Tag Archives: billion

Steal bread, go to jail, steal a billion $, get bailed out

*Bank of America Bombshell: Whistleblowers Reveal Orchestrated Coverup and Massive Borrower Harm

Obama promised justice to abused American homeowners. Have they gotten it?

By Yves Smith

Editor’s Note:  In his 2012 State of The Union address, President Obama spoke of American homeowners abused by unscrupulous banks and financial institutions. Have they gotten justice? What follows is the first in a new series examining foreclosure settlements and the disturbing patterns of incomptency, malfeasance, and conflicts of interest which have marked their execution. Yves Smith of Naked Capitalism takes a deep dive into the mire of America’s mortage industry and investigates the continued suffering of the public at the hands of greedy predators.

On January 7, 2013, ten servicers entered into an $8.5 billion settlement with the Office of the Comptroller of the Currency and the Federal Reserve, terminating a foreclosure review process which was set forth in consent orders issued in April 2010. Borrowers who had had foreclosures that were pending or had completed foreclosure sales in 2009 and 2010 could request an investigation by independent reviewers, selected and paid for by the servicers but subject to approval by the OCC.

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Soldier of misfortune

By Khaled Ahmed

In the process of supporting a revisionist Army trying to survive, Pakistan as a state was damaged beyond repair

The Asghar Khan case was and is against ex-Army Chief General (Retd) Aslam Beg, not against late President Ghulam Ishaq Khan, even though the affidavits from Beg and General (Retd) Asad Durrani might imply that President Ghulam Ishaq, as the supreme commander, was at the root of the matter. As Younus Habib, the banker who carried out the ‘operation’ has made clear, it was Aslam Beg who was the mastermind; and the president was brought in later when a meeting was arranged at Balochistan House.

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Rashid denies he met Zardari for nephew’s sake

By Usman Manzoor

ISLAMABAD: The recent meeting of Awami Muslim League chief Sheikh Rashid Ahmad with President Zardari is said to be intended to save the skin of Sheikh’s nephew, the Nazim of Rawal Town, Rawalpindi who has been found involved in Rs2.34 billion misappropriations in his town funds, says the rival political party.

The strange tone of Sheikh Rashid Ahmad against the Pakistan Muslim League-Nawaz (PML-N) chief might be an attempt to get assurance from the high-ups that the case against his nephew would not be pursued, a top leader of PML-N opined.

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MQM moved Rs. 20 Billion to UK : Abid Sher Ali

Abid sher Ali showed documents on “off the Record with Kashif Abbasi” 13/10/2011 that MQM transfered Rs20 Billion to the UK stolen from the funds. He said he is going to register a case in NAB as soon as NAB Chairman is appointed and NAB start to function again.

He also accused MQM to provide accountability of Rs 3 trillion Musharraf gave to MQM during his period for the uplift and development of Karachi. This is a serious amount of money. No wonder the first two conditions MQM placed to the Government when the re-join are:

1- Implementation of Nazim system in Karachi and Hyderabad.

2- No Audit of the Funds given in the past. ….

Courtesy: ARY News Tv (Off The Record with Kashif Abbasi, 13th October 2011)

Via » Siasat.pkYouTube

Source → http://www.siasat.pk/forum/showthread.php?84020-MQM-moved-Rs.-20-Billion-to-UK-Abid-Ali-Sher

China Pullout Deals Blow to Pakistan

Mining Company Abandons $19 Billion Pact; Move Is Setback to Islamabad’s Effort to Establish Beijing as Foil to U.S.

By TOM WRIGHT in New Delhi and JEREMY PAGE in Beijing

A Chinese mining company pulled out of what was to be Pakistan’s largest foreign-investment deal because of security concerns, complicating Islamabad’s effort to position its giant neighbor as an alternative to the U.S. as its main ally.

An official at China Kingho Group, one of China’s largest private coal miners, said on Thursday it had backed out in August from a $19 billion deal in southern Sindh province because of concerns for its personnel after recent bombings in Pakistan’s major cities. …

Read more » The Wall Street Journal

Should U.S. Cut All Aid to Pakistan?

Special Guests | Charles Krauthammer

BILL O’REILLY, HOST: In the “Back of the Book” segment tonight: The United States gives Pakistan about $3 billion a year in aid. That country has not been a very good friend to us lately. Now, Pakistan is reportedly demanding the CIA cut back its presence there and that President Obama stop the drone attacks designed to kill Al Qaeda and the Taliban in the north of Pakistan. Also, in March, a major Indonesian terrorist was captured in Pakistan, but the Obama administration has not sent anyone yet to interview the guy.

So what’s going on? Joining us from Washington, Fox News political analyst Charles Krauthammer. Pakistan, should we cut all aid to that country, Charles? This is what Trump says. Let’s get out of there. I mean, they’re not helping us out. Why are we giving them $3 billion? What do you say?

CHARLES KRAUTHAMMER, FOX NEWS POLITICAL ANALYST: Well, I think we’re getting very near to that point,

Read & Watch more : FOX NEWS

Pakistani-Canadians: On Egypt

Message of Solidarity by the Committee of Progressive Pakistani-Canadians to The Egyptian National Association for Change (Canada).

by Omar Latif, Committee of Progressive Pakistani-Canadians

The Committee of Progressive Pakistani-Canadians congratulates the Egyptian people on their success in ousting the dictator Hosni Mubarak and salutes their heroic and historic struggle against dictatorship and for freedom, democracy and social justice.

Backed and supported by the US and other western countries the Egyptian regime, like many other Arab regimes – as indeed most of the governments in Pakistan – have served the interests of the rich internally and that of imperialism regionally.

The Egyptian armed services, just like those of Pakistan, receive well over a billion dollars annually from the United States, most of which ends up in the pockets of senior officers. The ties and cooperation between the security agencies of the US with those of Egypt – as with the security forces of Pakistan – are even closer. Along with you, we hope, these relationships will end.

The Saudi monarchy – the most reactionary, despotic and US-dependent of the Arab regimes – has also played a significant role in aiding and abetting undemocratic and unjust regimes in the region – including those of Pakistan.

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Swiss Government Freezes Mubarak’s Assets

By Samuel Rubenfeld

The Swiss foreign ministry said in a statement its federal council ordered a freeze of any assets believed to be in the name of ousted Egyptian president Hosni Mubarak, who resigned earlier Friday after 18 days of massive protests. …
Read more : The Wall Street Journal

Pakistan – Three ex-Army generals found guilty of 25 billion scam

Three ex-Army generals found guilty of Rs 25 bn scam – By Rauf Klasra

ISLAMABAD: A nine-year-old Rs 25 billion scam of the Musharraf regime has returned to haunt his three favourite ex-Army Generals, who administered the Pakistan Railways in 2001, former ISI chief Javed Ashraf Qazi, Saeeduz Zafar and Hamid Hassan Butt.

A 20-member special parliamentary committee of the National Assembly, formed by Speaker NA Dr Fahmida Mirza on April 22, 2008, investigated the lease of PR’s hundreds of acres of land of Royal Palm Golf and Country Club, Lahore, to a private party. It has now recommended to the government to register criminal cases against these ex-generals and confiscate and auction their property to recover the losses before cancelling the deal.

These generals were summoned by the committee to give their side of the story but they failed to convince the members of their innocence. This is the major finding of any parliamentary committee since the return of democracy in 2008. The special committee has recommended immediate termination of the contract signed in 2001 and appointment of a new ad hoc committee for the interim period. It recommended fresh leasing of the Royal Palm Golf Course in an open auction so that maximum revenue could be generated for the Pakistan Railways, which according to its calculation might exceed Rs 40 billion. ….

Read more >> The News

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Parliament investigates corruption of Musharraf’s Generals

Courtesy: DawnNews (Arshad Sharif)

Via >> ZemTV

>> Link

Prime Minister’s (Gilani) wife gets Rs38m bank loan written off

PM’s wife gets Rs38m bank loan written off – by Syed Irfan Raza

DAWN

ISLAMABAD, April 8: The wife of Prime Minister Yousuf Raza Gilani is one of the main beneficiaries of the recent loan write-off policy of the National Bank of Pakistan. The bank waived a loan of over Rs 38 million loan taken by Pak Green Fertiliser Limited (PGFL) which she owned as one of its main partners.

According to NBP’s annual report of 2009 and its advertisement published in newspapers on April 1, the bank wrote off the PGFL loan last year.

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