Nobu Su: "Financial Crisis Was Planned to Rescue Bankers"
(Thomson Reuters ONE) -
HONG KONG, Jan. 08, 2016 (GLOBE NEWSWIRE) -- TMT Chairman Nobu Su has written to
RBS' Chief Executive Ross McEwan and RBS former non-executive director John
McFarlane (current Chairman of Barclays PLC), requesting an explanation of the
now controversial USD 85 million margin call made by the bank in August 2008.
Six years since his first plea for a clarification, Nobu Su is still unclear as
to how the exact figure was calculated, commenting on a number of occasions that
"USD 85 million as an even number is not a computer algorithm."
According to Nobu Su, during the course of 2008, the calculation of margin by
RBS was consistently and significantly incorrect, and in the account statements
produced by the bank, TMT collateral assets were often valued wildly
incorrectly.
Following many years of intense research, the entrepreneur and acclaimed
inventor firmly believes that the USD 85 million margin call was related to the
infamous AIG bailout rescue of 2008, with TMT shares indirectly insuring the
emergency syndication loan by JPMorgan Chase and Goldman Sachs, or the PDCF
(Prime Dealer Credit Facility) accepted by New York FRB to lend over USD 200
billion.
He became further convinced of this following the revelations made by the former
chairman of the Federal Reserve, Ben Bernanke. In his book "The Courage to Act:
A Memoir of a Crisis and its Aftermath", published in October 2015, Mr. Bernanke
focuses on the central bank's role as the lender of last resort, discusses
efforts that injected liquidity into the banking system and describes the
ongoing structural and regulatory problems that need to be addressed.
Nobu Su comments: "The Financial Crisis was not some kind of unfortunate
accident. Having read Mr. Bernanke's latest book, Hank Paulson's 'On the Brink'
and the official Financial Crisis Inquiry report, it is clear and worrying
that governments have no mechanism for searching the balance sheets of companies
that hold enormous life-or-death power over our societies, and that
inconceivably massive financial institutions such as the New York Fed have no
real system for auditing themselves."
"The convenient timing of Goldman Sachs and Morgan Stanley changing their
license to 'bank holding companies' (commercial banks) on September 23, 2008,
to allow themselves to receive almost USD 40 billion dollars from the New York
Fed without due diligence is in violation of official procedures and frankly
criminal. The way these two institutions were treated radically differently from
others, with lavish rescues and no consequences, demonstrates that something is
clearly amiss."
"It appears to me that the 'bending of rules' was a recurring theme throughout
the crisis. Governments allowed Barclays to acquire Lehman for USD 1.75 billion
(USD 250 million for the Lehman operations and USD 1.5 billion for the New York
Headquarters and two data centres) - an action which resulted in a six year
litigation battle on what were and weren't included in the sales of assets while
sold part of Lehman to Nomura in Japan to avoid excuse of British FSA (Financial
Services Authority) clearance. The acquisition transformed Barclays into the
global investment bank that Bob Diamond had longed for. The question is, was
this fortunate timing or planned? "
"Warren Buffet said Derivatives are financial weapons of mass destruction, but
my case proves that TMT's balance sheet, which appears to have been hijacked by
RBS, played a key role in the survival of the global banking system in the
financial crisis. It was planned to receive unlimited funds from world central
banks following quantitative easing policy until today."
"In his book, Ben Bernanke confirms that section 13(3) was applied in 1932 only
in the largest amount USD 300,000 for typewriter manufacturers. If that is the
case, the controversial '85' number was just picked up one month before the
Lehman-AIG week without any ground by policy makers, in order to break the
Central Bank constitution."
For press enquiries:
inquiryreport(at)tmtship.com
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Source: Today Makes Tomorrow Group via GlobeNewswire
[HUG#1977476]
Datum: 08.01.2016 - 09:00 Uhr
Sprache: Deutsch
News-ID 443098
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