Discussion Groups / British English / May 2010

Dear EU Parliament: Here are 3 points about Sovereign Debt and Bonds
that show that this is fraud and countries must unite and refuse to
pay :

The US House Committee on Financial Services Hearings , 4-28-10, show
that :a) most of the details in contracts of Credit-Default-Swaps and
other derivatives behind many Sovereign Debt and Bonds  ( like in the
case of Greece , USA municipalities ,etc. ) were so criminally absurd
they need only a very small modification to trigger a recall of the
loans plus huge penalties and fees,and this is , in the words of a
House member, obscene, and how can that be legal  ? and enforceable ?
be incompetence or corruption , these CDS contracts are
fraudulent ,and  we know from the Senate Hearings about Goldman Sachs,
4-27-10  at  http://www.c-span.org/   video library, that the end
result of many of these CDS is the collapse of the contract so that
they can make huge profits on the shorting of them while taking out
Insurance against them without public disclosure ,how can we justify
the payments of any of them ?  this is not Free Markets, this is
organized fraud.

The US Senate Hearings on Goldman Sachs , 4.27.10 , show : a) these
financial groups were selling products (  with Government Guarantees)
while shorting them and without telling most customers about it ,b)
while internal analysis at G.S. was showing junk mortgages without
payments on time, in default,fraudulent, etc., c) while paying the
Rating Agencies to  put a AAA - AA on them and while their own
executives were calling this "garbage" , d) the leak of only one
employee , Tourre, was to direct blame on him and away from Board
members and from a key point : most mortgage bundles were insured
( with A.I.G. and others) to cover the short or long , it is Insurance
Fraud too, but since the media in the USA and the EU is run by this
same organized group, and they got the politicians in the USA and the
EU in their pockets, nothing will happen and the Taxpayers will pay
for the fraud, as usual....

The USA Congress Hearings  April, 19- 23, 2010  show a group of
derivative -swaps investing firms
( Goldman,Lehman,BearS.,Merrill,Citi,etc. ) working with Credit Rating
Agencies to "build " Ratings around almost worthless - but government
guaranteed - mortgages : the Rating Agencies were designing the value
of AAA or B- ratings as well as who got what, a total fabricated
fraud, and now they must create chaos in the EU to distract some of
the victims and insert their own people in these same victim and
abused countries ,and will the USA Congress and the EU Parliament do
anything against these powerful neocons and international operators ?
This is not Capitalism, this is organized greed and fraud to collect
huge bonuses and stock-options, this is plain criminal financial
abuse  , this is worthless and anti-social, this destroys jobs and
economic values.