The bulk of today’s discussion is a continuation of Monday’s podcast where we were focusing on the FinCEN investigation. This is a branch of the Treasury Department that is responsible for collecting, maintaining, and investigating suspicious activity reports, (SARs). These SARs are filed by banks when they identify unusual and suspicious transactions. The main goal is to detect money laundering and then stop it. However, as we gather through the BuzzFeed News investigation – this process is not so straight forward. In fact, many banks know and/or have a good idea that they are transacting with a money launderer, such as drug trafficker, but they continue to do business. The fees that are made from these transactions are apparently too good to give up; and furthermore, even if federal prosecutors should take action against the bank(s), the common punishment is a fine. This fine is of course paid by the shareholders and not the executives who are aware of these business dealings, nor the board directors who have a fiduciary duty to look out for the shareholders. Since this is the reality – crime does pay for these banks and other actors.
The BuzzFeed article that we continue to make our way through, highlights several of the world’s largest banks and the activities they have been involved with. These actions can range from working with Russian organized crime figures, to drug and human traffickers, to being the bank for convicted Ponzi scheme felon, Bernie Madoff. The amount of money involved is nothing short of astonishing and along with it the banking fees that are derived and the trading desk profits that are made with these funds. So long as this kind of money can be made and the corresponding punishment(s) so limited, then it can be logically concluded that these actions will continue, because crime, unfortunately, for these figures, does pay. Stay diversified, stay vigilant, and stay with The Kapital News. #Economy #Banks #Fraud #Bailouts #USA #Gold #Inflation #Debt #Liberty #Revolution
