no, it's not special.

where does the money go?

The settlement amount is the largest ever paid to an individual regulator as part of a money laundering accord. In June, ING Bank NV agreed to pay $619 million to settle similar allegations. That sum was split evenly between a $309.5 million payment to the federal government and an equal sum to the Manhattan District Attorney’s office. (from bloomberg)

into the fraud.

So pensioners now get to enjoy $$$ earned via illegal deals made with Iran. Sweet!

Have to wonder if the OCC or the Fed or .gov will take a crack at them. The bank is not a member of the club.

http://www.newyorkfed.org/markets/pridea....

Nice haul for New York. SC = Cornholed.

Of course the feds can't find anything except campaign contribution receipts.

Damn! But it's GOOD to be a Govster...


{q=Otiswild]What are you gonna do, vote for Jack Johnson or John Jackson?[/q]

"Vote for Cthulhu, and You Will Be Eaten Last"

$USD GLOBAL FINANCIAL TRANSACTIONS TAX..

clause 67(a): if they try to do an end run:

Jackl for the win.

Quote:

What, did you think they were going to enforce "law"?

They were only outraged they weren't given their cut.

Go back to work peasant, you've got taxes to pay.

If the average middle class salaryman understood how offshore funds really worked (and who/where they are) the game would be up.

Unfortunately, by the time you've given them the framework, their eyes are glazing over while looking fondly at the tequila bottle..and you haven't even gotten to SIVs and jurisdictions yet.

/rambling off

Lowbeyond has nailed it. How much longer will we all PRETEND to believe in "fixing" this system? The only way this EVER changes is when it implodes of its own rotten inertia, and whatEVER anyone can do to help that process -- is GOD'S work IMHO.


There is no fixing this. Just ride it out. And for godsakes, don't waste any more energy being "involved with the political process." What? You think you think someone can fix it? Not possible. Wake tfu, people. The only moral vote this time is NONE OF THE ABOVE.

Tune out, turn on, drop out. That had a good sound some decades ago, and it's quite timely again, isn't it? Or, turn the system on its head and use its weight against it to help your own survivability. Use your imagination...

Read Starve the Monkeys.

And, in the event Tom is wrong (or has misestimated the time THEY can keep this running) you will nonetheless profit immensely by freeing your mind of the agit-prop foisted upon it by the institution of education. Read it - I'm serious.

I hate to say http://www.market-ticker.org/akcs-www?si....

Just a tax. A very small tax. 0.1% to launder money for countries on some list.

If this doesn't make it very clear that the government is just another mafia, no other example will be better.

Downrange wrote..

Tune out, turn on, drop out. That had a good sound some decades ago, and it's quite timely again, isn't it? Or, turn the system on its head and use its weight against it to help your own survivability. Use your imagination...

Read Starve the Monkeys.

And, in the event Tom is wrong (or has misestimated the time THEY can keep this running) you will nonetheless profit immensely by freeing your mind of the agit-prop foisted upon it by the institution of education. Read it - I'm serious.

I've been tuning them out for decades. My blood pressure's perfect now!

The only way up is down.

I don't believe NY had the authority to file criminal charges on a Federal violation, but they do have licensing power over banks in the state. Criminal charges would be left to the Treasury and turbo, with prosecution by Eric "Place" Holder. Makes you wonder if we should launder a few billion and charge unequal protection under the law. Seems people used to go to jail for that.

I wonder if they worked out some easy repayment terms as not to hurt the old balance sheet.


1 million a year for the next 340 years. (gabble)..next case..

Hey Karl that "sea change" you were talking about in blog talk a couple weeks back.... It took an "about course". Fooled again.

I think Einstein had a theorem on this...

There's no money in putting people in jail; actually, it costs money!...Prosecuting and jailing is very expensive...

Much better (for government) to extort a settlement from deep pockets while reserving the prison space for the small fish with empty pockets.

~~~~~~~~~~~~~

NY also "went after" Bank Of America for "misleading government officials about losses at Merrill Lynch during the financial crisis" and paying out $5.8 billion in fraudulent bonuses.

Net result: BOA wrote a check for $150 Million and the problem went away...works out to a ~3% fine...that'll show em!

Uppity_peasant wrote..

"Vote for Cthulhu, and You Will Be Eaten Last"

You've got it all wrong, you want to be eaten first!

http://esr.ibiblio.org/?p=135

Debtpie

Quote:

There's no money in putting people in jail; actually, it costs money!...Prosecuting and jailing is very expensive...

Much better (for government) to extort a settlement from deep pockets while reserving the prison space for the small fish with empty pockets.

Yeah but the small fish still cost money so your argument does not hold up. It is all about the bribe. The simple answer is normally the correct one.

reading bloomberg i can see he is 100% in for obama. (you can check it out for yourselves)

i will vote, and it won't be for obama.

they can't get me to give up and drop out.

A little more of the story.

http://www.bloomberg.com/news/2012-08-14....

Bankers get fined, everyone else gets arrested. That's the problem:

Germany arrests 4 suspected of violating Iran embargo

http://worldnews.nbcnews.com/_news/2012/....

"German officials arrested four people Wednesday on suspicion that they supplied Iran with parts needed to build a nuclear reactor, in violation of the country's trade embargo on such items."

Supply parts, go to jail. Illegally handle the money used to possibly buy many parts, get fined.

Standard Chartered = not primary dealer = chum in the water. Might be easier to turn in the license and leave. Otherwise, will need to go whining to the queen. This administration will always choose to be global rather than sovereign, so will bow to international influence.

This makes the state party to the crime. Any entity that stands to profit from a crime is party to it unless they make sure it cannot happen again. By making this just a cost of doing business the state has become a conspirator as well. This actually encourages more bad behaviour not less.