--------
Original
Message --------
| Subject: |
ACORN
Links Predatory Lending & OTC Derivatives Fraud |
| Date: |
Wed,
12 Aug 2009 08:11:09 -0700 |
| From: |
"Stephen
M. Apatow" <s.m.apatow@humanitarian.net> |
| To: |
Pascal.Lamy@wto.org,
hri@int-bar.org |
Dear
Colleagues,
I would like to thank all participants in recent discussions for the
excellent feedback, investigative media reports and legal work being
set forth to (1)
stabilize the global financial system and (2) facilitate recovery for
the
victims of financial crimes. This nightmare that began close to
two years ago, with the collapse of the U.S. housing market, was forced
into the hands of the new U.S. administration and world leaders,
providing the world with a view of Economic Crimes Against Humanity
(Businessweek).
Yesterday, with the testimony of Dipascali (NYT), we began to get a glimpse of the
scope of the Madoff operations that spanned decades, most importantly
fraud associated with the OTC derivatives market and shadow banking
system. This opens the door now for a full scale legal
investigation of all unregulated OTC derivatives transactions
at all non-bank financial institutions during
this time period:
In September 2008, JPMorgan Chase quietly liquidated its
entire
$250 million position in the Sentry Fund, even though it remained
liable
on the derivatives it had sold to the wealthy clients. At the time, the
Fairfield Sentry investment notes were showing a 5% gain for the year.
The
bank had concluded Madoff was a phony, and the only way to protect
itself
was to liquidate anything connected with Madoff.
-- OTC Derivatives
Fraud: ACORN Funder JPMorgan Chase Doesn't Look Good in New Madoff Book: National
Legal & Policy Center.
The NLPC article also opened the door for discussion regarding ACORN's
360 organizations, structured to escape accountability, a network far
more complicated than anything Madoff ever constructed. This
includes Fannie Mae and Freddie Mac's role in predatory lending,
mortgage, appraisal fraud and substance the underlying asset of the OTC
derivatives instrument.
Again, I emphasize the need for full legal investigation of every
derivatives transaction (interrelationship), at every financial
institution involved in these unregulated activities for the period of
time outlined by the Dipascali
disclosures. This will provide us with a substantive starting
point
for identification and then clearing of all criminal fraud based OTC
derivatives instruments from global financial system, in conjunction
with actions to address the hyperinaflationary damage to good and
services, that has devastated UN member countries.
Looking forward to feedback....
Stephen
M. Apatow
Founder, Director of Research & Development
Humanitarian Resource Institute
Humanitarian University Consortium Graduate Studies
Center for Medicine, Veterinary Medicine & Law
Phone: 203-668-0282
Email: s.m.apatow@humanitarian.net
Internet: www.humanitarian.net
----------------------------------------
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