Most know Cisco is pretty damn evil. Regardless this story should have you stopped in your tracks. Cisco literally had someone who was suing them for anti-trust, arrested and....amazingly enough Canada actually did it!
High-tech entrepreneur Peter Adekeye's yearlong nightmare began after he dropped his wife off at the Vancouver International airport and headed downtown to The Wedgewood, a posh boutique hotel. Inside a tasteful boardroom adorned with gilt-framed mirrors, the US District Court for Northern California, San Jose division, had convened a special sitting to hear Adekeye's deposition as part of a massive antitrust action he had launched against his former employer, the computer giant Cisco Systems. An official court video camera recorded the proceedings on May 20, 2010—Adekeye affably answering questions in an elegant black suit accented with a pale blue shirt and a coral tie.
At 5:15pm, however, two plainclothes women—the shorter one brandishing a badge—and two uniformed police officers entered the room. Adekeye was confused, as were his two Wall Street lawyers and the special judicial master conducting the hearing. But the four lawyers for Cisco knew exactly what was going on.
This is an ex-Cisco executive, a British citizen and never in trouble a day in his life. This is what the trumped up charges became:
Adekeye was described as a "sinister" figure of uncertain citizenship on the run from 97 charges of illegal computer hacking that carried a penalty of almost half-a-millennium in prison.
Worse, Cisco managed to get this guy's bail denied:
Washington Mutual Inc, the failed U.S. savings and loan, has sued the Federal Deposit Insurance Corp for well over $13 billion in connection with the loss of its banking operations, which was acquired by JPMorgan Chase & Co.
In a complaint filed with the U.S. District Court for the District of Columbia, the thrift's former parent accused the FDIC of having on January 23 made a "cryptic disallowance" of its claims, prompting the lawsuit.
It also accused the FDIC of agreeing to an unreasonably low price in arranging the a $1.9 billion sale of the banking business to JPMorgan on September 25, when regulators seized Washington Mutual and appointed the FDIC as receiver.
This whole story is just bizarre. Iceland nationalized the banks but now the UK wants their money that is in them.
Iceland debts are 12 times their total GDP. They Nationalized the banks because they are trying to stop bank runs.
It seems Iceland had high inflation as well as interest rates and all of Europe decided to go banking there as a result.
It's not quite clear how Iceland managed to end up with a host of bad debt but we certainly know the bad asset ponzi scheme was shuffled around the globe. I doubt the fishing shacks of Iceland were subprime.
RGE Monitor gives us the details on how such a situation arose:
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