Fed Court Rules Banksters Can Steal Pensions
August 21, 2012
In a court case glossed over by the corporate media earlier this month, the U.S. Court of Appeals, Seventh Circuit has ruled that individual segregated bank accounts may be turned into the property of a third-party under circumstances of duress.
“In other words, if a financial institution fails, clients, depositors and pension funds may not get some or all of their money back in a bankruptcy,” writes Dominique de Leveling de Bailleul for Beacon Equity Research.
The Sentinel ruling has legalized the theft of segregated customer funds and pensions by large banks and financial institutions.
Moreover, the ruling overrides protection afforded by Federal Deposit Insurance and other government insurance programs and leaves “millions of investors, depositors and retirees unaware that they are no longer account holders of their own funds, per se, but, instead, have suddenly become stockholders of the institution with which they have deposited their money,” de Leveling de Bailleu writes.