Irish Time

Sunday, July 15, 2012

AN OLYMPIAN LEGACY UK TO US


The Olympic Games reached their zenith in the 6th and 5th centuries BC, but then gradually declined in importance as the Romansgained power and influence in Greece. There is no consensus on when the Games officially ended, the most common-held date is 393 AD, when the emperor Theodosius I declared that all pagan cults and practices be eliminated. Another date cited is 426 AD, when his successor Theodosius II ordered the destruction of all Greek temples. After the demise of the Olympics, they were not held again until the late 19th century - Wiki



















This Global Financial Fraud and its Gatekeepers

The media's 'bad apple' thesis no longer works. We're seeing systemic corruption in banking – and systemic collusion

By Naomi Wolf
July 15, 2012 "The Guardian" --Last fall, I argued that the violent reaction to Occupy and other protests around the world had to do with the 1%ers' fear of the rank and file exposing massive fraud if they ever managed get their hands on the books. At that time, I had no evidence of this motivation beyond the fact that financial system reform and increased transparency were at the top of many protesters' list of demands.
But this week presents a sick-making trove of new data that abundantly fills in this hypothesis and confirms this picture. The notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers, but this week's headlines make such a conclusion, sadly, inevitable.

The New York Times business section on 12 July shows multiple exposes of systemic fraud throughout banks: banks colluding with other banks in manipulation of interest rates, regulators aware of systemic fraud, and key government officials (at least one banker who became the most key government official) aware of it and colluding as well. Fraud in banks has been understood conventionally and, I would say, messaged as a glitch. As in London Mayor Boris Johnson's full-throated defense of Barclay's leadership last week, bank fraud is portrayed as a case, when it surfaces, of a few "bad apples" gone astray.
In the New York Times business section, we read that the HSBC banking group is being fined up to $1bn, for not preventing money-laundering (a highly profitable activity not to prevent) between 2004 and 2010 – a six years' long "oops". In another article that day, Republican Senator Charles Grassley says of the financial group Peregrine capital: "This is a company that is on top of things." The article goes onto explain that at Peregrine Financial, "regulators discovered about $215m in customer money was missing." Its founder now faces criminal charges. Later, the article mentions that this revelation comes a few months after MF Global "lost" more than $1bn in clients' money.
What is weird is how these reports so consistently describe the activity that led to all this vanishing cash as simple bumbling: "regulators missed the red flag for years." They note that a Peregrine client alerted the firm's primary regulator in 2004 and another raised issues with the regulator five years later – yet "signs of trouble seemingly missed for years", muses the Times headline.
A page later, "Wells Fargo will Settle Mortgage Bias Charges" as that bank agrees to pay $175m in fines resulting from its having – again, very lucratively – charged African-American and Hispanic mortgagees costlier rates on their subprime mortgages than their counterparts who were white and had the same credit scores. Remember, this was a time when "Wall Street firms developed a huge demand for subprime loans that they purchased and bundled into securities for investors, creating financial incentives for lenders to make such loans." So, Wells Fargo was profiting from overcharging minority clients and profiting from products based on the higher-than-average bad loan rate expected. The piece discreetly ends mentioning that a Bank of America lawsuit of $335m and a Sun Trust mortgage settlement of $21m for having engaged is similar kinds of discrimination.
Are all these examples of oversight failure and banking fraud just big ol' mistakes? Are the regulators simply distracted?
The top headline of the day's news sums up why it is not that simple: "Geithner Tried to Curb Bank's Rate Rigging in 2008". The story reports that when Timothy Geithner, at the time he ran the Federal Reserve Bank of New York, learned of "problems" with how interest rates were fixed in London, the financial center at the heart of the Libor Barclays scandal. He let "top British authorities" know of the issues and wrote an email to his counterparts suggesting reforms. Were his actions ethical, or prudent? A possible interpretation of Geithner's action is that he was "covering his ass", without serious expectation of effecting reform of what he knew to be systemic abuse.
And what, in fact, happened? Barclays kept reporting false rates, seeking to boost its profit. Last month, the bank agreed to pay $450m to US and UK authorities for manipulating the Libor and other key benchmarks, upon which great swaths of the economy depended. This manipulation is alleged in numerous lawsuits to have defrauded thousands of bank clients. So Geithner's "warnings came too late, and his efforts did not stop the illegal activity".
And then what happened? Did Geithner, presumably frustrated that his warnings had gone unheeded, call a press conference? No. He stayed silent, as a practice that now looks as if several major banks also perpetrated, continued.
And then what happened? Tim Geithner became Treasury Secretary. At which point, he still did nothing.
It is very hard, looking at the elaborate edifices of fraud that are emerging across the financial system, to ignore the possibility that this kind of silence – "the willingness to not rock the boat" – is simply rewarded by promotion to ever higher positions, ever greater authority. If you learn that rate-rigging and regulatory failures are systemic, but stay quiet, well, perhaps you have shown that you are genuinely reliable and deserve membership of the club.
Whatever motivated Geithner's silence, or that of the "government official" in the emails to Barclays, this much is obvious: the mainstream media need to drop their narratives of "Gosh, another oversight". The financial sector's corruption must be recognized as systemic.
Meanwhile, Britain is sleepwalking in a march toward total email surveillance, even as the US brings forward new proposals to punish whistleblowers by extending the Espionage Act. In an electronic world, evidence of these crimes lasts forever – if people get their hands on the books. In the Libor case, notably, a major crime has not been greeted by much demand at the top for criminal prosecutions. That asymmetry is one of the insurance policies of power. Another is to crack down on citizens' protest.
Naomi Wolf is the author, among other books, of The Beauty Myth and Give Me Liberty: A Handbook for American Revolutionaries. She is a graduate of Yale University and New College, Oxford

CENSORSHIT SECRETS of Olympics London 2012




The Sex Pistols have turned down a request by the organizers to perform at the closing ceremony of the upcoming London Olympics. Johnny Lydon says the reason is due to censorship.

"They came after us for that, but their approach was wrong," says Lydon. "Censorship mattered more than the content of the Pistols. If you're going to be celebrating what is great about Britain, the honesty of the Sex Pistols is one of those things. If you censor the words of any one song, you're killing the honesty and I couldn't tolerate that. From my point of view we said we didn't want nothing to do with them. Such is the world we live in." 


Its a criminal offence to use the words Games, Gold and Summer or photo of London sky. The reason to protect the profits of Olympic sponsors.Accredited journalists allowed walk in the Olympic Park with an overbearing police intimidation to the point that London is going to host not just the Paralympics but also paramilitary Olympics. It's permanent lockdown.Britain after a 40year experiment criminalizing everyday speech in British Occupied Ireland now have extended the lockdown of the English language to coverage of the Olympic Games with serious punishment for those who speak freely.

The British Government granted huge concessions in legislation that breaks the principle of both free speech and equality before the law. giving privileges to the Olympics and its sponsors at the expense of the public. The Games’ organizers can control the use of words  which may or may not associated with the Games. Bans are also in place on the use of the words Olympic, rings, motto, logo, etc, with the organizers appropriating other ordinary word.Its illegal to use two or more words from List A: ‘Games’; ‘Two Thousand and Twelve’; ‘2012’; and ‘twenty twelve’ and join it with one or more words from List B: ‘Gold’; ‘Silver’; ‘Bronze’; ‘London’; ‘medals’; ‘sponsors’; and ‘summer’. Common nouns are now private property.

Article 10 of the Human Rights Act protects free speech, but the British judiciary and certainly the British Government ignored it. The Olympic Games of London 2012 will provide plenty of evidence for anyone paying attention that Britain is a country where freedom of speech is mouthed in theory but suppressed  in reality as in human rights. This time the whole world will be watching as the British intolerant regime  men push their censoriousness envelope from British Occupied Ireland to a record-breaking Olympic worldwide extreme.



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