Bonum Certa Men Certa

Another Financial 'Collapse' is Coming, We Need to Facilitate Banking Whistleblowers

Will you help this man?

Rudolf Elmer



Summary: Why the world needs more conscientious people who speak out against banks and show where fraud is used to facilitate pillaging and plundering by plutocrats who 'crash' the economy (privatise/confiscate whatever is still public)

SEVERAL years ago Rudolf Elmer (shown above) gave Wikileaks material which showed serious crimes of banks. In a sense, Wikileaks' technical skills helped combat corruption. This is where geeks can really help fix the world.



For those who don't pay much attention to financial news (by "news" we don't mean channels bankrolled -- indirectly -- by the financial sector), there's indication that the plutocrats will crash the economy again in their never-ending pursuit of total ownership of everything, even what was publicly-owned (nationalised). To give some examples from this month's news, Detroit is being stolen [1] by the rich and powerful (privatisation) and here in Britain the 500-year-old mail service is now being considered for privatisation [2]. China, which sells debt to much of the West, is buying sizeable chunks of Ukraine [3], which is ironic and sad because in the land of tragic famine they now help prevent Chinese famine (as if the problem can be addressed by feeding another nation).

"Pessimists say that there is no way to fight all this corruption and pillaging will always prevail."The rich and powerful are doing extremely well [4,5] (no financial crisis) and the rest of us sink to oblivion [6]. Plutocrats share the religion of greed [7], which they have private meetings about [8] as well as propaganda campaigns [9]. The corporate media is using propaganda right at this very moment in order to usher in a man responsible for the previous financial 'collapse' (Larry Summers) into the Fed [10-15]. Higher education is being relegated again to a luxury of rich kids [16] (perpetuating poverty cycles) and Forbes, perhaps the worst offender when it comes to glorification of greed, allegedly "Calls Goldman CEO Holier Than Mother Teresa" [17].

Pessimists say that there is no way to fight all this corruption and pillaging will always prevail. They say that even Occupy protests failed. The truth of the matter is, what we need are the facts; we need to expose the perpetrators and make them step out in shame. For this, we need technical edge and we need to facilitate whistleblowers. They do exist even if at present they are some sort of conscientious objectors who are potential whistleblowers (afraid to ruin future careers). If tools are created and deployed to facilitate secure and private passage of data (the NSA would loathe such a thing with deep conviction and passion), then we will win the information war and leave no crooked executive unaccountable.

Related/contextual items from the news:



  1. Forced Bankruptcy and Privatization of the City of Detroit: Law Suit in Federal Court
    This extraordinary hearing had provided only a small window of time for legal action. Many of the people that testified were retirees, city workers, community organizers and professionals who met the deadline set by the Judge Steven Rhodes to submit their objections.


  2. Britain to float Royal Mail within weeks
    Britain embarked on its largest privatization in decades on Thursday as the government unveiled plans to sell the majority of the near 500-year-old state-owned Royal Mail postal service.


  3. China just bought 5% of Ukraine
    China has inked a deal to farm three million hectares (paywall), or about 11, 583 square miles of Ukrainian land over the span of half a century—which means the eastern European country will give up about 5% of its total land, or 9% of its arable farmland to feed China’s burgeoning population.


  4. Rich Man’s Recovery
    A few days ago, The Times published a report on a society that is being undermined by extreme inequality. This society claims to reward the best and brightest regardless of family background. In practice, however, the children of the wealthy benefit from opportunities and connections unavailable to children of the middle and working classes. And it was clear from the article that the gap between the society’s meritocratic ideology and its increasingly oligarchic reality is having a deeply demoralizing effect.


  5. Executive Excess 2013: Bailed out, Booted, and Busted
    Nearly 40 percent of the CEOs on the highest-paid lists from the past 20 years were eventually "bailed out, booted, or busted."


  6. Organized labor's decline in the US is well-known. But what drove it?


  7. Don’t Celebrate Yet
    There is no obvious reason why the Western powers should care whether it was the friends or the family of Mohammed which took over the leadership of his movement upon his death. However there is plainly an agenda led by the USA to support the Sunnis in their spiralling regional conflict with the Shia.

    This is not hard to rationalise. The ultra wealthy members of the Gulf regimes continue to act as the West’s proxies in the region and provide harbour to its neo-imperialist armed forces, while at the same time maintaining themselves a obscurantist version of Islam which would have horrified Mohammed and breaks virtually every precept of the Koran, particularly as regards treatment of women and of minority religions within their territory.


  8. Fears of Changing Global Economy Underscore G20 Summit


  9. Bill Black: Not with a Bang but a Whimper – the SEC Enforcement Team’s Propaganda Campaign
    The New York Times has one of those “inside” stories that unintentionally demonstrate the collapse of justice and financial reporting. This genre involves the media reporting gravely (and uncritically) the administration’s claims that its failure to prosecute any elite for the largest and most destructive financial frauds in history actually demonstrates the exceptional ethical rectitude of the non-prosecutors and non-enforcers. Journalists, unlike alchemists, can transmute dross into gold. In the NYT’s account a pathetic failure of competence, integrity, and courage at the SEC is reimagined as a fantastic triumph of vigor and ethics on the part of the SEC enforcement attorney who refused to seek to hold Lehman’s senior officers accountable for their violations but otherwise became the scourge of elite frauds. In the end, he is promoted for his dedication to “justice” and is now the anti-enforcement leader of the SEC’s enforcement group.


  10. The media's disgraceful acquiescence to Larry Summers' White House boosters
    Summers' record should bar him from the Fed chair. Why is the press letting anonymous administration officials promote him?


  11. Larry Summers and Financial Crises: Is He Being Graded on Attendance?
    In short, if we look at Larry Summers track record in dealing with crises it is pretty abysmal. But on attendance, he gets an "A."


  12. Joseph Stiglitz: Why Janet Yellen, Not Larry Summers, Should Lead the Fed


  13. The Confidential Memo at the Heart of the Global Financial Crisis
    The Treasury official playing the bankers’ secret End Game was Larry Summers. Today, Summers is Barack Obama’s leading choice for Chairman of the US Federal Reserve, the world’s central bank. If the confidential memo is authentic, then Summers shouldn’t be serving on the Fed, he should be serving hard time in some dungeon reserved for the criminally insane of the finance world.

    The memo is authentic.


  14. Failing Up to the Fed, A Reporters' Guide to the Paper Trail Surrounding Larry Summers
    The Washington Post's Ezra Klein reports that Larry Summers is the "overwhelming favorite" of the Obama team for the job as Federal Reserve chairman. To convince the American public that one of the chief architects of the 2008 financial crisis should be the chief regulator of the U.S. financial system, supporters of Summers have their work cut out for them.


  15. FIVE YEARS AFTER LEHMAN’S: DID WE LEARN ANYTHING?


    Or, at least, not much. While it would be nice to believe that Larry Summers had to withdraw from the race to take over the Fed because of his substantial role in creating the global financial collapse, I think it had more to do with his outsized personality. Before you start celebrating his defeat remember that Goldman Sachs still must approve any choice and President Obama may yet choose one of its anointed candidates over Janet Yellin.


  16. The student loan bubble is starting to burst
    The largest bank in the United States will stop making student loans in a few weeks.

    JPMorgan Chase has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October, according to Reuters.


  17. Forbes Calls Goldman CEO Holier Than Mother Teresa
    I got a lot of letters from folks this week about an online column for Forbes written by a self-proclaimed Ayn Rand devotee named Harry Binswanger (if that's a nom de plume, it's not bad, although I might have gone for "Harry Kingbanger" or "Harry Wandwanker"). The piece had the entertainingly provocative title, "Give Back? Yes, It's Time for the 99% to Give Back to the 1%" and contained a number of innovatively slavish proposals to aid the beleaguered and misunderstood rich, including a not-kidding-at-all plan to exempt anyone who makes over a million dollars from income taxes.


Recent Techrights' Posts

The Fall of the Open Source Initiative (OSI): The OSI Election is Rigged, Biased Against People Who Oppose the Openwashing of GPL-Violating Bots Operated by Microsoft for Profit (OSI Gets Paid to Promote This)
they reckon that pretence of calm would serve them best, helped by puff pieces
In Vietnam, statCounter Sees Microsoft Windows Falling Below 7% "Market Share"
Can Microsoft still demand $500 or more per Windows licence?
Fresh IBM Layoffs Reported in Europe and North America, Jobs Allegedly Moved to South Asia (Low Salaries)
As usual, IBM does not talk about this
The Ludicrous Mythology of Commonality as Signal of Value, Merit, Popularity
Devalue what's true, promote marketing?
 
Microsoft Has Not Much Left to Show Investors, Shares Fall Almost 20%
It's not even clear how Microsoft makes money anymore
Links 11/03/2025: Spring and Misfin Server
Links for the day
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Monday, March 10, 2025
IRC logs for Monday, March 10, 2025
Latvia (and Lithuania) Stepping Away From GAFAM, Microsoft
Windows becomes unessential as Android and GNU/Linux rise
Microsoft Layoffs Are Infectious (Don't Get Acquired or Become a Partner)
It seems like companies choosing to become "buddies" with Microsoft are dooming themselves and their products
A Closer Look Inside the EPO, Courtesy of Benoît Battistelli's Submissive Lapdogs Roberta Romano-Götsch and Elodie Bergot
new report comes from the Local Staff Committee Munich (LSCMN)
Links 10/03/2025: Staff Strikes, Mass Layoffs in Gaming Industry
Links for the day
Gemini Links 10/03/2025: "Eat The Rich" and Two-Year Anniversary of the 'Space Elevator' Orbit (Like 'Webring')
Links for the day
Links 10/03/2025: Small Web Praised, LLM Chatbots Exposed as Worse Than Useless Again
Links for the day
A Call for GNU/Linux and BSD Developers to Unite Against GAFAM and the Regime They Empower
We have long encouraged and continue to encourage people who value Software Freedom to altogether boycott GAFAM
[Video] Richard Stallman on the Four Essential Freedoms (Manuel Cuda News, 2025)
Added to a channel several days ago by Manuel Cuda News
Gemini Links 10/03/2025: Realisation About Young People, Punks, and Discord IPO
Links for the day
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Sunday, March 09, 2025
IRC logs for Sunday, March 09, 2025
[Video] Richard Stallman on Understanding the Misconception of So-called 'Artificial Intelligence'
to "know and understand"
FSF's Defective by Design (DBD): Amazon Tightens the Digital Handcuffs
Reproduced verbatim
The Fall of the Open Source Initiative (OSI): Plenty of Issues, Plenty of Censorship
The OSI is abusive on many levels!
EPO Staff Appraisals Apparently Benefit Kakistocracy, Including Cheaters Who Grant Illegal Patents and Punish Good Patent Examiners (Who Find Valid Reasons for Denials)
In prior reports the staff representatives said that rewards typically went to people who granted many patents, i.e. didn't do proper examination and instead just allowed many fake patents get enshrined as EPs, causing fiasco (from which some patent attorneys could profit)
As The Web Gets Drowned Out, Sinking in a Pool of LLM Slop, Real News Sites With Real News Become Increasingly Rare If Not Extinct
This is a real problem
Links 09/03/2025: Moderna Patents Thrown Out, Climate United Sues E.P.A.
Links for the day
Gemini Links 09/03/2025: Lagrange 1.18.5 and Writing Mannerisms
Links for the day
Links 09/03/2025: FiveThirtyEight Killed by Disney, Nature (Journal) Chooses Suicide by Slop
Links for the day
Links 08/03/2025: International Women's Day, Software Patents Being Squashed
Links for the day
Hiding Problems Doesn't Work
transparent organisations will be more stable and sustainable
The Harder They Try to Censor, the Bigger the Scandal (and the Impact) Will Be
We don't plan to self-censor our coverage; sometimes we just delay publication a little
Gemini Links 09/03/2025: Leasehold Derangement Syndrome, Raspberry Pi, and More
Links for the day
All-Time Low for Microsoft in Africa
it helps show how irrelevant Microsoft is becoming
French woman (frontaliere) trafficked to promote unauthorised cross border Swiss insurance
Reprinted with permission from Daniel Pocock
New York Times & Guardian reporting on Modern Slavery Act prosecution of Glodi Wabelua
Reprinted with permission from Daniel Pocock
Diana & Adrian von Bidder-Senn, EVP, Palm Sunday & Debian death on wedding day
Reprinted with permission from Daniel Pocock
The RTO (Return-to-office) Layoffs or 'Soft' Layoffs at IBM and Red Hat
There are certainly many layoffs going on there, but many are described as "resignations" or "retirements" after RTO or some other form of relocation
Under the Pen Name "John O'Donnell" (LLM Slop, Not Real Article or Author) LinuxLinks Pushes Spammy Page
it happened some hours ago.
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Saturday, March 08, 2025
IRC logs for Saturday, March 08, 2025