Bank shares slide on reports of rampant money laundering

[mfcorey1]

The financial sector was hit hard Monday following a report alleging that a number of banks, JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon among them, have continued to profit from illicit dealings with disreputable people and criminal networks despite previous warnings from regulators.

According to the International Consortium of Investigative Journalists, leaked government documents show that the banks continued moving illicit funds even after being warned of potential criminal prosecutions.

The report compounded a massive sell-off across global markets because of gloom and doom over COVID-19 infections and the economic damage from the pandemic.


https://apnews.com/7a2579c1eac8a1300de258f25504e8e9

[soothsayer]

1. Hey, drumpf has its fingerprints all over this: COVID + money laundering

Must be a proud day

[Frustratedlady]

2. With money laundering goes tax fraud, right? The rest of us foot the bills for the nation?

All the more reason we all should pay attention. Just sayin'.

[delisen]

3. Yet we the people paid for the big banks crash 2008

They are setting us up for another - maybe this report can keep us from falling. Into the propaganda trap of "the banks are to big to fail" again.

[ProfessorGAC]

4. If They're Too Big To Fail...

...break them up into smaller pieces, & pass legislation making mergers more difficult.
Being too big to fail should be a bug, not a feature.