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January 14, 2013

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KTQ

I've been saying for a long time that money laundering prosecutions were a competitive tool used deliberately to undermine foreign banks. It's always good politics in the US to attack foreigners. It's always bad politics for a US regulator to go after banks who own senators and congressmen who can cut their budget.

Also, historically, US banks have always been at the forefront of providing services to the black money economy - and it is a very profitable clientele to have. The US banks have an interest in keeping that clientele to themselves. BCCI vilified. Riggs Bank (where Bush's uncle was on the board) - never investigated.

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