$400B sent to israel ahead of lehman bk
Heinrich
collapse that no one wants to discuss, neither the economic pundits, the
media or the scared politicians. This concerns an aspect of the subprime
scams and, basically and stripped of euphemistic words and propaganda
phrases, is that very large amounts of money from various banks and
financial institutions and the owners and controllers thereof were, and are
being, sent outside this country to a secure area. I am speaking most
specifically of American business frantically sending, electronically, huge
amounts of money to banks in Israel.
The three banks that are getting most of the stolen money are: Hapoalim
group, Bank Leumi group, Discount Bank group. It is not necessary to mention
that the senders are all Jewish and it should be noted that Israeli banking
concerns practice strict banking security (see their Protection of Privacy
Law, 1981 [PPL]) Under the PPL, "an infringement of privacy is, inter alia,
a violation of an obligation to maintain secrecy regarding a person's
private affairs, established by explicit or implicit agreement." The bank's
obligation of secrecy extends not only to the details of the client's
account but also to all transactions related to the account In other words,
if the US authorities want to know about this, they can bend over while the
Israeli bankers drive them home.
And if the sticky-fingered ones decide to make a quick flight to Israel
ahead of FBI investigators, like their new accounts, they are entirely safe.
Note here that Israel does not extradite its citizens. But it does allow
prosecutions in its own courts for crimes committed abroad. None of this
information is really secret but is well-known to investigative bodies such
as the Department of State and the FBI. Currently,U.S. law-enforcement
personnel and prosecutors, who fear that Israeli-oriented economic criminals
will use the Jewish state as a refuge.
Lehman Brothers Shipped Off $400B Just Before Bankruptcy Nice !
By Linda Sandler
September 27, 2008
Bloomberg - Lehman Brothers Holdings Inc.'s brokerage unit, in the months
before its parent filed for bankruptcy protection, lost more than $400
billion in assets, according to the trustee overseeing customer accounts.
Lehman's holding company filed for bankruptcy Sept. 15 claiming $639 billion
in assets, using four-month-old data. The wholly owned brokerage unit shrank
to less than $100 billion in assets from $500 billion "a few months ago,"
according to a Sept. 19 court statement by James Giddens, the trustee
overseeing the settling of Lehman brokerage customer accounts by the
Securities Investor Protection Corp.
The loss in value was caused by "changes in the market," according to
Giddens, a partner at law firm Hughes Hubbard & Reed, who spoke at a
bankruptcy court hearing in Manhattan. The runoff may indicate Lehman's
customers, including many hedge funds, canceled and closed out trades as
they began to doubt the firm's ability to navigate the credit crunch,
bankruptcy analysts and lawyers said.
"There was the proverbial run on the bank" at Lehman, said Martin
Bienenstock of the law firm Dewey & LeBoeuf, who is advising clients
including Walt Disney Co. on recovering their money from Lehman. There was a
similar capital flight from Bear Stearns earlier this year, he said.
Most of Lehman's pre-bankruptcy assets were securities, according to its
balance sheets. Lehman said on Sept. 10 that the consolidated gross assets
of the firm stood at $600 billion and net assets at $311 billion. The
difference between net and gross is the so-called matched book, which is
overnight lending or securities pledged for overnight borrowing.