Archives For Max Keiser

1) HSBC offers full page apology only for the least of their crimes

“They don’t mention all the tens of thousands of beheaded people in Mexico and Columbia. They don’t mention all those ripped off by all the Libor rigging, or all the clients they ripped off in the Forex scandal.”

Stacey Herbert

Max Keiser hits the nail on the head in this video, putting some perspective on the actions, treatment and non-punishment for years of mass criminal behaviour and financial terrorism at one of our largest banks, including the fact HSBC funded terrorist groups. The media has worked hard to shape the debate and limit our understanding of the gross injustice inflicted on the world by banks like HSBC. In the video, co-host Stacey Herbert highlights that the Department of Justice in the UK failed to prosecute and punish HSBC because of ‘collateral consequences’ suggesting they are too big to punish. However, Iceland has punished, sentenced and regulated their financial industries and guess what? Their economy has not collapsed, and their public are much safer.

2) Peter Oborne publicly resigns from The Telegraph over ‘fraudulent’ coverage

Political Commentator, Peter Oborne publicly resigned from The telegraph with this letter posted on Open Democracy where he accuses the Telegraph of having committed a fraud on its readers over coverage of HSBC.

 

Image: The Commentator

Image: The Commentator

From the letter:

“With the collapse in standards has come a most sinister development. It has long been axiomatic in quality British journalism that the advertising department and editorial should be kept rigorously apart. There is a great deal of evidence that, at the Telegraph, this distinction has collapsed.

“Late last year I set to work on a story about the international banking giant HSBC. Well-known British Muslims had received letters out of the blue from HSBC informing them that their accounts had been closed. No reason was given, and it was made plain that there was no possibility of appeal. “It’s like having your water cut off,” one victim told me.”

“When I submitted it for publication on the Telegraph website, I was at first told there would be no problem. When it was not published I made enquiries. I was fobbed off with excuses, then told there was a legal problem. When I asked the legal department, the lawyers were unaware of any difficulty. When I pushed the point, an executive took me aside and said that “there is a bit of an issue” with HSBC. Eventually I gave up in despair and offered the article toopenDemocracy. It can be read here.

“I researched the newspaper’s coverage of HSBC. I learnt that Harry Wilson, the admirable banking correspondent of the Telegraph, had published an online story about HSBC based on a report from a Hong Kong analyst who had claimed there was a ‘black hole’ in the HSBC accounts. This story was swiftly removed from the Telegraph website, even though there were no legal problems. When I asked HSBC whether the bank had complained about Wilson’s article, or played any role in the decision to remove it, the bank declined to comment. Mr Wilson’s contemporaneous tweets referring to the story can be found here. The story itself, however, is no longer available on the website, as anybody trying to follow through the link can discover. Mr Wilson rather bravely raised this issue publicly at the ‘town hall meeting’ when Jason Seiken introduced himself to staff. He has since left the paper.

“Then, on 4 November 2014, a number of papers reported a blow to HSBC profits as the bank set aside more than £1 billion for customer compensation and an investigation into the rigging of currency markets. This story was the city splash in the Times, Guardian and Mail, making a page lead in theIndependent. I inspected the Telegraph coverage. It generated five paragraphs in total on page 5 of the business section.

“The reporting of HSBC is part of a wider problem. On 10 May last year theTelegraph ran a long feature on Cunard’s Queen Mary II liner on the news review page. This episode looked to many like a plug for an advertiser on a page normally dedicated to serious news analysis. I again checked and certainly Telegraph competitors did not view Cunard’s liner as a major news story. Cunard is an important Telegraph advertiser.”

In this short video, Oborne explains how news judgements were made based on advertising partners which severely distorts journalism. This is why we need Real Media.

3)  Cameron takes aim at working poor and ‘unhealthy’

While David Cameron claims to be on the side of the ‘hardworking’ he quietly slipped through plans for a pilot scheme beginning in April targeting and punishing those in low paid or part time work.

It is important to bear in mind that Cameron has garnered an environment of low pay and insecure employment with record numbers of people in in-work poverty. The Prime Minister has taken steps to remove power and rights from employees, and give more to employers. This allows large employers to exploit desperate workforces, keeping them on poverty wages, while company profits are subsidised by the state when topping up low pay. And for this, Cameron now plans to make the lives of employees even harder with the kind of bureaucratic delays, sanctions, punishment and hardship which halt people’s ability to function or get on in society.

“One change in particular threatens to scupper Cameron’s claim to be on the side of Britain’s hard working people. In an alteration to legislation that went largely unnoticed at the end of last month, the government introduced a pilot for 15,000 low-paid working universal credit claimants. Those participating in the mandatory scheme may find that their benefits are reduced if they do not actively seek to work more hours or increase their salary.

“The change is important because this policy goes beyond targeting jobseekers, the sick and disabled. If penalises those who are hard at work, maintaining part-time, low-salaried jobs

“Labour peer Baroness Sherlock said in the House of Lords before the secondary legislation was introduced: ‘If you have been on benefits and you get a job, you do not expect the department to ring you up at work saying, “Come and talk to me because you’re not working enough”.

‘I think that people who feel that they have escaped the tender ministrations of the jobcentre are going to be a little taken aback when they find that it starts following them to work.’

“Sanctions can apply of claimants working less than 35 hours a week on minimum wage (typically £12,000 a year) who do not comply with the scheme. Failure may include failing to attend ‘job focused interviews’ or failing to apply for a job that might bring in extra hours. Welfare reform minister Lord David Freud says “tougher” conversations will be had with claimants after two months.

“For claimants, one of the most worrying aspects of the programme – called work related requirements – is that it can apply to housing benefit (technically the housing cost element of universal credit). That’s potentially a chunk of your rent lost to the DWP if you do not take active steps to get a better-paid job.”

Cameron also announced that benefits would be cut for obese people and addicts who refused ‘help’, pretending he was a moral crusader by condemning more poor people as moral failures who need to be punished.  Meanwhile, Tory Minister Lord Green is protected and rewarded by Cameron and his party, despite his chairmanship of HSBC during heinous criminal activity remarked on above. He cares so much.

Read more about this story here.

4) Universal Credit Fact Sheet

HuffPost shared this fact sheet on the bewildering Universal Credit system, just in case there was any lingering confusion on the flagship scheme which is now being rolled out nationally.

o-UNIVERSAL-CREDIT-SPOOF-570

(Fact sheet created for HuffPost UK Comedy by David Schneider and David Beresford)

Daniel Pacey, who was featured in the government’s own film about Universal Credit, has since spoken out about the ‘nightmare’ system which left him with no money for six weeks before his first payment, and ongoing problems and delays to his claim. Pacey warned that Universal Credit is likely to push people into hardship.

5) Firefighters strike this Wednesday

Firefighters confirmed plans for a 24 hour walkout taking place this Wednesday, over continued fights for pensions and disputes on retirement age.

The strike comes after fire authorities backed down on promises to not reduce pensions for those failing fitness tests over the age of 55.

The strike begins at 7am on Wednesday with many staff joining a Fire Brigades Union demonstration in Westminster.

Read more about this story here.

“I use some metaphors occasionally….To me, I would equate this to interest rate apartheid, where if you’re an insider in the city, you can borrow money at a half a percent and speculate all day long, creating housing that in turn becomes the property of greedy landlords. But if you’re on the other side of the coin, if you’re out there, actually working for a living and you’re short a few bob at the end of the month, you go to Wonga, and you pay 5000% annualised rates of return.

“The poor in this country are told to pick themselves up by their bootstraps and work harder but they’re being asked to do so in an environment where they have these financial predators circling in the interest rate apartheid ghetto. At what point does rhetoric become outright scapegoating, because I notice in this country now, the poor are being increasingly scapegoated as the reason for all of the country’s ills economically, going forward, that it’s the poor’s fault. And we’ve seen this movie before back in the 1930’s, over in Europe, where one group of people is scapegoated for the reason for all these troubles, and then we know where it goes from there.

….Speaking of scroungers, like George Osborne, you have a situation, where the housing market crashed essentially in 2008, 2009 as part of the credit crunch. The scroungers in this case would be the big banks in this country and the housing developers who were sitting on bonds that were collateralised by mortgages. They were sold. Hundreds of billions of pounds of these mortgage-backed securities are sitting on their balance sheets. If these mortgages were allowed to trade at the fair market price, based on true supply and demand, then all four of the big banks would have been insolvent.…They went scrounging to the government and said ‘we need you to take all of our crap mortgages and to put it on the balance sheet of the Bank of England, in exchange for fresh pounds that we’ll put on our balance sheets and we’ll say we’re solvent’. So in other words, the option of this aristocratic class is to simply take all this bad debt, wherever they make a mistake, swap it for good stuff at the Bank of England and declare themselves solvent. So, if the same option were available to council estates around Britain, using the same technique, they would be able to take all of their Wonga debt and they would go to George Osbourne, they would go to Mark Carney, the Bank of England and say ‘you take my Wonga debt….I want a fresh treasury bill in pounds’. Why is this, again, this is interest rate apartheid, why do the scroungers in the city of London get to have this option of money at a half a percent, whereas everybody else is paying these extortionary rates and they don’t have that relationship. Why is the Bank of England only serving a few people, why isn’t it serving the country as a whole?”

Max Keiser, Keiser Report Aug 2013

Watch the full video here.

Image: Crowdfundinseider