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« WaMu Lost 100,000 U.S. Mortgage Files In Mexico | Main | Bailout Contagion Hits Europe As Pensions Seized In France, Hungary & Ireland To Pay Banks - Who's Next? »
Tuesday
Nov302010

BOMBSHELL: Wikileaks Will Unveil Major U.S. Banking Scandal In Early 2011 - "An Ecosystem Of Corruption"

This is going to be huge, and my gut says Goldman Sachs, based on Assange's comments inside.  This will not make Dr. Bernanke and Tim Geithner very happy, as they have worked tirelessly to cover-up Wall Street fraud since the Bear Stearns bailout.  And if you thought the Pentagon was pushing hard to shut down Wikileaks, wait until the Federal Reserve gets involved. 

It's not inconceivable that the Fed itself could one day be a Wikileaks target, and so better to destroy the enemy now.

---

Source - Forbes

Source - Reuters

First WikiLeaks spilled the guts of government.  Next up: The private sector, starting with one major American bank.  In an exclusive interview, WikiLeaks founder Julian Assange told Forbes that his whistleblower site will release tens of thousands of documents from a major U.S. financial firm in early 2011.  Assange said the documents could "take down a bank or two."

Assange mentioned Goldman Sachs by name in the interview, but did not confirm the Wall Street giant will be the target of the leak.  Assange wouldn’t say exactly what date, what bank, or what documents, but he compared the coming release to the emails that emerged in the Enron trial, a comprehensive look at a corporation’s bad behavior.

  • "We have one related to a bank coming up, that's a megaleak. It's not as big a scale as the Iraq material, but it's either tens or hundreds of thousands of documents depending on how you define it."
  • "It will give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms, I presume."
  • "Yes, there will be some flagrant violations, unethical practices that will be revealed, but it will also be all the supporting decision-making structures and the internal executive ethos ... and that's tremendously valuable."
  • "You could call it the ecosystem of corruption,” Assange added. “But it’s also all the regular decision making that turns a blind eye to and supports unethical practices: the oversight that’s not done, the priorities of executives, how they think they’re fulfilling their own self-interest."

Assange also told the magazine that his group has material on many businesses and governments, including in Russia, and that it has some documents on pharmaceutical companies, which he did not identify.

Read the complete interview at Forbes...

---

Bill Black has made the case recently that Bernanke and Geithner are actively working to hide bank fraud...

 

 

 

 

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Reader Comments (33)

WikiLeaks plans to release a U.S. bank's documents

http://www.reuters.com/article/idUSTRE6AS68S20101130
Nov 30, 2010 at 2:38 AM | Registered CommenterDailyBail
Nov 30, 2010 at 2:39 AM | Registered CommenterDailyBail
Nov 30, 2010 at 2:39 AM | Registered CommenterDailyBail
Nov 30, 2010 at 2:40 AM | Registered CommenterDailyBail
« William Black With Dylan Ratigan: "There Is Bank Fraud Everywhere And BERNANKE Is Leading The Cover-Up," PLUS Part 2 Of 'Seize Bank Of America' »

http://dailybail.com/home/william-black-with-dylan-ratigan-there-is-bank-fraud-everywh.html
Nov 30, 2010 at 2:40 AM | Registered CommenterDailyBail
I predict he will be murdered sooner or later.
Nov 30, 2010 at 7:52 AM | Unregistered CommenterC.J. Brown
C.J. Brown--

That thought frequently crosses my mind. But a bet requires a date certain. I'm betting (1) the documents get released during 1Q11 and (2) Assange is alive when the release occurs.

If that's right, this is going to be awesome. I hope it's JP Morgan. Disclosure: long Ag.
Nov 30, 2010 at 8:26 AM | Unregistered CommenterCheyenne
Its BAC.
Nov 30, 2010 at 9:09 AM | Unregistered CommenterSilent Bob
Just one question. CAN STOLEN DOCUMENTS/INFORMATION BE ADMISSABLE IN A COURT OF LAW? I am inclined to believe that the release of banking/corporate "secrets" would literally stop or hinder any prosecution of illegal activities. Someone is controlling Assange and company. This PR stunt is by design.
Nov 30, 2010 at 9:40 AM | Unregistered Commenterjohn
I am inclined to believe that the release of banking/corporate "secrets" would literally stop or hinder any prosecution of illegal activities.

---

John...the only problem with this theory is that there are no current investigations/prosecutions to interfere with...this is going to be big...and at least 1 bank is going down...
Nov 30, 2010 at 10:49 AM | Registered CommenterDailyBail
Re court cases: evidence rules are different for civil and criminal cases. In a civil case you would request admissions
that the docs are legitimate....and also depose people under oath to verify authenticity eventually. Not everyone is
willing to lie under oath for the benefit of the boss (i.e. Scooter Libby). I'm not familar with rules of evidence
for criminal cases; but surely it could be done someway.....there's almost always someone that is eventually
willing to talk if they themselves are in jeopardy.
Nov 30, 2010 at 11:03 AM | Unregistered CommenterC.J. Brown
John--

Accepting Assange's representations as true, these docs are both admissible and admitted in a court of public opinion. That's likely enough for Assange's purposes.

As for a court of law, yeah, those docs are likely admissible there too. The fact that the docs happened to be filched by some agitator wouldn't immunize them from use by parties other than Assange. The docs exist, after all, on Bank X's computer systems and in its files. They are separately discoverable in legal proceedings. Moreover, executive-level docs may well be treated as admissions against Bank X's interest. If so, they'll be easily admitted into evidence.

Silent Bob--basis?
Nov 30, 2010 at 11:15 AM | Unregistered CommenterCheyenne
cheyenne...the more i think about it, i think your guess might be more plausible...it fits the theme of BofA execs signing of on Mozilo-induced fraud...
Nov 30, 2010 at 12:21 PM | Registered CommenterDailyBail
Gotta laugh at this. Is anyone unaware that our financial system is an ecosystem of corruption? I'll bet he releases the documents, and absolutely nothing happens. It wil just get piled onto the mountains of evidence we already have.

P.S. Although I doubt his target is JPM, you'd still do well to stock up on silver. Being rich is the best revenge.
Nov 30, 2010 at 12:44 PM | Unregistered Commentermark mchugh
Question: Does anybody know why the leaks are announced in advance? Seems weird.
Nov 30, 2010 at 1:02 PM | Unregistered Commenterkiki
DB--

Silent Bob guessed BAC. I hope he's right. I lost money on that bastard stock in 2007, dumped all shares on New Year's Eve. I still finished that year in the black and well above the S&P 500, but BAC cost me a stellar year. I figured BAC had to have been lying about its profitability, etc. and started reading blogs pretty much right then. A couple weeks later I was out of the stock market for good...

mchugh--I hope it's JPM just because I stocked up like you said and Jamie's way short. Why don't you think it's them?
Nov 30, 2010 at 1:07 PM | Unregistered CommenterCheyenne
Cheyenne, here is a little something I dug up: http://www.illinoistrialpractice.com/2009/09/getting-documents-into-evidence-at-trial-procedural-steps.html

The hearsay issue may be applicable. However, the Business records exemption may trumph things with the caviat that a claim of improper foundation may be made and the judge may rule it inadmissable.

The other 3 items listed in above link such as authenticity of document could also be challenged.

ps. I am not a lawer but this makes sense.
Nov 30, 2010 at 1:19 PM | Unregistered Commenterjohn
Because my impressions of JPM is that they run a pretty tight ship. That may be wrong, mind you, but I think the concept of "email no evil" is engrained in their people. Kind of like the way the most hateful racists in the world never, ever use the n- word, If that makes any sense to you.

When I worked in that world, the "don't put anything in writing" mentality was an unspoken yet pervasive force. I think JPM follows that policy more closely than their colleauges.
Nov 30, 2010 at 1:23 PM | Unregistered Commentermark mchugh
Question: Does anybody know why the leaks are announced in advance? Seems weird.

--

@kiki...

according to the forbes reporter who did the interview, assange likes to control the flow of his data and he likes to create anticipation and build awareness ahead of time...he has done the same with his previous megaleaks...announcing them in advance...this one on the banks is going to be their most important leak since the initial afghan footage of civilians being killed...if you remember that one...
Nov 30, 2010 at 1:37 PM | Registered CommenterDailyBail
"Wikileaks to unveil major US banking scandal"

Are they going to cut and paste "Daily Bail"?
Nov 30, 2010 at 2:28 PM | Unregistered CommenterBenny and the Talibanks
john--

The link you provide is correct about what needs to be done to get a bus. record or other document into evidence. But, as C.J. Brown indicated above, these things are handled prior to trial during a deposition. Usually the parties will stipulate that many docs are admissible/admitted, often making such documents joint trial exhibits (for use by either plaintiff or defendant) before trial even commences.

At this point we'll just have to wait and see what Mr. Assange has for us...

mchugh--interesting observations on JPM culture, thanks. Makes sense. Jamie Dimon strikes me as a prick, but not stupid. Ken Lewis just seemed like a pompous asshole, a witless empty suit.
Nov 30, 2010 at 2:43 PM | Unregistered CommenterCheyenne
@Benny...that might help traffic lightly...;-)
Nov 30, 2010 at 2:48 PM | Registered CommenterDailyBail
@cheyenne...

and iit makes the most sense for it to be BAC...they inherited the Countrywide fraud and likely signed off on it...and i'm sure there's more to it than that...if you read it closely..assange says "bring down a bank or 2"...i like the odds for bank sodomization in early 2011...
Nov 30, 2010 at 2:50 PM | Registered CommenterDailyBail
C.J. Brown:

1. Assange is part of an organization and if he is murdered it wont change anything. Which doesn't mean that a lot of wing nuts are not trying at this very moment.

2. All of this stuff is already known to most people who want to know, we just don't know the details. Writers such as Michael Lewis and others have been telling us this stuff for years.

3. If you want to know almost exactly what is happening today, minus the names, just read a book about Enron or any other financial scandal of the past. Hell, any book on the Teapot Dome scandal will do.

4. Business schools all over America have been teaching the kind of ethics which these documents will demonstrate. They are listed in the tables of contents of their textbooks. It's there for everyone to see. All recent MBA's know them very well and practice them.

5. The only thing different is that the gentleman's agreement of the mainstream press no longer operates: "Gentlemen don't read each others mail."

Whoopee!


Donate to Wikileaks now and get your name on a CIA/FBI list : http://www.wikileaks.org/media/support.html
Nov 30, 2010 at 2:55 PM | Unregistered CommenterJames Street
"If you want to know almost exactly what is happening today, minus the names, just read a book about Enron..."

I know a guy who worked at Enron (as well as one of the LJM partnerships) and testified at the trial. If Assange has gotten ahold of documents like the one this dude told me about, I'd put the odds of Bank X going down at over 50%.
Nov 30, 2010 at 3:08 PM | Unregistered CommenterCheyenne
Worrying about the admissablity of a "stolen" document is a non-issue. As long as the information is out there it can be worked backwards from an investigative standpoint. For instance, if you get arrested a police officer can search your cell phone for evidence of the crime incident to the arrest with the knowledge the information can be destroyed, automatically or remotely. However, if a court later determines the search was unlawful, the evidence and any evidence from which was derived from the illegal search will be inadmissable in court. The GOOD news is that the evidence is not destroyed and a legal way to obtain the evidence will be sought, ie- search warrant, depositions, other sources of corroboration of the necessary facts in the document. Anyone who would destroy the documents at Bank of America, I mean Bank of X, will be an idiot and will be the jail stooge missing his/her family and friends during the holidays.

If the facts are worth it and the people demand it, federal prosecutors would easily be able to use the information. But we all know it will blow over, they'll put some young AUSA in charge of the case, who is promissed a 7 figure job by the very institution s/he is going to investigate.
Nov 30, 2010 at 4:08 PM | Unregistered CommenterBenny and the Talibanks
It would blow the lid off an "ecosystem of corruption," he added.

The Australian-born Wikileaks chief predicted it would be as damaging as the Enron emails, which brought the powerful Houston-based energy company to its knees and led to its bankruptcy
"At the moment, for example, we are sitting on 5GB from Bank of America, one of the executive's hard drives," Assange told the technology site Computer World in an article published on October 9, 2009

http://www.rawstory.com/rs/2010/11/flashback-wikileaks-chief-5gb-dirt-bank-america/
Nov 30, 2010 at 5:05 PM | Unregistered CommenterTexas Dar
As (I think) B and T said, most people who want to know already know and if they REALLY want to know they can even get the details, as long as they don't take the details to court or try to hurt anyone with them.

If they wait for a respectable period, they can even write a book about the details (if they change the names) since nobody reads books anymore except aging professors of economics, political science and other irrelevant things.

These leaks wont bring the system down unless it is seriously on its way down already. In that case, it might become a Dreyfus Case for our era and a wake up call for democracy.

But I'm skeptical. The next few weeks will "tell the story."
Dec 1, 2010 at 12:18 AM | Unregistered CommenterJames Street
@James Street

I like most cant wait for the Banksters Secerts to come out next yeat. What a Field Day, were all gona have. Would luv to see 3 big banks go down. Maby evan 5.......!

They just may be to big to fail. But not to small for the "Winky-Dinks" guy to dig up some "True Dirt" on these Low Life Scumm....!

I got my Vodca-&-Sellser Water........."Hot & Spicy Pork Rines" ready for the Party. Oh Crap, I gotta get some Deer Jerky, from Gomps to chew on as the banks go down like tower #-7 did...
Dec 1, 2010 at 4:10 PM | Unregistered CommenterTexas Dar
hey texas dar..you forgot the alamo..if i was a mexican i would piss there..but thank your lone stoned state..im not..lol..and a beer fart in ya face...pork rines..oh yea..
Dec 4, 2010 at 12:00 AM | Unregistered Commentermike hunt
So enlighten us MiKunt, exactly what does the Alamo have to do with the banking crisis, or Wikileaks for that matter, that you are willing to fart in peoples faces to defend?
Dec 4, 2010 at 12:53 AM | Unregistered CommenterS. Gompers
@mike...what gomp said...why jump on texas d...he's a very kind soul...
Dec 4, 2010 at 12:58 PM | Registered CommenterDailyBail
pork rines..oh yea..
@ mike hunt

One good one outa 3 aint all that bad. Im just glad you dident shit in my "Porkies Bag"..................! Did I afend you sir in any way......if I did, im very sorry...?

If you have a gruge with the Lone Star State, ya'll gona need to fight that one out with the Texan Folk back in Texas....! I would bring everyone you know, and as many as you can round up !

But, every dog has his day. Sounds like you found yr food bowl empty, and water dish dumped........on Dec. 4th Pay it forward and be nice to somebody tomorrow...
Dec 4, 2010 at 7:53 PM | Unregistered CommenterTexas Dar

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