Feeds: Email, RSS & Twitter

Get Our Videos By Email

Powered by Squarespace



Search The Daily Bail Archive Of 15,000 Videos




Hank Paulson Is A Criminal - Pass It On

Bernanke's Failures Caught On Tape

"The Federal Reserve Is A Ponzi Scheme"

Get Our Videos By Email


Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - The 11 States Most Likely to Go Bust

SLIDESHOW - 7 Really Big Holes - Don't Miss #7

SLIDESHOW - Molotov Cocktails In Greece

SLIDESHOW - The Sights, Sounds & Women of Texas

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Egyptian Revolution - Graphic PICS

SLIDESHOW - U.K. Student Riots

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
« VIDEOS - Ron Paul: 'Bring The Troops Home NOW!' Maxine Waters: The Tea Party Can Go Straight To Hell, A History of Donald Trump's Net Worth (1988-2011) | Main | Japan's Experience Shows That A National Infrastructure Bank Can Have Very Bad Consequences »

Madoff Whistleblower Markopolos Uncovers Another Scam


Video - Harry Markopolos with Aaron Task on Banks' Pension Scam - Aug. 19, 2011

Banks Are Ripping Off Pension Funds By Backdating Currency Transactions

Source - Tech Ticker

Amid all the market volatility and weakness in the financial sector of late, you may have missed this WSJ front page story: "States Go After Big Bank on Forex".

The man who uncovered the alleged scam, Harry Markopolos, expects all 50 states to eventually join the suit.  In this case, Markopolos says BNY Mellon and State Street we're taking about "three tenths of a percent from every forex transaction for pension funds" by back-timing the trade to benefit banks at the detriment of their pension fund clients. "It's almost the exact same scheme as the market timing scandals of 2003," he claims.

"Attorneys general in Virginia and Florida filed civil suits against BNY Mellon alleging that the bank cheated pension funds in those states by choosing improper prices for currency trades the bank processed for the funds," The WSJ reports. "The Virginia lawsuit, filed in a Fairfax, Va., state court, cites internal bank emails allegedly showing that senior bank officials knew about, and endorsed, a currency-trading method that hurt state pensioners."


PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (3)

Well the fun ever come to an End......what a great time to live in Americka.......
Aug 22, 2011 at 9:00 PM | Unregistered CommenterTexas Dar
Such a good video of info DB. Only 1 comment? I suppose it's because I'm face down ass up in this issue. What a great point about the court issue. Will they ever see it? If so will there be a settlement which only equates to a sell out. I wish him gods speed.
Aug 24, 2011 at 6:08 PM | Unregistered CommenterDave

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
All HTML will be escaped. Hyperlinks will be created for URLs automatically.