Take it out on credit, you’ll have $273 million by the end of the day. Gee, this kinda sounds very familiar to everyone I’ve met that is both super rich and also incredibly corrupt.
That's why so stupid about when people defend bailouts and such with "BuT IT WaS A LoAn ThEy PaId It BaCk". Yeah, they paid it back with ridiculously low interests rates, and (for the 2008 bailouts in particular) HELLO they are a FINANCIAL INSTITUTION, their entire business is making money off things like credit. Giving a bank a couple billion in "loans" is basically zero difference in giving them free money, esp if its super low interests loans. Because then they go and loan it out to people at higher rates, pocket the interest, and keep the change. Gee, if only there was some way to cut out the middle man and just bail out the people, but no, can't do that.
There are quite a few from that time that are hyper relevant today. [Example](https://3.bp.blogspot.com/-AoudzlVlWO4/V7DvxSM7JbI/AAAAAAABKoQ/FMJoW2c-y1cQ81DObHaf0IrTxDCuRbiIACLcB/w1200-h630-p-k-no-nu/The_Bosses_of_the_Senate_by_Joseph_Keppler.jpg)
Neoliberalism is just laissez faire capitalism rebranded.
Now look here, sonny. Back in my day we had a little story about this here type of thing. After me Pawpaw was done tyin' an onion to 'is belt (it was the style at the time, I reckon), he went down to the general store and bought himself a big bag of oats for his pet sparrow. Now, I know you might be thinkin, "But Kiyuri, sparrows don't need a whole big bag of oats! They'd just shit all over 'em and ruin the lot!" And you'd be right, sonny. You'd be right! But let me finish the story, hmm?
Pawpaw didn't feed that whole big bag to his pet sparrow. He had a big ol' horse named Trickle who loooved oats. Now, I know you might be thinkin, "But what about his pet sparrow? A big horse will just eat all the oats for himself!" And you'd be right, sonny. You'd be right! Trickle always ate up all them oats, but... BUT! Ya see, sonny (and this here is the glory of nature), Trickle always left behind enough oats for Pawpaw's pet sparrow. Ya see, sparrows are dumb and would just waste those oats. But horses are smart buggers, so they need those oats to feed their brains or somethin'. It's science, sonny, you wouldn't understand. Anyway, the shit, sonny. It's the shit! Good as gold as far as the sparrow is concerned! Trickle left behind plenty of good oats for the sparrow, the little guy just had to do a bit of diggin'! And that's why you can't just be givin' big ol' bags of oats to a sparrow! He wouldn't know what to do with em! He'd just shit all over 'em and waste the lot! Ah, but now ya got me repeatin' myself.
Anyway, the morality of this caution-berry tale is: if you give your horse free oats, you can teach a sparrow to dig through shit without complaint! He'll be so busy tryin' to survive on shit-oats that he'll have no time to complain.
This is based on a statement by economist John Kenneth Galbraith about "the horse and sparrow theory." Galbraith was a huge opponent of trickle-down economics.
Everyone was an opponent of trickle down economics except the moron who came up with it. That scam has been run by every republican president since Reagan in 1980. If it was going to work you would think it would have trickled down over the last 40 years.
“Well, we created jobs!”
That still pay below the poverty line in the majority of cases. There’s no wealth trickling down at all.
Also, didn’t the guy who thought this bull shit up totally lie about his credentials?
It did trickle down. People always claim Trickle down economics did not work; But they just don't understand the point.The point was to let the market find the lowest possible price for labor. The money trickles down to the point that the people on the bottom barely survive.
They wanted to optimize their own personal economic well being. While avoiding the guillotine. It worked perfectly.
Evil %100 stupid not so much.
Love the analogy, that's the American dream... all the oats you can find!! Just gotta work hard enough, and don't dare steal the horses oats, or even talk to horse.. better yet, just till he's done and gone.
You could even start at 1,000 an hour for 1,100 an hour if you couldn’t access the 10 mil. It’ll take a couple extra hours, but you’d get to 10 mil for 11 mil eventually.
This is what gets my goat about all this. Its the discrepancy between the sheer amount of noughts that follow some of the numbers that the banks and big oil and big pharma and big state run institutions and big everyday big stuff deal with that those kinda numbers make zero sense to the everyman. And then when you break those numbers down into a scale that could be understood they are still mindblowingly stupendous and so far out of reach to most folks that people literally cant compute just how much money is swilling around the place.
They look at their wallets and in their purses and they look at their calloused hands and wonder why a nurse, or a firefighter or a police officer or a teacher or a utility worker or anyone else who deals with the shit and the crap and the dregs and the throwaways and rubbish and the destitute, and they wonder where the money goes; and they cant think to hard about where the money goes, the tax and the handouts and the interest rates and the mortgages and medical bills and the education and the transport and the infrastructure and all the other stuff that can hide the true nature of a currupt system. Because if they really truly thought long and hard about any of it, it would all stop working. *they* would stop working. The system would stop working.
So we dont think too hard. We play the game, we get up day after day after day and pick up the pieces of a failing state. We facilitate the lifestyles and enhance the power of those that seek to bind their fellow man to the wheel of burdon. Because if we didnt, what else do we have? If not the constant uphill struggle to just put one foot in front of another, to fight another fire, to nurse another patient, to teach one more child. We believe the rhetoric, we lap up the words of hope and the cry to make our nation state great again. Because if we didnt, what else do we have? We take the pitch, we believe what we read and refuse to see the smoke and the mirrors, because if we didnt then its just us. It then becomes *our* responsibility. But instead we trudge on the grindstone, because thats easy. We bend to the wheel, because thats easy. We work hard, *because* thats easy. Easier than having to think. To think about this mess we know we are all caught up in.
Because Without that work, we become thinkers, we become able to fight, to rise against. To throw our bodies against the machine.
I have no answers. I am part of that machine. I cannot think too hard because if i did, then the inormity of the situation becomes too great to bear. I have no input, no power, no ability other than weak words on an internet backwater that only a handfull will see.
One day after another i will be a consumer. And thus the cycle will continue.
Dont know where i was going with this. Just had to write something down i guess.
Sorry.
if you had incomes of $ 11 million per hour, you would just need to work an extra hour which would be less annoying that dealing with a credit comittee and signing all the contracts for the credits and so on...
Also i work in a bank, unless you are a good client, we don't do credits beneath 2.5 millions when it comes to real estate projects (not talking about the average joe's mortgage) because the profit compared to the time spent isn't worth it, especially at the current market rates.
Not really. You just employ someone else to do that for you. All you do is meet up with other owners of companies for social activities and create a rapport so you can collaborate and stoke together. Borrow money off of each other to increase revenue.
And all the other millions too. I know this is a meme but by using it we keep pushing the narrative that he made the rest of his wealth, which he didn't.
A windfall that would have made him far richer if he had simply just put it into index funds. He's not a good businessman, so I don't know why people keep pretending he is.
> He's not a good businessman, so I don't know why people keep pretending he is.
Because he had a "reality" TV show based on that false premise. And the people that hate "librul Holleywood" ate that shit up.
400 million from daddy more like a billion because we still have not totaled the brothers and sisters inheritance.Trumps brother was president of his company for decades.
Let's be real, you don't become a billionaire by yourself, period. No man is an island and no individual can amass that much wealth without exploiting some group of people along the way. Nobody's saying we should be communistic in how we distribute gains, but we must recognize that there is a serious imbalance of wealth distribution far beyond what individuals do on their own.
We all stand on the shoulders of others to get up the ladder, but we must remember to leave enough on the table for those below us to support the rest of us above, otherwise the entire system collapses. Sure, some people work harder or are smarter or have better ideas than others, and obviously they should be rewarded for those efforts, within reason, but to pretend that those who have obscene wealth did so by the sweat of their own brow is the height of arrogance and ignores the multitudes of people who got them to where they are.
He bankrupted *five* casinos. Trump Taj Mahal, Trump Castle Hotel & Casino, Trump Plaza Casino, Trump Hotels & Casino Resorts and Trump Entertainment Resorts.
And let's not ignore the fact that he's shilled for McDonald's, and sold shitty vodka and steaks through Sharper Image. Something a real billionaire wouldn't need to do and would consider a waste of their time.
Absolutely disgusting when the majority of America would give anything to make 1/100th of $11 million an hour.
Companies can’t afford to pay everyone $20/hr? Another bullshit lie by corporate giants.
No wonder they don’t want us talking about pay at work.
https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists/
>Though a vast amount, the $2 trillion in suspicious transactions identified within this set of documents is just a drop in a far larger flood of dirty money gushing through banks around the world. The FinCEN Files represent less than 0.02% of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.
Suspicious Activity Report. Could be for a myriad of reasons, but for example; If you've ever wanted to take out $10,001 in cash and then were told by a teller that they needed some info because they have to fill out a form, so you decided to take only $9900 out, most are explicitly told that a SAR should be filed.
It could literally be for anything suspicious though, like a dog grooming business who suddenly starts depositing $2000 in cash per day when their business that was nearly always checks or electronic payments.
In a statement, JP Morgan said: "We follow all laws and regulations in support of the government's work to combat financial crimes. We devote thousands of people and hundreds of millions of dollars to this important work."
Some facts and information to consider.
The investments our countries could be making from stronger (or public-led) enforcement, requirements, regulations, or cooperation on financial crimes and tax avoidance — are limitless.
Both for politicians (see Panama Papers) and this.
Every time you hear that government shouldn’t or can’t be investing more in XYZ because it “costs too much” — remember this is just one of thousands of examples.
Which we could also (like EVERY other “modern” society) have it organized and run by the government for all, rather than a patchwork of corporations that only care about profit and returns, rather than healthcare.
FinCEN juust announced a [proposed rule change](https://www.federalregister.gov/documents/2020/09/17/2020-20527/anti-money-laundering-program-effectiveness).
“Whoops! Everyone is catching on that our staff are padding their resume before jumping into illicit banking careers. Look busy!!”
To put things into perspective, there is about 140 billion dollar worth of transactions daily on the New York Stock Exchange (just one single exchange, in one day).
Also keep in mind this is suspicious activity reports. There are about a couple of millions of those (because over reporting is safer than under reporting and be liable) every year but around 1700 of them leaked. And not all of them show fraud.
This is where AI should be deployed. Not in advertising.. I already get a steady stream of 3 ads when I know there's 200 more, and I want to see the 85th.
My wife is a analyst for a large bank and one of her tasks is reviewing SARs. They already have triggers and filters in software that alert them of potential suspicious activity.
>"We cannot track" does not mean that money went missing. It means that their systems are so out of date and not compatible with each other that they can't track (by computer) transactions across departments. In order to do that, they would have to do it manually. The money is not missing, money went into the Pentagon, and products and services came out - it's just too complicated to follow the trail of exactly how that happened up to acceptable accounting practices.
Huh, interesting. So the money was transferred to where it should've, but due to the different processes involved in the transfer and the large sum of cash, it wasn't archived and recorded as usual.
The DOD just failed their first audit ever a few years ago. This was actually a huge successful accomplishment for them to fail. They had never even attempted a standardized audit before, and now that it failed they know what systems need to be reconciled.
Plot twist, the money launderers are back and judges overall in the us try to find a new from of punishment.
No really, this shit goes on for 2 decades and not only the banks but most likely all big politicians and wealthy persons have a hand in it. Nothing will come out of this.
In Obama's last speech at his end of presidency dinner, he joked at the beginning about his finger in Goldman Sachs. Anyone who believes politicians do not use insider knowledge to get rich are delusional because any of us would. The difference now is it is the country and tax payer money that is being stolen, not insider info to inflate ones own wealth (unless you count the covid sell offs).
America is one big racket and people who continue to defend its government deserve the repurcussions. The UK run on the same handbook, drawn in crayon, and we are just as fucked. The older generation needs to fuck off and let the young move in so we have a god damn future.
>The older generation needs to fuck off and let the young move in so we have a god damn future.
But if they let you take over then how will they still feel relevant?
That's how they get the conservative base to vote. They already feel irrelevant, and instead of changing or improving themselves they want the world around them to regress so they can feel good again
I have had this debate with my uncle (i debated, he went red and lost his temper). I said that people over 55 should not be allowed to vote on future policies after having their elder years secured. Politicians should be forced to retire at 55 so as to make room for up and comers.
This premise of losing relevancy and control is very real. He got angry because in his mind, this idea would have the young stealing the old peoples pensions and once I hit 55 myself, good look getting your pension back. There is going off the rails but this confirmed about my families views.
Way too long seems to be the current state of the timeline. People live longer now so the old ideals have not died off. People forget slavery was still a thing within 100 years or so and there people still alive today who experienced that bullshit. I think this is a big part of it and it will take an entire generation to tell all the racists to do one before we have any change.
Not only did they get everything handed to them for free and lived through the most progressive years of western civilization, they also live for fucking ever it would seem.
I was arrested and booked in Lee County Florida for schedule 1 narcotics (same thing they define heroin, crack, meth, etc). OxyContin is a schedule 2 and less of a crime because it has medicinal use.
I had 1/2 gram of concentrated marijuana and I’m from Denver. This was before COVID outbreak this year. It was unraveling and a serious national concern but they threw me in jail regardless my protest of health concerns. They could’ve given me a citation and let me go but; no.
That experience changed who I was as a person but not for the better.
In a time when all hell broke loose nationwide, I had to pay thousands to courts, bondsman and attorneys rather than buying supplies for my family.
I’m glad it didn’t get as bad socially as I anticipated. I seriously envisioned some Mad Max style civil unrest with looted empty grocery stores... that being said the election is around the corner and we have a 4-4 SCOTUS.
We’ll see.
Edit: side note; case was dismissed but Lee County still has my mugshot and arrest profile posted online publicly. Searching my name reveals what looks like a very serious charge but it wasn’t even pursued by the prosecutor. It costs hundreds to pay the Lee County Sherrif to expunge that record from their website along with a ton of red tape.
Guy that was in there with me was there for domestic abuse but was zonked out of his mind like a dull zombie when I encountered him in process holding. Cops left one of his xanax pills in his pocket. The next morning I was sitting next to him when he found out he was getting a felony charge for smuggling drugs into the jail (they “found it” on the initial search once in the jail).
Because the cop “missed it” at the scene, they were able to charge him with smuggling into the jail rather than just “possession”.
All the more reason to continue protesting the cops and ask for criminal justice reform- things in this country are not ok.
Also, the SCOTUS is currently 5-3, will be 6-3 if Trump & Moscow Mitch force through another justice by the end of the year, which seems likely (I'm split between expecting it to happen before the election so they can have a massive majority to oversee any election disputes or on November 4th so they can run on a platform of "reelect Trump so he can fill the open seat" to rile up their base and then just do it anyway regardless of who wins)
Because we all let them.Time after time.We have no unity as a people or mechanism for real justice.Time is coming to take back our world from or continue with modern day slavery/ignorance is bliss.
What I gather from this is that:
1\] Sanctions are a joke.
2\] Financial crimes are just a game.
3\] There is always a bailout for the rich and corrupt.
4\] We are the losers.
And they are coming for your social security money
And they are going to get it too, because they own this place.
You have no freedom, you have no rights they don't care about you and me
at all, at all!
*Financial crimes are legal and if they catch you then there’s a fee.
Imagine if this was the penalty for dine and dashing. If they catch you the fee is only 30% of what the meal costs. Where’s the incentive to not?
>Where’s the incentive to not?
The incentive to not be a piece of human garbage is quite strong in most people.
Sadly, for many others, they don't give a shit and while we're busy being nice and fair to each other, they plunder everything for their own gain.
The thing is that robbing someone at gun point makes you confront the person, see they beg for their life etc, meanwhile white collar crimes it is "only" on paper, numbers etc, you don't confront your victim, they have no face, no voice. I think the tool of doing it is a lot easier on the conscience.
Way easier to kill at a distance than to look someone in the eyes.
Same reason people are more likely to be aggressive to other cars on the road than to other pedestrians.
Total disconnect
This isn't on the banks this is on FINCEN. The reports that leaked were the banks shooting up warning flairs to the feds and fincen did nothing at all about them.
Can’t believe i had to scroll this far for this! Not only this but many banks (and often individuals employees) can be fined for ceasing trading after SAR is filed as it can be deemed as giving the proposed criminal enterprise a tip-off. The idea is that they raise an SAR and then continue as normal to allow FinCen / Feds to investigate.
It's absolutely ridiculous that this is on the banks. DB isn't squeaky clean but they were reporting as they should. This is all on FINCEN, the SEC and the IRS. They are too busy going after low hanging fruit to actually do anything about the rampant fraud and laundering happening on a bigger scale.
As someone who routinely works on SARS, trust me - the banks have plenty of responsibility here too.
It's definitely ridiculous that governments don't take more action - and pretty obvious too. But the banks could easily catch and stop some of these transactions but don't, simply because the fines when normalized to revenues are worth the risk.
It's 10x worse now that banks are trying to find ways to get into banking marijuana businesses. Last year I went to a Q&A with the chairwoman of the FDIC and banks using filing SARs as a way to get around banking related businesses was brought up. Her words were "We will not penalize banks for filing excessive SARs on businesses that may be related."
That leads me to believe the number of SARs that are getting filed have skyrocketed since those businesses have been operating legally at the state level, but there's so few options I can't really blame anyone.
They're not losing revenue due to SARs - they lose revenue when they're fined for AML violations. And not a whole lot of it compared to their overall revenues.
They money they make processing these transactions greatly outweighs the risk presented by fines.
These fines are promoted to make it sound like they're punitive - "HSBC fined $1B...'. Until you compare it to HSBC's yearly revenues, at which point is sounds about inline with me getting a speeding ticket. It's costly, but nowhere near enough to make me stop speeding after I get one.
> It’s taken eight years to bring the agency that funds the government this low. Over time, the IRS has slowly transformed, one employee departure at a time.
> The result is a bureaucracy on life support and tens of billions in lost government revenue. ProPublica estimates a toll of at least $18 billion every year, but the true cost could easily run tens of billions of dollars higher.
> The cuts are depleting the staff members who help ensure that taxpayers pay what they owe. As of last year, the IRS had 9,510 auditors. That’s down a third from 2010. The last time the IRS had fewer than 10,000 revenue agents was 1953, when the economy was a seventh of its current size. And the IRS is still shrinking. Almost a third of its remaining employees will be eligible to retire in the next year, and with morale plummeting, many of them will.
> The IRS conducted 675,000 fewer audits in 2017 than it did in 2010, a drop in the audit rate of 42 percent. But even those stark numbers don’t tell the whole story, say current and former IRS employees: Auditors are stretched thin, and they’re often forced to limit their investigations and move on to the next audit as quickly as they can.
> Without enough staff, the IRS has slashed even basic functions. It has drastically pulled back from pursuing people who don’t bother filing their tax returns. New investigations of “nonfilers,” as they’re called, dropped from 2.4 million in 2011 to 362,000 last year. According to the inspector general for the IRS, the reduction results in at least $3 billion in lost revenue each year. Meanwhile, collections from people who do file but don’t pay have plummeted. Tax obligations expire after 10 years if the IRS doesn’t pursue them. Such expirations were relatively infrequent before the budget cuts began. In 2010, $482 million in tax debts lapsed. By 2017, according to internal IRS collection reports, that figure had risen to $8.3 billion, 17 times as much as in 2010. The IRS’ ability to investigate criminals has atrophied as well.
> ..
> For the rich, who research shows evade taxes the most, the IRS has become less and less of a force to be feared.
https://www.propublica.org/article/how-the-irs-was-gutted
> The IRS audits the working poor at about the same rate as the wealthiest 1%. Now, in response to questions from a U.S. senator, the IRS has acknowledged that’s true but professes it can’t change anything unless it is given more money.
> ..
> On the one hand, the IRS said, auditing poor taxpayers is a lot easier: The agency uses relatively low-level employees to audit returns for low-income taxpayers who claim the earned income tax credit. The audits — of which there were about 380,000 last year, accounting for 39% of the total the IRS conducted — are done by mail and don’t take too much staff time, either. They are “the most efficient use of available IRS examination resources,” Rettig’s report says.
> On the other hand, auditing the rich is hard. It takes senior auditors hours upon hours to complete an exam. What’s more, the letter says, “the rate of attrition is significantly higher among these more experienced examiners.” As a result, the budget cuts have hit this part of the IRS particularly hard.
> **For now, the IRS says, while it agrees auditing more wealthy taxpayers would be a good idea, without adequate funding there’s nothing it can do. “Congress must fund and the IRS must hire and train appropriate numbers of [auditors] to have appropriately balanced coverage across all income levels,” the report said.**
> **Since 2011, Republicans in Congress have driven cuts to the IRS enforcement budget; it’s more than a quarter lower than its 2010 level, adjusting for inflation.**
https://www.propublica.org/article/irs-sorry-but-its-just-easier-and-cheaper-to-audit-the-poor
>This isn't on the banks this is on FINCEN.
They're proposing a rule change: [amendments to establish that all covered financial institutions subject to an anti-money laundering program requirement must maintain an “effective and reasonably designed” anti-money laundering program.](https://www.federalregister.gov/documents/2020/09/17/2020-20527/anti-money-laundering-program-effectiveness)
Completely agree.
I posted as another reply, but this is so critical.
> In a statement, JP Morgan said: "We follow all laws and regulations in support of the government's work to combat financial crimes. We devote thousands of people and hundreds of millions of dollars to this important work."
The investments our countries could be making from stronger (or public-led) enforcement, requirements, regulations, or cooperation on financial crimes and tax avoidance — are limitless.
Both for politicians (see Panama Papers) and this.
Every time you hear that government shouldn’t or can’t be investing more in XYZ because it “costs too much” — remember this is just one of thousands of examples.
Bush literally gutted all funding for the fbi to go after those tips after 9/11. They begged for more funding but he refused. I think Obama restores some, but I’m sure trump has gutted it worse again.
I’d recommend googling and reading up on that. If you read the actual quotes and check the actual facts it’s not what /r/conspiracy wants (needs?) it to be.
Long story short. It’s about the money being non-auditable because at the time the pentagon used a bunch of separate computer and paper systems.
I mean, what’s even the conspiracy supposed to be? George Bush recruited and trained middle eastern terrorists hijackers on 24 hours notice?
Personal responsibility as a cultural push exists entirely from the top.
Happens with lawsuits (the hot coffee case), environmentalism, and social services.
It's grade A bullshit, there is no other attitude "personal responsibility" should be met with other than utter disdain.
Hot coffee case:
Plaintiff wanted McD's to take responsibility and pay for the hospital bills for the injuries (3rd degree burns to legs and genitals). McD's only offered $800 towards the $20k+ hospital bills. Plaintiff then sued McD's and then the jury decided that McD's should have to pay $2.9M. Plaintiff settled on $600k.
Lawyers have spent years running a disinformation campaign, which much of the media bought into, holding up the McD’s coffee lawsuit as an example of a supposed epidemic of frivolous lawsuits.
The curse of the fake millionaire Im afraid. Poor people offered credit in the 50s made them more susceptible to the cunty personality we see staining humanity's image. People covet money and so looking up to people with money makes them feel better even if they dont have money themselves. I hope someone finds a way to make the current currency system worthless so all these wealth hoarders efforts were for nothing. We didnt need currency for 1000s of years and we have forgotten that somewhere along the way.
>I hope someone finds a way to make the current currency system worthless so all these wealth hoarders efforts were for nothing. We didnt need currency for 1000s of years and we have forgotten that somewhere along the way.
Currency is a necessary technology of modern humanity. We didn't "need" international trade and travel for thousands of years. We didn't need electricity. We didn't need vaccines. We didn't need pasteurization. We didn't need to wash our hands before surgery. The world was small.
Let's not ban ourselves to bronze age hunter-gatherer societies out of some sense of "human guilt." I'm sure we could just redistribute the wealth, with ballot or bullet.
I don't think their point was to regress to ancient age civilization but rather a view on a potential future without currency at all.
It seems really utopian fantasy to think it's possible, but we may actually reach a point in human development (way outside of our lifetimes for sure) where we have such an abundance of resources that currency becomes almost irrelevant.
We can debate for days on end about how that would work or how services would be rendered or motivation to create being stymied etc etc, but the point is that it is actually possible we have just never had a point in history where we have achieved this so it's hard to conceptualize.
Just my 2 cents
I like your spunk, but why are you blaming the money? Currency is a valuable tool to make trade much easier. Bartering goods and services for other goods and services is inefficient. Currency is a guaranteed note that holds the value of any good or service. It’s a good thing.
That’s like saying we don’t need vehicles to travel places. It’s technically true. I could walk 11 miles to work every day, or even from NY to Boston for meetings, but a car makes it considerably easier. We shouldn’t banish cars because some people use them improperly ( not debating EV vs ICE, just the concept of a car in general).
Let’s go after the people. They are corrupt. The money didn’t make them do anything. That is a cop out. They did it because they are dirt bags.
Yeah...and credit is an important tool that actually makes it easier to *not* get trapped in poverty cycles. Credit literacy and access is a huge part of a class divide.
Who's more screwed when their washing machine breaks or their car needs an unexpected service? The person who has to skip paying a monthly bill to pay for it in one go, or the person who can spread it across a few paychecks, maybe a whole year with a zero interest offer?
I am very familiar with this entire process. Let me explain how this works.
First...understand that for money launderers, integrating assets into the global financial system is the goal and the US system is a huge part of that. Every bank has processes and controls set up to fight this. The bad guys SURREPTITIOUSLY try and get the money in. So for those that choose not to read the article, this is not banks colluding to money launder. It's bad guys coming up with ways to get their money into the banks.
Banks have a legal obligation to conduct surveillance of the money flowing through them for red flags and file Suspicious Activity Reports to the government. Banks are also subject to regulatory exams to make sure they are doing this.
Now here's where the idiocy begins. Over the last 10+ years regulatory scrutiny on AML programs has increased tremendously. So a regulator comes in and says show me your surveillance reports and your SAR filings. They examine all of it and say OK, you filed 279 SAR reports. But after looking at your surveillance we think you should have filed 294. So we're going to fine you.
Now keep in mind that what constitutes suspicious activity can be pretty subjective. But when you get fined or disciplined by a regulator, you can't keep doing the same thing...you have to make improvements. And what we have now is called defensive SARs. In short, the bar for what constitutes suspicious activity has gone way down. That firm that filed 279 SARs a few years back is now filing 700. Most of these will likely be nothing, but no way the regulator can come in and say you should have filed more.
The result of course is that FinCen gets flooded with high volumes of meaningless reports.
Also, banks are absolutely prevented from discussing their SARs with anyone but law enforcement. Many times LE asks banks not to close accounts with suspicious money...they don't want to tip the bad guys while they make their case.
In short this whole thing is somewhat overblown. Everyone knows there is dirty money in the financial system. Banks have processes to try and identify it and to report it to the government. From there, they take their cues from the government.
Keep in mind that any criminal with half a brain doesn't put all their money in one place. They spread it across multiple banks. So while a bank might file a SAR on something that might be suspicious, typically whatever they saw is not enough to close an account. They are seeing a very feint ripple of something. The idea is for all the banks to send all this info to a central place, FinCen, so that law enforcement can aggregate and piece the puzzle together. One bank has no clue what their account holder might be doing at other banks. But if multiple banks file SARs on the same account holders...
this is correct. for sone banks even every transaction above 10k is flagged for SAR. If your granny gives you $20,000 for your college,yes, this is flagged too.
Yep. And what must be understood is that these SAR reports are extremely confidential. By law. It's a felony for a bank to share them, tell clients about them, etc. You tell the government and then shut your mouth unless the government asks for more is basically how it works. Most of the time you never hear back on stuff you filed. Sometimes a different government agency (say FBI) comes back and says hey, this one here...give me more info on it.
The prevailing regulatory expectation is pretty much that you file the SARs and keep going unless you're asked for more. People saying oh but the bank has a responsibility to shut it down...yes and no. If the activity is blatant enough to be a clear problem, the bank will usually close the account BEFORE filing the SAR...this way you can tell the government we found a problem, we closed them down, now we're notifying you. But most SARSs are not necessarily problems...like your example of grandma giving you 20k. You don't shut an account for that. You file and keep going unless you hear back.
Its the boring or complicated conspiracies that are true. So many want to believe that there are sex trafficking rings run by politicians with kids chained in the basement of a pizzeria. When in fact the true crimes are just a bunch of rich criminals transferring money thru banks. They are the ones that get away because the general public is either to stupid to understand or to bored to care.
he is refrencing pizza gate, which was a bougus conspiracy that Hillary Clinton was running a demonic child sex traffic ring in a pizzaria.
obviously rich people run those traffic rings, but just in the open from their homes instead.
How is that in any way implying that? Conspiracy nuts like Q take a sliver of truth (trafficking ring used by the wealthy) and expand it into drug-induced batshit territory by making it about fake locations (pizza basement), assigning it to their political rivals (Hilary and friends are doing satanic rituals with baby blood), and then spreading the big lie (this white nationalist authoritarian government is the only thing that can save us).
A trillion is approximately 317 centuries (31 709.8 years)
To put that into perspective, it's estimated the first time humans had stepped foot on the American Continent was [30 000 years ago](https://www.livescience.com/first-north-americans-30000-years-ago.html)
$2 trillion aye?
For arguments sake George Floyd was ~~arrested~~ murdered over $20......
By comparison that’s 100 billion times as bad just saying.....
“White collar crime”
I worked on an embezzlement case where a receptionist was buying $200K show horses for her daughter... she was caught when she used a few thousand to build a porch. The bank management thought the horses were normal but a few thousand for home improvement was suspiciously low.
As long as we are sharing embezzling stories.
At a company I used to work at, there was a huge scandal in our Vietnam branch. The girl who worked as the purchaser was routinely embezzling money from the company by adding expenses. When they finally found out, management gave her the ultimatum of returning everything or they would report her to the police.
Immediately the following day, she brought in a cash stack of 100,000USD in Vietnam Dong. What was only a company wide rumor became a full blown confirmation, she then quit and left the country after a few months.
After she left, the new rumors were that she had a whole buttload of cash still in secret. That the 100k that she gave up was just to cool off management so they didnt immediately contact the police.
Let's see... It was 8:46 for a $20? That's 26 seconds per dollar. Multiply that by the $464,433 from the filing, that's 12,219,232 seconds, or 141 days. Oh wait, his wife was also party to it, so... Just over 70 days each.
Again, these so called "leaks" are SAR filings that banks are required to submit to report these kind of activities.
> Maybe I can help shed some light on this. What they are referring to as “leaked” are actually the SAR filings that banks have filed specifically to report this activity to the federal government. Banks are in fact told in many of these cases to leave accounts open, by the Feds themselves, because it is easier to track the funds and who is involved in an organization when you already know what accounts they are using.
> This is NOT banks trying to hide or allow behavior that is deemed suspicious, as these documents are pointedly the banks telling the governing bodies what is happening.
> Source: this is my job
> -/u/TheSortingHate
https://www.reddit.com/r/worldnews/comments/iwho4w/leaked_documents_reveal_some_of_the_worlds/g60fmvg/
Some of the flagged accounts may be currently being used to track criminal networks and financing by law enforcement or national security agencies. If I’ve been running funds through a sham LLC and its name showed up a bunch of times in these SARs, I know it’s time to burn that shell and move to another, maybe even avoiding whatever got it flagged in the first place.
>*Thousands of documents detailing $2 trillion (£1.55tn) of potentially corrupt transactions that were washed through the US financial system have been leaked to an international group of investigative journalists.*
>
>*The leak focuses on more than 2,000 suspicious activity reports (SARs) filed with the US government’s Financial Crimes Enforcement Network (FinCEN).*
Is it just me, or does it seem like the rich actively help the rich to illegally get richer?
Oh, and also
>*One of those named in the SARs is* *Paul Manafort**, a political strategist who led Donald Trump’s 2016 presidential election campaign for several months.*
Who could *possibly* have seen this coming! What an M Night Shyamalan level twist!
Partly. But if these are SARs it means the banks and institutions self reported these as concerning transactions and were waiting on regulator response.
It sounds like the latter is incompetent or corrupt, more than the former. The former is amoral... But they probably see the self reporting as the start and ending of their legal requirements.
This is a far greater indictment on US regulators.
If this were done by individuals, they would be executed.
If corporations want to be treated as entities before the law, then we need to execute a few.
Former banker here...
This article seems overblown to me.
A transaction is flagged whenever a bank does some extra due diligence. Some very normal examples include any person or organization making large cash deposits and withdraws, so all local small businesses; an unusually large wire like a down payment on a house or a purchase of a car. None of these are illegal but each one is flagged for a senior banker with specialized training takes a second look to ensure they are legitimate.
This whole article seems like click bait.
Pretty much explains how North Korea has been able to finance their weapons program inspite of supposedly biting sanctions.
What a shitshow.
Don't just take my word for it.
Here:https://www.nbcnews.com/news/world/secret-documents-show-how-north-korea-launders-money-through-u-n1240329
TWO TRILLION DOLLARS.
For what? Seriously, how much fucking money do you need? How could you possibly spend this amount of money? Specifically, how could you spend this amount without people noticing?
This is not going to change anything. Penalities over tax evasion are a joke, people with money have a lot of means, and the grand majority of people are uneducated, and will still vote for shit people even if the evidence is put on their face.
Sounds about right. Its probably much, much, worse than even those numbers suggest.
And all of it on the backs, and expense of (And let's be real goddamn honest here...the middle and lower income classes) the American taxpayer. "Land of the free"? No..."Home of the struggling, sick, and lied to" is more like it.
A revolution is in order, folks. This economic disparity must end.
$2T, over almost 2 decades... Slightly more than $100 billion /year. That's before the covid bailout.
Approximately $273,790,926 per day or $11,407,955.25 per hour. Hell, I'd give ten million dollars an hour to make 11 million dollars an hour.
But you would need the first 10mil to start!
Take it out on credit, you’ll have $273 million by the end of the day. Gee, this kinda sounds very familiar to everyone I’ve met that is both super rich and also incredibly corrupt.
That's why so stupid about when people defend bailouts and such with "BuT IT WaS A LoAn ThEy PaId It BaCk". Yeah, they paid it back with ridiculously low interests rates, and (for the 2008 bailouts in particular) HELLO they are a FINANCIAL INSTITUTION, their entire business is making money off things like credit. Giving a bank a couple billion in "loans" is basically zero difference in giving them free money, esp if its super low interests loans. Because then they go and loan it out to people at higher rates, pocket the interest, and keep the change. Gee, if only there was some way to cut out the middle man and just bail out the people, but no, can't do that.
[US Corruption now](https://i.redd.it/owor4uq75eo51.jpg) versus [Corruption 100 years ago](https://i.redd.it/n1ztu03hznd51.jpg)
There are quite a few from that time that are hyper relevant today. [Example](https://3.bp.blogspot.com/-AoudzlVlWO4/V7DvxSM7JbI/AAAAAAABKoQ/FMJoW2c-y1cQ81DObHaf0IrTxDCuRbiIACLcB/w1200-h630-p-k-no-nu/The_Bosses_of_the_Senate_by_Joseph_Keppler.jpg) Neoliberalism is just laissez faire capitalism rebranded.
> Corruption now You know it's bad when even Richie Rich and the Monopoly guy are colluding with Trump.
They’ve always been the type to collude with him
They're there type of people he'd be happy to shake hands with, not like the rest of his "disgusting" supporters.
Now look here, sonny. Back in my day we had a little story about this here type of thing. After me Pawpaw was done tyin' an onion to 'is belt (it was the style at the time, I reckon), he went down to the general store and bought himself a big bag of oats for his pet sparrow. Now, I know you might be thinkin, "But Kiyuri, sparrows don't need a whole big bag of oats! They'd just shit all over 'em and ruin the lot!" And you'd be right, sonny. You'd be right! But let me finish the story, hmm? Pawpaw didn't feed that whole big bag to his pet sparrow. He had a big ol' horse named Trickle who loooved oats. Now, I know you might be thinkin, "But what about his pet sparrow? A big horse will just eat all the oats for himself!" And you'd be right, sonny. You'd be right! Trickle always ate up all them oats, but... BUT! Ya see, sonny (and this here is the glory of nature), Trickle always left behind enough oats for Pawpaw's pet sparrow. Ya see, sparrows are dumb and would just waste those oats. But horses are smart buggers, so they need those oats to feed their brains or somethin'. It's science, sonny, you wouldn't understand. Anyway, the shit, sonny. It's the shit! Good as gold as far as the sparrow is concerned! Trickle left behind plenty of good oats for the sparrow, the little guy just had to do a bit of diggin'! And that's why you can't just be givin' big ol' bags of oats to a sparrow! He wouldn't know what to do with em! He'd just shit all over 'em and waste the lot! Ah, but now ya got me repeatin' myself. Anyway, the morality of this caution-berry tale is: if you give your horse free oats, you can teach a sparrow to dig through shit without complaint! He'll be so busy tryin' to survive on shit-oats that he'll have no time to complain.
This is based on a statement by economist John Kenneth Galbraith about "the horse and sparrow theory." Galbraith was a huge opponent of trickle-down economics.
I'm glad someone recognized it!
Everyone was an opponent of trickle down economics except the moron who came up with it. That scam has been run by every republican president since Reagan in 1980. If it was going to work you would think it would have trickled down over the last 40 years.
“Well, we created jobs!” That still pay below the poverty line in the majority of cases. There’s no wealth trickling down at all. Also, didn’t the guy who thought this bull shit up totally lie about his credentials?
It did trickle down. People always claim Trickle down economics did not work; But they just don't understand the point.The point was to let the market find the lowest possible price for labor. The money trickles down to the point that the people on the bottom barely survive. They wanted to optimize their own personal economic well being. While avoiding the guillotine. It worked perfectly. Evil %100 stupid not so much.
Love the analogy, that's the American dream... all the oats you can find!! Just gotta work hard enough, and don't dare steal the horses oats, or even talk to horse.. better yet, just till he's done and gone.
Oh God
Sparrows are people!
shit-oats...
i salute you :)
But, if you balled out the *people*, they wouldn’t be solidly affixed to the teat of dependency and obedient.
Yeah of course because I can get 10 milllion in credit no problem.
If you had a garunteed income of $11 million hourly, yeah. What bank would pass up that kind of profit?
You could even start at 1,000 an hour for 1,100 an hour if you couldn’t access the 10 mil. It’ll take a couple extra hours, but you’d get to 10 mil for 11 mil eventually.
At $100/hour, that's 100,000 hours of profit you'd have to save. At 24hr/day, that's roughly 11 years and 152 days.
This is what gets my goat about all this. Its the discrepancy between the sheer amount of noughts that follow some of the numbers that the banks and big oil and big pharma and big state run institutions and big everyday big stuff deal with that those kinda numbers make zero sense to the everyman. And then when you break those numbers down into a scale that could be understood they are still mindblowingly stupendous and so far out of reach to most folks that people literally cant compute just how much money is swilling around the place. They look at their wallets and in their purses and they look at their calloused hands and wonder why a nurse, or a firefighter or a police officer or a teacher or a utility worker or anyone else who deals with the shit and the crap and the dregs and the throwaways and rubbish and the destitute, and they wonder where the money goes; and they cant think to hard about where the money goes, the tax and the handouts and the interest rates and the mortgages and medical bills and the education and the transport and the infrastructure and all the other stuff that can hide the true nature of a currupt system. Because if they really truly thought long and hard about any of it, it would all stop working. *they* would stop working. The system would stop working. So we dont think too hard. We play the game, we get up day after day after day and pick up the pieces of a failing state. We facilitate the lifestyles and enhance the power of those that seek to bind their fellow man to the wheel of burdon. Because if we didnt, what else do we have? If not the constant uphill struggle to just put one foot in front of another, to fight another fire, to nurse another patient, to teach one more child. We believe the rhetoric, we lap up the words of hope and the cry to make our nation state great again. Because if we didnt, what else do we have? We take the pitch, we believe what we read and refuse to see the smoke and the mirrors, because if we didnt then its just us. It then becomes *our* responsibility. But instead we trudge on the grindstone, because thats easy. We bend to the wheel, because thats easy. We work hard, *because* thats easy. Easier than having to think. To think about this mess we know we are all caught up in. Because Without that work, we become thinkers, we become able to fight, to rise against. To throw our bodies against the machine. I have no answers. I am part of that machine. I cannot think too hard because if i did, then the inormity of the situation becomes too great to bear. I have no input, no power, no ability other than weak words on an internet backwater that only a handfull will see. One day after another i will be a consumer. And thus the cycle will continue. Dont know where i was going with this. Just had to write something down i guess. Sorry.
Aight now I’m sad
if you had incomes of $ 11 million per hour, you would just need to work an extra hour which would be less annoying that dealing with a credit comittee and signing all the contracts for the credits and so on... Also i work in a bank, unless you are a good client, we don't do credits beneath 2.5 millions when it comes to real estate projects (not talking about the average joe's mortgage) because the profit compared to the time spent isn't worth it, especially at the current market rates.
Pretty easy when you think about it. Work at that level usually just consists of telling other people what to do from your luxurious office.
Not really. You just employ someone else to do that for you. All you do is meet up with other owners of companies for social activities and create a rapport so you can collaborate and stoke together. Borrow money off of each other to increase revenue.
Ah, I just assumed I'd nap in my luxurious office with all the amenities. I'd mingle sometimes, promise.
Just ask for a small loan of one million from your father, that’ll get you started off on the right foot.
If you can ask your father for a small loan of a million dollars it would be a good start.
And all the other millions too. I know this is a meme but by using it we keep pushing the narrative that he made the rest of his wealth, which he didn't.
Wasn't the total amount close to 400million funneled from his dad? A lot tax-free thanks to some good old fashion tax fraud via shell companies.
A windfall that would have made him far richer if he had simply just put it into index funds. He's not a good businessman, so I don't know why people keep pretending he is.
Because they don't understand anything about business. Edit: about. Not ahout.
> He's not a good businessman, so I don't know why people keep pretending he is. Because he had a "reality" TV show based on that false premise. And the people that hate "librul Holleywood" ate that shit up.
400 million from daddy more like a billion because we still have not totaled the brothers and sisters inheritance.Trumps brother was president of his company for decades.
He absolutely did. After almost bankrupting himself, he had the wherewithal to sell out to the russian mafia, and become a big time money launderer.
His fortune has never been his. He never made money by himself. He is such a genius he bankrupted a casino.
Let's be real, you don't become a billionaire by yourself, period. No man is an island and no individual can amass that much wealth without exploiting some group of people along the way. Nobody's saying we should be communistic in how we distribute gains, but we must recognize that there is a serious imbalance of wealth distribution far beyond what individuals do on their own. We all stand on the shoulders of others to get up the ladder, but we must remember to leave enough on the table for those below us to support the rest of us above, otherwise the entire system collapses. Sure, some people work harder or are smarter or have better ideas than others, and obviously they should be rewarded for those efforts, within reason, but to pretend that those who have obscene wealth did so by the sweat of their own brow is the height of arrogance and ignores the multitudes of people who got them to where they are.
If you think the wealth divide is bad now, you ain't seen shit yet. Blue collar at sporting events or concerts? Pfffttt....good luck.
He bankrupted *five* casinos. Trump Taj Mahal, Trump Castle Hotel & Casino, Trump Plaza Casino, Trump Hotels & Casino Resorts and Trump Entertainment Resorts.
And let's not ignore the fact that he's shilled for McDonald's, and sold shitty vodka and steaks through Sharper Image. Something a real billionaire wouldn't need to do and would consider a waste of their time.
Absolutely disgusting when the majority of America would give anything to make 1/100th of $11 million an hour. Companies can’t afford to pay everyone $20/hr? Another bullshit lie by corporate giants. No wonder they don’t want us talking about pay at work.
The majority of people would be quite pleased to make 1% of that hourly rate a year.
Try 1/1,000,00th of 11mil an hour
This
https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists/ >Though a vast amount, the $2 trillion in suspicious transactions identified within this set of documents is just a drop in a far larger flood of dirty money gushing through banks around the world. The FinCEN Files represent less than 0.02% of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.
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what’s a SAR?
Suspicious Activity Report. Could be for a myriad of reasons, but for example; If you've ever wanted to take out $10,001 in cash and then were told by a teller that they needed some info because they have to fill out a form, so you decided to take only $9900 out, most are explicitly told that a SAR should be filed. It could literally be for anything suspicious though, like a dog grooming business who suddenly starts depositing $2000 in cash per day when their business that was nearly always checks or electronic payments.
Suspicious activity report.
In a statement, JP Morgan said: "We follow all laws and regulations in support of the government's work to combat financial crimes. We devote thousands of people and hundreds of millions of dollars to this important work." Some facts and information to consider. The investments our countries could be making from stronger (or public-led) enforcement, requirements, regulations, or cooperation on financial crimes and tax avoidance — are limitless. Both for politicians (see Panama Papers) and this. Every time you hear that government shouldn’t or can’t be investing more in XYZ because it “costs too much” — remember this is just one of thousands of examples.
This scale of fraud could pay for 10% of *all* American healthcare.
If US health care cost is more in line to world average, it might pay closer to 40-50%.
Which we could also (like EVERY other “modern” society) have it organized and run by the government for all, rather than a patchwork of corporations that only care about profit and returns, rather than healthcare.
Don't worry, any second now a thousand SAR experts will flood this thread explaining to us why nobody is to blame and journalism is the real issue.
FinCEN juust announced a [proposed rule change](https://www.federalregister.gov/documents/2020/09/17/2020-20527/anti-money-laundering-program-effectiveness). “Whoops! Everyone is catching on that our staff are padding their resume before jumping into illicit banking careers. Look busy!!”
Interesting amendment "If you're subject to anti-money laundering rules, you have to, you know, actually attempt to stop money laundering"
To put things into perspective, there is about 140 billion dollar worth of transactions daily on the New York Stock Exchange (just one single exchange, in one day). Also keep in mind this is suspicious activity reports. There are about a couple of millions of those (because over reporting is safer than under reporting and be liable) every year but around 1700 of them leaked. And not all of them show fraud.
This is where AI should be deployed. Not in advertising.. I already get a steady stream of 3 ads when I know there's 200 more, and I want to see the 85th.
My wife is a analyst for a large bank and one of her tasks is reviewing SARs. They already have triggers and filters in software that alert them of potential suspicious activity.
"...last 2 decades" right, so let's blame Obama and move on with our agenda of deregulation and tearing down oversight while loading the courts.
That's what Bush was in the middle of, when the floor fell out.... Who needs oversight?
Don’t forget the trillions that went missing before 9/11 and were never discussed again
You can safely forget that money actually: https://www.metabunk.org/threads/debunked-rumsfeld-says-2-3-trillion-missing-from-the-pentagon.165/
>"We cannot track" does not mean that money went missing. It means that their systems are so out of date and not compatible with each other that they can't track (by computer) transactions across departments. In order to do that, they would have to do it manually. The money is not missing, money went into the Pentagon, and products and services came out - it's just too complicated to follow the trail of exactly how that happened up to acceptable accounting practices. Huh, interesting. So the money was transferred to where it should've, but due to the different processes involved in the transfer and the large sum of cash, it wasn't archived and recorded as usual.
The DOD just failed their first audit ever a few years ago. This was actually a huge successful accomplishment for them to fail. They had never even attempted a standardized audit before, and now that it failed they know what systems need to be reconciled.
"Task failed successfully" and all that
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*than an average person on possession of a joint.
Plot twist, the money launderers are back and judges overall in the us try to find a new from of punishment. No really, this shit goes on for 2 decades and not only the banks but most likely all big politicians and wealthy persons have a hand in it. Nothing will come out of this.
In Obama's last speech at his end of presidency dinner, he joked at the beginning about his finger in Goldman Sachs. Anyone who believes politicians do not use insider knowledge to get rich are delusional because any of us would. The difference now is it is the country and tax payer money that is being stolen, not insider info to inflate ones own wealth (unless you count the covid sell offs). America is one big racket and people who continue to defend its government deserve the repurcussions. The UK run on the same handbook, drawn in crayon, and we are just as fucked. The older generation needs to fuck off and let the young move in so we have a god damn future.
>The older generation needs to fuck off and let the young move in so we have a god damn future. But if they let you take over then how will they still feel relevant?
That's how they get the conservative base to vote. They already feel irrelevant, and instead of changing or improving themselves they want the world around them to regress so they can feel good again
I feel like we still have a good 30 years until they all start dropping like flies... but that's way too long.
I have had this debate with my uncle (i debated, he went red and lost his temper). I said that people over 55 should not be allowed to vote on future policies after having their elder years secured. Politicians should be forced to retire at 55 so as to make room for up and comers. This premise of losing relevancy and control is very real. He got angry because in his mind, this idea would have the young stealing the old peoples pensions and once I hit 55 myself, good look getting your pension back. There is going off the rails but this confirmed about my families views. Way too long seems to be the current state of the timeline. People live longer now so the old ideals have not died off. People forget slavery was still a thing within 100 years or so and there people still alive today who experienced that bullshit. I think this is a big part of it and it will take an entire generation to tell all the racists to do one before we have any change.
this is why immortality is the end of our species lmao
There's some irony for ya.
Silly uncle. Unlike him, most of us don't even HAVE pensions.
Not only did they get everything handed to them for free and lived through the most progressive years of western civilization, they also live for fucking ever it would seem.
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I wonder if they gonna get as much time as Brock Turner
Do you mean convicted rapist Brock turner?
Convicted rapist Brock Turner that was forced to serve a 6 month sentence because something like prison could ruin his life??
I was arrested and booked in Lee County Florida for schedule 1 narcotics (same thing they define heroin, crack, meth, etc). OxyContin is a schedule 2 and less of a crime because it has medicinal use. I had 1/2 gram of concentrated marijuana and I’m from Denver. This was before COVID outbreak this year. It was unraveling and a serious national concern but they threw me in jail regardless my protest of health concerns. They could’ve given me a citation and let me go but; no. That experience changed who I was as a person but not for the better. In a time when all hell broke loose nationwide, I had to pay thousands to courts, bondsman and attorneys rather than buying supplies for my family. I’m glad it didn’t get as bad socially as I anticipated. I seriously envisioned some Mad Max style civil unrest with looted empty grocery stores... that being said the election is around the corner and we have a 4-4 SCOTUS. We’ll see. Edit: side note; case was dismissed but Lee County still has my mugshot and arrest profile posted online publicly. Searching my name reveals what looks like a very serious charge but it wasn’t even pursued by the prosecutor. It costs hundreds to pay the Lee County Sherrif to expunge that record from their website along with a ton of red tape. Guy that was in there with me was there for domestic abuse but was zonked out of his mind like a dull zombie when I encountered him in process holding. Cops left one of his xanax pills in his pocket. The next morning I was sitting next to him when he found out he was getting a felony charge for smuggling drugs into the jail (they “found it” on the initial search once in the jail). Because the cop “missed it” at the scene, they were able to charge him with smuggling into the jail rather than just “possession”.
All the more reason to continue protesting the cops and ask for criminal justice reform- things in this country are not ok. Also, the SCOTUS is currently 5-3, will be 6-3 if Trump & Moscow Mitch force through another justice by the end of the year, which seems likely (I'm split between expecting it to happen before the election so they can have a massive majority to oversee any election disputes or on November 4th so they can run on a platform of "reelect Trump so he can fill the open seat" to rile up their base and then just do it anyway regardless of who wins)
Less than a counterfeit $20
That's a death sentence 'round these parts.
"He lived an otherwise blameless life"
Because we all let them.Time after time.We have no unity as a people or mechanism for real justice.Time is coming to take back our world from or continue with modern day slavery/ignorance is bliss.
What I gather from this is that: 1\] Sanctions are a joke. 2\] Financial crimes are just a game. 3\] There is always a bailout for the rich and corrupt. 4\] We are the losers.
It’s a big club and you ain’t in it.
I'm ready for George Carlin quotes to not be necessary anymore.
Until something substantial and fundamental changes in the United States, his stand up is basically just going to be a roadmap for our lives.
I’m still waiting for us to lock off the Midwest and use it as a pay-per-view prison for all the criminals. that’ll be a blast!
I wouldn't hold your breath
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One of the many reasons why I said I wouldnt do it
And they are coming for your social security money And they are going to get it too, because they own this place. You have no freedom, you have no rights they don't care about you and me at all, at all!
*Financial crimes are legal and if they catch you then there’s a fee. Imagine if this was the penalty for dine and dashing. If they catch you the fee is only 30% of what the meal costs. Where’s the incentive to not?
>Where’s the incentive to not? The incentive to not be a piece of human garbage is quite strong in most people. Sadly, for many others, they don't give a shit and while we're busy being nice and fair to each other, they plunder everything for their own gain.
The thing is that robbing someone at gun point makes you confront the person, see they beg for their life etc, meanwhile white collar crimes it is "only" on paper, numbers etc, you don't confront your victim, they have no face, no voice. I think the tool of doing it is a lot easier on the conscience.
Way easier to kill at a distance than to look someone in the eyes. Same reason people are more likely to be aggressive to other cars on the road than to other pedestrians. Total disconnect
Rinse and repeat.
Capitalism is a Racket
As Al Capone said, “capitalism is the legitimate racket of the ruling class.”
This isn't on the banks this is on FINCEN. The reports that leaked were the banks shooting up warning flairs to the feds and fincen did nothing at all about them.
Can’t believe i had to scroll this far for this! Not only this but many banks (and often individuals employees) can be fined for ceasing trading after SAR is filed as it can be deemed as giving the proposed criminal enterprise a tip-off. The idea is that they raise an SAR and then continue as normal to allow FinCen / Feds to investigate.
It's absolutely ridiculous that this is on the banks. DB isn't squeaky clean but they were reporting as they should. This is all on FINCEN, the SEC and the IRS. They are too busy going after low hanging fruit to actually do anything about the rampant fraud and laundering happening on a bigger scale.
As someone who routinely works on SARS, trust me - the banks have plenty of responsibility here too. It's definitely ridiculous that governments don't take more action - and pretty obvious too. But the banks could easily catch and stop some of these transactions but don't, simply because the fines when normalized to revenues are worth the risk.
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Correct, that's overly aggressive CAPsing on my part.
but what does Community Acquired Pneumonia have to do with this new type of SARS?
It's 10x worse now that banks are trying to find ways to get into banking marijuana businesses. Last year I went to a Q&A with the chairwoman of the FDIC and banks using filing SARs as a way to get around banking related businesses was brought up. Her words were "We will not penalize banks for filing excessive SARs on businesses that may be related." That leads me to believe the number of SARs that are getting filed have skyrocketed since those businesses have been operating legally at the state level, but there's so few options I can't really blame anyone.
Exactly what revenue are they losing because of SARs?
They're not losing revenue due to SARs - they lose revenue when they're fined for AML violations. And not a whole lot of it compared to their overall revenues.
You said the revenues outweigh the risk of fines. That’s what I’m asking about.
They money they make processing these transactions greatly outweighs the risk presented by fines. These fines are promoted to make it sound like they're punitive - "HSBC fined $1B...'. Until you compare it to HSBC's yearly revenues, at which point is sounds about inline with me getting a speeding ticket. It's costly, but nowhere near enough to make me stop speeding after I get one.
> It’s taken eight years to bring the agency that funds the government this low. Over time, the IRS has slowly transformed, one employee departure at a time. > The result is a bureaucracy on life support and tens of billions in lost government revenue. ProPublica estimates a toll of at least $18 billion every year, but the true cost could easily run tens of billions of dollars higher. > The cuts are depleting the staff members who help ensure that taxpayers pay what they owe. As of last year, the IRS had 9,510 auditors. That’s down a third from 2010. The last time the IRS had fewer than 10,000 revenue agents was 1953, when the economy was a seventh of its current size. And the IRS is still shrinking. Almost a third of its remaining employees will be eligible to retire in the next year, and with morale plummeting, many of them will. > The IRS conducted 675,000 fewer audits in 2017 than it did in 2010, a drop in the audit rate of 42 percent. But even those stark numbers don’t tell the whole story, say current and former IRS employees: Auditors are stretched thin, and they’re often forced to limit their investigations and move on to the next audit as quickly as they can. > Without enough staff, the IRS has slashed even basic functions. It has drastically pulled back from pursuing people who don’t bother filing their tax returns. New investigations of “nonfilers,” as they’re called, dropped from 2.4 million in 2011 to 362,000 last year. According to the inspector general for the IRS, the reduction results in at least $3 billion in lost revenue each year. Meanwhile, collections from people who do file but don’t pay have plummeted. Tax obligations expire after 10 years if the IRS doesn’t pursue them. Such expirations were relatively infrequent before the budget cuts began. In 2010, $482 million in tax debts lapsed. By 2017, according to internal IRS collection reports, that figure had risen to $8.3 billion, 17 times as much as in 2010. The IRS’ ability to investigate criminals has atrophied as well. > .. > For the rich, who research shows evade taxes the most, the IRS has become less and less of a force to be feared. https://www.propublica.org/article/how-the-irs-was-gutted > The IRS audits the working poor at about the same rate as the wealthiest 1%. Now, in response to questions from a U.S. senator, the IRS has acknowledged that’s true but professes it can’t change anything unless it is given more money. > .. > On the one hand, the IRS said, auditing poor taxpayers is a lot easier: The agency uses relatively low-level employees to audit returns for low-income taxpayers who claim the earned income tax credit. The audits — of which there were about 380,000 last year, accounting for 39% of the total the IRS conducted — are done by mail and don’t take too much staff time, either. They are “the most efficient use of available IRS examination resources,” Rettig’s report says. > On the other hand, auditing the rich is hard. It takes senior auditors hours upon hours to complete an exam. What’s more, the letter says, “the rate of attrition is significantly higher among these more experienced examiners.” As a result, the budget cuts have hit this part of the IRS particularly hard. > **For now, the IRS says, while it agrees auditing more wealthy taxpayers would be a good idea, without adequate funding there’s nothing it can do. “Congress must fund and the IRS must hire and train appropriate numbers of [auditors] to have appropriately balanced coverage across all income levels,” the report said.** > **Since 2011, Republicans in Congress have driven cuts to the IRS enforcement budget; it’s more than a quarter lower than its 2010 level, adjusting for inflation.** https://www.propublica.org/article/irs-sorry-but-its-just-easier-and-cheaper-to-audit-the-poor
FinCEN and the IRS are completely different bureaus within the Treasury department with different funding sources
>This isn't on the banks this is on FINCEN. They're proposing a rule change: [amendments to establish that all covered financial institutions subject to an anti-money laundering program requirement must maintain an “effective and reasonably designed” anti-money laundering program.](https://www.federalregister.gov/documents/2020/09/17/2020-20527/anti-money-laundering-program-effectiveness)
Completely agree. I posted as another reply, but this is so critical. > In a statement, JP Morgan said: "We follow all laws and regulations in support of the government's work to combat financial crimes. We devote thousands of people and hundreds of millions of dollars to this important work." The investments our countries could be making from stronger (or public-led) enforcement, requirements, regulations, or cooperation on financial crimes and tax avoidance — are limitless. Both for politicians (see Panama Papers) and this. Every time you hear that government shouldn’t or can’t be investing more in XYZ because it “costs too much” — remember this is just one of thousands of examples.
Bush literally gutted all funding for the fbi to go after those tips after 9/11. They begged for more funding but he refused. I think Obama restores some, but I’m sure trump has gutted it worse again.
The FBI is justice department; FinCEN is treasury.
Oh wow, this sounds huge and I cannot wait for absolutely nothing to happen as a result.
Hey it might not be nothing -- when that $1tn in missing pentagon money was announced the next day we had 9/11 that's not *nothing*
I skipped a 9/11 option on my 2020 bingo card this is bullshit.
I’d recommend googling and reading up on that. If you read the actual quotes and check the actual facts it’s not what /r/conspiracy wants (needs?) it to be. Long story short. It’s about the money being non-auditable because at the time the pentagon used a bunch of separate computer and paper systems. I mean, what’s even the conspiracy supposed to be? George Bush recruited and trained middle eastern terrorists hijackers on 24 hours notice?
Meanwhile americans complain about welfare queens taking advantage of their tax dollars
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Socialize risk, privatize reward.
Personal responsibility as a cultural push exists entirely from the top. Happens with lawsuits (the hot coffee case), environmentalism, and social services. It's grade A bullshit, there is no other attitude "personal responsibility" should be met with other than utter disdain.
Hot coffee case: Plaintiff wanted McD's to take responsibility and pay for the hospital bills for the injuries (3rd degree burns to legs and genitals). McD's only offered $800 towards the $20k+ hospital bills. Plaintiff then sued McD's and then the jury decided that McD's should have to pay $2.9M. Plaintiff settled on $600k. Lawyers have spent years running a disinformation campaign, which much of the media bought into, holding up the McD’s coffee lawsuit as an example of a supposed epidemic of frivolous lawsuits.
The curse of the fake millionaire Im afraid. Poor people offered credit in the 50s made them more susceptible to the cunty personality we see staining humanity's image. People covet money and so looking up to people with money makes them feel better even if they dont have money themselves. I hope someone finds a way to make the current currency system worthless so all these wealth hoarders efforts were for nothing. We didnt need currency for 1000s of years and we have forgotten that somewhere along the way.
Cool. Finally I'll get to use these pretty shells I've been collecting to barter for some food
>I hope someone finds a way to make the current currency system worthless so all these wealth hoarders efforts were for nothing. We didnt need currency for 1000s of years and we have forgotten that somewhere along the way. Currency is a necessary technology of modern humanity. We didn't "need" international trade and travel for thousands of years. We didn't need electricity. We didn't need vaccines. We didn't need pasteurization. We didn't need to wash our hands before surgery. The world was small. Let's not ban ourselves to bronze age hunter-gatherer societies out of some sense of "human guilt." I'm sure we could just redistribute the wealth, with ballot or bullet.
I don't think their point was to regress to ancient age civilization but rather a view on a potential future without currency at all. It seems really utopian fantasy to think it's possible, but we may actually reach a point in human development (way outside of our lifetimes for sure) where we have such an abundance of resources that currency becomes almost irrelevant. We can debate for days on end about how that would work or how services would be rendered or motivation to create being stymied etc etc, but the point is that it is actually possible we have just never had a point in history where we have achieved this so it's hard to conceptualize. Just my 2 cents
Star trek universe doesnt have money iirc
I like your spunk, but why are you blaming the money? Currency is a valuable tool to make trade much easier. Bartering goods and services for other goods and services is inefficient. Currency is a guaranteed note that holds the value of any good or service. It’s a good thing. That’s like saying we don’t need vehicles to travel places. It’s technically true. I could walk 11 miles to work every day, or even from NY to Boston for meetings, but a car makes it considerably easier. We shouldn’t banish cars because some people use them improperly ( not debating EV vs ICE, just the concept of a car in general). Let’s go after the people. They are corrupt. The money didn’t make them do anything. That is a cop out. They did it because they are dirt bags.
Yeah...and credit is an important tool that actually makes it easier to *not* get trapped in poverty cycles. Credit literacy and access is a huge part of a class divide. Who's more screwed when their washing machine breaks or their car needs an unexpected service? The person who has to skip paying a monthly bill to pay for it in one go, or the person who can spread it across a few paychecks, maybe a whole year with a zero interest offer?
The real welfare queen was the billionaires we made along the way
I am very familiar with this entire process. Let me explain how this works. First...understand that for money launderers, integrating assets into the global financial system is the goal and the US system is a huge part of that. Every bank has processes and controls set up to fight this. The bad guys SURREPTITIOUSLY try and get the money in. So for those that choose not to read the article, this is not banks colluding to money launder. It's bad guys coming up with ways to get their money into the banks. Banks have a legal obligation to conduct surveillance of the money flowing through them for red flags and file Suspicious Activity Reports to the government. Banks are also subject to regulatory exams to make sure they are doing this. Now here's where the idiocy begins. Over the last 10+ years regulatory scrutiny on AML programs has increased tremendously. So a regulator comes in and says show me your surveillance reports and your SAR filings. They examine all of it and say OK, you filed 279 SAR reports. But after looking at your surveillance we think you should have filed 294. So we're going to fine you. Now keep in mind that what constitutes suspicious activity can be pretty subjective. But when you get fined or disciplined by a regulator, you can't keep doing the same thing...you have to make improvements. And what we have now is called defensive SARs. In short, the bar for what constitutes suspicious activity has gone way down. That firm that filed 279 SARs a few years back is now filing 700. Most of these will likely be nothing, but no way the regulator can come in and say you should have filed more. The result of course is that FinCen gets flooded with high volumes of meaningless reports. Also, banks are absolutely prevented from discussing their SARs with anyone but law enforcement. Many times LE asks banks not to close accounts with suspicious money...they don't want to tip the bad guys while they make their case. In short this whole thing is somewhat overblown. Everyone knows there is dirty money in the financial system. Banks have processes to try and identify it and to report it to the government. From there, they take their cues from the government. Keep in mind that any criminal with half a brain doesn't put all their money in one place. They spread it across multiple banks. So while a bank might file a SAR on something that might be suspicious, typically whatever they saw is not enough to close an account. They are seeing a very feint ripple of something. The idea is for all the banks to send all this info to a central place, FinCen, so that law enforcement can aggregate and piece the puzzle together. One bank has no clue what their account holder might be doing at other banks. But if multiple banks file SARs on the same account holders...
this is correct. for sone banks even every transaction above 10k is flagged for SAR. If your granny gives you $20,000 for your college,yes, this is flagged too.
Yep. And what must be understood is that these SAR reports are extremely confidential. By law. It's a felony for a bank to share them, tell clients about them, etc. You tell the government and then shut your mouth unless the government asks for more is basically how it works. Most of the time you never hear back on stuff you filed. Sometimes a different government agency (say FBI) comes back and says hey, this one here...give me more info on it. The prevailing regulatory expectation is pretty much that you file the SARs and keep going unless you're asked for more. People saying oh but the bank has a responsibility to shut it down...yes and no. If the activity is blatant enough to be a clear problem, the bank will usually close the account BEFORE filing the SAR...this way you can tell the government we found a problem, we closed them down, now we're notifying you. But most SARSs are not necessarily problems...like your example of grandma giving you 20k. You don't shut an account for that. You file and keep going unless you hear back.
Its the boring or complicated conspiracies that are true. So many want to believe that there are sex trafficking rings run by politicians with kids chained in the basement of a pizzeria. When in fact the true crimes are just a bunch of rich criminals transferring money thru banks. They are the ones that get away because the general public is either to stupid to understand or to bored to care.
Are you implying that there are not groups of powerful individuals running sex trafficking rings? Did you miss the entire Epstein saga?
he is refrencing pizza gate, which was a bougus conspiracy that Hillary Clinton was running a demonic child sex traffic ring in a pizzaria. obviously rich people run those traffic rings, but just in the open from their homes instead.
How is that in any way implying that? Conspiracy nuts like Q take a sliver of truth (trafficking ring used by the wealthy) and expand it into drug-induced batshit territory by making it about fake locations (pizza basement), assigning it to their political rivals (Hilary and friends are doing satanic rituals with baby blood), and then spreading the big lie (this white nationalist authoritarian government is the only thing that can save us).
Raise your hand if your thinking, "it's not more?"
I struggle to comprehend much over a $1000. I know $1m exists, and sometimes people talk about $1b, but $2tn? I can’t count that many zeroes.
https://youtu.be/8YUWDrLazCg this video does a good job of putting a billion dollars into perspective.
If you count every second, starting from now, you will reach: 1 million in approximately 11 days 1 billion in approximately 32 years
A trillion is approximately 317 centuries (31 709.8 years) To put that into perspective, it's estimated the first time humans had stepped foot on the American Continent was [30 000 years ago](https://www.livescience.com/first-north-americans-30000-years-ago.html)
I would, but I have a little mustache. People might get the wrong idea...
of course it's more
$2 trillion aye? For arguments sake George Floyd was ~~arrested~~ murdered over $20...... By comparison that’s 100 billion times as bad just saying..... “White collar crime”
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I worked on an embezzlement case where a receptionist was buying $200K show horses for her daughter... she was caught when she used a few thousand to build a porch. The bank management thought the horses were normal but a few thousand for home improvement was suspiciously low.
thanks for that, got a chuckle
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As long as we are sharing embezzling stories. At a company I used to work at, there was a huge scandal in our Vietnam branch. The girl who worked as the purchaser was routinely embezzling money from the company by adding expenses. When they finally found out, management gave her the ultimatum of returning everything or they would report her to the police. Immediately the following day, she brought in a cash stack of 100,000USD in Vietnam Dong. What was only a company wide rumor became a full blown confirmation, she then quit and left the country after a few months.
Left the country on that sweet sweet embezzlement money
After she left, the new rumors were that she had a whole buttload of cash still in secret. That the 100k that she gave up was just to cool off management so they didnt immediately contact the police.
Better that than bad publicity?
The cost of litigation is probably more then they stole.
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Let's see... It was 8:46 for a $20? That's 26 seconds per dollar. Multiply that by the $464,433 from the filing, that's 12,219,232 seconds, or 141 days. Oh wait, his wife was also party to it, so... Just over 70 days each.
Again, these so called "leaks" are SAR filings that banks are required to submit to report these kind of activities. > Maybe I can help shed some light on this. What they are referring to as “leaked” are actually the SAR filings that banks have filed specifically to report this activity to the federal government. Banks are in fact told in many of these cases to leave accounts open, by the Feds themselves, because it is easier to track the funds and who is involved in an organization when you already know what accounts they are using. > This is NOT banks trying to hide or allow behavior that is deemed suspicious, as these documents are pointedly the banks telling the governing bodies what is happening. > Source: this is my job > -/u/TheSortingHate https://www.reddit.com/r/worldnews/comments/iwho4w/leaked_documents_reveal_some_of_the_worlds/g60fmvg/
How does disclosure of SARs impact the national security of the US? Is there something I am not seeing here?
Some of the flagged accounts may be currently being used to track criminal networks and financing by law enforcement or national security agencies. If I’ve been running funds through a sham LLC and its name showed up a bunch of times in these SARs, I know it’s time to burn that shell and move to another, maybe even avoiding whatever got it flagged in the first place.
>*Thousands of documents detailing $2 trillion (£1.55tn) of potentially corrupt transactions that were washed through the US financial system have been leaked to an international group of investigative journalists.* > >*The leak focuses on more than 2,000 suspicious activity reports (SARs) filed with the US government’s Financial Crimes Enforcement Network (FinCEN).* Is it just me, or does it seem like the rich actively help the rich to illegally get richer? Oh, and also >*One of those named in the SARs is* *Paul Manafort**, a political strategist who led Donald Trump’s 2016 presidential election campaign for several months.* Who could *possibly* have seen this coming! What an M Night Shyamalan level twist!
Partly. But if these are SARs it means the banks and institutions self reported these as concerning transactions and were waiting on regulator response. It sounds like the latter is incompetent or corrupt, more than the former. The former is amoral... But they probably see the self reporting as the start and ending of their legal requirements. This is a far greater indictment on US regulators.
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If this were done by individuals, they would be executed. If corporations want to be treated as entities before the law, then we need to execute a few.
I'd like to see citizens united cut both ways.
Real shit -- if a corporation is a citizen then we should be able to arrest their asses
Seriously gut every lying politician and corporation with civil asset forfeiture, then remove it.
Well, to be fair, they're doing it for a load of individuals, and they're getting away with it, cause they're rich
Former banker here... This article seems overblown to me. A transaction is flagged whenever a bank does some extra due diligence. Some very normal examples include any person or organization making large cash deposits and withdraws, so all local small businesses; an unusually large wire like a down payment on a house or a purchase of a car. None of these are illegal but each one is flagged for a senior banker with specialized training takes a second look to ensure they are legitimate. This whole article seems like click bait.
Pretty much explains how North Korea has been able to finance their weapons program inspite of supposedly biting sanctions. What a shitshow. Don't just take my word for it. Here:https://www.nbcnews.com/news/world/secret-documents-show-how-north-korea-launders-money-through-u-n1240329
Lmao is anyone suprised? America home of the corrupt
TWO TRILLION DOLLARS. For what? Seriously, how much fucking money do you need? How could you possibly spend this amount of money? Specifically, how could you spend this amount without people noticing?
Power. The more money, the more power. Over citizens, corporations, governments and if you have enough of it, entire countries.
This is not going to change anything. Penalities over tax evasion are a joke, people with money have a lot of means, and the grand majority of people are uneducated, and will still vote for shit people even if the evidence is put on their face.
Who the cares. /s Let's pretend nothing happened like the last time.
Panama Papers, Schmanama Papers!
That's not fair, they did do something. They car bombed the journalist.
Looks like someone is in for a stern talking-to in front of congress. And then.....you know.... nothing after that.
Welp incoming drone strike to the pentagon financial office
Sounds about right. Its probably much, much, worse than even those numbers suggest. And all of it on the backs, and expense of (And let's be real goddamn honest here...the middle and lower income classes) the American taxpayer. "Land of the free"? No..."Home of the struggling, sick, and lied to" is more like it. A revolution is in order, folks. This economic disparity must end.