Tue Dec 4, 2012, 09:39 AM
douglas9 (1,240 posts)
Banks Are "Where the Money Is" In The Drug War
Big Lenders Face Few Hard Consequences for Violating Anti-Money Laundering Laws
Citigroup, JP Morgan Chase & Co., Wachovia (acquired by Wells Fargo in 2009), HSBC Holdings, ING Bank, Standard Chartered, American Express Bank International, and not a few others, have a common bond beyond ranking among the largest banks in the world.
All have been accused within the past five years (and several this year) of failing to comply with US anti-money laundering laws ó thereby enabling, collectively, hundreds of billions of dollars worth of suspicious transactions to move through the banking system absent adequate monitoring or oversight.
Yet not one these banks, nor any of their top executives, has been hit with criminal sanctions.
All, with the exception of Britainís HSBC (which is still under investigation), have agreed to pay fines for their alleged transgressions after being served cease-and-desist orders or have entered into so-called deferred-prosecution pacts ó under which a lender agrees to pay a fine and to comply with the law going foward in exchange for dismissal of all charges at the end of a specified government monitoring period.
But again, not one bank has been charged with a crime nor have any top executives been forced to do the perp walk, bound by handcuffs, in front of the adoring media throng.
Imagine if you or I were pulled over by the cops while transporting in the trunk of our car even $10,000 in bills that traced back to individuals suspected of being involved in illegal activities, such as narco-trafficking. What are the odds that we would walk away with only a traffic ticket?
Thatís essentially what is happening in these cases involving big banks, who, for all practical purposes, are allowing their money transportation systems to be rented, for a fee, by criminals, while the banksí leadership pleads ignorance: ďI didnít know that money was in the trunk. Iíll have to look into that.Ē
Now, if you take that same $10,000, or even millions of dollars, and put it inside an armored car under contract to a big bank, suddenly the dirty money gains the presumption of legitimate commerce, and is likely to have a police escort as opposed to being subjected to a police inspection.
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Replies to this discussion thread
Banks Are "Where the Money Is" In The Drug War (Original post)
|Eyes of the World||Dec 2012||#1|
|Uncle Joe||Dec 2012||#2|
Response to Eyes of the World (Reply #1)
Thu Dec 6, 2012, 12:36 PM
yurbud (36,720 posts)
3. mostly the money. If two ships pull into port, one full of sugar and the other cocaine...
which cargo is going to be worth more?
which will pay less taxes?
which will have the most money to buy the politicians, laws, and law enforcement it wants?
The wealthiest have ALWAYS been in the illegal drug trade because that's where the money is.
Look at the Opium War--Great Britain wanted to sell opium to the Chinese people and their government didn't want a country of addicts, so Britain "opened the market" at gunpoint and now our stereotype of an opium addict is a bunch of Chinese guys in an opium den sucking on hookahs.
Whether a product is safe or even legal is of no consequence if there is money to be made.
Response to douglas9 (Original post)
Tue Dec 4, 2012, 02:29 PM
Uncle Joe (41,447 posts)
2. Wells Fargo was even playing both ends against the middle.
STUNNING! Wells Fargo launders Mexican drug cartel money, then invests in for-profit prisons.
Last year, Wells Fargo got hit with a slap on the wrist and a fine they could easily afford for laundering $378.4 Billion dollars of drug money for the Mexican drug cartels. If you're keeping score at home that means if you get busted smoking a joint you go to jail, but if you get busted laundering billions of dollars in drug cartel money you get a slap on the wrist. Now, here's the catch, if you get caught smoking pot and go to jail, Wells Fargo will make a profit off of that too thanks to America's growing for-profit prison system.
For more details on how Wells Fargo figured out how to flood America with illegal drugs for their own profit and then make money on the back end by of the deal when you get sent to jail, make sure to read this article at Salon.com...
Thanks for the thread, douglas.