Ah, the War on Drugs. Down at the big groupfab in South America the USA stands tall and says we aren't back down. We will fight these druggies and these drug lords and these drug cartels until they beg for mercy.
What we will do is put people of color caught with small amounts of drugs or selling some drugs for a few bucks away for a long time. Yes, the USA will do that.
But when it comes to the really big money operators and I do mean REALLY BIG, well, that is another story, isn't it Mr. Presdient?
Oh yeah, says, the Prez, just look at what the government is doing to Citigroup.
Yes siree, the Office of the Cjomptroller of the Currenty, which is an agency that stands "watch" over big US banks said last Thursday that America's third largest bank had not been complying with rules intended to hinder money laundering.
The Financial Times reported,
The agency also said that Citi allegedly failed to conduct due diligence on its foreign customers, had inadequate controls and was unable to monitor its client relationships bank-wide.
Citi, for example, was cited for failing to adequately monitor so-called “remote deposit capture” systems. Such initiatives allow bank customers, including foreign banks, to deposit paper cheques via digital scans that are transmitted electronically.
The bank also was accused of being slow when it came to investigating suspicious customers.
Bloomberg Business Week writes:
The potential flow of illicit funds through Citigroup, which has operations in more than 100 countries, has attracted scrutiny in the past. Japanese regulators censured the bank in 2009 and 2004 for violating anti-money laundering, or AML, rules, and congressional investigators found the bank allowed money laundering to take place in the 1990s. The Bank Secrecy Act requires banks to report all large cash deposits to help prevent crimes such as drug trafficking and terrorist financing.
Japan’s financial regulator ordered Citigroup to suspend some operations in the country in 2009 after it found the bank’s anti-money laundering controls had “fundamental problems.” The lender had failed to implement an improvement plan submitted after regulators forced the closing of its private banking business in Japan in 2004 for a similar failure, the watchdog said at the time.
Citi, following the example of the Mossad, neither confirmed or denied the most recent allegations, but then The Financial Times reports:
In a statement, Citigroup said many of the alleged failures cited by the OCC had either already been corrected or were being addressed.
In other words we aren't saying we did anything wrong but if we did it has already been taken care of.
Meanwhile, here is a funny for you, Business Week also reports:
The OCC doesn’t allege that Citigroup’s shortcomings led to any crime and the regulator didn’t fine the bank.
NOTE: I have nothing to do with the Party for Socialism and Liberation. I have no idea what they mean when they call for, "... the assets and profits of the major banks to be seized and put under the control of a democratically controlled and publicly owned People’s Bank." Personally, I believe there is no way to "control" banks without first demolishing capitalism and smashing the State.
The real drug kingpins are on Wall Street