Tax

All major global banks engage in illegal activity on a regular basis, fines do not stop them.

Fair to say:

  • all global banks are mafia like organizations
  • all global banks should be closed down and their financial services (bank accounts, transactions) should be replaced by a open source 100% transparent to the public state-run entities (not too big to be replaced)
  • those responsible for the wrong-doing need to be put on trial, their wealth  confiscated and put behind bars for at least 10 years

The FinCEN Files show trillions in tainted dollars flow freely through major banks, swamping a broken enforcement system.

FinCEN Files are leaked documents from the U.S. Treasury‘s Financial Crimes Enforcement Network (FinCEN), that have been investigated by BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ), and globally publicised on 20 September 2020.[1][2]

The reports describe over 200,000 suspicious financial transactions valued at over US$2 trillion that occurred from 1999 to 2017 across multiple global financial institutions.[1]

The documents appear to show that while both the banks and the US-Gov had this financial intelligence, they did little to stop activities such as money laundering.[1]” (source: Wikipedia)

Key Findings

  • Global financial giants have moved a flood of dirty money tied to mobsters, fraudsters and corrupt regimes, the US-gov knew it, and did little to nothing.
  • Big banks shift money for people they can’t identify and in many cases fail to report suspect transactions until years after the fact.
  • Government fines and threats of criminal prosecutions against banks haven’t stopped a tide of illicit payments.

Secret U.S. government documents reveal that

The records show that five global banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.

U.S. agencies responsible for enforcing money laundering laws rarely prosecute megabanks that break the law, and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system.

In some cases the banks kept moving illicit funds even after U.S. officials warned them they’d face criminal prosecutions if they didn’t stop doing business with mobsters, fraudsters or corrupt regimes.

JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal.

The bank moved more than $1 billion for the fugitive financier behind Malaysia’s 1MDB scandal, the records show, and more than $2 million for a young energy mogul’s company that has been accused of cheating Venezuela’s government and helping cause electrical blackouts that crippled large parts of the country.

JPMorgan also processed more than $50 million in payments over a decade, the records show, for Paul Manafort, the former campaign manager for President Donald Trump. The bank shuttled at least $6.9 million in Manafort transactions in the 14 months after he resigned from the campaign amid a swirl of money laundering and corruption allegations spawning from his work with a pro-Russian political party in Ukraine.

 

Tainted transactions continued to surge through accounts at JPMorgan despite the bank’s promises to improve its money laundering controls as part of settlements it reached with U.S. authorities in 2011, 2013 and 2014.

In response to questions for this story, JPMorgan said it was legally prohibited from discussing clients or transactions. It said it has taken a “leadership role” in pursuing  “proactive intelligence-led investigations” and developing “innovative techniques to help combat financial crime.”

HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon also continued to wave through suspect payments despite similar promises to government authorities, the secret documents show.

The leaked documents, known as the FinCEN Files, include more than 2,100 suspicious activity reports filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network. The agency, known in shorthand as FinCEN, is an intelligence unit at the heart of the global system to fight money laundering.

BuzzFeed News obtained the records and shared them with the International Consortium of Investigative Journalists. ICIJ organized a team of more than 400 journalists from 110 news organizations in 88 countries to investigate the world of banks and money laundering.

In all, an ICIJ analysis found, the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including $514 billion at JPMorgan and $1.3 trillion at Deutsche Bank.

Suspicious activity reports reflect the concerns of watchdogs within banks and are not necessarily evidence of criminal conduct or other wrongdoing.

Financial institutions have abandoned their roles as front-line defenses against money laundering. – Paul Pelletier

Though a vast amount, the $2 trillion in suspicious transactions identified within this set of documents is just a drop in a far larger flood of dirty money gushing through banks around the world.  The FinCEN Files represent less than 0.02% of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.

FinCEN and its parent, the Treasury Department, did not answer a series of questions sent last month by ICIJ and its partners. FinCEN told BuzzFeed News that it does not comment on the “existence or non-existence” of specific suspicious activity reports, sometimes known as SARs. Days before the release of the investigation by ICIJ and its partners, FinCEN announced that it was seeking public comments on ways to improve the U.S.’s anti-money laundering system.

The cache of suspicious activity reports — along with hundreds of spreadsheets filled with names, dates and figures — flag bank clients in more than 170 countries who were identified as being involved in potentially illicit transactions.

Along with sifting through the FinCEN Files, ICIJ and its media partners obtained more than 17,600 other records from insiders and whistleblowers, court files, freedom-of-information requests and other sources. The team interviewed hundreds of people, including financial crime experts, law enforcement officials and crime victims.

According to BuzzFeed News, some of the secret records were requested as part of U.S. congressional investigations into Russian interference in the 2016 U.S. presidential election. Others were gathered by FinCEN following requests from law enforcement agencies, BuzzFeed said.

source: https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists/

https://twitter.com/brutoturbo
https://twitter.com/brutoturbo
https://en.wikipedia.org/wiki/Inna_Shevchenko
Witt was Femen inspired but says her protest against Draghi had nothing to do with Feminism. https://en.wikipedia.org/wiki/Inna_Shevchenko actually is an studied Journalist

Draghi compares the recovery efforts from corona crisis similar to rebuilding after world war 2.

“Mr Draghi said European governments faced “a moral imperative” to invest in educating young people. “The debt created by the pandemic is unprecedented and will have to be repaid mainly by those who are young today,” he said.”

source: https://www.ft.com/content/55fc7bb7-0721-46c8-8dfa-9605f15b3422

He is now appointed to the Vatican as a consultant.

thanks a lot all involved!

if all that billions and billions not actually flow into small and medium sized businesses – they will just evaporate without any real economic effects.

nice words never forced anyone to change, unless they become law like force every bank to give x billions every year in loans to small and medium sized businesses or face “a fine” and give that money in -3% loans to the state.

euro zone in recession – Draghi special loans for banks bot not for the real economy

So Draghi did what he now warns against?

well well well X-D

like “Hey Shell, don’t you want to invest 3% of income (before taxes) into renewables?” so that future generations actually can survive on this planet?

“Hey Apple, Amazon, Facebook, Google (and others) don’t you wanna pay at least 10% tax on income?”

(while in many EU countries the average Joe pays 50% in tax and more)

make a law! damn it!

to hell and back:

baby boomers should stop preparing hell for generation x rather help their children survive.

riots against the ECB

“Riots erupted outside the ECB’s new $1.3 billion headquarters in March after thousands of protesters gathered to rage against an institution they blame for ruining the lives of millions in the eurozone.

Draghi has been credited with taking bold steps to save Europe from financial disaster: First in 2012 with his famous promise to do “whatever it takes” to prevent the euro from falling apart, and again early this year by launching a $1.3 trillion stimulus program to get the economy moving.

But the ECB is also a high-profile symbol of the austerity that has caused hardship for millions across the region. Together with the International Monetary Fund and European Commission, it formed the so-called “troika” to police bailouts that kept countries such as Greece, Ireland and Portugal afloat.”

source: https://money.cnn.com/2015/04/15/news/ecb-mario-draghi-attacked/index.html

Who was the activist?

https://www.youtube.com/watch?v=Osu3g3tyFzQ
https://www.youtube.com/watch?v=Osu3g3tyFzQ

“On April 15, 2015, (Josephine) Witt disturbed a press conference of the European Central Bank, jumping onto the table in front of ECB president Mario Draghi yelling “end the ECB dick-tatorship” [sic] and tossing confetti over Draghi.[1] After being dragged out and briefly detained, Witt wrote on Twitter that the protest was not associated with FEMEN, and that she was a “freelance activist.”[8] Her protest was in opposition to the bank’s policies, which she describes as “European neo-liberalism” and economic inequality.[8] Speaking after her release, Witt said “The gap between the rich and the poor is bigger here than it’s ever been before.”[1]”

source: https://en.wikipedia.org/wiki/Josephine_Witt

https://valuewalkpremium.com/2015/04/femen-draghi-josephine-witt/
https://valuewalkpremium.com/2015/04/femen-draghi-josephine-witt/

 

https://www.youtube.com/watch?v=5oMaC9_fJ1Y
https://www.youtube.com/watch?v=5oMaC9_fJ1Y

TEDx: “I will not stop speaking out loud” Inna Shevchenko is actually a studied Journalist

https://web.archive.org/web/20170613003710/http://www.josephine-witt.com/

“As Walter Williams reminds us, capitalism is a wonderful system in part because people can only become rich by providing value to others.”

WRONG. But go on.

“That means investment, entrepreneurship, innovation, competition and other behaviors that make the rest of us better off—even if we never become millionaires ourselves.”

“Remember, the normal state of humanity is grinding poverty and material deprivation.”

(source: https://fee.org)

In theory – this is what capitalism SHOULD be – but is it?

To the naive believers maybe still.

But it is not.

Capitalism ought to guarantee  a vibrant creative economy with 100% employment aka “wealth for everybody” and creative long lasting sustainably produced products that get better by the day.

It does not.

It might be true for small and medium sized businesses (SMB) that have a very very hard time getting ANY loans from ANY bank are the most creative and actually create jobs.

But it’s not true for multinational companies.

“It’s only in the past few hundred years that many of us have escaped that fate—thanks to a system of free enterprise that channeled human greed in a productive direction.”

(source: https://fee.org)

Maybe it was the people who fought for basic human rights and good working conditions (against owners of the factories/the capitalists and their banks) that managed to make things better for the average working citizen?

Bismarck actually introduced a state health care system, not because he wanted to do good for society, but because he wanted to have fit and not sick soldiers.

This state health care system survived him, so basically he Bismarck did good to society “by accident”. (USA health care system is for the rich only and up to this date, US-citizens lack any proper health care system that actually works for them, because short sighted capitalists do not care about health, they cares about money as income and turnover, not health)

But is this really the way forward?

Hoping that capitalists will produce “by accident” positive outcomes for society?

This is just madness and right now it does not look like help won’t come by law any time soon?

Unless a massive crisis completely obliterates and destroys “the system” and people actively formulate how they want to live.

COVID19 could be that crisis.

Maybe in the 1960s it used to be that way, but nowadays is not only “my guts” but also statistics that shows the highest GDP IN THE WORLD OF LUXEMBOURG IS NOT DUE TO CREATING VALUE, THEY CREATE FINANCIAL CRIME BY HELPING FOREIGN COMPANIES AVOID TAXES (means: stealing from the rest of the world, the average citizens ought to pay 50% and more taxes on income, but not the Top100 companies, noooo that would be unfair?).

Most famously Apple pays $50 for every $1.000.000 (one million) in income, thanks to another tax haven, Ireland.

“The company was said to be paying tax in Ireland at a rate of under 1% for two decades – just 0.005% in one year.” (souce: TheGuardian)

Okay it is REALLY no wonder, that a court in Luxembourg ruled that way.

Luxembourg itself since decades is a tax avoiding crime scene.

Wonder if people still live in Luxembourg, or if it’s only fake companies and fake offices with 10000x post boxes and computers that manage the stealing of wealth.

An internet lock down would hurt Luxembourg way more than any trade embargo.

Walter E. Williams is either blind, stupid or ignorant (blind on purpose, because it pays well).

Maybe there was this “responsible to society” capitalist of the 60s that believes in democracy, the rule of law and actually cared about it’s employees and society (not so much about nature unless forced to by laws) – in which Americans still believe and still believe they (especially Trump) could turn back time to that “golden times” – when wages basically increased and the employee did not even have to beg for it.

And there is this radical exploitational and tax avoiding “whatever sells” (especially weapons and drugs) capitalism of the 2000s, that constantly

  • lowers wages
  • does not care about employees or creating jobs at all very much the contrast.
  • CEOs openly say, it is NOT their responsibility to create jobs, the state ought care about citizens, not private companies
  • also wages “cost money” so almost every company  avoid ’em like hell, constantly strive to either cut wages, destroy unions, make people work more for less
  • or: lay off as much people as possible, transfer production to automation or China and so on and so on.
  • The list of negative side-effects of this modern capitalism is ENDLESS.

It is also highly unsustainable and as COVID19 crisis shows, it is highly instable and thus can not deal with crisis – not even small crisis – AT ALL (folds like house of cards at slightest breeze).

It is like – making your life dependent on Windows 95.

If it crashes – your children will starve.

If that is okay with you – go about business as usual – if not – massively invest every Dollar every Euro every Yen in YOUR INDEPENDENCE from the monetary system – by creating your own fresh water (well) food (farming) and energy (solar and wind).

If a state does not support it’s citizens in this strive for independence – it is the right of the citizens to demand the state’s support – because the state acts against their interest.

Politicians are mere puppets to the super multinational conglomerates – so politicians – 90% of the time – unless pressured massively by the public on all channels – won’t act in the interest of citizens or sustainable survival of mankind and nature.

So capitalism is on the way to not only destroy itself – but all basis on which life can exist on this planet (Shell and others knew decades (in the 1980s, probably earlier) ago, by their own research, their business model was causing climate change (to the worse) not climate stability.

To be fair: there are probably two kinds of climate change (global warming and weather extremes known as climate change)

  • natural changes (the dust of the meteor that caused the ice age and made dinosaurs extinct has luckily settled)
  • mankind’s CO2 (heating, transportation) and methane (cows/meat)

everything lives of a balance – mankind needs to learn how to increase the stability of that balance – by everyday life – instead of adding to instability.

Maybe Mars is the only true hope for mankind.

But it is a major gamble – but Americans love gambling – so it completely fits their culture.

Bet the future of mankind on one card.

Very very risky and as said in the Shell produced video: “waiting for final proof” (that man made climate change is real) “would be irresponsible”

So would be ignorance of and gambling with the future of mankind.