Barney, Internet Gambling, Money Laundering, & SEC

[WhiskeyGirl]

Did Barney's gambling bill ever pass?

PREET BHARARA, the United States Attorney for the Southern District of New York, NEIL M. BAROFSKY, the Special Inspector General for the Troubled Asset Relief Program ("SIGTARP"), and JANICE K. FEDARCYK, the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation ("FBI"), announced that the GOLDWATER BANK, N.A. ("GOLDWATER BANK"), located in Scottsdale, Arizona, entered into a settlement agreement requiring it to forfeit $733,804.92 to resolve civil forfeiture claims alleging that the funds are traceable to property involved in money laundering, to proceeds of an illegal online gambling business, and to property used to operate an illegal online gambling business. GOLDWATER BANK previously received funds through the Capital Purchase Program of the Troubled Asset Relief Program ("TARP"). As part of the settlement, GOLDWATER BANK agreed to implement anti-money laundering and Bank Secrecy Act controls to safeguard the investment made by U.S. taxpayers in the bank against future risks.

According to the Complaint and Stipulation and Order of Settlement filed in Manhattan federal court:

Between January and May 2009, more than $13,335,248.91 in funds traceable to Pokerstars, an online gambling company based in the Isle of Man, and other offshore online gambling companies were deposited in a bank account at GOLDWATER BANK held by ALLIED WALLET, INC. These funds were traceable to several sources, including wire transfers from outside the United States by individuals and entities who knew that (a) the funds involved represented the proceeds of the illegal transmission of gambling information and the operation of an illegal gambling business, (b) the transfers were made in order to promote the carrying on of an illegal gambling business, and (c) the transfers were designed in part to conceal or disguise the nature, location, source, ownership, and control of the proceeds of the illegal transmission of gambling information and operation of an illegal gambling business.

read more here - http://newyork.fbi.gov/dojpressrel/pressrel10/nyfo091510.htm

I read stuff like this and I wonder about all the secrets at the SEC and Federal Reserve.

Who's looking out for Americans?  The little people on Main Street?

[WhiskeyGirl]

Warren's TARP panel issues scathing report on Treasury's stewardship of program
by Ryan Holeywell | September 16, 2010 3:51 PM

The Congressional Oversight Panel -- the federal government's designated TARP watchdog -- said that the bailout has become so unpopular that the government may have trouble finding the will to use similar tools to address future financial crises.

Why flush good fiat money after bad?

Perhaps this conclusion drawn by the panel was the most scathing:

    Ultimately, any evaluation of the TARP must be guided by the program's stated goals. Congress authorized Treasury to use the TARP in a manner that "protects home values, college funds, retirement accounts, and life savings; preserves homeownership and promotes jobs and economic growth; [and] maximizes overall returns to the taxpayers of the United States."

    But economic weaknesses persist. Since the TARP was authorized in October 2008, 7.1 million homeowners have received foreclosure notices. Since their pre-crisis peaks, home values have dropped 28 percent, and stock indices - which indicate the health of many Americans' most significant investments for college and retirement - have fallen 30 percent.

    In short, although the TARP provided critical government support to the financial system when the financial system was in a severe crisis, its effectiveness at pursuing its broader statutory goals has been far more limited.

more here - http://bailoutsleuth.com/news/2010/09/warrens-tarp-panel-releases-scathing-report-1/

Congress and the White House, Bush and Obama have failed Main Street.   They only seem to work for big business, big banks, and large global players.

just my humble opinions