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Banks are the most law breaking entities in the United States. They constantly have to make enormous settlements for the insane number of laws they break. These

by glbrew 5y ago

Banks are the most law breaking entities in the United States. They constantly have to make enormous settlements for the insane number of laws they break. These are just the settlements for Bank of America: https://www.fool.com/investing/general/2014/10/01/the-complete-list-bank-of-americas-legal-fines-and.aspx https://www.fool.com/investing/general/2014/10/01/the-comple... A better summary wouldn't be "they make plenty of money legally." It would be they make plenty of money illegally after paying the settlements.

geoduck14 5y ago
None of these fines are about laundering money. Also, showing these fines is a long way from "the most law breaking entities". I do believe Wells Fargo got in trouble for helping launder money - and they spent a LOT of money to help fix it.
- dcl 5y ago
  HSBC then. > HSBC Holdings Plc agreed to pay a record $1.92 billion in fines to U.S. authorities for allowing itself to be used to launder a river of drug money flowing out of Mexico and other banking lapses. https://www.reuters.com/article/us-hsbc-probe-idUSBRE8BA05M20121211 https://www.reuters.com/article/us-hsbc-probe-idUSBRE8BA05M2...
- glbrew 5y ago
  https://www.bloomberg.com/news/articles/2021-03-05/ubs-may-use-money-launderer-case-to-appeal-5-4-billion-penalty https://www.bloomberg.com/news/articles/2021-03-05/ubs-may-u... https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs https://www.theguardian.com/world/2011/apr/03/us-bank-mexico... https://www.bbc.com/news/business-54597256 https://www.bbc.com/news/business-54597256 I could keep Googling but that should cover your complaints about laundering money.
  - geoduck14 5y ago
    Forgive my vagueness- I wasn't complaining that banks don't launder money - only that the original links didn't support that thesis. You have rectified that. Do you also claim that banks are the biggest thieves?
    - seattledev 5y ago
      Biggest source of theft in the US is wage theft by employers.
      - geoduck14 5y ago
        Wait.. really? I'd love to dive into some of those numbers. I'm not saying you are wrong - otoh, I want to see if I can screen for behaviors that are preparatory.
randomdude402 5y ago
Yeah but they break those laws for their own gain, not for you.
bob33212 5y ago
This is what I'm saying. The banks are more than happy to pay fines and add regulations to their practices because they don't want the government to shut them down. Coinbase will be no different. They make too much money to have any principals around standing up for a "Permissionless and Decentralized financial system"
- sjtindell 5y ago
  What? Banks lobby heavily against regulation and their lobbyists write the regulations that do exist. They also often commit crimes themselves, are accessories to others, and work in grey areas. This seems well known.

by glbrew 5y ago

geoduck14 5y ago

None of these fines are about laundering money. Also, showing these fines is a long way from "the most law breaking entities". I do believe Wells Fargo got in trouble for helping launder money - and they spent a LOT of money to help fix it.

dcl 5y ago
HSBC then. > HSBC Holdings Plc agreed to pay a record $1.92 billion in fines to U.S. authorities for allowing itself to be used to launder a river of drug money flowing out of Mexico and other banking lapses. https://www.reuters.com/article/us-hsbc-probe-idUSBRE8BA05M20121211 https://www.reuters.com/article/us-hsbc-probe-idUSBRE8BA05M2...
glbrew 5y ago
https://www.bloomberg.com/news/articles/2021-03-05/ubs-may-use-money-launderer-case-to-appeal-5-4-billion-penalty https://www.bloomberg.com/news/articles/2021-03-05/ubs-may-u... https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs https://www.theguardian.com/world/2011/apr/03/us-bank-mexico... https://www.bbc.com/news/business-54597256 https://www.bbc.com/news/business-54597256 I could keep Googling but that should cover your complaints about laundering money.
- geoduck14 5y ago
  Forgive my vagueness- I wasn't complaining that banks don't launder money - only that the original links didn't support that thesis. You have rectified that. Do you also claim that banks are the biggest thieves?
  - seattledev 5y ago
    Biggest source of theft in the US is wage theft by employers.
    - geoduck14 5y ago
      Wait.. really? I'd love to dive into some of those numbers. I'm not saying you are wrong - otoh, I want to see if I can screen for behaviors that are preparatory.

randomdude402 5y ago

Yeah but they break those laws for their own gain, not for you.

bob33212 5y ago

This is what I'm saying. The banks are more than happy to pay fines and add regulations to their practices because they don't want the government to shut them down. Coinbase will be no different. They make too much money to have any principals around standing up for a "Permissionless and Decentralized financial system"

sjtindell 5y ago
What? Banks lobby heavily against regulation and their lobbyists write the regulations that do exist. They also often commit crimes themselves, are accessories to others, and work in grey areas. This seems well known.