Posted on 06 October 2011. Tags: abysmal state, audit, boards of directors, co operative bank, Co-operative, farm co, farming community, foreign banks, halloween candy, Morgan, philippine farming, private banks, privateers, Reserve, Savings
The recent bank bail-out process illustrated below, reminds me of something I saw in my wife’s Philippine farming community. A group of local businessmen got together and formed a ‘Farm Savings Co-operative’. They encouraged the local farmers to deposit their money in the ‘Savings Co-operative’. Unannounced to the hard-working and trusting farmers, the ‘directors of the board’ then proceeded to take out large loans for themselves from the Farm Co-operative bank. These loans were never paid back. These business shysters never intended to pay those debts back. And within four years the ‘Farm Savings Co-operative’, once holding local farmers’ earnings, went bankrupt and closed its doors.
These banking privateers who control the Federal Reserve, obviously loan trillions of dollars to ‘affiliated’ private banks, and those loans are never paid back!! Tens of millions of dollars in bonuses (maybe more?) are given to the boards of directors and corporate executives who run these banks into the ground.http://sanders.senate.gov/newsroom/news/…
(Summarized below)
What was revealed in the audit was startling:
$16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and
corporations and foreign banks everywhere from France to Scotland. From the
period between December 2007 and June 2010, the Federal Reserve had secretly
bailed out many of the world’s banks, corporations, and governments. The Federal
Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but
virtually none of the money has been returned and it was loaned out at 0% interest.
Americans should be swelled with anger and outrage at the abysmal state of affairs
when an unelected group of bankers can create money out of thin air and give it out
to megabanks and super-corporations like Halloween candy. The list of institutions
that received the most money from the Federal Reserve can be found on page 131
of the GAO Audit and are as follows:
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (UK): $ 868 billion* ($ 868,000,000,000)
Bear Sterns: $ 853 billion ($ 853,000,000,000)
Goldman Sachs: $ 814 billion ($ 814,000,000,000)
Royal Bank of
Scotland (UK): $ 541 billion ($ 541,000,000,000)
JP Morgan Chase: $ 391 billion ($ 391,000,000,000)
Deutsche Bank
(Germany): $ 354 billion ($ 354,000,000,000)
UBS (Switzerland): $ 287 billion ($ 287,000,000,000)
Credit Suisse
(Switzerland): $ 262 billion ($ 262,000,000,000)
Lehman Brothers: $ 183 billion ($ 183,000,000,000)
Bank of Scotland
(UK): $ 181 billion ($ 181,000,000,000)
BNP Paribas
(France): $ 175 billion ($ 175,000,000,000)
Reference material:
“The History of Banking Fraud”http://www.blissful-wisdom.com/the-histo…
“How The World Works – Two Videos”http://www.blissful-wisdom.com/how-the-w…
“Financial Terrorism by the International Monetary Fund”http://www.blissful-wisdom.com/financial…
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Posted on 20 December 2010. Tags: audit, audit experience, career life, central bank of malaysia, family accounts, Finance, finance degree, financial consultant, Home, islamic finance, oxford brookes, paper, professional paper, scholarship opportunity, Work
My name is Atikah. A malaysian.I am 23 years old. I have an Accounting and Finance degree from Oxford Brookes, Uk. I had 11 months audit experience with one of the Big 4 firms.
I resigned because my late father was sick back in 2009 (i wanted to be home and stay close with my late parents) the day after I resigned I had obtained a scholarship opportunity from the Central Bank of Malaysia to do my Islamic finance professional paper at INCEIF. My father gave me the permission to do the paper as he saw that I really wanted to continue my studies. And plus it was a full scholarship, including expenses). In order to finish the paper, I am required to do a 6months articleship in any Islamic fiannce institution. I managed to finish and I did my articleship with one of the big 4 firms.I am now done with the program and plus, the paper is equivalent to Masters. Meaning i can do my phd if i want to after this. Please note that this is a 18 months program. But it is not easy ok!
My father passed away in 2009, and my mother too, 6 months later which was in March 2010.
I did the best I could for the program. I don’t intend to stop studying as I know its the only thing people can’t take away from me.
My late father was an accountant by profession. And a financial consultant. i would want to be like my father but it is a long way to go, of course. I usually consult my late father in anything, career, life, Even bf related matters. I am very close with my parents. And when they are no longer here…I sometime feel like i am lost. Like, theres it nothing excites me anymore…But I am slowly gaining my confidence back…
My father did all the family accounts, etc etc.
Now that the business is left for us siblings to handle. I dont even know how to do a complete sets of accounts. I wanted to do my acca or aca when I did my audit. But working in big 4, I seriously had no time. Because I go back home at 4 am ..and go back work at 8am. I became burnt out. I feel like I am not learning anything. and the islamic finance opportunity came at that time. so I choose to study that first.
I want to be a CA, i want to be able to understand how a business work. I am planning to do CPA australia-due to work flexibility. I do not want to go to class and I am okay with that. Please do not advice me on what paper to do. I am fix with this CPA Australia decision. The paper does not matter. Its what I will do with it matters. most. and the job that will help me progress in life. And please u guys, dont get into a fight on which paper is better than the other, because to me all are equal. its just whether its prestigious or its not. yes I KNOW ACA is the MOST PRESTIGIOUS. YES i know, ACCA is where u get employed better.
Do give me suggestion for applying for scholarships for CPA australia. Apart from being in a firm that offers bonding to do this paper where they will pay all or partial.
My problem now is that : I need to do an accouting pro paper, work 3 years (the fastest to get my CA title), being able to help with the co. business instead of outsourcing to others. Being able to help my siblings.
I want to go into islamic accounting. Most probably shariah auditing. However, working 3 years in shariah auditing wont make me a CA.
People would say why i wanna do accounting? its because it is a necessity. I need to be able to carry out what my late father did before this. I need to be like him, to read through an accounts, within 5 minutes you know whether it is wrong or not. I need it to build up my business knowledge and I have plans in opening my own firm offering both conventional and islamic accounting.auditing services insyaallah.
going into audit means suffering for 3 years or more, but it is okay if I can get to understand all this. by the time i understand i probably would love audit. the reason why i choose to work in accounting field now is that, islamic finance is still in a niche market. would get paid a lot usually if i work within islamic fiannce industry, however i wont be able to differentiate much if i dont understand how the conventional really work and all. you get what i mean?
and plus, accounting now because if i apply after 5 years, it might be hard. Islamic finance door is always open.this is what i had observed. My late father had told me, the time to resign from audit is when I can do the audit alone. when that day comes, its time to resign and I can do ANYTHING which i want to.
I just need to know whether the decision I am making is the right thing. And that everything is alright.
now comments please. Maybe all i need is my confidence back. I heart sank to the bottom, my personality changed a lot after losing my parents.
I also would be glad to know what I can work as if I have more than 3 years audit experience. and I am a certified islamic finance professional. What work can I apply ? in both islamic finance and accounting? islamic finance industry is a priority
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