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Basel 2 was imagined to be an accord that raised capital necessities, and that will someday still occur. But in 1998, underneath the nostril of the BIS, the Basel 2 accord allowed low capital requirements together with the fraudulent off stability sheet banking. This fraud continued after Enron was destroyed by off steadiness sheet accounting, yet the bankers acquired bonuses for it! The power is on this banker cabal that is above the legislation.
While the entire FIC-Act could be seen as an intrusion in folks’s and organizations’ non-public affairs without a warrant, the new invoice shamelessly authorizes banks to do warrant-less analysis. Some clauses within the modification invoice clearly have to be reviewed and reworded. But this was solely suggested by Treasury, whereas … Read more