Tag Archives: Wells Fargo fraud

An Open Letter to Elizabeth Warren on Gold Fraud

The letter posted below is from Stewart Dougherty.   Elizabeth Warren on the surface purports to represent middle class interests by associating herself with the erection of the Consumer Financial Protection Bureau.  But she has turned out to be another faux populist who panders to the public in order to generate voter support and, in reality, sides with the rest of her cronies and looks other way while Corporate America steals our wealth.

The Consumer Financial Protection Bureau is a Trojan horse device which superficially appears to protect the public from Wall Street but in reality does  nothing more than provide a false sense of security. It’s another useless bureaucratic mechanism which serves no purpose other than to create another Government department that vacuums up taxpayer money and employs people who are otherwise unemployable in the private sector.

I ask you this, dear Elizabeth, if your Consumer Financial Protection Financial Bureau serves any purpose, how on earth did Wells Fargo’s billions in checking account fraud go undetected.  I suspect another person with “Warren” in their name had a hand in encouraging you to leave Wells Fargo alone.

And speaking of Wells Fargo, the show you put on the other day verbally “pistol-whipping” Wells Fargo CEO, John Stumpf, was highly entertaining.  But unfortunately, your words are tougher than your actions.  Based on the financial regulations (see FINRA, please) that are in place to punish those caught committing financial market illegalities, Stumpf can be held legally responsible for the actions of those below him – his “agents” is the technical term in case you’ve never studied financial regulations.

The size of what occurred at Wells Fargo qualifies Stumpf and his henchman to be indicted with felony charges.  I recall in 1988 that the Justice Department threatened Drexel Burnham Lambert with RICO charges for its felonious actions.  Of course, that was an era when Congress was not completely captured by Corporate America.

I’m sure your theatrics helped increase your support base in Massachusetts.  It’s too bad no one will hold you accountable.  I also see that your 2nd and 6th largest sources of campaign funds come from laws firms who represent Wall Street banks and from Wall Street itself:  Elizabeth Warren campaign donors.

And speaking of being held accountable, maybe you can explain why you oppose any legislation that would force an open, independent audit  of the Federal Reserve.  I understand why you won’t go after Stumf and Wells Fargo beyond verbal castigation, but your position on an Fed audit ceaselessly baffles me and all of my colleagues…

Dear Senator Warren:

On September 20, 2016, you appropriately excoriated CEO John Stumpf about the consumer fraud that took place at Wells Fargo Bank. Again and again, you used the word “scam” to characterize Wells Fargo’s actions, and this was the proper word for you to use. It was a scam, plain and simple.

Over a period of several years, Wells Fargo created more than 2 million accounts to flatter its numbers and increase its stock value, thereby increasing the value of senior executives’ stock options.

Many of the phony accounts were dormant and incurred no fees, but certain other accounts, such as credit cards, did incur fees.

Erring on the side of excess, let’s assume that the actual cost to Wells Fargo customers was $1,000.00 per phony account. This would mean a $2 billion fraud, in total. If we assume that these accounts were created over a 5 year period (it was probably longer), the scam would have amounted to roughly $400 million per year.

This $2 billion consumer fraud has correctly inflamed members of Congress, making you and your Capitol Hill colleagues irate, as we witnessed during the fiery House and Senate hearings.

Yesterday, October 4, 2016, a different kind of consumer fraud occurred. But this one was more than 100 times greater in amount, in ONE DAY, than Well Fargo’s entire multi-year fraud.

This fraud resulted in the theft of $246,758,400,000.00 ($246.8 BILLION) from people all over the world.

This SCAM affected rural farmers in India; common villagers throughout Africa; elderly retirees in Japan; young newlyweds in China; small shop owners in Tibet; flower merchants in Peru; nurses in Argentina; school teachers in Canada; and people of every type of vocation and station in the United States.

This SCAM hurt people of every single socio-economic class; every race, religion and creed; every age; every ideology, political and otherwise; and every other imaginable human description. And it hurt them in every single nation throughout the entire world. The common strand connecting hundreds of millions of people fleeced by this SCAM is that they are simple, ordinary, everyday human beings trying to enjoy a decent life and future.

From facts documented for more than a decade by formal researchers such as those at an organization known as GATA, we know without a shadow of doubt that this SCAM emanates from the United States, even though it affects people throughout the world.

What we witness is massive, condoned, formal, organized Wall Street theft. And since this type of theft has been happening for years with no Congressional or regulatory action of any kind against it, it also constitutes state sponsored financial terrorism, deliberately intended to inflict financial harm on innocent, honest, hard-working, everyday citizens worldwide.

From the dawn of human civilization, man has searched for honesty in all its glorious forms. Honesty is what makes civilization possible in the first place. When there is no honesty, civilization disintegrates. Where only dishonesty, corruption and deceit prevail, chaos and inhumanity rule.

One of the basic forms of honesty sought by humanity from the beginning was a reliable, truthful money. Honest money is a critical prerequisite to a functioning civilization. Early people discovered such a form of money, and their discovery was so powerful that it has reigned uninterrupted in the mind of man and in markets for more than 5,000 years.

It is called Gold, and perhaps you own some yourself. Perhaps you received it as a keepsake handed down to you by a parent or grandparent, with all its sentimental powers. Perhaps it is a beautiful piece of jewelry given to you by a loved one or yourself, or perhaps you saw a gold coin one day and purchased it for its value and its beauty. Those who own gold cherish it, and I would imagine you cherish yours, too, if you have some.

During this period of 5,000 years, by honest toil, deployment of capital and engineering brilliance, mankind has brought forth from the earth 183,600 metric tonnes of gold, or nearly 6 billion troy ounces. This amounts to not quite 1 troy ounce for every person on earth. In fact, if everyone wanted to own gold equally, they could only possess is 0.77 troy ounces of it. So we see how rare it truly is, despite 5,000 years of struggle to find, mine and distribute it.

Yesterday, October 4, 2016, a day that will live in infamy, the price of gold was crushed $42.00 per ounce by the financial elite (or, what I call, the “eleech”), with full state blessing, for the dual purposes of monetary enforcement and outright theft. The perpetrators of this SCAM walked away with hundreds of millions of dollars of direct, private profits, which they always do when they conduct these repeated attacks on the price of gold.

The citizens of the world were not nearly as fortunate as the fraudulent and thieving eleech. 5.875 billion ounces of gold lost $42.00 per ounce in price, for total global wealth destruction in the amount of $246,758,400,000.00, aka 246.7 BILLION dollars, on that date.

This constitutes one of the largest, outright, one-day THEFTS in human history. History’s other record-setting thefts also cluster around this exact form of fraud, which has been happening now for decades with no Congressional or regulatory action of any kind whatsoever taken to stop it.

Aside from providing a risk-free ability for the Wall Street eleech to steal hundreds of millions of dollars from people around the world, with zero risk of facing any type of criminal charge at all, the purpose of these price attacks on gold is to scare people away from owning it.

The for-profit Central Bankers have monopoly products called fiat currencies. These currencies are deliberately designed to diminish in value. We know this for a fact, because one of the mandates of the Federal Reserve Bank is to create inflation. They actually tell us this in plain English. They want us to believe that the gravest monetary problem we face today is that there is insufficient inflation, and that higher prices would be a great benefit to Us, the People. Naturally, this kind of brazen, self-serving lie is an insult to the People’s intelligence. The people are not stupid, and it is a grave error when politicians, officials and/or the eleech think we are.

People all over the world are waking up to the fact that fiat currencies are a serious danger to their financial well-being, and they are looking for alternatives in order to avert this danger. Historically, tangible things, including precious metals, are a way to achieve this. Given your focus upon matters financial, Ms. Warren, surely I’m not telling you anything you don’t already know.

Monopolists everywhere despise the idea of their monopolies being challenged. They are particularly fearful when the truth starts to leak out about a monopoly product that is drowning in fraud, corruption and lies, and that is defective. When it comes to human perception and understanding, a spark can become a firestorm in the collective consciousness in the proverbial wink of an eye. The absolute last thing corrupt monopolists can permit is a Great Awakening.

For years, and particularly since 2011, when precious metals market forces impressively began to break free and exert themselves, there has been a systematic effort to smash their prices. The technique used to do this is to dump millions of ounces of nakedly shorted paper metals onto the markets in a matter of seconds or minutes, creating a price avalanche.

This is deliberate price manipulation, and therefore fraud. It delivers a handful of eleech insiders huge financial gains, at the expense of everyone else, while also advancing a diabolical and thoroughly dishonest monetary agenda.

This has happened literally hundreds of times over the past four decades, but the problem is getting worse. Apparently, the perpetrators are getting addicted to the huge sums of money they can steal in a mere few hours. It also tells us that the monopolists at the Central Banks are getting very worried about something. Therefore, they are deliberately creating phony metals prices in order to confuse, deceive and create false illusions among the public about their defective monopoly products.

Senator Warren, you have shown extreme interest in and moral repulsion over the $2 billion Wells Fargo SCAM, so I would imagine the $247 billion one-day, oft-repeated SCAM that I have outlined above will pique your interest, too. Yes? I certainly hope so.

On a broader, closing note, Ms. Warren, when one views the current landscape, it appears that our leading national export is Wall Street greed and fraud. This greed and fraud brings shame upon and disgrace to our nation. To any sentient person, it is repulsive. Having watched you grill Mr. Stumpf, I know this kind of avarice and corruption is particularly repulsive to you.

My belief is that the people of the world are waking up to how the Wall Street eleech are financially hurting them, and that the people are rightly getting angry about it. Our standing in the world appears to diminish every day, in large part due to the financial abuse that a tiny, arrogant, greedy, corrupt cabal of American moneysuckers inflict upon decent people throughout the world. The egregious manipulation of gold market is a glaring, nationally embarrassing, “poster child” example of this abuse.

You can help your country and its citizens right now by focusing your energy, intelligence and sense of ethics upon this disgraceful crime.

I will let this message sink in for a day or two, and will then contact you so we can discuss it in further detail, and speak about how this abuse can be stopped.

Respectfully, Stewart Dougherty
October 5, 2016