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Saturday 25 February 2012

Land Destroyer: Egypt Leads Fight Against NGO Agitators

Land Destroyer: Egypt Leads Fight Against NGO Agitators:

A real revolution may be about to follow.
by Tony Cartalucci

February 20, 2012 - Neo-Conservative Max Boot is a certified warmonger, an elitist policy wonk sitting on the Fortune 500-funded Council on Foreign Relations, has signed his name to letters that called for sidestepping both national and international law to militarily intervene further in Libya, as well as call for troops on the ground even after Tripoli fell last year. He is a man you would least expect to champion NGOs and their liberal-progressive agendas.

However NGOs are not "liberal-progressive." They are the system administrators of modern empire, an empire being forged by the wars and covert operations Boot is a chief proponent of. The absence of NGOs in any given nation, means a nation free from the influence of Wall Street & London's networks and meddling. That is why Boot feverishly penned, "Obama’s Egyptian Hostage Crisis," in an attempt to spur a more vigorous response to what would seem like a very minor event in the context of greater global conflicts. Egypt's arrest and trying of 19 Americans, all of whom are directly involved in Wall Street's network of National Endowment for Democracy (NED) funded NGOs, including the head of the International Republican Institute (IRI) office in Egypt, signifies a potential turning point not just in Egypt, but around the world.


Image: The Serbian Otpor fist... in Egypt? The same US organizations that trained & funded Serbians to overthrow their government in 2000, were behind the April 6 Movement and the Egyptian "Arab Spring." Sun Tzu in the Art of War said, "all warfare is deception." In fourth generation warfare, no deceit is greater than convincing people they are "liberating" themselves when in reality they are dividing and destroying their nation so that Wall Street & London's network of already in place NGOs can take over, while a suitable proxy is put in office as PM or president. In Egypt, these NGOs would already have a new constitution drafted and ready before the fall of Hosni Mubarak.
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While Tunisia celebrates it's 1 year anniversary of Wall Street domination with a US NED-funded president in office, and Libya celebrates their February 17th uprising with militants carrying out nation-wide murder sprees, the Egyptians seems to have ground the foreign-funded destabilization effort to a halt and are finishing it off with a "revolution" of their own.

As Max Boot says:
"If any of these NGO workers wind up in prison, it will be a permanent blot not only on the Egyptian government but also on the Obama administration for letting it happen. Put simply, nations do not act like this if they fear American power. Clearly we are not inducing enough respect even in a country such as Egypt which is dependent on over $1.5 billion in annual U.S. aid.

President Obama must intervene personally if necessary to resolve this crisis and get the authorities in Cairo to let our people go. Anything less would make us a laughingstock and a certain target of more affronts."

Indeed, Egypt standing up to the US and its global network of meddlers would encourage other nations to follow suit. It would help expose the "Arab Spring" as the foreign-plot it really was and balk currently ongoing efforts by Wall Street & London to overthrow governments in Belarus, Myanmar, Malaysia, the old guard in Thailand, and even Russia and China. People in the streets may want change, but they do not want it at the expense of procuring a foreign dictator reinstating its old colonial role.

For those that doubt US-funded NGOs were meddling in Egypt...

In January of 2011, we were told that "spontaneous," "indigenous" uprising had begun sweeping North Africa and the Middle East, including Hosni Mubarak's Egypt, in what was hailed as the "Arab Spring." It would be almost four months before the corporate-media would admit that the US had been behind the uprisings and that they were anything but "spontaneous," or "indigenous." In an April 2011 article published by the New York Times titled, "U.S. Groups Helped Nurture Arab Uprisings," it was stated (emphasis added):

"A number of the groups and individuals directly involved in the revolts and reforms sweeping the region, including the April 6 Youth Movement in Egypt, the Bahrain Center for Human Rights and grass-roots activists like Entsar Qadhi, a youth leader in Yemen, received training and financing from groups like the International Republican Institute, the National Democratic Institute and Freedom House, a nonprofit human rights organization based in Washington."

The article would also add, regarding the US National Endowment for Democracy (NED):

"The Republican and Democratic institutes are loosely affiliated with the Republican and Democratic Parties. They were created by Congress and are financed through the National Endowment for Democracy, which was set up in 1983 to channel grants for promoting democracy in developing nations. The National Endowment receives about $100 million annually from Congress. Freedom House also gets the bulk of its money from the American government, mainly from the State Department. "

It is hardly a speculative theory then, that the uprisings were part of an immense geopolitical campaign conceived in the West and carried out through its proxies with the assistance of disingenuous organizations including NED, NDI, LaHood's IRI, and Freedom House and the stable of NGOs they maintain throughout the world. Preparations for the "Arab Spring" began not as unrest had already begun, but years before the first "fist" was raised, and within seminar rooms in D.C. and New York, US-funded training facilities in Serbia, and camps held in neighboring countries, not within the Arab World itself.

In 2008, Egyptian activists from the now infamous April 6 movement were in New York City for the inaugural Alliance of Youth Movements (AYM) summit, also known as Movements.org. There, they received training, networking opportunities, and support from AYM's various corporate and US governmental sponsors, including the US State Department itself. The AYM 2008 summit report (page 3 of .pdf) states that the Under Secretary of State for Public Diplomacy and Public Affairs, James Glassman attended, as did Jared C0hen who sits on the policy planning staff of the Office of the Secretary of State. Six other State Department staff members and advisers would also attend the summit along with an immense list of corporate, media, and institutional representatives.

Shortly afterward, April 6 would travel to Serbia to train under US-funded CANVAS, formally the US-funded NGO "Otpor" who helped overthrow the government of Serbia in 2000. Otpor, the New York Times would report, was a "well-oiled movement backed by several million dollars from the United States." After its success it would change its name to CANVAS and begin training activists to be used in other US-backed regime change operations.

The April 6 Movement, after training with CANVAS, would return to Egypt in 2010, a full year before the "Arab Spring," along with UN IAEA Chief Mohammed ElBaradei. April 6 members would even be arrested while waiting for ElBaradei's arrival at Cairo's airport in mid-February. Already, ElBaradei, as early as 2010, announced his intentions of running for president in the 2011 elections. Together with April 6, Wael Ghonim of Google, and a coalition of other opposition parties, ElBaradei assembled his "National Front for Change" and began preparing for the coming "Arab Spring."

An April 2011 AFP report would confirm that the US government had trained armies of "activists" to return to their respective countries and enact political "change," when US State Department's Michael Posner stated that the "US government has budgeted $50 million in the last two years to develop new technologies to help activists protect themselves from arrest and prosecution by authoritarian governments." The report went on to explain that the US "organized training sessions for 5,000 activists in different parts of the world. A session held in the Middle East about six weeks ago gathered activists from Tunisia, Egypt, Syria and Lebanon who returned to their countries with the aim of training their colleagues there." Posner would add, "They went back and there's a ripple effect."




Video: The Revolution Business. The revolutions are fake, the people behind them illegitimate.
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That ripple effect of course, was the "Arab Spring" and the subsequent destabilization, violence, and even US armed and backed warfare that followed. While nations like Libya and Tunisia are now run by a BP, Shell, and Total-funded Petroleum Institute chairman and a US NED-funded "activist" respectively, Egypt has managed to ward off and expose the US proxy of choice, Mohammed ElBaradei, who's own movement was forced to denounce him as a Western agent.

By striking at the meddling, seditious NGOs, Egypt seeks to undermine the source of destabilization, the conduit through which US money and support is funneled through to "activists," and expose the true foreign-funded nature of the political division that has gripped the nation for now over a year.

Message to all who seek national sovereignty...

Join in solidarity with Egypt, and after a brief amnesty period, go to the offices of each and every US National Endowment for Democracy, Open Society, USAID-funded NGO and propaganda outlet, round up their staff, and put them on trial for sedition and treason. For too long have nations tolerated the incessant meddling of foreign powers in their internal affairs. For too long have they faced ridicule and accusations by warmongers like Max Boot who has endorsed conflicts that have destroyed millions of lives. It is only a matter of time before the US, if left to its own devices, reaches a critical mass in any given nation with its networks of NGOs, its system administrators, where they begin running the nation on Wall Street & London's behalf while the sovereign institutions of the targeted state whither and die.




Video: Fourth generation warfare explained. US-enabled "Leviathan" force destroys nations, another army of "system administrators" including civil society, NGOs, and "international institutions" of the West replace it. It is modern empire in motion.
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This is 4th generation warfare, not British imperial gunboats anchored off the coast and occupying armies, but sloppy, unkempt civil society workers taking millions of dollars from Wall Street's George Soros through his Open Society Institute, and the US State Department's National Endowment for Democracy, and ceaselessly eroding the sovereignty of a nation, poisoning the will of people against one another, and laying the ground work for a suitable proxy of choice to enter into office and "mislead" the nation down the path to neo-colonialism. There is nothing progressive about it, and there is nothing wrong with defending against it.

Should Egypt jail these agents of sedition, and embolden other nations to follow suit, the model of 4th generation warfare that the US has spent so much time and money perfecting will collapse. Perhaps global empire may find another way to succeed, perhaps another nation will rise and take the Anglo-American's ignominious role as global tormenter, but for a brief time, nations may be able to enjoy a constructive, multi-polar world, and this real revolution of national sovereignty will have ironically started approximately one year on from the beginning of another, disingenuous, insidious "revolution."

Constitution Halts Sheriff

Ben Gilroy from "Freedom From All Debt.com" questions the sheriff outside the gates to the house and does an interview at the end of the video.
Who is Ben Gilroy? (http://freedomfromalldebt.com/about-us/)
We would like to applaud both the Sheriff and the An Garda Síochána for there civil manner and understanding of the Constitutional challenges being put forward.

"Where Is Ahmadinejad Currently Threatening To Destroy Israel?"

Sean Stone (the son of filmmaker Oliver Stone) talking way too much sense for Piers Morgan to handle.

Brilliantly makes the point that Ahmadinejad called for a dissolution of the Israeli state, that does not mean he ever wanted Israel bombed or any Israeli killed.

Wednesday 22 February 2012

Anonymous Hacks Greek Ministry Website, Demands IMF Withdrawal, Threatens It Will Wipe Away All Citizen Debts | ZeroHedge

Anonymous Hacks Greek Ministry Website, Demands IMF Withdrawal, Threatens It Will Wipe Away All Citizen Debts | ZeroHedge

If there is one war that Greece could not afford to join, that is with the global computer hacking collective known as Anonymous. Yet as of minutes ago, that is precisley what happened, after Anonymous, as part of what it now calls Operation Greece, took down the Greek Ministry of Justice (http://www.ministryofjustice.gr/). While the pretext for the hacking appears to have been an arrest of the wrong people, is seems to have angered Anonymous to the point where they have left an extended message of demands on the Greek website, warning that unless the IMF withdraws from the country and the government resigns, all debts of Greek citizens will be wiped clean.

Translated from the Greek:

Citizens of Greece

We are Anonymous.
We watch every day your government abolishes the constitution and institutions of the country.
We see them leading you closer and closer to poverty.
We see them pass laws that deprive you of any right to dignity.
We see them and deliver the country to the IMF and the bankers.
We know about the soup kitchens in schools,
for people who are left jobless and now wait in queues for a plate of food.
We know that your country voted ACTA in your effort to silence and other Greeks.
We know everything ...
The Republic in Greece has died.
He died while a government that has not been elected by the people.
And for this reason that the time for discussion came and went.
Not negotiating anything with any of those who murdered him.
Can you hunt as you like, you can even capture some of us,
When you attempt to silence us ...
But for every one that will capture 3 others will spring up. There are 5 or 10 or 100.
Now the Greeks are all Anonymous.
We are millions against you and the 300 in this war tear gas will not help you.

Occupying Government of Greece
These days are going to vote for a bill that will be the last nail in the coffin of the Greek.
A bill to return the country to a totalitarian rule.
To bring the country and its people in absolute poverty.
We will not allow another misery to the Greek people.
We demand your resignation immediately, and elections.
We demand not paid a cent to moneylenders 'friends' you.
We demand the immediate withdrawal of the IMF from Greece.
The Justice Department was only a small sample of what we're capable of doing
Even you have not seen the full wrath of Anonymous.
For each article of a bill that would shame the vote,
we will shut the system and deleting an Inland Revenue debts of Greek citizens
Debts which requires them to fascist pay.
Can the demonstrations of the Greeks to their encounter with incredible violence,
anexelekta hitting, but the internet is our field. And I love this war.
We are many and we will be brief.

Citizens of Greece, Anonymous is now fighting on your side ...

Government of Greece, let us wait ...


E X P E C T U S !

J U S T I C E I S C O M I N G !

Sunday 19 February 2012

Oh Canada! Our Bought and Sold Out Land [Full Length]

I highly recommend this video, whether you're Canadian or not, also check out the videos Money as Debt and Money as Debt 2 (check youtube)

Friday 17 February 2012

Nile Bowie: The Road To Tehran Goes Through Damascus

The Road To Tehran Goes Through Damascus:

Written by Nile Bowie [nilebowie.blogspot.com]

Between the chaos and artillery fire unfolding in Homs and Damascus, the current siege against the Ba’athist State of Bashar al-Assad parallels events of nearly a century ago. In efforts to maintain its protectorate, the French government employed the use of foreign soldiers to smother those seeking to abolish the French mandated, Fédération Syrienne. While former Prime Minister Faris al-Khoury argued the case for Syrian independence before UN in 1945, French planes bombed Damascus into submission. Today, the same government – in addition to the United States and its client regimes in Libya and Tunisia – enthusiastically recognize the Syrian National Council as the legitimate leadership of Syria. Although recent polls funded by the Qatar Foundation claim 55% of Syrians support the Assad regime, the former colonial powers have made a mockery of the very democratic principles they tout.

Irrespective to the views of the Syrian people, their fate has long been decided by forces operating beyond their borders. In a speech given to the Commonwealth Club of California in 2007 retired US Military General Wesley Clark speaks of a policy coup initiated by members of the Project for a New American Century (PNAC). Clark cites a confidential document handed down from the Office of the Secretary of Defense in 2001 stipulating the entire restructuring of the Middle East and North Africa. Portentously, the document allegedly revealed campaigns to systematically destabilize the governments of Iraq, Somalia, Sudan, Libya, Syria, Lebanon and Iran.Under the familiar scenario of an authoritarian regime systematically suppressing peaceful dissent and purging large swaths of its population, the mechanisms of geopolitical stratagem have freely taken course.

Syria is but a chess piece being used as a platform by larger powers. Regime change is the unwavering interest of the US-led NATO block in collaboration with the feudal Persian Gulf Monarchies of the Gulf Cooperation Council (GCC). This is being accomplished by using Qatar-owned media outlets such as Al-Jazeera to project their version of the narrative to the world and by arming radical factions of the regions Sunni-majority population against the minority Alawi-Shia leadership of Assad. Since 2005, the Bush administration began funding Syrian opposition groups that lean toward the Muslim Brotherhood and their aspirations to build a Sunni-Islamic State. The Muslim Brotherhood has long condemned the Alawi-Shia as heretics and historically attempted multiple uprising in the 1960’s. By arming radical Sunni factions and importing Iraqi Salafi-jihadists and Libyan mercenaries, the NATOGCC plans to topple Assad and install an illegitimate exiled opposition leader such as Burhan Ghaliun (leader of the Syrian National Council) to be the face of the new regime.


The recent example of implementing foreign policy by arming Al-Qaeda fighters in Libya has proved disastrous - as the rule of law passes from the NATO-backed Libyan Transitional Council to hundreds of warring guerilla militias. At a meeting between Turkish Foreign Minister Ahmet Davutoglu and Hillary Clinton, Davutoglu pledged to find ways outside the United Nations Security Council to pressure Assad. In addition to bolstering longstanding sectarian divides in Syria, the US is smuggling arms into Syria from Incirlik military base in Turkey and providing financial support for Syrian rebels. Syrian opposition forces led by defected Syrian colonel Riad al-Assad have been trained on Turkish soil since May 2011. Exclusive military and intelligence sources have reported to Israel’s DEBKAfile that British and Qatari special operations units are assisting rebel forces in Homs by providing body armor, laptops, satellite phones and managing rebel communications lines that request logistical aid, arms and mercenaries from outside suppliers.

Although the UK has vehemently denied these reports, Qatar’s leader Sheikh Hamad bin Khalifa Al Thani recently suggested sending troops into Syria to battle Assad’s forces. Military bases situated near Turkey’s southeastern border with northern Syria have become a crucial hub used for the delivery of outside supplies. Unmarked NATO warplanes near Iskenderum have received fighters from Libya’s Transitional National Council wielding weapons formerly belonging to Gaddafi’s arsenal. Abdel Hakim Belhaj, (former leader of the extremist Libyan Islamic Fighting Group turned NTC military governor at the directive of NATO) is leading the infiltration of Libyans into Syria in person with the help of the Turkish government. It has also been reported that Mahdi al-Harati, resigned from his functions as deputy chief of the Military Council in Tripoli to oversee the Free Syrian Army.

Syrian press has also reported that armed terrorist groups brandishing up-to-date American and Israeli weapons have roamed the countryside of Damascus committing blind acts of terror by setting off explosive devices and kidnapping civilians. As the NATOGCC continue to insist that Assad is committing acts of genocide against unarmed civilians, one must draw correlations between events reported by the Syrian state media and recent statements released by the leadership of Al-Qaeda in Iraq, praising the arrival of Iraqi fighters in Syria and advising rebels to use roadside bombs. Paradoxically, Al-Qaeda front man Ayman al-Zawahri has called on Muslims from across the Arab World to mobilize and support the Free Syrian Army after the disappointing Russian and Chinese veto at the UNSC. Few things are more absurd than the notion of Al-Qaeda terrorists – unanimously portrayed as ostensible “savages” by virtually all-Western media sources - entrust the apparatus of the United Nations and their capacity to resolve the Syrian conflict. The true purpose of Al-Qaeda and its role in influencing foreign policy has never been more evident.

Surely, Assad accusing foreign-sponsored terrorist groups of fomenting violence in Syria is simply evidence of his illegitimacy - as Western and Gulf allies assert. Even as Syrian state TV broadcasts reports showing seized weapons stockpiles and confessions by terrorists describing how they obtained arms from foreign sources, the NATOGCC continues to draft legislation in an effort pressure the Assad regime into dissolution. In the face of an outright campaign of foreign-funded sabotage, Syrian hackers have targeted Al-Jazeera’s "Syria Live Blog", which provides ongoing coverage of the unrest. The hacker-ring boldly denounced Al Jazeera for broadcasting "false and fabricated news to ignite sedition among the people of Syria to achieve the goals of Washington and Tel Aviv."

Through the fiery rhetoric of Susan Rice and her relentless condemnation of Assad - like Gaddafi before him - the United States is again attempting to invoke the Right to Protect (R2P) doctrine to take direct action against the Assad regime. In another parallel to the Libyan conflict, the UN’s astounding official death toll in Syria is taken solely from human rights groups, backed by the National Endowment for Democracy (NED), the International Criminal Court and the Syrian National Council. The official numbers rely exclusively on an obscure organization known as the Syrian Observatory for Human Rights (SOHR) - based in London, not Damascus - whose evidence is largely reliant on hearsay, pixelated YouTube videos and activist Twitter feeds. SOHR’s disputed reports present evidence that would not hold up in any court of law, much less should it be the basis of United Nations resolutions. The Observatory's director Rami Abdelrahman collaborates directly with British Foreign Minister William Hague and derives legitimacy solely from connections with corporate/foundation-funded civil society networks. Claims that Assad’s security forces indiscriminately kill scores of newborn babies are palpably a product of Britain’s foreign office.

As a further indication of the on-going media war in Syria, none is more telling than the report produced by the Arab League’s observer mission into Syria. The contents of the report were completely ignored by the corporate-media after Qatar disputed its findings, the only nation to do so in the Arab League's Ministerial Committee. The report unalterably concluded that the Syrian government was in no way lethally repressing peaceful protestors. Furthermore, the report credits armed gangs with the bombing of civilian buses, trains carrying diesel oil, bombing of police buses and the bombing of bridges and pipelines. During an interview with Arab League observer Ahmed Manaï, he praises the Sino-Russian veto at the UNSC and encouraged the Syrian leadership to implement reforms. Manaï states, “The Arab League is entirely discredited by burying the report of its own observers’ mission and its appeal to the Security Council. It missed the opportunity to participate in the settlement of the Syrian affair. All it can offer in the future will be worthless.”

While the initial observer report is predictably absent from mainstream media coverage and cited as inept (presumably for contradicting the official line of the allied Western-Gulf powers), Arab League mission leader Mohammed al-Dabi officially resigned, stating, "I won’t work one more time in the framework of the Arab League, I performed my job with full integrity and transparency but I won’t work here again as the situation is skewed.” The United Nations and the Arab League are now considering what was originally a joint observer mission – now referred to as a peacekeeping mission. The Arab League, in tandem with Saudi Arabia is preparing a nearly identical resolution calling for an armed peacekeeping council to present to the UN. Much like the indistinguishable saber rattling seen before Libyan intervention, the new resolution condemns Assad for lethal repression and calls for a transitional shift to democracy. The resolution is expected to create similar Sino-Russian divisions over its implementation, Russia’s deputy foreign minister, Gennady Gatilov, previously scorned the document as "the same unbalanced draft resolution text."


The conflict in Syria has brought light to longstanding Cold War divisions between world powers. The Sino-Russian veto of the UNSC resolution calling for intervention has blocked the opportunity for Western powers to exert overt aggression, as demonstrated by NATO in Libya. Instead, it appears that the Assad regime will be destabilized through covert mercenary groups bent on committing blind acts of terrorism by means of sniper assassinations and roadside bombs. Learning from the Libyan experience, Russia and China perceive the UN Human Rights Report authored by Karen Koning AbuZayd, a director of the Washington-based corporate-funded think-tank, Middle East Policy Council - to be explicitly comprised; victims among the civilian population are a result of armed paramilitaries doing battle with the Syrian military in residential areas. In an interview with former Russian Joint Chiefs of Staff, Colonel-General Leonid Ivashov pledges that Russia will protect Iran, Syria, and the world from American fascism. In a show of support for the Syrian government, Russia has sent a large naval force into the region and China has further warned against a strike on Syria.

It is truly a paradox that the countries least fit to dictate principles of human rights, do so largely unhindered on the world stage. Without hesitation Hillary Clinton proclaimed, What happened yesterday at the United Nations was a travesty” referring to the Sino-Russian veto. She then called for the formation of an international alliance between the war-profiteering elite of the West and absolutist Wahhabi Persian Gulf monarchies - amusingly titled, the Friends of Syria. International calls to abstain from violence have done little to influence the Gulf Cooperation Council and their brutal crackdown against Shiites in Bahrain. Incredibly, Saudi Arabia has entered the dialogue on human rights and democracy promotion – perhaps the world’s most defining feudalistic theocracy, a nation that prohibits political parties and national elections and executes those who apostatize Islam.

Iran’s Press TV news network has reportedly leaked intelligence exposing the American agenda in Syria. The report calls for the recognition of the Syrian National Council as the legitimate government and their positioning in Turkey to work against the Assad regime. Washington would then task Turkey with sending troops into Syria to arm the opposition forces, followed by Wahhabi fighters and Libyan mercenaries. Ominously, the intelligence stipulates that Israel will enter the fray to carry out military operations against Syria. If the regime fails to dissolve, Syrian state television channels will be taken down and Assad will be assassinated. Considering how other enemies of the West have faired in recent times, the sequence of events reported by Press TV would be largely unsurprising. The Wahhabis of the Persian Gulf are playing junior to American aggression in an effort to dominate the Shia-Alawi religious faction presently upheld by the leadership of Syria and Iran, but also to secure their places as regional powers.

Domestic affairs in Syria are of little consequence to the powers trying to topple the nation; the real priority is to further isolate Iran by eliminating its Shia-Alawi ally in Damascus. Israel reaps enormous benefit from toppling the Assad regime, as the Syrian Nation Council pledges to cut ties with Iran and discontinue arms shipments to Hezbollah and Hamas. If Syria falls and Iran is directly threatened, the potential for a regional conflict of the utmost seriousness exists, assuming China and Russia move in to defend Iran. Such a conflict would create detrimental implications for the global economy, potentially triggering a hyper-inflationary financial crisis. William Hague and billionaire financiers behind the civil society groups bestowing legitimacy to violent opposition actors are not the legitimate representatives of the Syrian people. Although the reforms have been slow, the Assad government is in the midst of drafting a new constitution. Syria’s sovereignty has come under direct fire from powers claiming to be defending Syria’s people. An attempt on the life of Bashar al-Assad may have similar consequences to the assassination of Archduke Franz Ferdinand. As the Syrian National Council familiarly calls for the implementation of a no-fly zone, those members of the International Community with any integrity left must work diligently to diffuse conflict in the region.

The Farce-Hole Gets Deeper: Obama's "Robo-Settlement For Votes" Cost To Taxpayers: $40 Billion | ZeroHedge

The Farce-Hole Gets Deeper: Obama's "Robo-Settlement For Votes" Cost To Taxpayers: $40 Billion | ZeroHedge



Zerohedge.com by Tyler Durden


Plunging deeper into the farce-hole, the FT reports tonight that Obama's foreclosure settlement with the banks over their improper seizure of tax-paying US citizens' homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide - which means, in a (as TARP inspector general Neil Barofsky describes) 'scandalous' turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly "It turns the notion that this is about justice and accountability on its head". Are the Big Five banks truly beyond the law?
FT: US Taxpayers to subsidize $40bn housing settlement
US taxpayers are expected to subsidize the $40bn settlement owed by five leading banks over allegations that they systematically abused borrowers in pursuit of improper home seizures, the Financial Times has learnt.
...
However, a clause in the provisional agreement – which has not been made public – allows the banks to count future loan modifications made under a 2009 foreclosure-prevention initiative towards their restructuring obligations for the new settlement, according to people familiar with the matter. The existing $30bn initiative, the Home Affordable Modification Programme (Hamp), provides taxpayer funds as an incentive to banks, third party investors and troubled borrowers to arrange loan modifications.
Neil Barofsky, a Democrat and the former special inspector-general of the troubled asset relief programme, described this clause as “scandalous”.
It turns the notion that this is about justice and accountability on its head,” Mr Barofsky said.
BofA, for instance, will be able to use future modifications made under Hamp towards the $7.6bn in borrower assistance it is committed to provide under the settlement. Under Hamp, the bank will receive payments for averting borrower default and reimbursement from taxpayers for principal written down.
...
Andrea Risotto, Treasury department spokeswoman, said this system “leverages a way to help more people”.
But people familiar with the matter told the FT that state officials involved in the talks had had misgivings about allowing the banks to use taxpayer-financed loan restructurings as part of the settlement. State negotiators wanted the banks to modify mortgages using Hamp standards, which are seen as borrower-friendly, but did not want the banks to receive settlement credit when modifying Hamp loans. Federal officials pushed for it anyway, these people said.
Alys Cohen, an attorney at the National Consumer Law Center, said that if the arrangement increased help, then it was ”good for homeowners in the long term”.
"But in the end the servicers are not really being punished. They’re getting off easy,” Ms Cohen said.
As if the banks have not been spoon-fed enough over the past three years? We look forward to the mutually assured destruction spin (what would happen if they had to 'spend' that money themselves?) that will be propagandized should this be questioned openly and perhaps a glance at the level of bank reserves sitting on the Fed balance sheet might bring the citizenry off the couch, away from American Idol, and at minimum write a sternly worded text message to their closest BFF on Facebook.
Just to be clear: the guilty party in a fraud against taxpayers has their 'punishment' paid for by the innocent taxpayer who had the crime committed against them? ok, thank you.