social liaison officers yes afghanistan is just so frickin romantic this time of year but if the u.s. generals are protecting the war in afghanistan for a safe gnocchi on the side a then well why is david cameron protecting this city of london calling for a doubling down of fraud who is stooping to. david cameron. yes max david cameron use an annual speech at the guildhall two which is normally reserved for foreign policy and he instead talked about bankers and the city of london as an export as a sort of sort of foreign policy it is the currency war it is the financial war and max i think he was addressing you. david cameron attacks trashers of britain's banks prime minister uses annual mansion house speech to highlight strains and

potential of banking sector david cameron gave a warning on monday night that critics of the nation's banks and up trashing britain as he mounted a strong defense of the financial services industry oh yeah i've been following closely david the meister cameron's endorsement of the city of london doubling down on fraud i was reading in the telegraph where banks give us an edge in global race says the prime minister the global race in laxity the global race and bank fraud and this is what frankfurt and germany understand this is why they're pushing the u.k. to get out of this banking union on the continent because they realize that the rise of frankfurt and the fall of the city of london is imminent and david cameron is scoring an own goal an own goal against himself as a fricken any and so next he goes on to make an argument that in terms of foreign policy could be an argument made by somalia he says cameron acknowledges that

terrible mistakes have been made in the city but he pointed out that financial services contributed an eighth of all government revenue during the recession that's right in somalia piracy contributes half of the g.d.p. of that country and that's what david cameron is advocating that the u.k. and more piracy maybe get up to fifty percent after all that's what's driving the real estate values in the u.k. is piracy in the city of london that's who funds david cameron's reelection campaigns the piracy in the city of london that's how david cameron is welcomed that's why he's welcome to around the world is my fellow pirates in other countries this should always think joey roger up there that's it you house of commons instead of the union jack so you know that's the argument. that the un made as well we guarding say italy or europe during the financial crisis and here david cameron is saying well during the recession an eighth of all government revenue came from the

city of london well during the financial collapse it was only the mafia money that kept the banks afloat oh this is a little reported story the bank collapse of two thousand and eight relied one hundred percent of the drug money or laundering through h.s.b.c. and other banks from mexican drug cartels look it up one hundred percent of the cash that's a camera what he's going to stop ninety percent of the sentence in the u.k. are. snorting their way to g.d.p. growth and money laundering as you see david cameron has gone all in on the city of london he's in fact recommending a surge overseas of what they export and to prove that he's a floozy for the city david cameron's wardrobe malfunction is pretty embarrassing photos so as you see here he. is sure is on but and all the way down to his navel and you know the huffington post just points out you know his rolls of fat

there but william bonzai seven has a special viewfinder where he could see actually close up and as you see in this image i think that looks like lloyd blankfein blankfein is nursing on the. bank of england again you know this is amazing because we see quite clearly that david cameron is willing to go that extra mile to secure a bank fraud from the big multinational institutional money launderers and market manipulators by showing a little that's what's great about david cameron flashest to try to get banks on wall street the city of london to comment like lloyd blankfein suck on the of large us of the bank of england next to me wearing a skirt next to wearing a wig and lipstick he's a tart. like a car and to go all in france or you know old coke and change david cameron sashaying around so in those clubs looking for rent boys to get secured money so

that he can grow the g.d.p. based on prostitution money laundering hard david your second car so david cameron said the city made just some terrible mistakes and it's time to start stop trashing them because otherwise you're going to trash britain so you know we had over this past year a massive global fraud scandal with the libel rigging with rigged global interest rates now taken morgan of course was at the head of that but i saw you flynt when i said oh you say david cameron they make a mess of mistakes it means i didn't wear a condom ok he thinks that the g.d.p. of the u.k. is based on some kind of nocturnal emissions from back backroom dealing with months to quarter a of instead of trainers around the global banking system that matters a shameless tort so libel rates are set or worse say in a room of men secretly it wasn't set electronically it wasn't the market itself

setting at a certain rate to circle right to circle right there engage in a circle writing. ok so david cameron however is saying let's move on from this circle rating and yet look what happens f.s.a. examines whistleblowers claims of libel or like manipulation in gas prices max this is from september twenty eighth of two thousand and twelve. since the life or rate rigging has come to light they're engaged in the same exact practice it's spread systemic this corruption the city watchdog the financial services authority is investigating claims by whistleblower that britain's three hundred billion pound wholesale gas market has been regularly manipulated by some of the big power companies exploiting weaknesses that echo the recent scandal so off is also which regulates energy industry is also looking into this and sure enough a september twenty eighth two thousand and twelve there were

a series of bids at four thirty which was the closing at which the indexes set that they were underbidding the market they all submitted bids that were lower than the prevailing price let me explain how the song goes down in the mosfet a fraud that is enabled by the bank of england an energy traders study of wall street traders around the world central banks including the central bank in the u.k. the bank of england has been engaged in massive market fraud in the guise of quantitative easing they have been interfering with markets by buying bonds to force interest rates lower this is cost inflation in things like energy and food and stagnating economy resulting stagflation but here come september twenty eighth into this environment of rising commodity prices due to the manipulations and fraud of the bank of england a few trainers step in they manipulate prices lower which is easy to do because the

prices of these commodities are to begin with thanks to the machinations of a very corrupt mervyn king in the bank of england they manipulate the. prices down for a day cashing in on one day's price drop in a flash crash engineered by terrorists in the city of london led by their chief top terrorist david cameron and then the next day their primary trend resumes of higher prices brought about by bank of england and the federal reserve bank and e.c.b. flooding the market with cash in a race to the bottom it's frogman straw in a paradigm of fraught covered in the shiny glenn ways of circle raiders and their own holy fraud said the whistleblower seth friedman he was one of the price reporters and he talks about the fact that basically the price reporters have to rely on the traders to tell them what the prices are and the traders were the ones that were lying he said price reporters struggle to set accurate benchmarks because

they lacked detailed information about trading in the opaque so-called over the counter market and are dependent on what traders tell them about market activity they talk about this price propaganda. trainers well manipulate prices to a level to get the index to trigger a response from regulators and other agents and players in the market to cash in on the fraud so this is a question of using algorithmic trading for example i've said before like lloyd blankfein you mentioned earlier he's really one of the most egregious exploiters of this type of manipulation where goldman sachs picks a price first and then fills in the trades to get to the price that's a complete bastardization of the prices covering idea where trades take place first and they end up at a mutually beneficial price no that doesn't happen anymore now you've got like people like lloyd blankfein or david cameron's but in the city of london who pick a price first that they know that they can cash in and make enormous amounts of

illegal money and then they fill in the trades to make it look like that price was arrived at or. it's complete and utter fraud they're milking and bilking and stealing money from the system and the result is austerity the people in europe who are riding all over europe have a right to do so because they're being circle raided. there but they're victims of price propaganda they're being asked to suffer austerity to pad the reelection campaign of david fricke an amateur cameraman so isis herron the group that is the price reporting agency which this whistleblower came from they said that if anyone was to benefit from this it would have been derivatives traders so this is that world we live in now where you have the real market. and then this huge opaque over the counter derivatives market that jamie diamond is at the lead of making sure there's no regulation no oversight no real market there and it's just a bunch of guys like himself fixing these prices and telling people what they are

whether their credit default swaps insurance for greece or whether it's an interest rate swap for a minister polity in america and you see it spread throughout the system now every market gasoline market the gas market or oil market everywhere is rigged and you know you might get the support of the population because just like al capone went to the local community where he was ripping them off gave them a two dollar chicken or a two dollar turkey while his guys his thugs were going around the back of the same house stealing fifty dollars worth of goods but they were thankful for the two dollars a free turkey they're not manipulating prices down there manipulating prices up on the central bank level and then a few local thugs are using market manipulation to grab a quick smash and grab by dropping prices for a day or a half a day but the trend is higher due to the massive global fraud on the central bank

level mervyn king ben bernanke the letter on me the banks are all those are the guys that are driving the truck off the fiscal monetary global economic cliff. all right states everett thanks so much for being once again with me here today on the kaiser report thank you max. for the second half obvious speaking with francine mckenna scourge of the corrupt accounting business we'll be talking more about j.p. morgan financial terrorist. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harvey welcome to the big picture.

there's. a miss it's in. day care my daddy. a lot of. does

a famous reuse benson play was oh my save. my money ransom business. well. it's technology innovation all the developments around russia we've got the future covered. that guys are welcome back to the kaiser report so i'm not to go to new york and speak with france a mechanic re the author dot com for saying welcome back to the kaiser report. thanks max all right francine mckenna it's been over a year since the m.f. global collapse did they ever find the one point eight billion dollars that prized

where does the money return to clients come from what's the latest still missing max still missing one point six billion dollars still missing and they're starting to return some money from clients but that money's coming from other sources some of the money returned from. other people that they're making claims against taking from some of the creditors etc but they still haven't told us where the money went specifically and they certainly haven't gotten most of it back right now elizabeth warren was going to serve under a barack obama as a consumer watchdog in the financial industry but she was prevented from assuming that role because she was actually talking about accountability so they would allow her to assume that position but now she's a senator in massachusetts is she going to just do anything to stop this well you know i bet they wish that they didn't stop her from being consumer financial

protection bureau chief and now they've got a deal with her in the senate there's a lot of people that assume she's going to be on the banking committee maybe even have some kind of leadership role i think that's a little bit wishful thinking but if elizabeth warren stays true to all of her her promises and all of her rhetoric before i think she'll be talking about banking no matter where she is even if she is on some ag committee or put on some obscure other committees have been any communication with elizabeth warren's office and your group who has been a tireless whistleblower and watchdog for accounting fraud is are going to be very big in the communication is there any consensus growing any kind of coalition growing we tween washington and folks like yourself who have been supplying sounds fantastic insight into the frauds is there anything going on along that along those lines well i am fortune. because of my american banker columns in particular have developed some very good contacts in washington in particular in the democratic

caucus in the house of representatives and they're in constant contact asking me what i'm going to write about next in particular the foreclosure reviews foreclosure fraud mortgage fraud the reviews of the banks on that front i think that is soon as the new term starts we're going to be talking about a lot we're going to have more hearings there's a report coming out on m.f. global from the senate to talk about what they think happened in m.f. global they said go ahead futures industry association expo in chicago week before last though that there were people that wouldn't talk to them if you can believe that a senate committee a senate investigations committee and there are people that wouldn't talk to them they didn't get the cooperation they needed so i think that there is actually still a lot going on on the m.f. global side certainly the banks are still under scrutiny when i wrote about j.p. morgan at the beginning of january of last year and said jamie diamond will lose his job by the end of the year i never even anticipated the whale trades let alone everything else that they're being investigated for now including anti money

laundering libel or you name it jamie diamond has to defend himself against so many other regulatory issues that bankers in europe have lost their jobs over why is he still in his job yeah i want to ask you about this cross atlantic regulatory arbitrage if you will you've got jamie dimon and j.p. morgan in new york along with goldman sachs but principally j.p. morgan involved in the m.f. global scandal involved in numerous accounting fraud scandals and involved in market manipulation scandals contrast that of course with barclays and h.s.b.c. here in the u.k. where the government here in britain seems to be getting a little bit more proactive in a least paying some lip service to trying and brain in these. terrorist bankers here's my question francine mckenna given this regulatory arbitrage given the fact that wall street outsources its fraud to the u.k.

for the most part and given the fact that the u.k. is now downsizing is there a bit of. let's say a purposeful attempt to buy wall street. to don't pull out of the stuff in the city of london as a way to competitively drive the city of london down you should be saying i mean it's very competitive cross-currents along those lines i see what you mean i'm not sure i think that unfortunately the bankers here in the us but on romney and that that was really really really wrong now they're going to have to deal with an obama that's reenergized and hopefully. has a little bit of impetus to do some of the things that we've been talking about but that's the thing at the bankers leave london if they're whining or complaining about london where are they going to go and if the us wants to send transactions to london that's probably the wrong place right now because as you say there's more

scrutiny there's even scrutiny in switzerland you have u.b.s. the rogue trader on trial you have that senior banker c.e.o. lost his job to over that scandal i mean really i think there's going to have to be a cunt to jesus the bankers are going to have to realize something's changed and hopefully the obama administration will reinforce that some of them are already talking about shutting certain businesses where the business is going to go who knows but you know i think they better start stop circling the drain and thinking we're just going to move it somewhere else and keep doing what we're doing i think that the number is up and they're going to have to fess up and hopefully it'll be reinforced by enforcement here in the united states i'd like to see a lot stronger enforcement rather rather than the passes that the banks have been getting cheap. morgan is actually really under an enormous amount of scrutiny right now there was a new report that there's one hundred forty billion dollars that they reported in

their last quarterly report of mortgage exposure that they could have to have mortgage put back risk so i'm sure terry bill talk about that in another in another session but that's the thing they've been putting it off extending in pretending that they don't have the problems that the other banks have because jamie diamond has had sort of a results reprieve he said good results and he's gotten away with sort of having all these other illegal and fraudulent things happen at j.p. morgan having them go to london or wherever else they are so that people don't see them right away having the results juiced by things like delaying reserves and delaying recognition of some of this litigation it's against them he's not going to be able to do that anymore there's nowhere else to go as you said scrutiny as everywhere because people are fed up right jamie diamond the results from j.p. morgan recently they showed some surprise revenue in income and profits due

primarily to accounting tricks to changes in last reserve requirements and but exactly what every quarter though the word is that well this is it they've run out of rabbits to pull out of a hat this next quarter they're going to have to actually show the trick gelati of their balance sheet and they're going to see a big the mountains coming for for j.p. morgan and jamie dimon let me ask you about their operations and london according to the volcker rule separating proprietary trading from other forms of trading the london whale loss exposed that j.p. morgan was in fact breaking the law is there going to be any attempt to comply with the law going forward or well jamie done a j.p. morgan continue to break the law on the proprietary desk side of things well they they put those proprietary trades what was low. after that position in the investment bank where supposedly it belongs but that's not to say that they're not putting on new positions in their investment office whether in london or whether in

new york the problem is that there's not enough scrutiny by the regulators or by the auditors of what they're actually doing there why they weren't supposed to be doing that kind of activity and in the investment office and so nobody was looking well now they know so what's the excuse when you have j.p. morgan have to have a financial restatement because they have to admit they were even manipulating the trade values after they admitted the loss what more do you need in order to know that you need to scrutinize much much much more carefully what they're doing everywhere in every location and in every department of the bank because you're right they're going to try to keep squeezing profits out keep having a cushion somewhere keep having a cookie jar they can pull from i think one of these private litigation lawsuits against the mortgage. and the mortgage issues whether it's the bear stearns thing of the new york attorney general whether it's one of these private lawsuits whether

it's a fake chef a that suing on behalf of fannie mae and freddie mac. one of them is going to hit them hard and it's going to take whatever they've got left or at least most of what they've got left and they're going to have to dig deep and for it unfortunately the banking business other than making new mortgages is not very good interest rates are low and they're not doing i lot of business a lot of other places by the way you know we're celebrating two years of our cresc a.p. morgan by silver campaign france and so i hope they're been loading up and so over to help us to capitalize the financial terrorist j.p. morgan now in your latest forbes piece francine entitled is the ponzi crusade enabling companies to cook the books and run the style tell us about this. well in the latest forbes issue the most recent forbes issue of the magazine i wrote about the fact that the f.c.c. dismantled their accounting fraud task force after the reforms that they took on

when the maid of scandal hit they were criticised significantly for missing the made up scandal and they had to beef up their reviews of investment advisors and other kinds of ponzi schemes and the insider trading what they've done is they've reorganized along those lines and accounting fraud is just sort of spread around amongst the people that have that expertise but not with the focal point and certainly not with reporting or accountability in terms of whether or not they actually bring in the cases so the cases they've been bringing are fairly small they're instead racking up the numbers in ponzi schemes insider trading foreign corrupt practices act they've built a template and they can just replicate those charges over and over and over again because of that they're not bringing the harder sort of sticky accounting fraud cases they'll take a little bit more work those are politically unpopular because the f.c.c.

professionals want to go to work either for the corporations as inside counsel or for the law firms that defend corporations nobody likes a ponzi scheme or nobody likes the inside traders that are stupid enough to get caught so it's no problem in forcing that those laws there i think not enforcing accounting fraud cases where we've seen clear cut indications that fraud took place and they're not bringing those companies or the individuals to justice in particular were related to the financial crisis you write that in twenty eleven the i.c.c. brought a record seven hundred thirty five in force with actions but only eighty nine of those actions targeted fraudulent or misleading accounting the fewest by far in a decade so francine mckenna plenty more fraud yet in the pipeline so have to have you back on again soon thanks so much for being on the kaiser report. thanks so much max great to see you and that's going to do it for this edition of the kaiser

report with me max geyser and stacy herbert i want to thank my guest francine mckenna and you can find her over at the auditor's dot com and want to send me an e-mail please do so at kaiser reported r t t v dot ru until next time backscatter saying follow me on twitter bio. download the official application. choose your language stream quality and enjoy your favorites from alzheimer's now t.v. is not required to watch on t.v. all you need is your mobile device watch on t.v. any time any.

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