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

Fraud As A Business Model Endorsed by The Fed And OCC

http://market-ticker.org/akcs-www?post=175615

Do "We" deserve this kind of representation, which comes from a government endorsed private entity?
The hand writing is on the wall kids, in big bold neon colors.
The Federal Reserve and the Office of the Comptroller of the Currency are biased toward the banks and don't represent you at all.
It's time to end the FED.
We all deserve better!


Yep.... any screwing is a good screwing, so long as a bank does it and you, the consumer, are the screwee.

WASHINGTON -- Top policymakers at the Federal Reserve are fighting efforts to rein in widely reported bank abuses, sparking an inter-agency feud with the FDIC and the Treasury Department. The Fed, along with the more bank-friendly Office of the Comptroller of the Currency, is resisting moves to craft rules cracking down on banks that charge illegal fees and carry out improper foreclosures. The FDIC supports such rules, according to an FDIC official involved in the dispute.

Got that?

The Fed and OCC are resisting cracking down on ILLEGAL fees and IMPROPER foreclosures.

What part of "illegal" don't these guys care about?

Oh, that's simple. If it's illegal (say, by charging an illegal fee, foreclosing by committing perjury, doctoring wire information so that the fact that you're funding terrorism in the Middle East is obscured, or screwing municipalities with hinky derivative deals, or perhaps not even transferring mortgages into alleged mortgage-backed securities) according to The Fed and OCC it's perfectly ok if it screws the consumer - or anyone except a bank.

But as soon as you screw a bank, why that's really illegal and for that you should be prosecuted.

As banks binged on risky mortgages, govt rewarded regulators with taxpayer-funded bonuses

http://finance.yahoo.com/news/Govt-rewarded-bank-auditors-apf-3698670682.html?x=0&sec=topStories&pos=6&asset=&ccode=

Gee I wonder if we can demand a refund on the grounds of piss poor job preformance.
There must be a job opening for the Office of Thrift Supervision, because I don't see any being applied.

During the 2003-06 boom, the three agencies that supervise most U.S. banks -- the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Office of the Comptroller of the Currency -- gave out at least $19 million in bonuses, records show.

Nearly all that money was spent recognizing "superior" performance. The largest share, more than $8.4 million, went to financial examiners, those employees and managers who scrutinize internal bank documents and sound the first alarms. Analysts, auditors, economists and criminal investigators also got awards