October 22, 2013

On September 9th, 2013 J P Morgan and the Assurant Insurance Company completed a three-hundred-million dollar pay-off to the United States Department of Justice. The agreement that they hammered out assures that ANY accusations of wrong doing in the future will never result in ANY legal action against these two companies. The back-story stems from the fact that in the United States you have to buy insurance on property that you are mortgaging. It is called Forced Insurance. What the two criminally minded companies did was to form a ‘silent-partner’ operation. The ONLY way to get a mortgage through J P Morgan was to insure the property with the Assurant Insurance Company. One-hundred-and-thirteen-thousand mortgages were arranged in this manner since 2006. Assurant would inflate the prices of insurance and would then ‘kick-back’ seventy-five-per-cent on each policy to J P Morgan. Governor Cuomo of New York State believes that since 2006 JP Morgan Chase has received kick-backs from Assurant amounting to six-hundred-million-dollars…and that’s just New York State alone! Now that all the banks and insurance companies in the United States have seen that the fines are a mere pittance compared to the massive profits, they have adopted similar practices. But this criminality doesn’t stop at any border. On September 16th, 2013 J P Morgan Chase in Europe paid out nine-hundred-million dollars to stop all but one court action against them for illegal operations in the stock market that netted them BILLIONS of dollars. This one court action of one of their traders was likely arranged a long time ago. What little time the ‘lone gunman’ may spend in jail, you can be assured that he and his family will be richly rewarded for taking the fall. The fact is that white-collar banksters, insurance con-men and con-women rarely experience the cold metal bars of confinement, but profit greatly from their crimes against a struggling citizenry. J P Morgan Chase and Assurant Insurance Company have already made back all of the monies paid out to the United States Department of Treasury. The hearings were set up to give the two companies enough time to continue their criminal enterprise so they could steal enough money to cover the fines before the fines were even imposed. SO WHAT DOES ALL OF THIS HAVE TO DO WITH ONTARIO? Ontario is the Golden Goose. This province is well-known for the bargain-basement prices that most politicians can be bought for. With a reputation for extremely weak rules and regulations associated with the banking and insurance industries, Ontario is wide open for the criminally-minded financial predators. For instance, on September 23rd, 2013 the Toronto Dominion Bank got slapped with an order to pay out 52.2 million dollars in U.S. settlements regarding a Ponzi scheme they were involved in. The scam was run by Florida lawyer Scott Rothstein and it personally netted him 1.2 billion dollars. Although he was sentenced to 50 years in jail he likely won’t spend ten years. Toronto Dominion Bank NA (North America) was fined 37.5 million dollars by the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency. They were also fined 15 million dollars by the U.S. Securities and Exchange Commission (S.E.C.). The regulators said that from April 2008 to September 2009 the Toronto Dominion Bank violated the Federal Bank Secrecy Act. They had failed to uncover and report, in a timely manner, suspicious activities in accounts belonging to Rothstein’s law firm. It was not until after a review that Toronto Dominion Bank filed five reports identifying 900 million dollars of suspicious activity involving Rothstein. The regulators stated that, “In the face of repeated alerts on Rothstein’s accounts by the bank’s anti-money laundering software over an eighteen month period, the bank did not do enough to prevent the pain and financial suffering of innocent investors”. Another jury-decided verdict in January 2010 that is presently being appealed relates to their Rothstein dealings in the amount 67 million dollars. That particular action deals with a former Toronto Dominion Bank Regional Vice-President named Frank Spinosa who is accused by regulators of “telling outright lies to investors while assuring funds were safe”. We can assure our readers that Rothstein’s accounts were self-serving and completely unsafe. The Toronto Dominion Bank neither admitted nor denied the accusations of wrongdoing. TD spokeswoman Rebecca Acevedo stated (with a straight face) that “TD Bank is pleased to resolve these regulatory concerns and to put the Rothstein matter behind us.” SAY WHAAAAT??? Why don’t they just erect a statue of this Rothstein character in front of their building? After all, he is still making them money. By the way, remember that mortgage increase several months ago? Toronto Dominion Bank has just forecast a 1.7% growth in Canada’s economy, which means that their projected income for the third quarter will be an additional 2%. Of course, they will fall short of that projection by 142 million dollars to avoid paying taxes. With huge increases on the way for your home insurance and one of the largest increases in auto insurance EVER, their fourth quarter profits will be astronomical. But don’t be too discouraged by all of these financial shenanigans, because Ontario’s N.D.P. boss Andrea Horwacky says she’s in your corner and working toward your best interests. But only thieves do business with thieves. Ontario Premier Kathleen Wynnguinty and Conservative leader Tim Who-duck also run with the same gang. In our next installment we will investigate and reveal the King Pins of the auto and home insurance industry that reside in the private sector. If some readers believe that the ‘GOLIATH’ insurance and banking industry are way too big for us ‘DAVIDS’ at Your Ward News to go to battle against, we can only respond with the words of Margaret Mead: “NEVER DOUBT THAT A GROUP OF CITIZENS CAN CHANGE THE WORLD. IT IS THE ONLY THING THAT EVER HAS.”


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