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Harry Markopolos has lead the team that spearheaded this investigation from the beginning.  Harry and his team were the first to expose this fraud.  Markopolos also told KWN, “The New York Attorney General filed suit on Tuesday (against Bank of New York Mellon) for stealing money from pension funds on currency transactions.  This theft has been from tens of millions of Americans, policemen, firemen, librarians, municipal workers, judges and the list goes on and on and they’ve been doing it for decades. 


It’s clear that the banks executives, their strategy is we have to lie to maintain the fraud.  We can’t admit to our board how much we stole...of course we’d be fired.  They are saying the charges are baseless and they are going to defend them vigorously.  Well, talk is cheap.  If they are going to defend them there is only one place to defend those cases and that is before a jury and they refuse to set trial dates.  The government is ready for trial tomorrow.  Why won’t the bank agree to trial dates if they are so innocent?  The answer is they are not so innocent.


Every day, every time a state pension fund traded, the bank would steel approximately three tenths of one percent from every transaction.  As an example, every time a pension fund bought a currency what the Bank of New York would do is look back twenty hours and assign all of the state pension funds purchase transactions at the high of the day.


Every time a state pension fund tried to sell a currency they would assign them a price at the lows of the day and the bank would pocket the difference.  The bank has done this for not years, but for decades, every business day for decades.  This bank didn’t learn to steal just ten years ago, they’ve been doing it for many decades. 


I’m certain that the clients are concerned and calling the bank.  If they read the complaints by the Florida Attorney General, by the Virginia Attorney General, by the New York Attorney General and by the United States Attorney for the Southern District of Manhattan, if they read the emails and look at the math and look at how much was stolen, they would realize that they too are victims.  They would have cause for concern and pull their accounts from the Bank of New York....


Continue reading the Harry Markopolos interview below... 




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“I would expect the shareholders to be filing class action suits once they realize the extent of the fraud.  I’m thinking that if Al-Qaeda had done this to Americans, Seal Team 6 would be dropping in, but the banks did this.  So maybe law enforcement needs to drop into those corporate board rooms and treat them like Seal Team 6 treated Osama Bin Laden.


My whistleblowers tell me this is an industrywide practice and that all of the custody banks do it.  So basically, anybody who has a retirement account that’s invested in international assets, whether it be bonds or stocks, has been a victim of this scheme and they need to get their money back.”


Markopolos also discussed how Americans are ripped off by banks when they travel, “Every American who travels overseas is a victim of foreign currency fraud.  There is a bank cartel out there and they charge 3% foreign exchange transaction fees.  They are charging people one hundred times more than what it costs them to trade foreign exchange.  So they are stealing from you every day, in every way.


But finally, I think, thanks to these cases that we have against Bank of New York and State Street, you are seeing two firms break away from cartel pricing.  I would like to congratulate them.  Capital One offers zero foreign transaction fees, so they are treating you honestly.  


The other one that is treating you honestly is American Express for the platinum and black card holders, there are no foreign currency fees.  The rest of the credit card companies are out there to steal from you.”


Harry Markopolos is a national hero for breaking open the $65 billion Madoff Ponzi scheme and his internationally televised Congressional testimony which blasted the SEC.  The extraordinary KWN interview with Harry Markopolos is available now and you can listen to it by CLICKING HERE. 


© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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