random that the royal navy what happened upon a red message in the bottle come rescue us and yet openly we're saying you know rescue us from the pirates that have hijacked our financial system and are using it against us through exactly i mean the pirates are the basis for the u.k. economy so cameron is unfairly prosecuting so-called looters pirates are the bases of the somali economy so without the pirates there would be no real estate boom in kenya in other places so again it's. doublespeak from the real pirates that is the say the banking pirates but it also made me realize that of course even all of these occupy wall street protests occupy the fed protests tea party protests nobody listens like they just keep on handing the wealth of our nations to these bankers and even the commander in chief of the us will not help i have this little video

here where jake tapper asked barack obama last week he asked why hasn't your department of justice done anything against the banker fraudsters the ones that have stolen the economy the ones who committed wide scale subprime fraud and this is what barack obama answered on the issue of prosecutions on wall street. one of the biggest problems about. the collapse of lehman and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasn't necessarily illegal it was just. you're moral or. you know appropriate or reckless but this is where barack obama is wrong the banks committed outright fraud they committed illegal acts of fraudulent inducement of fraudulent research characterization and fraudulent mis selling they've

committed a whole should mortgage support of fraud and barack obama is completely wrong in the press is too stupid to ask him specific questions like well what about in the case of bank of america or j.p. morgan or goldman sachs log number. were on this date they broke it egregiously why did you not prosecute you shameless punk and as william k. black former bank regulator the man responsible for putting over fifteen hundred bankers behind bars in the one nine hundred eighty s. after the savings and loan collapse said here on this show the laws were broken and there are no new laws needed and in fact in this clip barack obama then goes on to say this is why we needed the dot frank act well in fact as well in cable access the law is already there you're not allowed to commit fraud there is ample evidence ok well if no laws were broken barrack obama then why is it necessary for congress

to pass a law that gives grants immunity to the banks is it because the banks a broke the law or committed moral transgressions so let's move over to the u.k. where the other center of financial fraud and how the leader of the country there openly states that there are crimes being committed and then does nothing about it u.k. banks around ponzi schemes before two thousand and eight financial crash or and says so this is u.k. chancellor of except for george osborne he said the british bank practices before two thousand and eight resembled ponzi schemes contributing to. the market crash but he's actually right george osborne is correct the banks committed massive fraud they were part of a ponzi scheme that crashed but he's like that joke about a guy who goes the doctor and says doctor my brother thinks he's a chicken the doctor says given these pills and he says you don't understand we need the eggs the us born says yes they committed

a ponzi scheme but we all got rich from the fees and the fees trickle down to the people and that's our economic model fraud but he suggests it's a human error that caused so like those looters in britain i think they should just say it was human error that i stole the you know the bottled water that i'm now serving sixty years in prison for life prosecute randomly looters and stole bottles of water and not prosecute banking looters and blame it on human error if i see us more on the street and i reach into his pocket i steal his wallet according to us board that's just part of a ponzi scheme that was accidental so he goes on to say meeting the bankers who operated the ponzi schemes he said they let down their customers they let down their shareholders and they let down their country charles nelson let down sharon tate when he brutally murdered her you know that's the moral equivalency that george osborne lots to make here that it's just

a question of the banks letting us down when they viciously stall and raped us repeatedly oh george georgie porgie to their credit bloomberg then goes on to say a ponzi scheme is a fraudulent financial arrangement under which investors are paid high returns from the deposits of subsequent investors bernard made office jail for one hundred fifty years in june two thousand and nine for masterminding the largest ever u.s. ponzi scheme no u.k. banks have been prosecuted for running a similar operation but when warren buffett makes an investment bank of america as he did recently he's engaged in a ponzi scheme an outright fraud a limp. the scheme where he's using guarantees made to him by the government to make an investment unavailable to the rest of the public well that's not technically illegal that's not a ponzi scheme it's insider trading and what according to you see securities like nine hundred thirty three nine hundred thirty four that qualifies as an illegal insider trade ok according to a series seven license that i obtained when i became

a stock broker on wall street and had to know the stuff he's committing massive fraud ok but the defense of torture just one gives these folks is that we need the fraud because that's our business model let's move on to the war that's going on we've talked about in the beginning of the show about the occupy wall street and tea party and occupy fed people are fighting back against this banker occupation here's a tweet from bill gross gross class warfare by the ninety nine percent of course they're fighting back after thirty years of being shot at both old ross was correct i mean he just emphasizing what we're saying here there's a war going on between lawbreakers like the bank of america wall street were buffett and the people being victimized by the laws being broken and obama sits back and wonders where's my next corned beef sandwich or whatever he thinks about during the course the day but it's not about being president of states but

a lot of bankers. are plead ignorance they say oh it's socialism it's marxism he's hippies out there they want to take what we the one percent have so genius we through our wealth creation we've magically turned money printing into wealth and this is the way they operate yellowing me interject here when i worked on wall street we had a term for this called it's called selective amnesia so anytime you break the law and you go to the compliance officer you can you can claim selective amnesia and as long as you give the compliance officer a big enough christmas bonus they ignore you ok yes it's convenient to have amnesia when you're breaking the law but it doesn't. when war broke out breaks the law bank of america breaks the law to be governed breaks the law lloyd blankfein breaks the law just because they have selective amnesia doesn't mean that it absolves them from having broken the law well like barack obama said it's not necessarily illegal it is only illegal if the department of justice or the attorney general prosecute

if they remember that their job is to force the law as long as they forget that their job is to enforce the law then it's not illegal that's a little comma saying i forgot the law is the force technically not legal how is this caged but going back to this final point i have here max because i want to get through this the bankers are saying that the protesters out there are marxists here's the headline brooks brothers bolshevism michael semple asked the chief investment officer of j.p. morgan chase rowe in july of this year and clients only newsletter obtained by the washington post that profit margins have reached levels not seen in decades and reductions in wages and benefits explain the majority of the net improvement symboles printed the latter quote boldfaced lettering us labor compensation he explained is now at a fifty year low relative to both company's sales and u.s. g.d.p.

most of the bragging about disenfranchising other workers is telling all the money here and amongst themselves but the headline in the wall street journal will be it'll say us increases productivity that's that's the phrase they use to cover themselves when they destroy wages and destroy employment in the country it's a productivity gain so we should all be proud as this banker points out it's a premeditated class massacre that of unprecedented proportion that now is turning out to be killing people in the street in a poll gram of financial fraud and vote bonus twiddle and. hope in their t.v.'s well you could put the message in the body. all of the commander in chief is not going to rescue you have to do it yourself that's what my message to occupy wall street is well said well said alright stays there with thanks for being on the gaza report thank you but i go away much more coming away so stay right there.

the and. i welcome back to the kaiser report imax guys are time now to go to new york and type of michael w. hudson author of the monster how a gang of predatory lenders and wall street bankers fleeced america and spawn dick lobel crisis and michael w. hudson welcome back to the kaiser report thanks for me back to max all right michael hudson in your most recent article you chronicle what can only be called

fraud in the subprime mortgage practices at countrywide and yet president obama said last week that sub prime lending was a moral but not necessarily illegal all your thoughts it's really not involved as character to really lay down the gauntlet and say this is criminal conduct this is fraud as i say he's very much i'll compromise and meeting in the middle it's interesting because if you go back a generation during the era of the first president bush they had a thousand f.b.i. agents investigating the savings and loan scandal there were a thousand as you know insiders who were convicted of felonies and a lot of big names including charles keating of keating five and lincoln savings and loan fein services substantial prison sentences we haven't seen that now we don't have a lot of f.b.i. agents on the case and most of what they're investigating is really low level really the small fish loan officers mortgage brokers folks like that rather than

trying to look up the chain of the food chain and look at the big players who may have had something to do with the fraud that was was really into an iq in the mortgage market and on wall street during the boom right well in the case of the mortgage scandal it was a case of a legal fraudulent inducement and then a legal fraudulent securitization so they broke the law now you're saying it's not obama's. eric there to say that they broke the law i mean what does that say about his character other than that he's a weasel that's just just his personality is his personality is a kind of guy his personality he is he value doesn't like to obey the law i guess that's his personality right he has the personality of a law breaker so that's. who we have running a country of law breakers so the people of america have voted for their one of their own a law breaking weasel uk a so don't corporate investigators find documentary

evidence of fraud a countrywide i mean let's go let's talk about that reality here of the real lawbreaking and did the department of justice ever view those documents and the summer of two thousand and seven some of the in-house investigators from countrywide went out and went through the shredded been for a bunch of countrywide loan offices in and around boston and what they found was evidence that persuaded them but workers inside the branches were faking documents they were cutting and pasting literally they would kind paste the address from one piece of property onto an appraisal for a completely different piece of property and presto suddenly the first piece of property looked like it was more valuable and you could make a bigger loan on it and sell it easier and that kind of thing happened throughout the mortgage industry you talk about america west which was the biggest so prime mortgage lender during the boom and the joke there was always among employees oh well that's this this doesn't qualify let's send the senate documents back to the

art department send it back to the lab and they'll fix it. but what's what's interesting about the countrywide case is what happened when the internal gatekeepers the in-house folks use job was to find for audit what happened and i've talked with a lot of folks read a lot of lawsuits and their story is pretty consistent they did their jobs they found fraud they red flagged it and when that happened they were were marginalized ignored harassed demoted. fired or some combination of both including an executive vice president who was chief of the fraud investigations unit eileen foster. was fired shortly after bank of america took over countrywide bank of america said they fired her for inappropriate unprofessional conduct but recently the u.s. department of labor found that no that wasn't the case that actually they fired her as payback for her investigations that were finding massive fraud at countrywide and for trying to protect whistleblowers who she believed were being harassed and

retaliate against by countrywide right now what about the other founder and c.e.o. angela below of countrywide you know was ill oh he was accused by the securities and exchange commission of insider trading and securities fraud. the agency claimed that he had taken north of one hundred forty million dollars in ill gotten gains out of the out of the company before it was near collapse and had to be bought up by bank of america ultimately they settled for a substantial sum sixty seven point five million dollars but the key here is that most of that was paid by bank of america or by countrywide insurers was ill himself paid out of pocket about he was twenty two and a half million which by my calculations is sixteen cents for every dollar the government claimed that he had taken out an ill gotten gains ok keeping on countrywide the loans of course that were it fraudulently induced they were

packaged into securities and sold to europeans and pension funds walk us through this part of the either galloping and fraud that nobody in the obama administration chooses to recognize right you've got investors all over the world who are suing countrywide slash bank of america claiming that that not only was countrywide you know defrauding its explorers but it was also defrauding investors by by misleading them about what. characteristics of the loans that they were in the packages packages of the loans are being sold including and inflating people's credit scores inflating their incomes inflating the values of the homes all sort of the key characteristics which is term and you know how much risk there is in this loan so now we've got a twenty billion dollars settlement and immunity for the law breakers over there mortgage fraud i'm not sure if it's not illegal why they would need in unity but i guess if i forget it real quick i can be like obama and pretend it doesn't exist i

don't know barack obama who am i well we're not. she is now let's see there's a twenty billion dollars settlement to indian eyes the rapists on wall street has been concluded the only matter holding it up now is just how much you need any banks will receive and whether or not a new york and california will sign making financial rape legal your thoughts you know both both california new yorker are holding out for a a tougher deal also arizona and nevada are also holding out and this is very very interesting that that if you go back before you know during the boom all these back actions were going on it was many of the states not only states but many of the states were the ones that were fighting and trying to crack down on these practices while the federal government often would intervene and step in between the states and a lender that was suspected of bad practices and say wait a minute with their federal license this is

a national bank so you keep your hands off we'll take care of it but of course the problem was is the feds didn't take care of it so they were search sort of saying the same scenario where you've got a number of states that are that are looking to be tougher then the federal government right while this is interesting of course because i suppose the federal government if pushed to the wall and forced to somehow prosecute bankers i guess based on their recent activity of i just. to assassinate americans willy nilly who come forward and protest the amnesia of the white house when it comes to prosecuting bankers that's that ought to solve the problem so what some of the things you're working on now it would give us a little preview of what you're working on if you can find my stories on i watch news dot org that's the letter i watch news that orgy and i'm working on a series of stories have already had a couple two three pieces out about countrywide but i'm also writing about other companies to really looking at what happened to people internally who tried to do

the right thing what happen to the whistleblowers who raised questions about fraud you know nobody wrote wrote a memo from on high saying here's how we're going to commit fraud here's what we're going to take advantage of our customers and investigator our investors but one way to really assess whether there was a culpability from management is a look at what happened when people reported fraud internally and when and as we've said a lot of folks say that when they did that they ran into trouble so that's really the issue i'm digging into and i'm encouraging more whistleblowers to come forward and more people to talk to me oh you know in the goldman sachs case they had made it and it's in the record that they sold these and then. of course word to describe human death occasion to their clients they and they knowingly did this and profited from it but let's talk about the occupy wall street movement is this having an impact do you think or do you see this going it definitely seem to be gaining steam

you know you see it it's these sort of mini occupy wall street it's happening all over the country if you read about it on twitter it's it's kind of going like like a forest fire so it's very interesting it's clear that a lot of people out there are distrustful of large institutions and justifiably so you have an institution that has lots of power it has has the ability to do lots of good and lots of bill but what's interesting is you know. you had the tea party movement that really was sort of focusing on the power and dangers of big government and now we have occupy wall street which is focusing on the powers and dangers of really big business and the powers on wall street and what they can do to to harm average americans might a lot of the arts and so these occupy wall street are growing in numbers but they don't seem to have a very well defined agenda which i guess is working in their favor because this way it's not hot it's not easy to defeat them by arguing their coins because they have

no points but at some point they're going to have to have some kind of agenda what do you think are two or three points that they might want to pursue to consolidate their their focus of all of this of all this grassroots activity i don't know if i should be one determined but my guess would be when it when it really starts to come together and they start getting more specific they'll be talking about things like too big to fail i.e. we should have banks so big that they need to be bailed out by government or that that they have you know too much influence over the government i think the key element that it sort of ties together what most of the occupy wall street people are talking about it is accountability and basic regulation some rules of the road to make sure that what happened in two thousand and seven two thousand and eight and it continues to happen now doesn't happen again oh i'm actually anti-war movement of course they had a martyr with the can't state murder on the campus of kent state it seemed to

galvanize that generation it got there got them in gear and they stopped the war and now we've got a financial war going the wall street bankers had up by a bomb and declared war on america and was a blowers have been targeted for death and this is a populist uprising to try to survive against a corrupt crony banking class that not only makes raj the loans to your opinions based on fraudulent mortgages but all. creates the food stamp program run by j.p. morgan the very same bank to impoverish the majority of americans and make money that way so this is really a program of programs like this no program in history as exquisitely corrupt as the american banking washington access ok well michael w. hansen thanks so much that's all the time we have thanks so much for being on the kaiser report thanks max i appreciate it all right and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i want to thank you all for watching and if you want to send me an e-mail please do so at

kaiser report at r.t. t.v. that are you and the like founders of maximizer saying bio. used today.