By Elio Lannutti
I’m the President of Abusdef, the association that defends the people using the services of banks and financial institutions as well as anatocism, and rating agencies, in the battles against banks (banksters) and that phenomenon of the betrayal of savers that has emptied the pockets of the Italian people.
The Troika, made up of Mario Draghi’s European Central Bank (ECB) with Christine Lagarde’s International Monetary Fund (IMF) and Barroso’s European Union, is deciding the economic policies we need to be operating and strangling the people of Southern Europe in order to save the German banks! The sovereignty that is in the Italian Constitution no longer belongs to the people, but to these technocrats, these cleptocrats that have stolen the future from the younger generations.
A few days ago a guy called Oli Rhen (a former footballer in Finland) came to Italy to dictate Europe’s economic agenda to Italy. That is, that we need to bring back the IMU property tax on the primary residence, to increase the IVA sales tax, that we must not even dream of touching financial yields and the great power of the bankers! Not everyone knows that the Italian Parliament not just now, but in the previous legislature, has voted for the ESM - European Stability Mechanism and for the fund to save the states.
The public debt has increased and stands at 2,075 billion euro. That’s nearly 35 thousand euro for each of the 60 million inhabitants in Italy, including new born infants and it keeps on going up because we have given 94 billion euro to the fund to save the states and to the European Stability Mechanism to save German hegemony, monetary orthodoxy, and the German banks that had debts in Greece and in other weaker countries. I hope that things will start to change radically.
Young people have to rebel. The hope of liberating Italy from wheeler-dealers and cliques is like the war of national liberation fought by our forefathers to force the German occupiers from Italian soil! At that time, they used tanks and heavy weaponry, today, they use the spread! Young people are leaving. They are emigrating to so many different countries not just in Europe, but also to countries beyond the oceans.
I’ve published a book: Cleptocrazia, ladri di futuro {Cleptocracy - thieves of the future}. The book talks about the bad behaviour and the crimes of the banks and of world finance and it ends with the verse by Bertold Brecht: First they came for the gypsies, and I was happy because they steal. Then they came for the Jews, and I did not speak out because I did not like them. Then they came for the homosexuals and I felt relieved because they bothered me. Then they came for the communists, and I said nothing because I was not a communist. One day they came for me, and there was no one left to speak out for me.
CITIGROUP IS READY TO GO BELLY-UP!
Citibank is playing a very dirty game against its customers in Greece. The bank makes its customers sign that their CDs will be automatically be renewed without their approval. Then the bank renews the CDs at the infinitesimal rate of 0.1%!
But getting just one thousandth interest rate on CDs is robbery, pure and simple. Citibank officers at the Paleo Faliro branch declare they have a right to do this scheme, because their customers do not care about interest rates, but the prestige of dealing with the Citibank!
Prestige of dealing with Citibank is a joke, as Citibank has lost its good will. Citigroup suffered huge losses during the global financial crisis of 2008 and was rescued in a massive stimulus package by the U.S. government, but this time around the government cannot rescue it again.
Now Citibank is in big trouble again, playing dirty schemes, such as the infinitesimal 0.1% on CDs. Citigroup is ready to go belly up. A bank cannot survive by robbing its customers.
A securities arbitration panel has ruled that Citigroup must pay $3.1 million to a customer steered to invest in a politician's real estate developments that went broke.
Nasirdin Madhany and his wife, Zeenat Madhany, of Orlando, Florida, filed the case, reporting negligence, fraud, and other Citibank misdeeds involving millions of dollars in stupid real estate investments just to generate commissions for Citibank.
We are thrilled for the Madhanys. They worked very hard for their retirement. It was a just result because a criminal bank must be held responsible when it robs its customers. Citibank has a consistent track record of defrauding its customers, but its days of operation are very limited. It will be a deja vu of Lehman Brothers bankruptcy, with Citibank officers carrying their belongings in cardboard cases!
Sherry Hunt, a former Citi employee, took Citi to court for fraud—and won $31 million. Citibank was buying mortgages from outside lenders with doctored tax forms, phony appraisals and missing signatures, she says. It was Hunt’s job to identify these defects, and she did, in regular reports to her bosses. Executives buried Hunt’s findings before, during, and after the financial crisis, and even into 2012.
The government requires lenders to certify that insured loans meet FHA standards. Citibank flouted those standards. Citibank passed along subpar loans to the FHA, making substantial profits through the sale and securitization of FHA-backed insured mortgages while it wrongfully endorsed mortgages that were not eligible.
Citigroup was fined $75 million for misleading investors over subprime assets. Charges laid by the Securities and Exchange Commission accuse Citigroup of repeatedly making misleading statements and improper disclosures in its quarterly earnings releases during 2007. Citigroup claimed its exposure to high-risk sub-prime mortgages was no more than $13 billion when in fact it was more than $50 billion.
Citigroup agreed to pay $590 million over claims that it deceived its customers by hiding the extent of its dealings in toxic subprime debt.
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