While Americans celebrated the holidays, President Trump followed in the footsteps of his predecessors by acting in the interest of Wall Street and using the distraction to do something that was not in the best interest of the American people. He pardoned five megabanks for rampant fraud and corruption, which is especially notable because of the amount of money he owes them.
Trump has been using Deutsche Bank since the 1990s, and Financial Times has reported that he now owes the bank at least $130 million in outstanding loans secured in properties in Miami, Chicago, and Washington. However, the report claimed that the actual number is likely much larger at $300 million.
Reports claimed that Deutsche was the only bank willing to lend Trump money after his companies faced multiple bankruptcies. The relationship has continued over the years, and an analysis from the Wall Street Journal claimed that Trump has received at least $2.5 billion in loans from Deutsche Bank over the last 20 years.
There have been concerns about Trump’s ties to the bank becoming a conflict of interest, dating back to the 2016 election, and the evidence to support those concerns is now becoming clear.
During the week of Christmas, the Federal Register announced that the Trump Administration had issued waivers to Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank—all megabanks facing charges of fraud and corruption.
The banks were involved in the LIBOR Scandal, in which they colluded to deliberately depress the rate at which they paid out on investments. By suppressing the London Interbank Offered Rate (LIBOR) at the beginning of an economic crisis in 2007, the megabanks were able to boost their earnings and to give their customers a false sense of security.
Deutsche Bank pled guilty to wire fraud in a U.S. court in 2015, and it went on to pay $3.5 billion for its role in the LIBOR scandal—more than any other bank involved—before it reached a $7.2 billion settlement with the Justice Department in early 2017.
Then in June 2017, Deutsche Bank trader David Liew, who is based in Singapore, pleaded guilty to conspiring to spoof gold, silver, platinum and palladium futures in federal court in Chicago, confirming that the biggest banks in the world have conspired to rig precious metals markets.
While Trump granted 5-year exemptions to Citigroup, JPMorgan, and Barclays, and 3-year exemptions to UBS and Deutsche Bank, it should be noted that his administration is not the only one to have done this. As International Business Times noted, “In late 2016, the Obama administration extended temporary one-year waivers to five banks,” which just happened to be the same ones Trump has now extended the exemptions on—revealing the real rulers in DC.
Not surprisingly, the latest decision to pardon the banks comes in stark contrast to one of Trump’s most applauded campaign promises—that he would finally stand up against Wall Street and demand that the most powerful banks be held accountable to the public.
“I'm not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We're going to tax Wall Street,” Trump said during a campaign rally in January 2016.
I mean who wouldn't do that?.. " A Yo!, I'm the President, lets zero everything out, and we're good". Thank you, and good bye...."
Your Welcome!
Well of course he is corrupt to some degree, lets face it, the system is not geared for voting anymore, you dont get to be president without owing some major people favors. Thats the whole point behind the 2 party system, to blind out all others, they dance the line at 50/50 so perfectly that money alone can sway it in either directions. it's not a choice if they present you with your only options.
As for Trumps comment i will simply say "easier said than done". But one thing we have to understand is that politics is a game whereby you have to give to collect and at the same time breaking rules. I'm not supporting him, but we have to be realistic, if you have ever rule or lead you'd understand that its beyond meet the eyes. True, offenders of the law are to be punished because no one is bigger than the law of the land but, then, you still have to look at you offenders weigh their usefulness to the economy before you act. I believe that is exactly what has just happened with Trump. Not to forget, he may be the president but he isn't running the administration alone. No man is an island! The are people with him as advisers, some more experienced than him. So before we push the blames lets weigh the odds, look within and balance it up. My humble opinion, i stand to be corrected.
It's going to be "HUGE"
True. Obama did a similar thing in 2008.
They said it once before..too big to fail. Probably just propping up the system for awhile longer. He is business, which means he loves his money, if he werent invested he wouldnt give a shit.
Being so invested in business, Trump has to be connected to the TBTF Banks. It's unfortunate, but we are ALL tied to the banks, whether we like it or not.
Dirty cowardly little sneak,its not hard to see hes a zionist hes always doing the 3 666 and triangle hand signals,hes a slug in the grass and people need to beware and realize that hes a puppet for the NWO ,as Albert Pike said when the people need a hero we give them one,after all they need to keep the illusion of freedom,that way they can control everyone.
I'm not a Trump supporter particularly, although, having said that I think had Hillary won the election the world would probably be in a far more dangerous predicament. When Obama or Bush gave the TBTF banks free reign I would rage about it, and there is no reason why I shouldn't feel the same way about what Trump is doing here. I guess there's no way out when dealing with the present owners of the earth. They win whatever happens.
Luckily technologies like decentralised blockchain seem to be challenging the dominance that the banksters presently hold. Ultimately, I think we have to focus more on this technological decentralisation rather than looking to the political sphere for real change, as politics just isn't fit for purpose anymore. Stop using their money and their systems and create our own. Technological decentralisation is the key. We need to stop looking to authority figures to protect us, they just don't.