KERRY CASSIDY INTERVIEW WITH KAREN HUDES- World Bank Legal Counsel and Whistleblower


Hello everyone,

I am so grateful to Karen and Kerry for creating this informative and monumental interview on the current state of affairs involving International Finance and World Bank operations and connected political events. This is a must see interview that is far ranging and provides deep background information.
When this information gets out to people and discovery of suppressed financial/political events reaches the general public, this may be the tipping point towards integrity and dignity. Feel free to comment on the information herein…

Enjoy,

Ed

From the website;  www.kahudes.net/

Who is Karen Hudes?

Karen Hudes studied law at Yale Law School and economics at the University of Amsterdam. She worked in the US Export Import Bank of the US from 1980-1985 and in the Legal Department of the World Bank from 1986-2007. She established the Non Governmental Organization Committee of the International Law Section of the American Bar Association and the Committee on Multilateralism and the Accountability of International Organizations of the American Branch of the International Law Association.
What did Karen Hudes blow the whistle on?

In 2007 Karen warned the US Treasury Department and US Congress that the US would lose its right to appoint the President of the World Bank if the current American President of the World Bank did not play by the rules. The 66 year old Gentlemen’s Agreement that Europe would appoint the Managing Director of the IMF and US would appoint the World Bank President ended in 2010 http://www.imf.org/external/np/cm/2010/042510.htm

In 1999 Karen reported the corrupt take-over of the second largest bank in the Philippines. Lucio Tan, a crony of Joseph Estrada, then President of the Philippines, acquired stock owned by government employees in Philippines National Bank (“PNB”) valued more than 10% of PNB’s outstanding capital without disclosure, as required by Philippines securities laws. Tan owned Philippines Airlines, in default on its loans from PNB. The government of the Philippines loaned $493 million to PNB after PNB’s depositors made heavy withdrawals. $200 million of a loan from the World Bank and a $200 million loan from Japan were cancelled. Estrada was ultimately impeached, and in 2007 an anti-corruption court in the Philippines required Estrada to refund graft he had plundered. The Bank’s Country Director in the Philippines reassigned Karen when she asked him to sign a letter warning the Philippines’ government that the Bank could not disburse its loan without a waiver from the Board of Executive Directors since the loan conditionality was not met. The World Bank’s Internal Audit Department refused to correct the satisfactory evaluation of the Bank’s supervision performance or the flawed report of the Institutional Integrity Department to the Audit Committee of the Board of Executive Directors. When the Audit Committee requested an audit of internal controls over financial reporting, KPMG, the external auditors, circumscribed the scope of their audit in violation of Generally Accepted Accounting Principles and Generally Accepted Auditing Standards.

Two days after informing the Board’s Audit Committee of the cover-up in the Philippines, Karen was reprimanded and placed on probation. The Dutch Ministry of Foreign Affairs requested the World Bank’s Audit Committee to look into the cover- up. Instead, the Chair of the World Bank’s Audit Committee requested an inquiry into the World Bank’s Institutional Integrity Department. The Senate Committee on Foreign Relations followed up with three letters to the World Bank. The World Bank forged documents and fired Karen in contempt of Congress. The World Bank also fired the Staff Association’s lawyer. The Staff Association stated that what had happened to Karen had damaged staff morale and prevented others from reporting misconduct. The World Bank’s Ethics’ Officer left in frustration after her request for an investigation by the World Bank’s Institutional Integrity Department was turned down.

Mr. Paul Volcker headed the 2007 inquiry into the Institutional Integrity Department. The Volcker Panel was discredited after sixteen staff employed in the Institutional Integrity Department received significant damage awards in compensation for abuses of authority to intimidate them during the Volker Panel investigation. A staff-member of the EU’s anti-fraud agency, Office Lutte Anti-Fraude, on the Volcker Panel wrote to Karen:
“My Director General and I met with a number of European Executive Directors of the World Bank a few weeks ago to discuss the Volcker Panel report. At the meeting there was also discussion about governance issues. My impression was that the European Executive Directors are well apprised of all relevant issues at the Bank and no further comment by OLAF is warranted even if it was within our legal competence.”

Karen informed Senator Bayh, “[t]he ongoing cover-up is an indictment of the probity of US oversight at the Bank and I would encourage the Senate to request GAO to look into it.” Senators Richard Lugar, Evan Bayh and Patrick Leahy requested GAO to investigate “internal resistance to increased transparency and accountability at the World Bank.” http://citizenoversight.com/pdf/blwb.pdf In 2008 Karen’s Congressman, Representative Chris Van Hollen, noted “that [Karen’s] claims and concerns have already been provided to the GAO…. and to the relevant congressional committees.” In 2009 GAO stated that it could not commence the inquiry “because of challenges we recently faced in gaining access to World Bank officials.” Senator Lugar asked what was delaying the GAO review during hearings on the World Bank’s capital increase.

Mr. Pieter Stek, then Executive Director for the Netherlands, and Chair of the Board Committee on Development Effectiveness, said:
“In a multilateral institution which should be governed by the rule of law and high standards of probity the charge of concealment from the Board of Executive Directors of information relevant to the exercise of its duty of supervising management and the persecution of the person who brings this to light is extremely serious. If correct, which I believe, this poisonous cocktail undermines good governance and ultimately the effectiveness of the Bank in fulfilling its mandate. I shall continue to assist Ms. Hudes in her efforts to have due process brought to bear, preferably by the Bank itself, on these issues of governance.”

David Brooks wrote:
“Then there are violations, when someone intentionally breaks the rules. Errors can be very hard for outsiders to detect. It was people inside the companies who were most likely to report fraud, because they have local knowledge. And yet 80 percent of these whistleblowers regret having reported the crimes because of the negative consequences they suffered. This is not the way to treat people who detect error.” http://brooks.blogs.nytimes.com/2011/06/13/living-with-mistakes/?comments#permid=34

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RT: World Bank: Money Laundering Criminals | Interview with Whistleblower Karen Hudes


Hello friends and family!
Thanks to my friend Jean again over at http://jhaines6.wordpress.com here is a great article on Banking and one person’s struggle to bring attention to high level corruption. Karen can be found on facebook…
By,

Ed Reidhead

2012: What's the 'real' truth?

See previous posts of mine in Related Articles. . . ~J

Published on Jun 21, 2013
Thanks to F.

Abby Martin talks to Karen Hudes, former senior executive at the World Bank, about her experience blowing the whistle on the high level corruption within the international financial system and how her story was censored.

LIKE Breaking the Set @ http://fb.me/BreakingTheSet
FOLLOW Abby Martin @ http://twitter.com/AbbyMartin

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Four Horseman of the Banking Cartel. They rule the World. 2013 No more Gold in America.


Rothchilds family are worth over 100 trillion dollars. This name Rothchild comes from Germany, The Rothchilds real family name is really Bauer. This Family changed the last name to match the name of a old Masonic German bank.
There are 13 Families that rule the world

Hello Everyone!

In case I have not documented this information before, here it is!  This is perhaps, one of the best presentations on Banking Houses and Central Banks and Banking Cartels.  There are several sources sharing on these subjects and more.

By,

Ed Reidhead

Bloomberg.com News, Opinion, Markets


Bloomberg.com News Opinion Markets

Hello everyone!

Enjoy the Bloomberg.com website… 

Ed

 

Keiser Report: Correlation and Causation of Gold Price (E434, ft. Paul Craig Roberts)


Enjoy the Keiser Report E434…  Max Keiser is today’s leading financial commentator and reporter discussing economic, banking and finance with openess and integrity. I appreciate Mr. Paul Roberts sharing his views on current Federal Reserve actions.

Enjoy,  Ed

Published on Apr 20, 2013

In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss Reinhart and Rogoff, Excel errors, correlation and causation and the gold selloff being a bonus for ‘activist central bankers’ who can now claim ‘hyperinflation no longer a threat.’ In the second half of the show, they talk to Dr. Paul Craig Roberts about the smack down in gold and the failure of ‘laissez-faire capitalism’.

Follow Max Keiser on Twitter: http://twitter.com/maxkeiser

Watch all Keiser Report shows here:
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IMF members: World economy still needs ‘decisive’ action…


IMF members: World economy still needs ‘decisive’ action…

Hello Everyone!

I find this article very interesting…  it looks as though the future of World financial matters is in the balance…  Which way will it go?

Ed

IMF members: World economy still needs ‘decisive’ action

Published: April 20, 2013

— Finance ministers from around the world emphasized Saturday that much work remains to reach full recovery, especially in advanced economies.

In a joint statement following meetings Saturday in Washington of the International Monetary Fund’s policy-making committee, the finance ministers said that countries “need to act decisively to nurture a sustainable recovery and restore the resilience of the global economy.”

IMF economists this week underlined the need for the eurozone to bring banks back to full health, especially in harder-hit countries, and to rapidly move toward a full banking union with common oversight. Without a properly functioning banking sector, the smaller businesses that can deliver jobs and economic growth will continue to be starved for investment.

“Financial sector repair and reform remain a priority,” the finance ministers said. “Advanced economies need to balance supporting domestic demand with reforms to tackle structural weaknesses that weigh on growth, while implementing credible fiscal plans.”

The IMF this week pared back its 2013 global growth forecast by 0.2 percentage points to 3.3 percent. Most of that growth is coming from emerging and developing markets, while the eurozone economy is expected to contract this year.

After the meeting, Singaporean Finance Minister Tharman Shanmugaratnam, who chairs the IMF’s policy-setting committee, said that “around the table . . . there was a very strong view that we had to place greater emphasis on structural reforms to create jobs, as well as to boost productivity.”

Such reforms to improve growth vary among economies but often include streamlining labor markets, reducing barriers to starting new businesses and removing market-distorting subsidies.

The closing statement from finance ministers said that “accommodative monetary policy is still needed to help bolster growth but . . . eventual exit from monetary expansion will need to be carefully managed and clearly communicated.”

The rate-setting US Federal Reserve has kept interest rates near zero for more than four years, and additionally is pumping $85 billion into bond markets every month to further stimulate investment, in an unprecedentedly loose monetary policy. Central banks in the eurozone and Japan have taken smaller but similar steps toward highly accommodative monetary policy.

With central banks sailing into uncharted waters, worries have arisen that the new monetary policies could stoke inflation or inflate dangerous bubbles in prices of stocks, real estate or other assets. At the same time, with less than strong growth in those regions, there are concerns that the same economies could wither if central banks stop showering them with cash.

IMF chief Christine Lagarde said that the Washington-based crisis lender will study the “consequences of unconventional monetary policy . .. and what will be the good exit, as opposed to the more unpleasant exit for all members.”

Alcuin and Flutterby Exploring what might be


Alcuin and Flutterby Exploring what might be

Hello Everyone!

I feel like this is one of the best articles on the recent devaluation of Gold, Silver and various precious metals.  What could be the motivation of gold and Silver going down in value against the fiat currency $ USD.  Is it possible that some interest could artificially depress the price of Gold and Silver vs the USD?  What could be the effects of massive amounts $ of “Quantitative Easing”?  What does the term “to big to fail” mean in the context of a massice paper Ponzi Scheme based on “derivatives” and other financial euphemisms…

Enjoy,  Ed

Saturday, April 20, 2013

http://alcuinbramerton.blogspot.com/2012/11/httpalcuinbramerton.html
Alcuin Bramerton Twitter .. WikiLeaks Master Mirror Sites ..#1ab archive
Alcuin Bramerton profile ….. Index of blog contents ….. Home …..#1ab

Gold vs Silver vs Japanese Yen – live chart (10 month)
Paul Craig Roberts, a Reagan-era Assistant Secretary of the US Treasury, explains why the gold price just plummeted:

I was the first to point out that the Federal Reserve was rigging all markets, not merely bond prices and interest rates, and that the Fed is rigging the bullion market in order to protect the US dollar’s exchange value, which is threatened by the Fed’s quantitative easing. With the Fed adding to the supply of dollars faster than the demand for dollars is increasing, the price or exchange value of the dollar is set up to fall.

A fall in the dollar’s exchange rate would push up import prices and, thereby, domestic inflation, and the Fed would lose control over interest rates. The bond market would collapse and with it the values of debt-related derivatives on the “banks too big too fail” balance sheets. The financial system would be in turmoil, and panic would reign.

Rapidly rising bullion prices were an indication of loss of confidence in the dollar and were signaling a drop in the dollar’s exchange rate. The Fed used naked shorts in the paper gold market to offset the price effect of a rising demand for bullion possession. Short sales that drive down the price trigger stop-loss orders that automatically lead to individual sales of bullion holdings once their loss limits are reached.

According to Andrew Maguire, on Friday, April 12, the Fed’s agents hit the market with 500 tons of naked shorts. Normally, a short is when an investor thinks the price of a stock or commodity is going to fall. He wants to sell the item in advance of the fall, pocket the money, and then buy the item back after it falls in price, thus making money on the short sale. If he doesn’t have the item, he borrows it from someone who does, putting up cash collateral equal to the current market price. Then he sells the item, waits for it to fall in price, buys it back at the lower price and returns it to the owner who returns his collateral. If enough shorts are sold, the result can be to drive down the market price.

A naked short is when the short seller does not have or borrow the item that he shorts, but sells shorts regardless. In the paper gold market, the participants are betting on gold prices and are content with the monetary payment. Therefore, generally, as participants are not interested in taking delivery of the gold, naked shorts do not need to be covered with the physical metal. In other words, with naked shorts, no physical metal is actually sold.

People ask me how I know that the Fed is rigging the bullion price and seem surprised that anyone would think the Fed and its bullion bank agents would do such a thing, despite the public knowledge that the Fed is rigging the bond market and the banks with the Fed’s knowledge rigged the Libor rate. The answer is that the circumstantial evidence is powerful.

Consider the 500 tons of paper gold sold on Friday. Begin with the question, how many ounces is 500 tons? There are 2,000 pounds to one ton. 500 tons equal 1,000,000 pounds. There are 16 ounces to one pound, which comes to 16 million ounces of short sales on Friday.

Who has 16 million ounces of gold? At the beginning gold price that day of about $1,550, that comes to $24,800,000,000. Who has that kind of money?

What happens when 500 tons of gold sales are dumped on the market at one time or on one day? Correct, it drives the price down. Investors who want to get out of large positions would spread sales out over time so as not to lower their sales proceeds. The sale took gold down by about $73 per ounce. That means the seller or sellers lost up to $73 dollars 16 million times, or $1,168,000,000. Who can afford to lose that kind of money? Only a central bank that can print it.

I believe that the authorities would like to drive the gold price down further and will, if they can, hit the gold market twice more next week and put gold at $1,400 per ounce or lower. The successive declines could perhaps spook individual holders of physical gold and result in actual net sales of physical gold as people reduced their holdings of the metal.

However, bullion dealer Bill Haynes told kingworldnews.com that last Friday bullion purchasers among the public outpaced sellers by 50 to 1, and that the premiums over the spot price on gold and silver coins are the highest in decades. I myself checked with Gainesville Coins and was told that far more buyers than sellers had responded to the price drop.

Unless the authorities have the actual metal with which to back up the short selling, they could be met with demands for deliveries. Unable to cover the shorts with real metal, the scheme would be exposed.

Do the authorities have the metal with which to cover shorts? I do not know. However, knowledgeable dealers are suspicious. Some think that US physical stocks of gold were used up in sales in efforts to disrupt the rise in the gold price from $272 in December 2000 to $1,900 in 2011. They point to Germany’s recent request that the US return the German gold stored in the US, and to the US government’s reply that it would return the gold piecemeal over seven years. If the US has the gold, why not return it to Germany? The clear implication is that the US cannot deliver the gold.

Andrew Maguire also reports that foreign central banks, especially China, are loading up on physical gold at the low prices made possible by the short selling. If central banks are using their dollar holdings to purchase bullion at bargain prices, the likely results will be pressure on the dollar’s exchange value and a declining market supply of physical bullion. In other words, by trying to protect the dollar from its quantitative easing policy, the Fed might be hastening the dollar’s demise.

Possibly the Fed fears a dollar crisis or derivative blowup is nearing and is trying to reset the gold/dollar price prior to the outbreak of trouble. If ill winds are forecast, the Fed might feel it is better positioned to deal with crisis if the price of bullion is lower and confidence in bullion as a refuge has been shaken.

In addition to short selling that is clearly intended to drive down the gold price, orchestration is also indicated by the advance announcements this month first from brokerage houses and then from Goldman Sachs that hedge funds and institutional investors would be selling their gold positions. The purpose of these announcements was to encourage individual investors to get out of gold before the big boys did. Does anyone believe that hedge funds and Wall Street would announce their sales in advance so the small fry can get out of gold at a higher price than they do? If these advanced announcements are not orchestration, what are they?

I see the orchestrated effort to suppress the price of gold and silver as a sign that the authorities are frightened that trouble is brewing that they cannot control unless there is strong confidence in the dollar. Otherwise, what is the point of the heavy short selling and orchestrated announcements of gold sales in advance of the sales?

Source here (13.04.13). Unfolding gold news and commentary here (18.04.13), here (18.04.13), here (17.04.13), here (17.04.13), here (17.04.13), here (17.04.13), here (16.04.13), here (16.04.13), here (16.04.13), here (16.04.13), here (15.04.13), here (15.04.13), here (15.04.13), here (14.04.13), here (14.04.13), here (14.04.13) and here (13.04.13).

The latest from Jean Haines at her blog; 2012: What’s the “real” truth


Hello everyone!  I really resonate with what my friend Jean is saying here!  How do you feel about this?  Ed

My Blog Now Takes On A New Direction, by ~Jean

Posted on April 6, 2013 by

Let me start by trying to clear up what I believe is a misunderstanding. I think many of you have misinterpreted Neil’s work in regards to his understanding of money. If you read his most recent article, it is all about breaking the death hold of the cabal on us – via our money system. This is the same reason I long ago focused my blog on the financial aspects of the shift that is taking place and is perhaps the reason why Neil and I met here on my blog. I, like Neil, felt that when we broke this financial stranglehold, then everything else would fall rapidly into place: the abuse of our children, food, planet, working conditions, tax system (illegal in the United States and Canada; there aren’t any laws on the books – don’t know about other places), the out-and-out thievery of our incomes, our Social Security, the usury, and on and on.

My belief is that money, in and of itself, is not the problem. It is the human element, the confused human viewpoint concerning money that is the problem. Neil understands the failed money system completely, and I believe I do, too. It is my belief that we are now moving into a rapid process of change, and Neil is providing the pathway to get to the place many of you now foresee. Please read this quote from Neil’s most recent article:

read more at…

The One People’s Public Trust (OPPT)


http://www.peoplestrust1776.org/

 

Here is the OPPT (One People’s Public Truct) website with the UCC filings everyone is talking about.  Share this information with everyone that grasps this.  Ed

 

WITH DUE STANDING, AUTHORITY, and AUTHORIZATION, without prejudice, public policy, UCC 1-308,

The

Public Trust, through its duly bonded Trustees of record, UCC 1- 201(31) and (33), knowingly, willingly, and intentionally

duly issues this OFFICIAL ANNOUNCEMENT of DISCLOSURE regarding “POINT ZERO” pursuant to mandate, this

December 25

th, in the year of our creator, Two Thousand and Twelve as the creator lives, the following is true and correct and

we are competent to say so:

Yes. The The Commercial Registry. The Uniform Commercial Code. Commerce. Whether “Domestic” and

“International”…matters not. Over many moments of present, it was quietly and covertly made the supreme law of all lands on

earth, the secretly prized pinnacle of human capital and natural wealth registration and management of what have been

formerly referred to as the “powers that be.” With feverish focus and commitment, it has been made

uniform right before your

very eyes…albeit, “eyes wide shut” for the most part. What is not widely known, is that this “supreme law” has been duly

REGISTERED in COMMERCE and duly gifted to the people equally and jointly as their full indefeasible title, ownership, and

rights as SECURED PARTY, a matter of record, unrebuttable and unrebutted.

In line with the most skilled magicians known and unknown, the existence of another sort of “magician” began to emerge. A

sort with the unrivaled charisma, acting skills, and “backing” of the most decorated talent. A sort with a fanatically deeprooted

and cultured focus and commitment that was perceived by them as “un-rootable”, “undiscoverable.” This sort,

deceptively tantalized the people with the distraction of CONSTITUTION and DEMOCRACY created by the slight of

knowingly arrogant hand on one side, while the other hand covertly REGISTERED the Truth in COMMERCE by the “slight

of the pen” with the other.

Swearing absolute solidarity amongst their own kind, this sort agreed to secrecy…never to reveal the Truth, for fear and

absolute knowing that this sort’s world, nay their very existence, would end if the Truth were ever known to “their audience”,

“their capital”, the people. At the very best, if the Truth be known, the people would no longer believe and pay tribute again,

leaving this sort of magician to disintegrate in the sole vampiric company of their own kind. At the very worst….well, this sort

never got this far. Their ego was so great they could not fathom someone outside of their inducted kind competent enough to

discover the Truth, let alone someone being of capacity, willing and intent to effectively use and enforce it…

In order to insure this sort’s Agenda, they routinely and tirelessly trained their apprentices to practice this sort’s “magic”. At

any and all costs, the Agenda was deviously preserved, protected, and, for the most part, quietly and covertly implemented by

REGISTRATION in COMMERCE. When doubt crept in amongst their own kind, this sort would resort to the darkest

methods imaginable and unimaginable to keep their kind “in line”, focused and “committed”. This sort did arm their unwitting

and witting apprentices alike with the motto that “intelligence rules the world, and Ignorance bears the burden!”, and they

reinforced the allusion of guaranty of the “truth” of this motto by using the same tricks of shock and awe, deception, fear,

coercion and force that they used to keep the people “on the edge of their seats”, nevertheless, “in their seats”…like good

“capital” should be. However, ego was to be this sort’s fatal flaw…resulting in their lack of contingency plan for the scenario

of their failure to succeed by REGISTRATION of Agenda.

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