Never Let a Crisis Go to Waste
Government Is the Problem, Not the Solution
This is a follow-up to Clowns in America, School of Assassins and Dictators, The Shadow Game, Shadow Government Exposed, Follow the Money, The Legacy of George H.W. Bush and A Family Affair, an introduction into the seedy origins and consequences of the CIA.
How many times have we bought into the narrative?
How many times have we been fooled into believing and then defending a narrative deployed by the enemy, not realizing the real reason behind it?
I gave a perfect example in a previous article when I talked about George H.W. Bush’s push for “free trade.” That was a purposeful narrative deployment by the shadow government and it certainly fooled me. I defended free trade, not knowing that the real purpose of NAFTA was to massively increase drug trafficking across the Mexican border.
But that was the second time I was fooled. What was the first time?
Deregulation.
I would argue that the less government regulations there are, the better. I think a lot of people in this community would probably agree with me. I’ve seen government regulations passed over my lifetime that have chipped away at our constitutional rights and favored the political class. I became opposed to almost all regulations.
This attitude was something I adopted over the years as I followed politics, and I know a lot of other people who felt the same way.
Where do you think that thought process came from?
Was it another shadow government narrative deployment?
Was it just another “red herring” argument?
Do you remember the big narrative push for “deregulation?”
Did you support it, like I did? Do you know which administration first started the push for deregulation?
According to The Heritage Foundation:
Reducing regulatory burdens was one of four "pillars" of President Ronald Reagan's 1981 economic recovery agenda. Upon taking office, Reagan established the Task Force on Regulatory Relief, chaired by Vice President Bush, to oversee regulatory reform efforts. In addition, he issued an executive order directing that no regulation be promulgated unless the potential benefits outweighed the potential costs and placing the newly created OIRA in charge of reviewing new regulations.
Do you remember Reagan’s famous quote?
“In the present crisis, government is not the solution to our problem; government is the problem.”
It all sounds great, doesn’t it? Who wouldn’t be for “deregulation” of a bloated federal government? But did you catch who was chairman of the “Task Force on Regulatory Relief,” and was in charge of “regulatory reform?”
None other than George H.W. Bush.
Was he just carrying out the wishes of President Reagan, as a loyal Vice President, or was it something much bigger?
According to the Ronald Reagan Library:
Therefore, I am announcing today my intention to establish a Presidential Task Force on Regulatory Relief, a task force that will review pending regulations, study past regulations with an eye toward revising them, and recommend appropriate legislative remedies.
I intend that this be more than just another Presidential task force that files a report and is soon forgotten. We're seeking real reform and tangible results. And accomplishing this will take a vigorous leader, talented administrator, and absolutely, no doubt, a superb diplomat. And that person is Vice President George Bush, who's agreed to serve as Chairman of this task force and to coordinate an interagency effort to end excessive regulation.
This task force was a big deal.
Bush being in charge of revising and reforming past regulations was opening the door to future events that would be devastating to a lot of people, and would lead to one of the biggest scandals in US history.
I ended my last article with a story that I don’t think a lot of people knew. Jeb Bush was working for Lehman Brothers before it collapsed and triggered the global financial crisis. That wasn’t the only financial crisis he was involved in.
But let’s go back to 1980, during the Reagan administration in order to set the table.
What was happening back then?
When Reagan came into office, he inherited an economy that was struggling with high inflation. Paul Volcker was head of the Federal Reserve and he was battling that high inflation by raising interest rates. It’s very similar to what’s happening now. There was one particular industry that was really struggling under high interest rates, and Jeb Bush helped expose it.
Jeb was involved in a lot of corrupt real estate deals in the Miami area, which I talked about in my last article. But I didn’t mention one really big one.
According to the Los Angeles Times:
A savings and loan became insolvent after lending President Bush’s son Jeb and a partner about half the money toward purchase of a $9-million office building, and the federal government ended up repaying most of the loan, the New York Times reported.
Although it involved no criminal behavior, the loan is an example of the kind of poor lending practices that led to the thrift industry’s troubles, the newspaper said.
California Federal Bank of Los Angeles ended up buying the failed thrift, Broward Federal Savings and Loan of Sunrise, Fla., from federal regulators two years ago.
Guess who Jeb’s partner was? I talked about him in my last article.
More from the Los Angeles Times:
The Miami deal involves Jeb Bush, 37, and his partner, Armando Codina, who own a partnership called 1390 Brickell.
In 1985, the two bought a Miami office building at that address for $9 million. They used a $7-million mortgage from an insurance company and a $4.6-million loan from Broward Federal Savings and Loan of Sunrise, Fla. The surplus money was to be used for improvements and a reserve account.
The building cost $9 million dollars and they took out a mortgage for $7 million then borrowed $4.6 million from Broward Federal Savings and Loan.
The “surplus” money was used for improvements and a “reserve account.” That’s an important data point.
The loan from Broward Federal S&L was acquired by a third partner in the deal. His name is J. Edward Houston.
Why is he important?
He owned his own savings and loan called South Florida Savings. He took out the $4.6 million dollar loan from Broward Federal to purchase the building with Jeb and Codina, and then defaulted on the loan when his own savings and loan went bankrupt and needed a bailout.
This deal is a perfect example of the corruption that went on during the whole savings and loan scandal.
More from The Los Angeles Times:
Broward Federal became insolvent in 1988, and the federal government paid more than $4 million to make good the loan on the Miami property as part of the bailout of the S&L; industry.
Bush and Codina negotiated a settlement with regulators in which they repaid $505,000 and retained control of the building, the Times said.
Broward Federal became insolvent and would cost the taxpayers around $235 million. Jeb and his partners defaulted on the loan, then they negotiated with government regulators and got a sweetheart deal. Taxpayers picked up the $4.6 million tab. They were required to pay only $505,000 and then got to keep the building. A building that cost $9 million that they now only owed a $7 million mortgage.
How did they get the $9 million building for just $7 million?
The regulators ordered a new reassessment of the value and guess what? Now it was only worth $6.5 million, just under their $7 million mortgage.
Jeb Bush got special treatment and the tax payers paid for the $4.6 million loan that he defaulted on and then bailed out Broward Federal. What about the $505,000 that Jeb and Codina supposedly had to pay out of pocket? Guess where that money came from? It came from the “reserve account” set up with the money they had “left over” from the loan they defaulted on. They literally didn’t pay a dime back to the government and got to keep the building because of the phony new appraisal which lowered the value but actually gave them instant equity.
Could anybody other than Jeb Bush get a better deal than that?
Why yes! Someone could get a better deal. Guess who?
How about his brother, Neil Bush?
According to the Orlando Sentinel:
You never voted for Neil Bush, the president’s son. But this is how he and his friends are going to cost you $1 billion:
In 1983, Bush formed an energy company in Colorado with just $100 cash money. Denver real-estate developer William Walters invested what Bush describes as “a small amount” – $150,000. This “small amount” was equal to Bush’s salary from the company, JNB, for the next two years.
In 1985, Bush was made a director of the Silverado Banking, Savings and Loan Association of Denver.
Neil Bush set up his base of operations in Denver, Colorado. He had two close friends who were real estate developers that became his partners in crime. Neil formed an energy company with just $100 and then one of his friends, William Walters invested $150,000 in Neil’s company. After that, Neil became a director at the Silverado Savings and Loan.
Then guess what he did for his partner?
More from The Orlando Sentinel:
He then voted to approve $96 million in loans to Walters – without telling the bank that Walters was his benefactor and that he owed Walters money.
Can you say “conflict of interest?” Quite the deal for Neil’s partner. A small gift to Neil Bush got him a loan for $96 million.
What about Neil’s other partner in crime?
More from The Orlando Sentinel:
In 1984, another Denver businessman, Kenneth Good, gave Bush $100,000 to invest – as a loan. The investment failed, and the loan was then “forgiven,” Bush said. In 1986, Bush asked the Silverado Bank, of which he was a director, to approve a $900,000 line of credit for Good. Because Bush considered Good a business partner, he abstained on votes that approved $34 million in loans to Good.
Kenneth Good gave Neil a loan for $100,000 that was then “forgiven.” Neil then got his partner a $900 thousand line of credit at Silverado S&L plus a $34 million loan based on Neil’s vouching for him. Neil’s partners got $130 million in loans and almost a million dollar line of credit.
Then guess what happened?
The same thing that happened thousands of times across the country in thousands of savings and loans.
More from The Orlando Sentinel:
Walters and Good defaulted on the Silverado loans for a total of $106 million. In 1987, federal regulators in Topeka, Kan., accused Silverado of “self-dealing” and making preferential loans to favored customers, including its own officers. The bank collapsed, and the bailout of its federally insured deposits is expected to cost $1 billion.
Neil Bush insists he did nothing wrong. His father, the president, says he did nothing wrong. Marlin Fitzwater, the White House press spokesman, says he did nothing wrong.
They did nothing wrong? The bank collapse cost tax payers a billion dollars.
They were never going to pay back the loans. The entire savings and loan crisis across the country was the biggest bank robbery in US history. The tax payers were always going to be forced to pay for it. And where were the government regulators who were supposed to be preventing this fraud?
The regulators purposely waited until after George H.W. Bush was elected president in 1988 to announce they were taking over Neil Bush’s bankrupt Silverado S&L.
Who’s side are the regulators on? Are they trying to protect the people or the political class?
Neil Bush’s savings and loan went broke, and then what happened?
More from The Orlando Sentinel:
And so the White House gives clear marching orders to the Department of Justice, the Department of the Treasury and banking investigators everywhere: Lay off Neil Bush.
But if you lay off Neil Bush, who can you go after? This is the heart of the S&L; crisis. It is not outright embezzlement; rather it is small groups of friends who found a wonderful way to loot the Treasury. They could make loans to each other, invest in each other’s companies, finance each other’s wildest dreams – all without risk to themselves.
As a director of Silverado, Neil Bush could – and did – approve million-dollar salaries for the bank’s officers. The officers could – and did – then recommend multimillion-dollar loans to Bush’s friends. Bush could – and did – then vote to approve the loans.
Both Bush brothers took advantage of a corrupt system where they could loot savings and loans in real estate deals costing tax payers hundreds of billions of dollars.
But guess who set up the system?
More from The Orlando Sentinel:
Federal banking regulators who might have looked askance at Silverado looked and saw the vice president’s son; the vice president himself chaired the Reagan administration task force on deregulating the banking industry. So the regulators did nothing.
When the bank collapsed, the government comes in to pay for it all.
George H.W. Bush was put in charge of “deregulation.”
One of the biggest things he did was to deregulate the banking industry and allow savings and loans to make riskier investments in order to deal with rising interest rates because of high inflation. Previously, savings and loans could only make residential loans based on their customers deposits. Now they were allowed to make commercial loans, and the standards were made much more lenient. Deregulation led to lax standards and opened the door to massive fraud.
Was it purposeful?
What was the real purpose of deregulation?
Was deregulation of the banks just about streamlining government? Was it just another good idea gone bad? Was that even the purpose?
According to Entertainment Weekly:
Deposit insurance has proved to be the crack cocaine of American finance,” Martin Mayer writes in The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry, about the S&L crisis.
That one memorably nasty line sheds more light on the S&L disaster than any of the half-dozen books written about the scandal. Mayer gets it, and it’s about time someone did. Oh, sure, he retells the standard S&L horror stories of Charles Keating defrauding little old ladies, of crooked Texas daisy chains and self-dealing loans, of all the larceny that we taxpayers will be paying for over the next 50 years.
The author, Martin Mayer, says that deposit insurance is the “crack cocaine” of American finance. Do you agree? I think most people believe that deposit insurance is a good thing, because it protects “the little guy.” But does it really? Who else does it protect?
Deposit insurance ultimately protects the untouchables, who are above the law, by placing financial responsibility on the tax payers. The American people are the backstop for every single major financial crisis, and that’s no accident. The little guy is never protected; that’s just a narrative.
More from Entertainment Weekly:
But that’s not what his book is about. Mayer is the first chronicler of the S&L crisis to concentrate on the forest and not the trees.
If the trees are the crooks who took over the S&L industry in the 1980s, then the forest is Washington, D.C., where a combination of naiveté, ineptitude, bad faith, and cravenness made crookedness both likely and inevitable. The government’s deregulation of a once closely regulated industry was bad enough, but by raising federal deposit insurance on individual accounts from $40,000 to $100,000 in 1980, it guaranteed that the new ”entrepreneurial” owners of S&Ls were taking no risks when they gambled with their depositors’ money.
The government became the ultimate safety net, and the S&L industry became a giant Ponzi scheme.
Deregulation along with increased deposit insurance removed the “risk” for those directors running S&L’s around the country. Part of Bush’s deregulation in 1982, allowed S&L’s to make “unsecured” business loans and to invest large amounts in “commercial real estate.” This commercial real estate could now be 100% financed. You didn’t need to put any money down.
These regulation reforms kicked down the door that prevented fraud in the savings and loan industry.
George H.W. Bush was behind it all, and his two sons both profited from it, but they weren’t the only ones.
What was the real purpose behind deregulation and the savings and loan scandal.
To find the truth, you have to dig much deeper.
Real estate is the key.
According to Comply Advantage:
According to the Organisation for Economic Co-operation and Development (OECD), money laundering through real estate is one of the oldest known ways to move and hide illicit funds. Often viewed as a popular means to “wash” funds because large amounts of money can be laundered in one transaction, a report by Global Financial Integrity (GFI) found that more than $2.3 billion was laundered through US real estate from 2015 to 2021.
Just one real estate transaction can launder millions of dollars. The real estate industry isn’t as tightly regulated as the banking industry, so it is much easier to launder money. Do you think George H.W. Bush didn’t know this?
More from Comply Advantage:
Money laundering through real estate integrates illicit funds into the legitimate financial system while also providing the criminal with a relatively “safe” property investment. This can include the purchase of houses, apartments, office space, factories, hotels, vineyards, etc.
In addition, the price of real estate is fairly easy to manipulate and, with collusion, property can be over- or undervalued. In fact, gatekeepers in the sector – realtors, property developers, mortgage advisors, brokers, etc. – have sometimes been found to be complicit and accept financial compensation to turn a blind eye to real estate money laundering.
The reason real estate is one of the best ways to launder money is because of the large amounts of money involved. Another big reason is that the price of the real estate can be manipulated to either over value the property in order to launder greater amounts of money, or undervalued so they can purchase valuable property for far less than it’s actually worth.
What are some of the real estate money laundering techniques?
More from Comply Advantage:
Setting up shell companies or front companies to purchase a property. In the US, for example, anonymous shell companies can be set up in places like Delaware, Nevada, Wyoming, and North Dakota.
Using cash or other non-transparent financing schemes.
Selling properties to co-conspirators
Using opaque trusts or third parties to act as the property’s legal owner
Who is an expert at setting up shell companies and helping drug traffickers to do the same? Do you think the CIA isn’t involved? Do you think George H.W. Bush isn’t involved?
How does a shadow government continue to fund itself outside of Congressional and Presidential control or oversight?
Real estate was a big part of the plan to fund the shadow government and the country’s savings, and loans were now going to be the vehicle for laundering the money.
Here are some red flags for money laundering:
More from Comply Advantage:
Investors using multiple banks to stay under reporting thresholds
Sales conducted in cash with no mortgage lenders involved – in places like Miami and Manhattan, over 60 percent of real estate transactions of $2m+ made by international investors are cash transactions
A large disparity between the buyer’s income and the value of the property
Purchases where the ultimate beneficial owner is not clear
Over 60% of the real estate transactions in Miami and Manhattan of over $2 million dollars are made by “international investors” using cash.
That’s a huge red flag, yet it is allowed to happen all the time. It’s no coincidence that Jeb’s home of Miami would be one of the biggest places for money laundering.
But let’s connect some dots.
Have you ever heard of Sunrise Savings in Boynton Beach, Florida?
According to another Orlando Sentinel article:
Bad deals and under-the-table arrangements doomed Sunrise Savings and Loan Association of Florida, investigators alleged Sunday.
A federal grand jury is examining lending practices at the Boynton Beach thrift, including the possibility that borrowers paid kickbacks to get loans.
Background: Two weeks ago, regulators from the Federal Savings and Loan Insurance Corp. took over the $1.5 billion operation after learning that its losses for June totaled $22 million. More: At least four class-action suits have been filed by shareholders, who saw their stock plunge from $25 a share last year to 25 cents a share last week.
Sunrise was a $1.5 billion collapse. It lost $22 million in just one month and it’s stock collapsed from $25 down to .25 cents.
This was just one of the thousands of S&L’s that collapsed, but guess who was good friends with the guy running Sunrise and delayed regulators from stepping in?
According to the Buffalo News:
George Bush derailed a federal investigation of a Florida thrift when he was vice president, allowing it to fail from dubious loans to a Houston associate, a newspaper reported today.
New York's weekly Village Voice in a lengthy investigative article said Bush's action was part of pattern of helping major figures in the savings and loan scandal who enriched themselves at taxpayers' expense, but never were held accountable.
Bush only delayed the inevitable, which allowed his friend to continue the fraud and eventually make the collapse much bigger.
More from the Buffalo News:
The Voice said that in 1984, Bush -- who was then Ronald Reagan's vice president -- summoned a thrift regulator to his office and in front of Robert Jacoby, the chief executive officer of Sunrise Savings, reprimanded the regulator and told her to back off an investigation she was conducting of Sunrise's bad loans.
The Boynton Beach, Fla., thrift failed a year later, costing taxpayers $680 million.
The incident was first revealed in a 1989 trial of Sunrise executives, the paper said.
Why do you think Bush stepped in personally to stop this investigation? What do you want to bet that it was a CIA operation, and he used the “national security” excuse to prevent the investigation? The Sunrise Savings loss would end up being at least $680 million. That’s a lot of CIA funding paid for by tax payers.
But this S&L collapse connects us to another Bush friend.
Have you ever heard of John Riddle?
Who is he?
More from the Buffalo News:
A major factor in Sunrise's failure was $15 million in defaulted loans to John Riddle.
Riddle was a friend of Bush's longtime political fund-raiser, Houston banker Walter Mischer, the Voice said in its Oct. 20 edition.
Riddle also was one of the five largest defaulters on thrift loans in the nation, it said.
Connections mean everything.
Remember, these loans were never going to be paid back. This was a nationwide bank robbery and money laundering operation, and the American tax payers were going to be stuck with the bill.
But John Riddle will help us to understand how the money laundering operation worked.
According to the Los Angeles Times:
DALLAS -A federal judge has awarded a Dallas thrift more than $464 million in damages stemming from civil fraud and racketeering lawsuits against the borrowers from an associate institution.
The action was the result of lawsuits accusing borrowers of defrauding Western Savings Assn.
The lawsuits charged that Richard Dover and John Ballis illegally appropriated loans from Western Savings with the help of the savings and loan owner Jarrett Woods.
The Sunbelt lawsuit accused Dover and attorney John Riddle of completing a series of real estate transactions known as “land flips.”
The land flips raised the value of property, the lawsuit charges, and created illusory profits for Western Savings.
Ballis was accused of borrowing more than $55 million from Western Savings to acquire raw land for commercial and residential developments.
This story reveals the whole scam and fraud.
Bush’s friend, John Riddle, along with many others across the country were purchasing real estate and then doing “land flips.”
What’s a land flip?
A person buys a parcel of land, then sells it to his friend for a much higher price. That friend, then sells the same piece of land for an even higher price to another friend. They do this several times, and then use the phony value of the land as “collateral” in order to acquire a much bigger loan from another S&L that they never plan on paying back. Many of these land flips would literally happen the same day. None of this was catching the eyes of government regulators.
Why?
This was just one of the ways money laundering was happening all over the country. They could launder money through multiple purchases by constantly increasing the value and then steal depositors money by using the property as collateral to get a loan they were never going to pay back.
This savings and loan scandal turned into the worst financial crisis since the Great Depression.
But the narrative of the entire scandal would be purposely focused on one subject in order to distract the American people from the real truth.
I’m sure everyone remembers it.
Have you heard of Charles Keating and the “Keating Five?”
It involved five politicians taking campaign money from one of the worst perpetrators in the whole S&L scandal. This focus was purposeful by the shadow government-controlled media. Its purpose was to draw attention away from what was really happening. While the entire country spent several years debating corrupt campaign financing, they were blind to the massive money laundering happening across the country. It was another “red herring” argument in the media, and nothing happened to these five members of Congress.
I want to focus on the truth.
Instead of wasting time on Charles Keating, I want to talk about someone nobody talks about.
The state of Texas had the most S&L failures in the country, and that’s not a coincidence.
Have you ever heard of Herman K. Beebe?
Who is he?
According to Economic Indicator Services:
"By the end of 1981, Beebe was a man to be reckoned with. Beebe was prepared to use everything he had learned over the years about banking and newly deregulated thrifts to build potentially one of the most powerful and corrupt banking networks ever seen in the US." — Stephen Pizzo, Inside Job: The Looting of America's Savings and Loans, page 239.
Some persons called the Savings and Loan scandal "one of the worst financial disasters of the twentieth century." (Calavita, page 1) To others, it was a premeditated conspiracy to move funds out of the country for use by the CIA. (Bainerman) The Seattle Times called it the "single greatest case of fraud in the history of crime." (June 11, 1991)
Regardless, a lot of money went missing from the S&L's throughout the 1980's. A lot. $20 billion, $50 billion, perhaps more, no one really knows exactly. And whilst much of it disappeared in poor lending and then the deflation of land values, made worse when the real estate market tanked nation-wide after 1988, much of the money was stolen as well.
Some of this stealing was done by some awfully dodgy figures, many of whom it turns out were well connected to Mafia controlled families, the CIA, or both.
It’s important to understand what the S&L scandal was really about. It was a massive money laundering operation, and then the S&L’s depositors money was looted. The tax payers then got stuck paying for it all.
More from Economic Indicator Services:
“When Congress announced that it intended to deregulate thrifts," wrote Pizzo, (page 236) "Beebe immediately saw the possibilities." Real estate in Texas was white hot, and deregulated thrifts could make more commercial real estate loans than ever before and with fewer restrictions than ever before. "Beebe began to diversify," said Pizzo, "investing in more S&L's, and he helped his friends do the same. Word got around that anyone who needed money to get control of a thrift should see Beebe".
Deregulation by Bush of the S&L industry was a siren call to every crook in the country.
More from Economic Indicator Services:
Rather than exert his ownership outright, Beebe often held control behind the scenes." (Time Feb. 20, 1989)
The Comptroller of the currency listed 55 state banks and 29 thrifts which were all at various times controlled by Beebe and his associates.
Overall, perhaps as much as $10 billion in reckless loans was eventually handed out. (Time, Feb 20, 1989)
Pizzo alleges a good many Beebe connections to high-placed senior Mafia figures and often the Godfather himself, as does fellow journalist Pete Brewton, describing Beebe as a 'Louisiana organised crime associate'.
Herman Beebe had ties to organized crime and controlled around 55 banks and 29 thrift savings. That didn’t raise any red flags? He was responsible for around $10 billion lost and nobody has ever heard of him.
Here’s another thing I bet nobody has heard of.
Did you know there was a new Washington DC bank that was started in 1983 as the S&L scandal was just heating up?
Have you ever heard of the Palmer National Bank?
You’ll never guess who started the bank.
More from Economic Indicator Services:
This bank was a Washington-based institution set up in 1983 by Stefan Halper, Policy Director for George Bush's 1980 presidential bid and Harvey McLean Jnr., Southern Finance Chairman for Bush on the same campaign as Halper, and himself a former Dallas real estate developer. The seed money came from Herman K. Beebe, $2.8 million.
Does the name Stefan Halper sound familiar? Yes, it’s the same Stefan Halper who tried to frame Trump with Russian collusion accusations.
Coincidence?
Halper and his partner Harvey McLean Jr were both Texas real estate developers and good friends with George H.W. Bush. They both worked for his 1980 presidential campaign. Did you catch who gave the seed money for the Washington DC bank? It was Herman Beebe, the guy with mafia connections and who was responsible for $10 billion worth of S&L fraud.
Do you think George H.W. Bush didn’t already know Beebe? Of course he did.
Guess what else was connected to this bank?
Have you ever heard of the National Endowment for the Preservation of Liberty? (NEPL)
More from Economic Indicator Services:
One of the established accounts at Palmer was for the National Endowment for the Preservation of Liberty (NEPL), eventually found to be the front organisation for Oliver North, the man who helped run the Iran / Contra arms funding deal under the nose of President Reagan and Congress. It was through Palmer that money was channelled to North's Swiss bank account and through Palmer that Carl Channell, one of the few private citizens convicted in the scandal, gained a $650,000 'loan' to purchase weapons for the Nicaraguan Contras.
The NEPL raised over $10 million to assist the Contras. Many writers and authors allege that the CIA used the thrift deregulation process to help pay for covert operations and other activities Congress would not, or could not support.
The Palmer National Bank was started by friends of George H.W. Bush and helped fund the shadow government and its covert operations beyond Congressional control or oversight.
Bush has plenty more connections to the S&L crisis.
Have you ever heard of Vision Banc Savings?
More from Economic Indicator Services:
"In March 1986, Houston developer Robert Corson bought the Kleberg County (Texas) Savings and Loan for $6 million and changed the name to Vision Banc Savings. To get his thrift, Corson reportedly used a letter of recommendation from a judge who in 1988 would head George Bush's campaign in Harris County. (Houston)
An awful lot of friends of Bush were starting up and buying a lot of banks and savings and loans at this time. Do you think that’s just a coincidence?
Who is Robert Corson?
More from Economic Indicator Services:
Brewton claims Corson is identified in federal law enforcement records as a known money launderer and says that one former CIA operative told him that Corson frequently transported large sums of cash... for the agency. At the time of purchase, the thrift had assets of $70 million. Four months later it was insolvent.
How come?
Partly, says Brewton, because of a $20 million loan to help finance a Florida land deal. Corson's thrift lost $17 million of the $20 million. Another thrift, Hill Financial Savings in Red Hill, Pennsylvania, put up $80 million to seal the land deal; it lost $40 million.
Something fishy?
Brewton says the Pennsylvania thrift, which has since gone bankrupt, had ties to the CIA and organised crime, as did one of the men who put the land deal together, Miami Lawyer Lawrence Freeman, a convicted money launderer for drug runners."
A CIA money launderer buys a thrift savings with assets of $70 million which becomes insolvent in just four months. That must be some kind of record. That sounds like the fastest bankruptcy in history.
Corson partnered with another CIA thrift savings named Hill Financial Savings in Pennsylvania for a land deal in Florida, set up by a CIA money launderer with connections to drug traffickers. The deal went belly up and so did both thrift savings.
Guess who made a lot of money on this corrupt deal? The shadow government and their drug trafficking puppets.
Here’s another guy I bet you’ve never heard of.
Mario Renda.
He had mafia ties and made deals with owners of thrift savings to deposit large amounts of money into the thrift savings as long as they would only loan it to people he designated, all of which were other mafia figures. It was a huge money laundering operation.
How big?
More from Economic Indicator Services:
Renda directed about $5 billion per year of deposits into 130 thrifts, every single one of which later failed, (Kwitny, 1992) with the depositors having to be paid back their federally insured deposits soon after.
He was laundering $5 billion dollars a year and was responsible for 130 different thrift savings going broke, and nobody knows his name.
How about one more bank that nobody has ever heard of?
The Indian Springs Bank.
More from Economic Indicator Services:
“The fourth largest stockholder in Indian Springs was Iranian expatriate Farhad Azima, who was also the owner of an air charter company called Global International Air. The Indian Springs bank had made several unsecured loans to Global International Air, totalling $600,000 in violation of the bank's $349,00 borrower limit. In 1983, Global International filed for bankruptcy, and Indian Springs followed suit in 1984.
Global International Air was part of Oliver North's logistical network which shipped arms for the U.S. government on several occasions, including a shipment of 23 tons of TOW missiles to Iran by Race Aviation, another company owned by Azima.
Similarly, the assistant U.S. Attorney handling the Indian Springs investigation was told to 'back off from a key figure in the collapse because he had ties to the CIA.'
Azima did indeed have ties to the CIA. His relationship with the agency goes back to the late 1970s when he supplied air and logistical support to EATSCO (Egyptian American Transport and Services Corporation), a company owned by former CIA agents Thomas Clines, Theodore Shackley, and Richard Secord. EATSCO was prominently involved in the activities of former CIA agent Edwin Wilson, who shipped arms illegally to Libya.
This was yet another bank that went broke because of CIA connections. Azima was a CIA operative, and his air transport company was controlled by the CIA, too.
More from Economic Indicator Services:
Global International's planes based in Miami were maintained by Southern Air Transport, another CIA proprietary company. According to Franck Van Geyso, an employee of Global International, pilots for Global International ferried arms into South and Central America and returned to Florida with drugs.
This entire Savings and Loan scandal was a planned crisis set up and perpetuated by George H.W. Bush and his shadow government. It was a nationwide money laundering operation, and the American people got stuck paying for all of it. It was the biggest bank theft in American history at the time.
Deregulation was the catalyst of the entire crisis. It was also the shadow government’s purposeful narrative that fooled a lot of people, including myself.
Deregulation got rid of most of the regulations that were meant to prevent a financial crisis that had been in place since the Great Depression. But there was still one person in government who could have done something to stop it. He could have blown the whistle early and prevented the scandal from becoming a major crisis. He was the head of the Office of the Comptroller of Currency.
What does he do?
According to Wikipedia:
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States.
This is supposed to be an independent bureau that both charters and regulates all banks and thrift institutions. They seemed to have completely failed at their job when it came to the S&L crisis.
Why?
Guess who Reagan chose to be the head of the Office of the Comptroller of the Currency? (OCC)
More from the Economic Indicator Services:
As the eighties roared on, the man Reagan appointed to the post of Comptroller of the Currency, i.e. the government man in charge of all the banks, was a Bush colleague, Robert L. Clarke. Jonathon Kwitny reported that Clarke had once helped organise a bank that laundered thrift money into an overseas account.
The Comptroller in charge of regulating all the banks was a good friend of Bush. He was installed to purposely turn a blind eye and then manage the tax payer bailout. Deregulation was another “bill of goods” sold to the American people, with a much more devious purpose.
It was the perfect setup for the biggest money laundering operation in history.
In my next article, I would like to share what I believe is Trump’s plan to give the power of the banking system back to the people.
Q told us that there can be multiple meanings in the drops.
I believe I found another possible meaning for “Pepe,” and it has everything to do with the coming banking system.
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Joe, TY 4 pulling back the curtain on these filthy crooks.
Wow, Joe! You are an amazing researcher. Thank you so much. God bless you, and may you continue to educate, inform, and inspire us.