A “Fifth Column” is a group within a country at war who are sympathetic to or working for its enemies.
Even a full-blown war with North Korea or Russia could not inflict the damage done to this Country by Moody’s, Fitch and S&P. The rating agencies have declared war on the United States and the damage they are inflicting will eventually destroy this Country from within.
In 2008, the Country was brought to its knees with the eight trillion-dollar mortgage bond crisis. It again got a taste of what the rating agencies are capable of with the Detroit and Puerto Rico bankruptcies.
You see when a credit rating agency or a bank works on transactions worth hundreds of millions or billions, they deploy their best folks. The most experienced and educated investment bankers. This is also true of the Banks that knowingly sell these fraudulent investments to their unsuspecting clients.
If the best people in the industry worked on the mortgage bonds and the Detroit and Puerto Rico’s municipal bonds how can these massive losses be possible? If one were simply to read the bond offering documents you could clearly see that both the cash flow and collateral were no good. Even a rookie Banker could have uncovered these weaknesses.
When and investor buys a properly rated bond and takes a loss, it is a simple investment loss. If an investor buys a bond with a fraudulent rating, it is criminal fraud.
According to the FBI and Attorney General the tens of thousands of transactions executed by the Rating Agencies were just unfortunate mistakes, although the Rating Agencies and Banks freely paid billions in fines to put these mistakes behind them. If you talk to Wells Fargo Bank, B of A, Citibank among some of the dozens of Wall Street Banks, they did nothing wrong, they just missed the fact these investments had no cash flow or collateral to support their repayment and they did it repeatedly over a decade.
If you are to believe our Justice Department, none of this had to do with the billions of dollars in fee’s the Ratings Agencies and Banks made.
How can one do this and get away with it, repeatedly? How well connected are the Rating Agencies and Banks that they remain immune from prosecution while tens of millions of American’s lives are ruined?
Let’s assume that ten of the best heart doctors, doctors with the most experience and training, all perform heart surgery on the same day at ten different and unrelated hospitals. On this day, all ten doctors accidently remove the patient’s kidneys and the patients all die. How can one doctor make this mistake let along ten at ten different hospitals? One would have to assume it was collusion, these doctors must have all agreed to make this mistake.
Image 30 of America’s biggest Banks and America’s three big credit ratings all making an equally inexplicable mistake. Mathematically, it would be impossible without collusion.
The Rating Agencies and the Banks are part of an organized criminal enterprise that include our Justice Department and our Politicians. The money that flows from these criminal activities is enormous, it funds our elections and in turn, generates career security and advancement opportunity for those in our Justice Department.
A first-year lawyer could successfully prosecute these firms, including the leadership at the Department of Justice, if we just had the political will.
Washington has become a Banana Republic and short of a revolution it is certain that Wall Street will destroy this Country from within and it is likely to happen in our lifetimes. There are only so many trillions that can be stolen before there is nothing left to steal.
By Richard Lawless
Source: Counter Punch