Posts Tagged Banksters
Up to a trillion rand could be refunded to South African customers by the banks. This is precisely the kind of cash injection that will help bring our country out of debt slavery and into a new age of prosperity.
Millions of South Africans who have loans or credit could see their monthly repayments reduced substantially. And tens of thousands of people who have had judgments against them over the past two decades may be eligible for compensation. Garnishee orders should be slashed and small businesses struggling with overdrafts should be released from the shackles of debt slavery.
In simple terms – it is very possible that your credit card, home loan, personal loan, vehicle loan or any form of credit you may have, has been settled in full by a third party, called a Special Purpose Vehicle (SPV). Because your loan has been settled in full (ie. the bank has been paid out for your loan), the bank cannot bring your case to court. Under these circumstances, the collections process undertaken by banks, and any judgments taken by the bank as a result, would be unlawful.
Once a loan has been securitised (this is the technical term for this process), the bank loses the legal right to the asset. Confirmation of this was given to the New Economic Rights Alliance in the form of the attached letter from the South African Reserve Bank (see page 5, para AD8).
Unfortunately the banks “neglect” to tell the customer that their loan has been settled thanks to securitisation. This is why The New Economic Rights Alliance, a non-profit organisation, was formed. We are here to educate the South African people, and take legal action if required.
An example of where a bank has admitted outright securitisation, and withdrawn their court case, is the case of ABSA vs Louis Louw. You can read about this case in our legal documents at www.thebigcase.co.za.
Several overseas court cases have also proven that what we are saying is correct. For example:
- A very recent case in Washington witnessed a huge victory that has opened the door for many future lawsuits of this nature (http://www.reuters.com/article/2012/09/14/us-foreclosures-courtcase-washington-idUSBRE88D1OF20120914).
- If that is not enough, an important case in Hawaii confirmed that a bank has no right to sue for an asset that has been securitised (http://stopforeclosurefraud.com/2012/03/31/usdc-judge-seabright-in-hawaiii-exemplars-securitization-fail-and-dismisses-a-foreclosure-for-lack-of-standing/).
- There was also a massive US$37 billion settlement paid out by five major banks in the US under similar circumstances: (http://www.cbsnews.com/8301-500395_162-57373706/5-banks-in-$26b-settlement-with-feds-over-abuses/).
- And hot off the press, the banks have just lost a huge case in Australia over securitisation (also called Collateralised Debt Obligations – CDO’s). This time, it was the investors who took down the banks for misleading them. This court case effects people all over the world (http://www.abc.net.au/news/2012-09-21/lehmann-brothers-test-case/4273896).
- Even the Federal Deposit Insurance Corporation is suing the major banks in the US for securities fraud. (http://jhaines6.wordpress.com/2012/09/16/bombshell-bombshell-bombshell-fdic-sues-the-big-banks-for-massive-securities-fraud/)
- There are many other cases too numerous to mention, but legal beavers who want to see for themselves should look up these cases:
- Wells Fargo Bank, N.A. v Farmer, 2008 NY
- Francis J. Bevilacqua, Third vs. Pablo Rodriguez, Oct. 18th, 2011
- FERREL L. AGARD Case No. 810-77338
Securitising loans behind the backs of the customer is a huge business for South African banks. According to the Banking Association of South Africa’s website, banks are securitising around R30billion per month (http://www.banking.org.za/Securitisation/detailed.php.) These numbers indicate that the banks are offloading private debt very quickly onto the public. This is leading to a kind of “financial cannibalism” where one person is forced to rely on another person’s repayments in order to survive.
If you default on a loan, the debt to the SPV and its investors are covered by an insurance policy. This is provided for in the Securities Services Act. Insurance of this nature (usually called a credit default swap) nearly sent insurance giant AIG under in 2008. When insurance pays out, the debt is settled. So, quite simply, there can be no legal case against you because all parties have been settled. In law, this would be referred to as de minimis non curat lex.
Securitisation has yielded massive profits for the banks while the customer continually loses out. Because they did not disclose what they were doing to the customer and did not inform the customer that their debt had been settled, we believe that the bank profited unfairly. Is it time to bring the scales of justice into balance?
Feel free to have your lawyer or debt counsellor contact us for more information. Alternatively, stand by while we prepare for a class action lawsuit whereby all South Africans can join with NewERA and claim from the banks what is rightly theirs.
Please let all your friends, family members and colleagues know about this letter, and to join us at www.newera.org.za.
THE NEW ECONOMIC RIGHTS ALLIANCE
PS. If you would like to demand answers from your bank right now, below is a list of questions that you can ask. If you are lucky enough to receive a response, read it carefully. You will notice that your questions will probably not be answered directly. Click here for a list of contact details.
- Am I indebted to the bank right now? (Please answer yes or no).
- Please confirm that the bank actually possessed the money they claim to have lent me, prior to my loan being granted. In other words, did the bank physically have the money they lent me, prior to the money appearing in my account?
- Would the bank be prepared to amend the credit agreement as follows: “We, the bank, did in fact possess the money we loaned you, prior to the loan being approved.”
- Was the loan funded by assets belonging to the bank at the time the loan was granted? Either way, please describe in detail the accounting process used to create my loan.
- Did the bank record my promissory note / negotiable instrument as an asset on its books? If yes, how was my instrument used to create my loan, and where is my valuable promissory note / negotiable instrument now?
- Does the bank participate in a securitisation scheme whereby debts / promissory notes are bundled and then sold-on to a third party/parties via special purpose vehicles, entities or alike processes?
- Was my loan securitised? If so, please send me all details regarding the securitisation.
- Does the bank have a legal right to collect money it claims I owe it? If so, then were does this legal right come from, assuming the loan has been securitised?
- Has my loan with the bank been settled by a special purpose vehicle, insurance policy, or by any other party?
- Regarding the security given to the bank by me, has this security been sold on or given as security to another party?
As you know, NewERA along with over 150 of our Members successfully served a summons against the four major South African banks and the Reserve Bank.
Due to the wonderfully supportive response by the public and the media (see below), we wish to amend the summons and allow more people to formally join our case. If you have any kind of credit facility or loan, then please throw your weight behind this action.
Please click here to join the case. This could be the last chance we have to unite before these “Greedy Monsters” swallow every home, car and small business in the country. (Furthermore, joining this case may suspend legal action against you.)
Recent Press exposure:
Mail & Guardian: http://micro2.majesticinteractive.co.za/track.php?link_id=7a2f84ddb55586f9&cid=d8813cacfe64b688
Township Times: http://www.townshiptimes.co.za/?p=16236
Beeld (Sake24): http://www.sake24.com/Maatskappye/Finansiele-Dienste/NewERA-dagvaar-banke-oor-misbruik-20120723
Legal Brief: http://www.legalbrief.co.za/article.php?story=20120724084804828
Interview on Cii radio: http://www.ciibroadcasting.com/2012/07/17/new-economic-rights-alliance-says-banks-are-greedy-monsters/
Our Chairman on Twitter:
Our Chairman, Scott Cundill, is now on twitter. Follow him on www.twitter.com/scottcundill. Not only will he provide updates about the big case and the money-lending system, but Scott also started an eco-community in the Natal Midlands. This sustainable community is called Five Streams where they grow their own organic food, drink fresh water, build using natural methods and promote alternative energy systems.
I need a Hero:
We are looking for South Africa’s unsung heroes. Please submit your nomination for a NewERA “I need a Hero” award by clicking here.
Please update your details:
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THE NEW ECONOMIC RIGHTS ALLIANCE
Are You Brave Enough?
Are You brave enough to read this and accept the Truth?
re: GREAT NEWS – IT IS FINALLY PUBLIC – – WE HAVE BEEN SCREWED FOR 100 YEARS!! (You can read it by scrolling down to the next red headline).
This article will be very important to read for your own knowledge about what is
and has been going on financially in the world.
Before you read this, you should know that this world is controlled by the ones that control the money of the world. That would be the Illuminati aka, the elitist, plutocracy and/or the owners of the Federal Reserve which is neither federal nor reserve (this is a privately owned institution which is owned by bankers).
It has been said, “the ones that control the money (of the world), control the world”. If you listen to “The Creature from Jekyll Island” or read the book, this will explain it all. It has been a few years since I have heard it so it would be good for me to revisit it. Another good DVD is the Money Masters.
There is so much that we don’t know that is going on behind the scenes that if we knew what was going on, it would cause us to go into a tailspin of unbelief. If you read that article about George Soros, then you’ll have an idea about what is going on. As a nation, we have been hoodwinked, duped and railroaded. Most people are “sheeple”, not having any idea about what is going on in the world.
Years ago (early 1990s) I remember Bush Sr. on television talking about the “New World Order” (this is the agenda of the Illuminati) ie., one world government and one global economy. That will happen, but we still have a few years before that comes to fruition. Read about Leo Wanta and how Bush Sr. stole trillions of dollars.
We are in the “Matrix” just like the movie. We are just living a life which unbeknownst to us, is under the control of the plutocracy. I barely know very much about these subjects and there are some that know a lot more than me and they only know in part, but at least my eyes and ears are open to what is really going on, even if it just an infinitesimal amount. There is so much corruption in our government and in the world, it belies our imagination of what is real and perhaps, not real.
The POTUS (whom ever it may be at the time) is only a “puppett” for the ones that are really in control and the POTUS obeys the agenda that they are told to implement and if they did not acquiesce, they would have a “Kennedy ” experience done to what ever president is in office (remember that JFK wanted to get rid of the Federal Reserve so they got rid of him instead).
There is more info on this on the video “Dark Secrets” about the Bohemian Grove. Anyway, here is a smattering of information about the “Federal Reserve”. Raul
Subject: GREAT NEWS – ITS FINALLY PUBLIC – WE HAVE BEEN SCREWED FOR 100 YEA RS !!
PASS THIS TO EVERYONE
The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out.
Ben Bernanke (pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning. What was revealed in the audit was startling: $16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland.
From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is ‘only’ $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is ‘only’ $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
Quote ‘This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else’. Bernie Sanders(I-VT)
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy . If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses can be stopped with five dollars worth of bullets.
Regardless of whether this money is fiat money (money printed with nothing of value to back it), if it is a currency forced on society and the world, with enforcement by the Fed, IRS, the U.S. military, et al, –which it is– the acts of the Federal Reserve are, in essence, the transfer of greater wealth to the rich insider banks and corporations, while the rest of the world grows poorer, and as the value of this funny money grows less and less in purchasing power.
(This is what happens when you put money into the economy that has not been earned but just “created”…it devalues our money that was earned.)
These insider banks, etc., then, exchange this funny money for gold and silver, the real wealth of the world, which, then, reinflates the world with more and more devaluing federal reserve notes. This, then, creates hyper-inflation, increasing the cost of all resources and commodities, while gold and silver climb to never-seen-before levels of value.
This is how the Federal Reserve insiders steal the wealth of the world and why the rich get richer while the poor get poorer. It’s the world’s largest Ponzi scheme! The Federal Reserve is nothing but a front for a small group of families who run a very large and successful white collar criminal Ponzi scheme. This criminal institution should be seized by the U.S. Treasury department and all assets frozen, and returned to the coffers of the U.S. Treasury in order to settle the U.S. debt and help begin to balance the U.S. deficit. All banks (listed below) should be forced to return the money received by the Federal Reserve.
All families in ownership of the Fed and their agents should be located, caught, tried and jailed for grand larceny and treason against the people of the U.S.A. All government agents who protect and help facilitate this criminal organization should be fired from the positions and similarly tried and jailed for grand larceny and treason. Meanwhile, Congress should return our country to its original monetary system (Lincoln greenbacks backed by precious metals) and, again, do its duty to regulate the coining of the currency of America as per the U.S. Constitution.]
The list of institutions that received the most money from the Federal Reserve
can be found on page 131 of the GAO Audit and are as follows..
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
In the end, Truth will prevail. Evil will fail.
God Bless America.
And you also by forwarding this email to your entire list.