Big Banks Use the Shadow Banking System to Commit Massive Accounting Fraud
Posted by Charleston
Voice
November 24, 2012
Staggering Levels of Fraud For Years On End …
Staggering Levels of Fraud For Years On End …
The shadow banking system is bigger now than when
the financial crisis started.
Not only does that e destabilize the economic system, but it allows for pervasive fraud.
As Max Keiser explains, massive fraud has continuously taken place over many years … as banks shift their liabilities into the shadow banking system during audit time – with the help of accounting firms and the government – and then bring them back onto the books as soon as the auditor leaves:
Not only does that e destabilize the economic system, but it allows for pervasive fraud.
As Max Keiser explains, massive fraud has continuously taken place over many years … as banks shift their liabilities into the shadow banking system during audit time – with the help of accounting firms and the government – and then bring them back onto the books as soon as the auditor leaves:
At the end of the quarter – when they’re supposed to report
to regulators their balance sheet, the liabilities and assets that they have
- they will temporarily put all of the liabilities … they’ll park them in
the shadow banking system.
In other words, they won’t report the
liabilities … therefore making their profits look greater than they are.
And then when the regulators move on to the next company,
they download the liabilities once again. And they do this on a quarter by
quarter basis.
This is done by all of the Fortune 1,000 companies. They’re engage in massive accounting fraud to cook their books.
These 4 remaining big accounting firms are involved day in and day out with
massive accounting fraud.This is done by all of the Fortune 1,000 companies. They’re engage in massive accounting fraud to cook their books.
http://chasvoice.blogspot.com/2012/11/big-banks-use-shadow-banking-system-to.html
4 comments:
Big Banks are Corporations!
Other Private Corporations want to join the Cabal as it appears with Hostess Brands, Inc.!
Once the Big Banks and the Cabal are taken down then it should be time to go after Hostess Brands, Inc. executives and board members, and other Corporations that did a similar thing!
Is it true that Hostess Brands, Inc. claimed Bankruptcy after they paid themselves bonuses, but left the union members and other employees with NOTHING?
That is considered THEFT by now Multimillionaires!
It isn't the banks, the corporations nor the government that is/are the problems. It is the corrupt people that make up those institutions, as well as the people they serve. We not only have an obesity problem in this nation, but we have a MORAL CRISIS! Hello!! Try to find an honest man...from your local upholsterer, roofer, et al to even the people sitting in Congress and the man sitting in the White House! Does anyone give a hoot about anything except MONEY, FAME and PRESTIGE? A Marxist fraud has been sitting in the WH for four years now and has refused to even prove his eligibility. And where are our leaders who should be demanding proof that he is who and what he claims he is? Even the media has sold its soul to the devil and refuses to report the true facts about anything. And the unions? Why worry about the unions? That's a laugh! They are even more corrupt than the banks and corporations!
I read that article about a whistleblower getting 38 million. I don't comprehend Title 26 or 26 CFR for that matter but even if businesses moved money off the books, they must have declared it at some time to have uncertain tax positions?
The Ferarro 500 link at the whistleblower site.
http://www.tax-whistleblower.com/ferraro500/
These numbers are in the millions so some companies are sitting on billions of dollars just in case the IRS catch them? I say IRS....IRS...catch them!
I saw this change recently
http://www.accountingtoday.com/news/IRS-Updates-Adequate-Disclosure-Rules-Tax-Positions-64851-1.html
I hope the Rev. Proc. 2012-51 catches them. I tried to read that document link but it's too cryptic for me. It just seems if they find out they understated their tax liability and didn't fill out the proper forms or didn't disclose their item or position properly, or can't show in their books where their numbers came from because the word 'verifiable' is in there a few times; then they'll get hit with a big penalty.
If all those companies paid what they are holding, that's over 400 trillion dollars the IRS can collect...easily because their item or position (whatever that is) unreasonable.
I say, find the unreasonable stuff and get 'em!
People have gone to jail for less taxes owed. Wesley Snipes is still in jail.
These are trillions of dollars...it should be jail-able or fine-able in real money assets not digits, for whoever provided the info to the tax preparer and signed off on the forms being filed knowing they aren't disclosing everything.
people are hurting out here.
We the People, people, us people, some people, all kinds of people are being taken over by corporations run by people who are greedy.
This guy tore Lloyd Blankfein a new one for getting a bail out and an IRS Tax return!
Can you believe this shustas!
Found the link at sgtreport but here is the blog and the video is imbedded.
It reminds me of Nigel and how he wakes up the the British Parliament by disclosing the ignorance of the nonsense they accept.
http://www.commondreams.org/headline/2012/11/30
Enjoy!
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