5th May 2012

By Madison Ruppert

Contributing Writer for Wake Up World

A new lawsuit, which is bordering on the unbelievable, implicates the Obama administration and some of the world’s largest banks in the largest international money laundering case in history.

This global money laundering network was allegedly formed during the Obama administration and helped banks rob U.S. home owners through offshore affiliates in infamous tax havens and money laundering hubs like the Cayman Island, Isle of Man, Luxembourg and Malaysia.

A press release published by Marketwatch (a website owned by the Wall Street Journal) via Marketwire on April 23, 2012, by America’s Spire Law Group, revealed that a mass tort action on behalf of home owners across the United States has been filed in the Supreme Court of New York, County of Kings.

The release states that the suit implicates every major bank servicer and their subsidiaries, as well as the Obama administration which allegedly was privately ratifying the formation of shell corporations in violation of not only the USA PATRIOT Act, but also State and Federal law as well.

This is all while the administration was very publicly encouraging home owners to modify their loans.

The suit, which has been assigned Index No. 500827 and was filed by the Spire Law Group and their affiliates and partners throughout the United States, also alleges that Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, among other federally chartered banks stole hundreds of millions of dollars from U.S. home owners through little-known offshore companies.

The money was then laundered through offshore corporations, and surprisingly the suit is quite explicit in identifying specific companies as well as the countries they are located in which were used to help defraud huge sums of money from Americans.

These activities are violations of the guidelines of the Federal Deposit Insurance Corporation (FDIC), New York state law, not to mention other states as well as federal law.

Columbus, Ohio-based trial lawyer and author Eric J. Wittenberg made some quite heated statements on behalf of the plaintiffs in the case.

“The laundering of trillions of dollars of U.S. taxpayer money — and the wrongful taking of the homes of those taxpayers — was known by the Administration and expressly supported by it. Evidence uncovered by the plaintiffs revealed that the Administration ignored its own agencies’ reports — and reports from the Department of Homeland Security — about this situation, dating as far back as 2010,” Wittenberg said. “Worse, the Administration purported to endorse a ‘national bank settlement’ without disclosing or having any public discourse whatsoever about the thousands of foreign tax havens now wholly owned by our nation’s banks. Fortunately, no home owner is bound to enter into this fraudulent bank settlement,” he added.

The many home owners involved in the case are suing these major financial institutions and their foreign allies not only for fraud and larceny but also for conversion and violations of provisions of New York state law and other laws.

If this lawsuit is what they are making it out to be, there could be a great deal of incredibly important information brought to light.

The press release states, “

This lawsuit explains why loans were, in general, rarely modified after 2009. It explains why the entire bank crisis worsened, crippling the economy of the United States and stripping countless home owners of their piece of the American dream. It is indeed a fact that the Administration has spent far more money stopping bank investigations, than they have investigating them. When the Administration’s agencies (like the FDIC) blew the whistle, their reports were ignored.” “As if it is not bad enough that banks collect money and do not credit it to homeowners’ accounts, and as if it is not bad enough that those banks then foreclose when they know they do not have a legally enforceable interest in the realty, we now learn that they have been operating under unbridled free reign given by the Administration and some states’ Attorneys General in formulating this international money laundering network,” Wittenberg said.

“Now that the light of day has been shined on it, I believe we can all rest assured that the beginning of the end of the bank crisis has arrived,” he added.

All I can say is I hope he is right. This is truly one of the most astounding cases which has come to light in recent history, to say the least.

If this case is successful it could very well mean a major blow to the entire corrupt global financial system.

About the Author

Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lie and has no affiliation with any NGO, political party, economic school, or other organization/cause. He is available for podcast and radio interviews. If you have questions, comments, or corrections feel free to contact him at [email protected]