Royal Bank of Scotland (RBS): #4 Recipient of Fed’s “Secret Liquidity Lifelines”

A look back…

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Bloomberg Nov 11, 2011:

Royal Bank of Scotland Group Plc, whose 45.5 billion-pound ($74 billion) emergency capital injection from U.K. taxpayers was the world’s biggest announced bank bailout, also got more secret loans from the U.S. Federal Reserve than any other foreign bank. On Oct. 10, 2008, as the bank’s stock price plunged 21 percent in a single day, the Edinburgh-based RBS was borrowing $62.5 billion from the Fed through its U.S. broker-dealer, $11.5 billion through its New York branch, $10 billion through its RBS Citizens NA bank and $500 million through Citizens Bank of Pennsylvania. The Fed aid exceeded even the 36.6 billion pounds of emergency liquidity the Bank of England supplied in secret to RBS in October 2008. The BOE disclosed the aid package in November 2009, more than a year before the Fed aid was revealed.”

RBS’ secret liquidity line from the Fed served up a “peak amount of debt” totaling $84.5 billion on 10/10/2008.

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Part 2:

 RBS Busted On Libor Manipulation: “its just amazing how libor fixing can make you that much money”

ZeroHedge Feb 6, 2013 – Excerpts:

RBS also happened to be one of a suspected dozen or so major banking interests involved in the big Libor ‘interest rate fixing” scandal – which bilked “U.S. states, counties, and local governments” to the tune of “at least $6 billion in fraudulent interest payments, above [and beyond the] $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation,” according to Bloomberg (10 Oct 2012).

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All of this leads naturally to the question:  How can the Federal Reserve and the U.S. Treasury justify the transfusion of massive liquidity streams into the veins of major banks like Morgan Stanley, Citigroup, Bank of America, and subsidiaries of major foreign banks like RBS….and at the same time deny equal access to credit by American families?

How can the Federal Reserve deny access to liquidity by American families who have not broken any laws, while continuing to support the likes of RBS – who blatantly manipulated Libor rates, to the detriment of states, counties, and local governments…?

It’s time to level the playing field with the most powerful debt-eliminating economic acceleration plan in the world.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2559)

2012: Massive Mortgage Fraud Swept Under the ‘Fed Rug’ – Big Banks Win, U.S. Citizens Lose

September 2012: “QE3 – Pay Attention If You Are in the Real Estate Market” by Catherine Austin Fitts

Excerpts:

[Note:  The Mortgage Electronic Registration System (MERS) is a private company that electronically tracks and records ownership and servicing rights of mortgages across the country.]

“The Fed is now where mortgages go to die. Thousands of mortgages on homes that do not exist or on homes that have more than one “first” mortgage are now going to the Fed to disappear. Thousands of multifamily and commercial mortgages will be bought up as well. As this happens, trillions of dollars that have been amassed offshore will be free to come back into the US to buy up and reposition land, farmland, residential and commercial real estate and other tangibles.”

With documents shredded, criminal liabilities extinguished and financial institutions made whole, funds can return without fear of seizure.

QE3 proves beyond any shadow of a doubt that the extent of the fraud was as bad as I said it was. You can count up the bailouts and QE1, QE2, QE3 the numbers speak for themselves. The fraud was indeed in the many trillions of dollars. It was intentional. It was a plan.

Now, the $64,000 question for those whose house is underwater or whose mortgage is in default is whether or not you still owe on your mortgage.  Certainly, you still do as a legal matter.  If the bank has been paid off, arguably in some cases several times, why not you? Let’s see if Fannie, Freddie and the big banks are under orders to quietly pass through a portion of their largesse to troubled homeowners in amounts sufficient to unfreeze the market. If you are in a workout situation, you need to take notice. If enough mortgage write-offs flow through, the Democrats will quickly amass a lock on the elections in November.

If you are in the market to buy a home or other real estate, you also need to pay attention – a major turn is now underway. Watch to see how much the banks pass through to homeowners and property owners to see how fast and big the turn may be. Watch to see the inflow of funds from offshore. This is not only funds returning but investors around the world looking to exchange their dollars for tangible assets to protect themselves from debasement of the dollar denominated deposits and securities they hold. Watch to see what the renegotiation of federal tax policy and the reengineering of the federal budget in response to the “fiscal cliff” do to reposition housing and real estate prices and cost of financing for an inflow looking for large accumulations.

Finally, the way the Fed has engineered the Slow Burn to date is to continually offset monetary inflation with labor deflation. It is worth contemplating how much labor deflation will be required to offset QE3 and how sufficient additional labor deflation might be engineered. Ben Bernanke was quite clever to tie QE3 to unemployment. The problem has become the solution, which is the basis for QE-Infinity.”

About the Author
Catherine Austin Fitts began her career on Wall Street and eventually rose to managing director and member of the board of the firm Dillon, Read & Co. Inc. In 1989, she was appointed Assistant Secretary of Housing – Federal Housing Commissioner in the first Bush administration. Following this appointment, Catherine became president of The Hamilton Securities Group.

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Again… “With documents shredded, criminal liabilities extinguished and financial institutions made whole, funds can return without fear of seizure…. The fraud was indeed in the many trillions of dollars. It was intentional. It was a plan.

The Fed buried trillions of dollars in fraudulent real estate loans on its own books, and in the process ‘relieved’ major banks and insurers of massive financial liabilities and erased the trail of criminal enterprise.

It is now time to “retarget” liquidity infusions to upgrade the financial health of U.S. citizens.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan 2018 –  $75,000 per U.S. citizen

The Leviticus 25 Plan 2018 (2559)