March 26, 2019, 01:06:57 PM *
Welcome, Guest. Please login or register.

Login with username, password and session length
   Home   Help Login Register  
Pages: 1   Go Down
Author Topic: "too big to jail" or How Global Banks Launder Money...  (Read 564 times)
0 Members and 1 Guest are viewing this topic.
Monkey All Star Jr.
Offline Offline

Posts: 7717

« on: July 16, 2013, 10:23:54 PM »

I found this very interesting.

Falciani: At first glance, that appears to be true -- the US, for example, imposed a heavy fine against HSBC for money laundering. But I was surprised that the American authorities decided HSBC was "too big to jail" -- in other words, they shied away from imposing prison sentences on bank managers, although it's hard to imagine that top-level managers knew nothing of the bank's systemic participation in money laundering.

SPIEGEL: How so?

Falciani: The MIS Global Technologies computer system alone, which makes it possible to use a form of double-entry accounting to conceal illegal income, costs several million dollars. Such investments are approved by a bank's most senior managers.

SPIEGEL: Could you give us a dumbed down description of how money laundering through double accounting works?

Falciani: Let's say a Mexican drug lord has a bank account in Mexico that contains millions from the drug trade. He also has an account in Switzerland with nothing in it. Using its software, the bank sees the account balance in Mexico and grants him a loan in his Swiss account worth the same amount. The money is now laundered and the drug lord can even write off the interest on that debt from his taxes. We need to expose and combat such systems. I would like to get more governments to take part in this.

read more here -

Why aren't they building financial firewalls to prevent the next collapse and taxpayer bailout?

I wonder how many live on the backs of future generations due to all the bail outs.  Contribute nothing and win the bailout sweepstakes?

All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
Pages: 1   Go Up
Jump to:  

Use of this web site in any manner signifies unconditional acceptance, without exception, of our terms of use.
Powered by SMF 1.1.13 | SMF © 2006-2011, Simple Machines LLC
Page created in 6.204 seconds with 19 queries.