Quote:
Originally Posted by Pot Odds RAC
You didn't read the Article. It is a terribly written piece and very difficult to separate out fact from opinion from outright Demagoguery. But essentially what happened was Wachovia Processed Billions of Dollars from Currency Exchange Businesses. Only $110 Million of it was proven to be Drug Proceeds. That Sum was forfeited and an additional $50 Million was paid in Fines. The article tries to imply that all of the Billions was Drug Money, but it doesn’t appear that has been proven.
There was an internal “Whistleblower” who identified some of the fraudulent transactions. It is sort of difficult to construct a time line from the Article. Even that whistleblower concludes that it was a failure of process and controls or “governance”.
"What happened at Wachovia was symptomatic of the failure of the entire regulatory system to apply the kind of proper governance and adequate risk management which would have prevented not just the laundering of blood money, but the global crisis."
So basically the Bank failed to recognize Money Laundering transactions, but didn’t set up a criminal enterprise with the explicit intention to bypass money laundering laws and then they “cooperated fully” with investigators.
all publicaly traded companies (the GEs, whatever) launder huge sums of money regularly.
it's absolutely tolerated by the government because they ARE the government. they don't have to file income reports for cash, NL.
I remember during the Clinton administration Janet Reno wrote a letter to the big corporations telling them not to be so obvious about it, you know, tone it down.
the government in Washington is just a front man for global corporate oligarchs. they can launder money, the little guy can't. simple as that.
the article just presents one example out of a plethora of large scale money laundering.
The US was built on illegal finance.
just look at the history of the US.
how were the cities of Boston and New York built?
with what funds?
where did the $ come from to fund Yale, Harvard, all the Ivey league universities.
it's no secret.
profits from running opium from India to China, w/ the assistance of the british military.
I'm not sure what your saying, but it sounds like you are trying to explain away the wachovia thing, when really it's a drop in the bucket.
shutting down online poker isn't about rooting out fraud/ $ laundering; that is everywhere.
it's about total control.