tomoko tells you he will do a boutique hotel and you look turns. to serbia booties available in complete regency players and. within twenty four hours a day the society like here in moscow top stories this hour of the protest against big business began in new york and now they've gone global as people in almost a thousand cities say a collective no it's a culture of corporate control and rome italian police used tear gas and water cannons to disperse crowds since one thousand people are marching there now and. the seven month long revolt is divided syria as the regime supporting capital says it's ready to wait for reforms while cities outside damascus want the president. and ukraine's attempts to spruce up its image ahead of its hosting of the euro

twenty twelve football championships come under fire from animal rights groups are accusing the government of burning stray dogs online. a lot about with more news more evidence for us in thirty minutes from now in the meantime kaiser is here with his latest take on the scandals behind the world's financial headlines. max foster this is the kaiser report yeah we started the global insurrection against banker occupation we're going to do about it 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 i can various cities around the world there needs to be down move to politicize all this and i'm thinking that why not take all of the occupy movements around the world and join them with 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 my knobbly and harsh laws which penalize the people and that's what you see in the financial sector and the political sector from the white scale corruption look

at in the u.k. not only is tony blair not only did he accept twenty seven million pounds from the kuwaiti royal family as thanks for invading iraq but now liam fox the defense secretary is like openly handing out deals to cronies that are travelling with him as official. companions well 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 and if you repealed the patent laws of the 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 that would be a way to topple them by eliminating their monopoly position using algorithmic patented algorithmic trading to confiscate cash from from society yeah i'm due to copyright laws the government regulators are not actually able to look at their

proprietary theft machine so. all right well follow up on this now speaking of pirates there's other pirates in the news tell me more from access in this first headline here maybe rescues italian cargo ship from pirates or only between free 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 a 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 double speak 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 right scale subprime fraud and this is what barack obama answered on the issue of prosecutions on wall street. one of the biggest problems of. 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. your moral or. inappropriate or reckless well 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 misselling they've committed a whole mortgage sport 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 lot number thought 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 the 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 dollar and frank act well in fact as william cable access the laws were already there you're not allowed to commit fraud there is ample evidence ok well if there if no laws were broken barack obama then why is it necessary for congress to pass a law that gives a grant immunity to the banks is it because the banks. 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 us born

says so this is u.k. chancellor of except for george osborne he said the british bank practices before two thousand and eight resemble the 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 a doctor says good news pearls and he says you don't understand we need the eggs he asked bourne 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 still feel the you know the bottle of water that i'm now serving sixty years in prison for right why prosecute randomly looters 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 meaning 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 manson let down sharon tate we need brutally murdered her you know that's the moral equivalency that george osborne loss us to make here that it's just a question of the banks letting us down when they viciously stole and raped us repeatedly oh george georgie porgie to their credit bloomberg bank 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 off was jailed 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 for them. scheme where he's using guarantees made to him by the government to make an investment unavailable to the rest of the public i know that's not technically illegal that's not a ponzi scheme it's insider trading well according as you see he carries like a one hundred thirty three nine hundred thirty four that qualifies as an illegal insider trade quarter of the series seven license that i obtained when i became a stockbroker on wall street and had to know the stuff ok he's committing massive fraud ok but the defense of george osborne 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 fighting back against the 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 but bill gross was

correct i mean he's just emphasizing what we're saying here there's a war going on between lawbreakers like the bank of america wall street or 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 today 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 threw our wealth creation we've magically turned money printing into wealth and this is the way they operate knowingly in effect or 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 president. when war broke out breaks the law bank of america breaks the law jamie diamond 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 what obama's saying are for goal of the law is therefore it's 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 wrote into law 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. now sort of bragging about disenfranchising all the workers are stealing all their money here and amongst themselves but the headline in the wall street journal will be they'll say us increases productivity best 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 now is turning out to be killing people in the street in

a program of financial fraud and obama's twiddle and. hoping that he gets the t.v. soon where 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 say all right stay here with thanks for being on the gaza report thank you that's a way much more coming away stay right there. like growing public. interest by the countries waiting for hours. and social spending people across the globe against the government's economic policies the worldwide action against austerity. our country.

i welcome back to the kaiser report imax guys are time now to go to new york and talk with michael w. hudson author of monster how it gang of predatory lenders and wall street bankers placed america and spawn to quote crisis michael w. hudson welcome back to the kaiser report thanks for me back max all right michael hudson in your most recent article you chronicle what can only be called for all out in the subprime mortgage practices at countrywide and yet president obama said last week that sub prime lending was moral but not necessarily illegal 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 all about

compromise and meeting in the middle it's interesting because if you go back a generation during the. 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 s. and l. insiders who were convicted of felonies and a lot of big names including charles keating of keating five and lincoln savings and loan fame 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 endemic 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 they broke the law now you're saying it's not in obama's character 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 you know it isn't like to obey the law i guess that's his personality 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 corporate investigators find documentary evidence of fraud a countrywide i mean let's go let's talk about the reality here of the real love breaking and then the department of justice ever view those documents in the summer of two thousand and seven some of the end house investigators from countrywide when out and went through the shred been for

a bunch of countrywide loan offices in and around boston and what they found was evidence that persuaded them that workers inside the branches. were faking documents they were cutting and pasting literally they would. 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 ameriquest which was the biggest subprime mortgage lender during the boom and the joke there was always among employees oh well it's this this board 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 interesting about the countrywide case is what happened when the internal gatekeepers the end house folks whose job was to find fraud 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 a red flag and when that happened they were were marginalized ignored harassed demoted fired or some combination of the above 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 so they fired her for inappropriate unprofessional conduct but recently the u.s. department of labor found it 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 the founder and c.e.o. angela below of countrywide you know. he was accused by the securities and exchange commission of insider trading in securities fraud. the agency claimed that

he had taken north of one hundred forty million dollars in gains out of the out of the company before it was near collapse and had to be bought out 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 mozilla 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 and ill gotten gains ok keep it on countrywide the loans of course that were it privately 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 or are suing countrywide slash bank of america claiming that that not only was

countrywide you know defrauding its its borrowers but it was also defrauding investors by by misleading them about what about the characteristics of the loans that they were in the packages of packages of loans are being sold including and inflating people's credit scores inflating their incomes inflating divisor the homes all sort of the key characteristics which is determined 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 immunity 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 werbach who am i what we're much. cheese now let's see there's the twenty billion dollar settlement to do it in you guys the rapists on wall street has been concluded the only matter holding it up now is just how much

immunity banks will receive and whether or not a new york and california will sign making financial rape legal and your thoughts you know both both cow for. new yorker are holding out for 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 bad practices 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 with intervene and stepped 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 it's a research sort of saying the same scenario where you've got a number of states that are that are looking to be tougher than 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'll just start 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 what would give us a little preview of what you're working on if you find my stories on i watch news dot org that's the letter i watch news dot orgy and i'm working on a series of stories about had a couple two or 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 as we've said a lot of folks. they 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 the goldman sachs case they admitted and it's in the record that they sold these and. of course word to describe human deaf 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 seems to be gaining steam you know you see it it's the sort of mini occupy wall street'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 have 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 michael w. hudson so these occupy wall streets 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 points 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 focus of all of this of all this grassroots activity i don't know if i should be one to determine but but my guess would be when it when it really starts to come

together and and they start getting more specific they'll be talking about things like too big to fail i.e. we shouldn't have banks so big that they need to. bailed out by government or that they have you know too much influence over the government i think the key element that 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 back to the anti-war movement of course you had a martyr with the kent state murder on the campus of kent state that 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 on the wall street bankers that are up by a bomb and declared war on america and what's 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 europeans based on fraudulently induced mortgages but also 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 poll grama programs like there's no program in history as exquisitely corrupt as the american banking washington access ok well michael w. hasn't 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 that's going to do it for this edition of the kaiser require with me max keiser 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 reports at r.t. t.v. that are you and so that scientists maximizer saying bio. really little.