"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, October 09, 2007

Northern Rock Directors abuse Down's Syndrome children

Richard Murphy writes again about the abuse of North East Down's Syndrome children by the Directors of Northern Rock plc.

The charity’s trustees have issued a statement:

In connection with the current problems of Northern Rock, we would like to assure our members and supporters that Down’s Syndrome North East (DSNE) has not been knowingly involved in any misuse of money. We are investigating why our charity appears to have been named as a beneficiary of a Trust without our consent. We have definitely not received any money from Northern Rock or affiliated companies, except for a one-off donation from a staff collection in 2001. Currently we have not received notification that any funds are being raised or collected by Northern Rock or affiliated companies on our behalf.
Richard points out that this is a species of identity theft and that the construction of these Special Purpose Vehicles, whether on or off balance sheet (and he point out - every bank uses them) is a based on a fraudulent misrepresentation.

The Trust is said to represent a registered charity 1096003, in this case DSNE , who were blissfully unaware of this "Granite" arrangement, failure to advise them was considered, it was deliberate, and it was done in the name of the Directors of the company and without this deceit , fundamental to the whole whole scheme it would founder.

As he explains - The fraud is simple. It is claimed that an SPV is not owned by the company that creates it - due to the preposterious claim that this untrue - a fraud. "These entities are mechanisms for issuing debt of the creator company, and nothing else. That means that they are a legal fabrication of no real substance that depend upon the fiction of having charitable ownership and intent ..."

"The centre cannot hold, things fall apart " ... Bear Stearns before the New York Bankruptcy Court and Judge Lifland discovered that their 2 bankrupt Hedge Funds Bear Stearns High- Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd., 07-12384, and its sister Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd., 07-12383 could not seek protection U.S. lawsuits because Judge Lifland said .."The only adhesive connection with the Cayman Islands that the funds have is the fact that they are registered there,'' ... "There are no employees or managers in the Cayman Islands, " he added in his written judgement," the investment manager for the funds is located in New York, the administrator that runs the back-office operations of the funds is in the United States along with the funds' books and records, and prior to the commencement of the foreign proceeding, all of the funds' liquid assets were located in the United States.''

Richard goes on to say that "the City is a persistent party to this deception". ..... hence the anxiety now as Northern Rock is falling apart.

The consequences of this gigantic fraud are too, too awesome to consider.

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