Category Archives: Law

McCarthy: Obama’s Cash Payment to Iran Was More Than a Ransom — It Broke Criminal Law

Obama’s Cash Payment to Iran Was More Than a Ransom — It Broke Criminal Law
The president hoped to camouflage what he knew to be against the law.

By Andrew C. McCarthy — August 6, 2016 National Review Online.

The Progressive Left

“The fundamental flaw in both the left and its media is that they are craven. Without a moral compass and no sense of integrity or righteousness, they will chase every gold cloaked squirrel that runs in front of them, which is why they are where they are today: roadkill.”

The Next President of the United States.

If you didn’t tune in last night, to fully appreciate the content of Trump’s speech, and of the man, you need to hear three speeches from last night, in order. Tom Barrack, who sets the stage for Trump the man, then Ivanka (what a powerhouse this girl is) who sets the stage for who Trump is as a family man, and who the Trump Organization is as a business, then the slow rolling boil of Trump himself, who pulled no punches whatsoever. All three speeches form a “sales” package. People who have doubts about what Trump can do simply have no experience in the high powered, high energy, high stakes business world. And anyone who doubts that Trump doesn’t mean what he says he will do, would do well not to find themselves in the way of his freight train. Trump’s biggest obstacle as President will be that cannot just as easily fire people in govt as can be done in the private sector, but then, he believes in putting the most competent in control – he’ll let them do their job.

Will he accomplish all he’ll set out to do? No. Will he serve notice to a lot of squishes, both inside and outside the country, that there is a new sheriff in town? Absolutely.

Here they are, in order. Barrack and Ivanka run abt 15 minutes. Trump’s – an hour and 15….

Gowdy vs Comey


Durden: “Deutsche Bank Poses The Greatest Risk To The Global Financial System”: IMF

“Deutsche Bank Poses The Greatest Risk To The Global Financial System”: IMF

by Tyler Durden, Jun 30, 2016.

Over three years ago we wrote “At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World” in which we introduced a bank few until then had imagined was the riskiest in the world.

As we explained then “the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank. The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000….  Or roughly $2 trillion more than JPMorgan’s.”

So here we are three years later, when not only did Deutsche Bank just flunk the Fed’s stress test for the second year in a row, but moments ago in a far more damning analysis, none other than the IMF disclosed that Deutsche Bank poses the greatest systemic risk to the global financial system, explicitly stating that the German bank “appears to be the most important net contributor to systemic risks.”

Yes, the same bank whose stock price hit a record low just two days ago.

Here is the key section in the report:

Domestically, the largest German banks and insurance companies are highly interconnected. The highest degree of interconnectedness can be found between Allianz, Munich Re, Hannover Re, Deutsche Bank, Commerzbank and Aareal bank, with Allianz being the largest contributor to systemic risks among the publicly-traded German financials. Both Deutsche Bank and Commerzbank are the source of outward spillovers to most other publicly-listed banks and insurers. Given the likelihood of distress spillovers between banks and life insurers, close monitoring and continued systemic risk analysis by authorities is warranted.

Among the G-SIBs, Deutsche Bank appears to be the most important net contributor to systemic risks, followed by HSBC and Credit Suisse. In turn, Commerzbank, while an important player in Germany, does not appear to be a contributor to systemic risks globally. In general, Commerzbank tends to be the recipient of inward spillover from U.S. and European G-SIBs. The relative importance of Deutsche Bank underscores the importance of risk management, intense supervision of G-SIBs and the close monitoring of their cross-border exposures, as well as rapidly completing capacity to implement the new resolution regime.

The IMF also said the German banking system poses a higher degree of possible outward contagion compared with the risks it poses internally. This means that in the global interconnected game of counterparty dominoes, if Deutsche Bank falls, everyone else will follow.

Notwithstanding moderate cross-border exposures on aggregate, the banking sector is a potential source of outward spillovers. Network analysis suggests a higher degree of outward spillovers from the German banking sector than inward spillovers. In particular, Germany, France, the U.K. and the U.S. have the highest degree of outward spillovers as measured by the average percentage of capital loss of other banking systems due to banking sector shock in the source country.

The IMF concluded that Germany needs to urgently examine whether its bank resolution, i.e., liquidation, plans are operable, including a timely valuation of assets to be transferred, continued access to financial market infrastructures, and whether authorities can ensure control over a bank if resolution actions take a few days, if needed, by imposing a moratorium:

Operationalization of resolution plans and ensuring funding of a bank in resolution is a high priority. The authorities have identified operational challenges (e.g., the timely valuation of assets to be transferred, continued access to financial market infrastructures) and are working to surmount them. In some cases, actions to effect resolution may require a number of days to implement, and the authorities should ensure they can maintain control over the bank during this period, including by using their powers to impose a more general moratorium for a specific bank.

Here is the IMF’s chart showing the key linkages of the world’s riskiest bank:

And while DB is number 1, here are the other banks whose collapse would likewise lead to global contagion.

Considering two of the three most “globally systemically important”, i.e., riskiest, banks just saw their stock price scrape all time lows earlier this week, we wonder just how nervous behind their calm facades are the executives at the ECB, the IMF, and the rest of the handful of people who realize just close to the edge of collapse this world’s most riskiest bank (whose market cap is less than the valuation of AirBnB) finds itself right now.

Judicial Watch: Law Enforcement Sources: Gun Used in Paris Terrorist Attacks Came from Phoenix

Law Enforcement Sources: Gun Used in Paris Terrorist Attacks Came from Phoenix

by Judicial Watch Blog, June 29, 2016

One of the guns used in the November 13, 2015 Paris terrorist attacks came from Phoenix, Arizona where the Obama administration allowed criminals to buy thousands of weapons illegally in a deadly and futile “gun-walking” operation known as “Fast and Furious.”

A Report of Investigation (ROI) filed by a case agent in the Bureau of Alcohol, Tobacco Firearms and Explosives (ATF) tracked the gun used in the Paris attacks to a Phoenix gun owner who sold it illegally, “off book,” Judicial Watch’s law enforcement sources confirm. Federal agents tracing the firearm also found the Phoenix gun owner to be in possession of an unregistered fully automatic weapon, according to law enforcement officials with firsthand knowledge of the investigation.

The investigative follow up of the Paris weapon consisted of tracking a paper trail using a 4473 form, which documents a gun’s ownership history by, among other things, using serial numbers. The Phoenix gun owner that the weapon was traced back to was found to have at least two federal firearms violations—for selling one weapon illegally and possessing an unregistered automatic—but no enforcement or prosecutorial action was taken against the individual. Instead, ATF leaders went out of their way to keep the information under the radar and ensure that the gun owner’s identity was “kept quiet,” according to law enforcement sources involved with the case. “Agents were told, in the process of taking the fully auto, not to anger the seller to prevent him from going public,” a veteran law enforcement official told Judicial Watch.

It’s not clear if the agency, which is responsible for cracking down on the illegal use and trafficking of firearms, did this because the individual was involved in the Fast and Furious gun-running scheme. An ATF spokesman, Corey Ray, at the agency’s Washington D.C. headquarters told Judicial Watch that “no firearms used in the Paris attacks have been traced” by the agency. When asked about the ROI report linking the weapon used in Paris to Phoenix, Ray said “I’m not familiar with the report you’re referencing.” Judicial Watch also tried contacting the Phoenix ATF office, but multiple calls were not returned.

The ATF ran the Fast and Furious experiment and actually allowed criminals, “straw purchasers,” working for Mexican drug cartels to buy weapons at federally licensed firearms dealers in Phoenix and allowed the guns to be “walked”—possessed without any knowledge of their whereabouts. The government lost track of most of the weapons and many have been used to murder hundreds of innocent people as well as a U.S. Border Patrol agent, Brian Terry, in Arizona. A mainstream newspaper reported that a Muslim terrorist who planned to murder attendees of a Muhammad cartoon contest in Garland, Texas last year bought a 9-millimeter pistol at a Phoenix gun shop that participated in the ATF’s Fast and Furious program despite drug and assault charges that should have raised red flags. Judicial Watch has thoroughly investigated Fast and Furious and has sued the Obama administration for information about the once-secret operation.


US: The Democrat Sit-in for “Gun Control”

One picture says it all: Update:  It has come to light that 26 Democrat members of the sit-in are firearms owners themselves. “Firearms for me, but not for thee…” Pouting over a failure to pass legislation to fix a problem … Continue reading