Report: US banks subject of money-laundering probe

Just another "unseen process" that makes the "War on Drugs" the big expensive joke that it is.
I wonder how much the fine is this time?
For some reason prison is NEVER seen as an option.

 Regulators are investigating whether several major U.S. banks failed to monitor transactions properly, allowing criminals to launder money, according to a New York Times story. The newspaper cited officials who it said spoke on the condition of anonymity.

The Office of the Comptroller of the Currency, the federal agency that oversees the biggest banks, is leading the money-laundering investigation, according to the Times. The report said the OCC could soon take action against JPMorgan Chase & Co., and that it is also investigating Bank of America Corp. Money laundering allows people to make money — often obtained illegally — appear like it came from another source.

The OCC, JPMorgan and Bank of America declined to comment.

The financial industry is struggling to mend its public image. Four years after the financial crisis, banks are getting closer scrutiny. And regulators are under pressure to show that they're not missing any questionable activity.

This summer, British bank Barclays PLC settled charges that it had manipulated a key global interest rate. Standard Chartered PLC, also based in the U.K., agreed to settle charges that it had improperly

Through the Looking Glass: Actions Speak Louder Than Words

http://www.minyanville.com/businessmarkets/articles/todd-harrison-stock-market-economy-financial/12/8/2010/id/31559

Actions do speak louder than words,
It's time to end the game.
For the sake of all of our children

With that said, the DNA of global financial markets has changed. While the stateside averages are higher, the measuring stick (greenback) is lower, a fact not lost on foreign holders of dollar denominated assets. While they're swallowing austerity measures and digesting upward taxation, they look across the pond to see more "extend and pretend" by our elected leaders. And you wonder why social mood is shifting so quickly? (See: Will QE2 Trigger War Games?)

At the end of the day, we must ask ourselves an honest question: If the capital markets need an IV drip from the government to stay afloat -- or if the financial industry remains one FASB 187 accounting change away from technical insolvency -- how will that dormant toxicity and ever-expanding largesse manifest as we edge ahead?

We can only assess the forward spectrum and proactively position for what’s to come.