Showing posts with label Swiss Bank Accounts. Show all posts
Showing posts with label Swiss Bank Accounts. Show all posts

Thursday, April 24, 2014

UK corporate governance reform proposal being gamed even at its ideation ; small business, porn, and pot banking crackdown

When I reviewed due diligence for a large Wall Street Bank, I got good at spotting traps and black holes in customer documentation. But the Bank I worked for wouldn't press for due diligence if such requests would upset the customer or the trader, who was on boarding the customer. Ultimately, the Front Office controlled the due diligence collected by the Legal Department, just like big business interests control all legislative attempts to regulate reforms in corporate governance.

Meanwhile, Chase is closing all bank accounts held by porn stars, and HSBC has been on a scorched earth campaign to close down all small business banking accounts. Whereas banks are instructed by regulators to put classes of customers on "watch lists" if there is a potential for exposure to money laundering, organized crime connections, drug-running, arms sales to terroristic states (like Iran), other sanctions lists, etc., the truth is that many big banks are situational in how they comply with their watch lists. Recently, many large American banks (wrongly) initially refused to accept customers tied to the (now) legal marijuana business in the states that just legalized small quantity sales. Is the crackdown on legitimate small business, sex workers, and legal marijuana businesses just slimy PR stunts intended for banking compliance departments to show regulators that the banks are minding their watch lists ?

How are small businesses supposed to transact business ? How are porn stars expected to deposit pay checks, pay bills, use their credit card, and pay their publicists and agents ? How can people buy space cakes, if legal marijuana businesses can't deposit sales receipts, pay suppliers, pay taxes, and otherwise maintain their enterprise as a going concern ? This is all cookoo !!

Sunday, September 30, 2012

President Obama praises Pentagon Papers Publisher, but not War Crimes Whistleblower

Obama eulogizes NYT publisher Sulzberger ; Still Persecuting Whistleblower Manning

After the death of Arthur Ochs Sulzberger was announced yesterday, President Barack Obama praised the courage of Mr. Sulzberger throughout his journalism career.

Although President Obama didn't mention Mr. Sulzberger's risky -- but legal -- decision to publish the Pentagon Papers, President Obama acknowledged the important role that Mr. Sulzberger has played in improving our democratic form of government.

"He was a firm believer in the importance of a free and independent press -- one that isn't afraid to seek the truth, hold those in power accountable, and tell the stories that need to be told," Mr. Obama said.

But Mr. Obama made no connection between his praise for Mr. Sulzberger, but his continued campaign to prosecute the government whistleblower, PFC Bradley Manning.

Activists question how could the Obama administration reward Bradley Birkenfeld for his acts of whistleblowing, but then prosecute PFC Bradley Manning for exposing war crimes ?