By Matthew Russell Lee, Patreon Maxwell Book
BBC - Guardian UK - Honduras - ESPN
SDNY / SOUTH BRONX, March 8 – Many of the world's largest banks claim to have ethical standards, something that was disproved for example by their involvement predatory lending as documented by Inner City Press in articles, book and Federal Reserve filings.
Now this same lack of standards is on display in the banks' ongoing presence and business in Russia. And on March 8 in a public meeting before the Federal Reserve and Office of the Comptroller of the Currency, Fair Finance Watch raised it. Video soon; portion of testimony here:
"There is another issue which Inner City Press hereby timely raises to the Federal Reserve Board: the continued business with and in Russia by Mitsubishi UFJ Financial Group, which we confirmed on the bank's website just before this testimony. Mitsubishi UFJ Financial Group's website says, photo here:
"MUFG's presence in Russia started in Moscow in 1992, through a Representative Office. Our presence expanded significantly through the establishment of a Russian subsidiary, ZAO Bank of Tokyo-Mitsubishi UFJ (Eurasia), by the sole shareholder, The Bank of Tokyo-Mitsubishi UFJ, Ltd., on 29 May 2006. On 14 October 2015, the name of ZAO Bank of Tokyo-Mitsubishi UFJ (Eurasia) was changed to AO Bank of Tokyo-Mitsubishi UFJ (Eurasia). The Bank of Tokyo-Mitsubishi UFJ Ltd. was renamed to MUFG Bank Ltd., effective April 01, 2018. In line with such change the name of AO Bank of Tokyo-Mitsubishi UFJ (Eurasia) was changed to AO MUFG Bank (Eurasia) on 03 April 2018. AO MUFG Bank (Eurasia) has a presence in Moscow and Vladivostok." This is troubling, and must be addressed under the Bank Holding Company Act's managerial and financial if not moral factors. Other large banks under Federal Reserve supervision still bragging about their presence and business in Russia including Citigroup and HSBC. The Federal Reserve must act on this immediately -- Inner City Press is requesting this be raised to the new / nominated Governors at the earliest time, along with recent rubber stamping by Federal Reserve Banks, which brag of not being government agencies, of bank mergers including involving banks with Needs to Improve CRA ratings, like Berkshire Bank. So too should the record of Toronto Dominion, among others. But the MUFG - Russia / Ukraine issue is most pressing, on this application."
Citibank, for example, one of the world predatory lending banks in that scandal, is openly still in Russia, as Inner City Press showed on March 7 here.
So too HSBC, previously known for helping El Chapo Guzman, see here.
Who else? Fair Finance Watch will be raising others global banks to the Federal Reserve governors and others for their action, Watch this site.
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