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I work for a major bank. None of that is correct. Ethics and reputation are extremely important to my employer and they are held accountable.
by austincheney 8y ago
I work for a major bank. None of that is correct. Ethics and reputation are extremely important to my employer and they are held accountable.
- andrepd 8y agoYou dropped the "/s".
- shkkmo 8y agoDo you have any specific examples or information besides an appeal to authority?
- austincheney 8y agoUsing a search engine I was able to find this (first result) http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-antimoneylaundering http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=ir... If you are hoping that I would reveal some internal information I will leave you disappointed.
- shkkmo 8y agoI was hoping you had something to contribute to the conversation besides appeals to authority and PR sites. > Bank of America (NYSE: BAC) is no stranger to paying fines. According to data compiled by investment firm Keefe, Bruyette and Woods Inc., the Brian Moynihan-led company has shelled out the most money in fines over the years, especially in the time span following the 2008 financial crisis. > “Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders, who was trading in its dark pool, and the capabilities of its electronic trading services,” New York Attorney General Eric Schneiderman said Friday. https://www.bizjournals.com/newyork/news/2018/03/23/bank-of-america-pays-42-million-penalty.html https://www.bizjournals.com/newyork/news/2018/03/23/bank-of-...
- austincheney 8y agoWhy didn’t you use a search engine and find what you were looking for in the first place instead of asking me to do it for you? Apparently prodding you to be less lazy is my contribution. I refuse to do people’s homework for them. You can call that any negative description you wish.
- shkkmo 8y agoYou made a pretty strong claim, asking you to provide evidence or an argument to support that claim is not at all unreasonable, Especially when that claim contradicts the generally available evidence.
- austincheney 8y agoIt is unreasonable when you can just as easily do it yourself.
- bolzano 8y agoSo for BofA the first two results for "Bank of America Money Laundering" are: from July 2012 [1] FBI: Drug Cartels use Bank of America to Launder Money and Nov 2018... [2] Deutsche Bank, BofA, JPM Drawn into Danske Money Laundering Probe Both make for good reading... [1] https://mic.com/articles/10959/fbi-drug-cartels-use-bank-of-america-to-launder-money#.5i4kqpGqx https://mic.com/articles/10959/fbi-drug-cartels-use-bank-of-... [2] https://www.insurancejournal.com/news/international/2018/11/16/509483.htm https://www.insurancejournal.com/news/international/2018/11/...
- hnzix 8y agoSure, the banks will make their staff sit through mandatory anti money laundering training videos. But HSBC is routinely fined for money laundering, and in Australia the big 4 banks are constantly being dragged through commissions around predatory lending and misleading money management schemes. See also: the LIBOR scandal. The fines are a pittance compared to the money made. Basel II seems to have had little effect on this behavior.
- qaq 8y agoWell you might be lucky but a sizable chunk of major banks were implicated in ML for drug cartels, ISIS or both at various times.