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Msg  29543 of 44383  at  1/11/2009 9:31:09 PM  by

mhelburn


 In response to msg 29537 by  rezurch
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Re: And yet another week has passed

Wait.... is that Lloyds and 9 other banks being accused of money laundering.... what the hell is going on?  You mean somebody was actually watching?     Sure a lot of criminals to catch in the next 10 days.. 
 
I hope there is a purge.. and I hope the Democrats go after the Republicans the way Rove went after the Democrats.... Get Rove first!
 

  1. Top banks accused of laundering money for Iran

    http://www.nydailynews.com/news/us_world/2009/01/10/2009-01-10_ten_of_the_worlds_top_banks_accused_of_l-2.html

    Ten international banks including British-based Lloyds laundered “billions of dollars” for Iran through New York banks, Manhattan District Attorney Robert Morgenthau announced Friday. The scheme helped Iran turn its dirty money into greenbacks, which it could then use to buy goods prohibited by international sanctions.

    Some of the money went to fund terrorist groups like Hamas and Hezbollah, and to help Iran get materials, including tungsten, for long-range missiles, sources said.

    “This is one of the biggest investigations we’ve ever conducted,” said Morgenthau.

    Lloyds admitted it laundered $300 million and agreed to pay a $350 million fine and open its books to investigators. If records show that the bank knew it was helping Iran break international law or foster terrorism, Lloyds could face criminal prosecution, authorities said.

    None of the other nine banks was identified because they are working out similar agreements with Morgenthau’s investigators. The CIA will also review the bank records.

  2. Revolutionary France Says:

    Time for pitchforks.

    http://uk.youtube.com/watch?v=gx8MgZsyUf0

  3. Dr. Jim DeCosta Says:

    I think you’re going to be reading a whole lot more soon in re: the role of abusive naked short selling and money laundering. Remember that the bad guys need to “collateralize” these debts with cash or securities. The investor’s money stays with the purchasing b/d for him to earn interest off of until delivery is achieved. The bad guys doing the selling need to post collateral at their own clearing firm to protect their clearing firm’s caboose. Nothing is theoretically more risky than the naked short selling of penny stocks and the clearing firm knows this. Dirty money works just fine for “collateralization” purposes. As the share price predictably tanks the collateralization necessities also do and this new “clean” money can flow back offshore. Our b/ds are theoretically supposed to be monitoring for money laundering activity by filing “suspicious activity reports” or “SARs” due to the mandates of “the banking secrecy act”. I think it was E-trade just paid a measly 1 million dollar fine last week for not having a mandated anti-money laundering program from 2003 all the way until 2007. Some securities scholars have proffered that a b/d with no anti-money laundering program in effect might be the ideal b/d to use in abusive naked short selling crimes. We’ll see. How in the heck can you “forget” to have a mandated anti-money laundering for 5 straight years? I think I tried to make this point either today or yesteday: where do you think that b/ds charging $7 per trade are making their money? Some are making it through the interest “earned” during that period in which the NSCC will pay you to “wait” for the delivery of the failed to be delivered shares instead of opting for a buy-in.

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Replies
Msg # Subject Author Recs Date Posted
29549 Re: And yet another week has passed maximus 1 1/11/2009 11:48:35 PM
29555 Re: And yet another week has passed medchal 0 1/12/2009 7:37:16 AM
29558 Re: And yet another week has passed tamoshanter 0 1/12/2009 9:59:56 AM




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