IRS Seizing Funds Without Even Bringing Charges

By: Tuesday October 28, 2014 7:42 am

Yet more unintended consequences from the so-called War on Drugs. According to The New York Times, the IRS has been seizing funds from small businesses and individuals without even presenting a criminal complaint using a draconian law passed to prevent drug money laundering. Under the law the IRS can seize funds that appear to be [...]

Wall Street Still Serving Drug Cartels

By: Thursday May 22, 2014 12:38 am

One step forward two steps back? Though one Wall Street megabank, Credit Suisse, finally faced a bit of justice for criminal activity it seems there still has not been much of a change in some of the bankster community’s more unsavory practices – such as money laundering for drug cartels. First HSBC famously got off [...]

Renewed Push To Curb Money Laundering Could Threaten Wall Street

By: Thursday November 7, 2013 8:52 am

New legislation being proposed in Congress meant to crackdown on illegal money laundering could pose a problem for Too Big To Jail banks on Wall Street that frequently make use of offshore business entities to avoid taxes and regulations. Bills proposed by representatives Maxine Waters and Carolyn Maloney would close many of the loopholes corporations [...]

British Might End Too Big To Fail Banking

By: Monday February 4, 2013 6:59 am

After a global financial crisis, an epic price fixing scandal, and embarrassing criminal conduct British regulators are considering ending Too Big To Fail Banking. British Finance Minister George Osborne has proposed legislation that if banks do not shield their riskier investment activities from day to day banking they will face restructuring. Britain is shaking up [...]

Republicans and Democrats Speak Out Against “Too Big to Jail” HSBC Case

By: Monday December 17, 2012 8:30 am

We now have bipartisan anger at the decision to hold HSBC and its executives harmlessfor years of money laundering and facilitating the culture of Mexican drug cartels. In fact, only the shareholders will pay, and not all that much, what amounts to five weeks’ worth of profits for the bank. The certainty of not being [...]

Felix Salmon’s Unpersuasive Argument to Hold HSBC and Its Executives Harmless

By: Friday December 14, 2012 8:30 am

It would be irresponsible for me to say that Felix Salmon probably cashed a nice check from the banking industry when he produced this defense of the US declining to prosecute HSBC for money laundering. I think a couple elements of his piece wind up being self-negating, so I don’t have to do much work. [...]

The HSBC Money Laundering Case as a Perfect Symbol of Too Big to Fail

By: Thursday December 13, 2012 6:19 am

Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for [...]

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 7:02 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know.

Treasury Lowballs Settlement Against Standard Chartered, Despite Large Award to New York Regulator

By: Thursday September 13, 2012 8:17 am

Several weeks back, Standard Chartered Bank, caught engaging in multiple acts of money laundering, settled with the New York Department of Financial Services for $340 million. At the time I wrote that if the Treasury Department and the other federal regulators cannot get as much from Standard Chartered as the DFS, “it will be completely [...]

Another International Bank Cops to Money Laundering Violations With Iran

By: Wednesday August 22, 2012 11:57 am

I think what we’ve learned by now is that every international bank in the world may have violated US anti-money laundering guidelines, specifically when it came to doing business with countries barred by sanctions. Royal Bank of Scotland is only the latest, and you can add it to the growing list of firms we know [...]

Federal Financial Regulators Getting Around to Investigating Money Laundering, After Being Schooled on Standard Chartered

By: Monday August 20, 2012 12:33 pm

Benjamin Lawsky’s impertinent insistence that Standard Chartered Bank actually did something wrong when it facilitated $250 billion in money laundering has really scrambled the federal regulatory response to similar charges. Because the dirty secret is that practically EVERY big bank may have engaged in similar behavior. And now the regulators, embarrassed into action by Lawsky, [...]

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