Western Banks scam Eastern Europe with "currency hedges"
Written by Administrator Tuesday, 14 April 2009 10:06
Articles & Blogs - International Commentary
There was a new list of victims of the predatory/parasitic Western big-banks published today. Bloomberg reported that Citigroup and other Western banks conned countless Eastern European corporations into making VERY one-sided bets on their “currency hedges”.
Naturally, if one side loses BILLIONS in currency hedges that means someone else must have won. In this case, it was the same banks who insisted that these hedges were a great idea who are now cashing in on the losses of the clients they advised.
Even Bloomberg characterized the latest bankster scam as being equivalent to a crooked, card-game. How one-sided were the “currency hedges” that the sleazy banksters sold to these companies?
"Some companies took on liabilities that were 10 times potential gains to secure the most advantageous exchange rates..."
The “carrot” which the banksters dangled in front of these companies was no fees for these currency hedges – in exchange for “conning” companies into these one-sided bets. Clearly, the lesson here is that any and every time that a bankster offers to do something for free, you know they are perpetrating some sort of scam.
The particular victim on which Bloomberg focused its article was Polish steel company, Odlewnie Polskie. The chief financial officer described how Western banksters pressured Eastern European companies.
"It was a frontal assault. When you hear someone repeat one sentence 100 times, you may finally start to believe it. There was huge pressure."
We need no further evidence of the power of repetition than U.S. economic “statistics”. Most of the numbers released are so grossly detached from reality as to not even be remotely plausible. Yet, by having those lies repeated by a thousand media-parrots, market sheep continue to accept these lies at face value. What is news in this article is that this is a new application of those Nazi propaganda tactics.
It also gives us a further indication how much money the banksters lost on their own reckless bets in their derivatives “casino”. Even after scamming Eastern Europe for BILLIONS, most of these banks were still insolvent as a result of their own losses.
This further reinforces the images of banksters as parasites. They approached these thriving companies, in booming economies, and then “blood-sucked” them to the verge of bankruptcy. In the case of Odlewnie Polskie, the company has seen it stock decline by 85%.
For the Eastern European victims, most of these “currency hedges” will expire by this summer. For the banksters, they have lost yet another group of “suckers” as potential victims for future scams. It should surprise no one that most of these companies are now only able to steal from their servants in governments.
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