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Showing posts with the label “money laundering”

Londongrad

Vladimir Putin’s savage attack on Ukraine has brutally brought to the fore the phenomenon known as “Londongrad”. Much excellent reporting in the past decade has revealed how corrupt elites from around the world launder looted money in the west. In  Butler to the World , [Oliver] Bullough takes the UK to task.  Butlering goes far beyond accepting deposits from the world’s corrupt: it extends to procuring (palatial) housing for them, educating their children, honouring them in every way from naming rights at Britain’s world-class universities to royal patronage, as well as catering to all the minor needs the super-rich might need. Bullough describes a postwar City of London determined to insulate itself from government regulation, ready to embrace innovations that would mean good business for financiers. He also highlights how in a world of hard currency shortage — withholding dollars was the means by which Washington made London give up Suez — there was a lot to like in allowing cross-b

The Money Laundering Capital of the World

Taken together with its partly controlled territories overseas, Britain is instrumental in the worldwide concealment of cash and assets. It is, as a member of the ruling Conservative Party  said  last week, “the money laundering capital of the world.” And the City of London, its gilded financial center, is at the system’s core. The City of London is hiding the world’s stolen money

Finance Capital

 Via Michael Roberts “Here we go again - the unending story of banking folk.” Australian bank Westpac has been fined A$1.3bn for money laundering the dubious money of 284 clients in 19m transactions worth A$11bn (yes, billion) - including clients engaged in child trafficking! But no arrests have been made of executives. Just a fine. "It’s huge, it’s the largest fine in history, it’s an eye watering number but it’s already pretty much been expected by the market" he said. "A few hundred mill difference in the scheme of a bank with a market cap of $60 billion that generates billions of profit annually, it doesn’t really have much of an impact with the valuation we put on the bank." Related Regulation does not work

Finance Capital

This has been “normal” and “acceptable” for decades. There is a leak that followed by a few articles or there is an investigation then followed by s fine... And it goes on and on. US: $2tn of possibly corrupt financial activity JP Morgan Chase laundering more money

Finance

Just more of some of the usual crimes Via Michael Roberts “The finance sector is really just a criminal conspiracy to steal from the public. So much for regulation rather than public ownership and control. Take the Wirecard scanda l. Wirecard, which started out processing payments for adult entertainment and gambling websites, filed for insolvency on June 25 after the discovery of a 1.9 billion euro hole in its accounts. German prosecutors have since opened investigations into suspected money laundering, fraud and market manipulatio n at the company. Markus Braun, the company’s former chief executive, was arrested. The company's accountants failed to carry out basic obvious auditing of the accounts and the German government ignored whistleblowers about the company and instead tried to prosecute them! Then there is the Apple tax dodge . With the connivance of the Irish government, Apple booked huge amounts of its global profits in Ireland where tax rates were deliberatel