Money Laundering , one of the World's oldest professions, apparently is alive , well and thriving. Standard Chartered, the big British bank just paid a $340 million fine for allegedly laundering billions of dollars . HSBC , is next on the hit list . HSBC has put aside $700 million for possible penalties , fines and sanctions. Remember, if you get caught, just pay the "Piper".
Deutsche Bank, Commerzbank of Germany, BNP Paribas and Credit Agricole of France and the Royal Bank of Scotland are now the focus of a "money laundering investigation" . Well, for God's sake, who isn't the focus of an investigation? And these are presumably just the foreign banks who got caught.
The scope of what really goes on would be mind boggling to anyone who is not an insider in the business.
How do you stop it? You don't! How do curtail it ? Indict high-level bank executives and
" pull their authorization " to do business in the United States . Get tough!
Will that work? I don't know... Your thoughts?
SF Goldman reporting.
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