IRS Seizing Funds Without Even Bringing Charges

By: Tuesday October 28, 2014 12:00 pm

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 suspiciously transacted to avoid a $10,000 limit to be flagged and it is incumbent on the person whose funds were seized to prove they are innocent rather than for the government to prove they are guilty.

Many of those who have had their funds taken are small businesses and low wage earners who give up fighting to get back their money despite doing nothing wrong.

 

Wall Street Still Serving Drug Cartels

By: Thursday May 22, 2014 6:41 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.

Renewed Push to Curb Money Laundering Could Threaten Wall Street

By: Thursday November 7, 2013 10:20 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.

Jamie Dimon’s Sleazy Record

By: Monday May 20, 2013 4:16 pm

On May 21, shareholders of JPMorgan Chase will have the opportunity to express their views of the Chairman/CEO of the mega-bank, and PR people have been filling the inboxes of every possible media outlet. They even got to the New York Post which ran an Op-Ed by Charlie Gasparino on Dimon’s bad feeling about splitting the roles of Chairman of the Board and Chief Operating Office.

British Might End Too Big To Fail Banking

By: Monday February 4, 2013 7:38 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.

FDL Book Salon Welcomes Trevor Aaronson, The Terror Factory: Inside the FBI’s Manufactured War on Terrorism

By: Saturday January 12, 2013 1:59 pm

In the days before Thursday’s start to the trial for alleged Portland Christmas Tree bomber Mohamed Osman Mohamud, pre-trial hearings revealed two new details. First, the government failed to reveal to the defense an effort to “pitch” Mohamud on October 27, 2009, 13 months before they arrested him in an FBI-created plot. This comes on top of earlier revelations about a key meeting the FBI failed to tape, another failure to reveal FBI contacts, and Abu Zubaydah’s brother’s claim that, as an FBI informant, he was asked to track the then-16 year old Mohamud as early as 2008.

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

By: Monday December 17, 2012 9:05 am

Where is Patrick Leahy on this? He has made no public statement on the HSBC case, despite being the co-author of the Fraud Enforcement and Recovery Act, which was supposed to deliver funds toward prosecuting fraudulent big bank activity (it never actually did). Grassley, a co-author, has spoken out. Why not Leahy?

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

By: Friday December 14, 2012 9:25 am

You don’t have to be a big fan of the drug war to suggest that extending a helping hand to murderous gangs is probably not activity an allegedly reputable bank should be involved in.

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

By: Thursday December 13, 2012 6:41 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 drug cartels and countries under sanction – all of the big four in the US, including Wells Fargo (who admitted it in court), Bank of America, Citi and JPMorgan Chase – if they threw the book at HSBC, they would have to do the same to everyone else. So we’ve migrated from Too Big to Fail to Too Caught Up In The Same Criminality to Fail.

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 9:55 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know. (It’s on the calendar.) First, the Treasury Department and other federal regulators – the US Attorney’s Office for DC, two divisions of the main Justice Department and even “orders involving the Board of Governors with the cooperation of the UK’s Financial Services Authority” – settled with Standard Chartered Bank for $327 million over various money laundering of funds from Iran and other countries under US sanctions.

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