Latest / The Epstein Chronicles / Mega Edition: Jeffrey Epstein And The Complicity Of The Men Of Forever (8/13/26)

Transcript

Mega Edition: Jeffrey Epstein And The Complicity Of The Men Of Forever (8/13/26) · The Epstein Chronicles

0:00
Speaker 1: Our case as a whole. Well, today we're going to
0:03
Speaker 1: dive back in, and it looks like Congress is ready
0:07
Speaker 1: to move on some of these shell companies. Now, I've
0:10
Speaker 1: heard that time and time again when it comes to Congress,
0:13
Speaker 1: I've heard a lot of lip service from them throughout
0:16
Speaker 1: the years. I've followed Congress very closely for the last
0:21
Speaker 1: two decades, and if there has ever been a group
0:26
Speaker 1: of people who like to talk without backing it up
0:31
Speaker 1: with action, it most certainly is the United States Congress.
0:36
Speaker 1: So while I hope that they're ready to go after
0:39
Speaker 1: shell companies and get this money laundering under control, I'm
0:45
Speaker 1: in a show me state, right, I don't believe it
0:48
Speaker 1: until they do it. At this point, how can we
0:52
Speaker 1: believe anything that's coming out of Congress or the Senate
0:56
Speaker 1: or anywhere from any of the historical bastions of power.
1:03
Speaker 1: They have done nothing but lie to us over and
1:06
Speaker 1: over and over again. And I'm just talking about since
1:09
Speaker 1: nine to eleven, never mind going back before then. But
1:13
Speaker 1: it's just been a constant screwing of the American people
1:17
Speaker 1: by both sides of the aisle, and I'm tired of it.
1:24
Speaker 1: So if they're just gonna talk about going after these companies.
1:28
Speaker 1: If they're just gonna give us lip service about going
1:30
Speaker 1: after these shell companies and ending money laundering, then they
1:33
Speaker 1: should just shut up and continue with their partisan nonsense.
1:38
Speaker 1: But if they're really ready to move into a phase
1:42
Speaker 1: that includes action and tangible penalties for people involved, then
1:48
Speaker 1: they most certainly will have my support. But again, we're
1:52
Speaker 1: dealing with some people that are almost as bad as
1:55
Speaker 1: these bankers, right, maybe in some cases obviously not even
1:58
Speaker 1: maybe definitely in some cases worse than these bankers. So
2:03
Speaker 1: it's we're at a point where we're staring down into
2:06
Speaker 1: a pit of vipers and we're looking for one that's
2:09
Speaker 1: not so poisonous to help us out pretty much. So
2:13
Speaker 1: who knows, Maybe somebody in Congress is actually going to
2:16
Speaker 1: push this forward, Maybe somebody in Congress actually does care
2:20
Speaker 1: about this stuff. But to be honest with you, they've
2:23
Speaker 1: had all of these years to fix it. They willed
2:26
Speaker 1: extreme power, they're the ones who write the laws, and
2:29
Speaker 1: they have done nothing. They're inaction speaks volumes. Our article
2:38
Speaker 1: today is from BuzzFeed News and it is part of
2:42
Speaker 1: our finsin Files investigation. This will be part four of
2:47
Speaker 1: the fins and Files in regards to Jeffrey Epstein and
2:51
Speaker 1: Gilaine Maxwell headline Congress is close to ending anonymous shell companies.
2:58
Speaker 1: This article was all third by Paul McLeod. After years
3:04
Speaker 1: of inaction, Congress is looking to pass substantial reforms of
3:08
Speaker 1: the financial system. The Fince and Files investigation spotlighted the
3:12
Speaker 1: pivotal role of shell companies in moving dirty money. Well
3:16
Speaker 1: it is I said from the jump that these fince
3:19
Speaker 1: and files are This is what journalism should be, folks.
3:23
Speaker 1: In my opinion, in my humble opinion, this is what
3:25
Speaker 1: journalism should be, finding a story like this and digging
3:29
Speaker 1: in like a bulldog and chasing it down to wherever
3:32
Speaker 1: it may end. Journalists shouldn't be part of the resistance.
3:37
Speaker 1: Journalists shouldn't be pro party in power. Journalists should be
3:42
Speaker 1: pro truth and getting to the bottom of things. Instead,
3:46
Speaker 1: we see two separate realities form because the media wants
3:50
Speaker 1: to carry water for one side or the other. And
3:53
Speaker 1: you know who gets screwed then, folks, us, that's who
3:56
Speaker 1: gets screwed. And do you really think Congress would have
3:59
Speaker 1: been taking this action if the Fence and Files didn't drop,
4:03
Speaker 1: If the journalists, the brave investigative journalists who dug into
4:07
Speaker 1: this didn't shine a spotlight on it. Do you really
4:10
Speaker 1: think Congress would be taking action or would they be
4:12
Speaker 1: sitting around playing grab ass? Still? I know what I think,
4:15
Speaker 1: and it's definitely the grab ass option. For over a decade,
4:22
Speaker 1: there have been calls in Congress to address shadowy corporate
4:25
Speaker 1: entities known as shell companies that are considered a cornerstone
4:29
Speaker 1: of fraud, corruption, and money laundering for over a decade. Hut,
4:33
Speaker 1: just over a decade right there shows you the problem.
4:39
Speaker 1: These congressmen and congresswomen and these lawmakers, they have used
4:43
Speaker 1: these shell companies themselves. How do you become rich as
4:48
Speaker 1: a congressman on that salary? Can anybody answer that question
4:51
Speaker 1: for me? Well, I'll answer it for myself. It's because
4:55
Speaker 1: you have many fingers in many pies. These people become
5:01
Speaker 1: congressmen and senators and congresswomen because of the power. It's
5:06
Speaker 1: not because they want to help people, all right. It's
5:08
Speaker 1: not because they care about their constituents or their communities.
5:13
Speaker 1: The vast majority of these people only care about increasing
5:16
Speaker 1: their power, and unless the spotlight is turned on an
5:19
Speaker 1: issue like this, they'll ignore it because it benefits them
5:23
Speaker 1: and their friends. That's just the cole heart reality of
5:26
Speaker 1: if folks. People don't want to believe it, people don't
5:28
Speaker 1: want to hear it. It's the truth. These companies help
5:34
Speaker 1: unsavory characters and organizations hide wealth or use the proceeds
5:38
Speaker 1: of crime to buy up legitimate assets, ranging from a
5:42
Speaker 1: condo to an entire building on Fifth Avenue in Manhattan,
5:46
Speaker 1: and the US is one of the easiest jurisdictions in
5:49
Speaker 1: the world for setting them up. How often did we
5:54
Speaker 1: see Epstein involved in real estate? How much property did
5:57
Speaker 1: he have? How many assets did he have was he
6:00
Speaker 1: involved in? How much of this stuff was facilitated by
6:04
Speaker 1: the shitty laws that Congress has on the books? All
6:08
Speaker 1: of it was so Again, I ask you, how long
6:11
Speaker 1: are you going to keep sending those incumbents back to DC?
6:16
Speaker 1: I know me, I'm voting them all out. That's where
6:19
Speaker 1: I'm at. I don't trust any of them. I don't
6:22
Speaker 1: care what letter you have next to your name. All
6:24
Speaker 1: you do is go to DC and play a partisan politics,
6:27
Speaker 1: rile up people that would never be riled up before,
6:30
Speaker 1: and play a divisive game that is damaging the whole
6:34
Speaker 1: entire system, all because you people are power hungry. I
6:40
Speaker 1: am sick of it. I am done with it, and
6:42
Speaker 1: the only power that I have is to vote them out.
6:46
Speaker 1: So that's what I'm doing on election day. I am
6:49
Speaker 1: not voting for one single incumbent. Startingly, these entities can
6:57
Speaker 1: require less disclosure than getting a library card. Imagine that, huh.
7:01
Speaker 1: Imagine how easy it is to be a thief in
7:03
Speaker 1: the United States of America or any other westernized country.
7:07
Speaker 1: If you got some bucks and you got some connections,
7:10
Speaker 1: well you can be a modern day thief still from
7:13
Speaker 1: the people. Not pay your taxes and just you know,
7:17
Speaker 1: get on with it, because guess what, they're so called
7:21
Speaker 1: polite society and we are literally nothing to them. That
7:26
Speaker 1: means all of them, folks, all of your favorites, all
7:29
Speaker 1: of these politicians you get down into hero worship for
7:32
Speaker 1: they do not care about you. Understand that. Why don't
7:39
Speaker 1: you write them a letter if you can't pay your
7:41
Speaker 1: rent and see if any of them step up to
7:44
Speaker 1: help you. It's just like Sonny said to Sea in
7:48
Speaker 1: a Bronx Tael about Mickey Mantle. It's Mickey Mantle gonna
7:51
Speaker 1: pay your rent. No, he's not, so kill the hero
7:54
Speaker 1: worship because it's bad news, folks, and they pray. They
8:00
Speaker 1: pray on your fear and on your anger, and they
8:04
Speaker 1: rely on us being divided. Now, legislation that would force
8:12
Speaker 1: disclosure of who owns a company registered in the US
8:15
Speaker 1: has once again advanced in Congress. Its fate is uncertain,
8:18
Speaker 1: but in her interested parties agree this is the strongest
8:22
Speaker 1: chance yet for reforms to pass. So now I highly
8:25
Speaker 1: suggest that we all call our congress people and senators
8:30
Speaker 1: and everybody else and tell them that we want massive
8:34
Speaker 1: reform in the financial sector. How did these people get
8:37
Speaker 1: away without reforming shit after the meltdown in two thousand
8:40
Speaker 1: and eight, two thousand and nine. How did they get
8:42
Speaker 1: away with it? Oh? Easily because Congress let them get
8:45
Speaker 1: away with it. Nobody was held accountable. Ever, all of
8:49
Speaker 1: these hot shot financial jerk offs, all of these scumbags
8:54
Speaker 1: that inhabit Wall Street, none of them paid the price.
8:59
Speaker 1: You know who paid the price? Me and you are
9:02
Speaker 1: retirement plans, our dreams, our hopes, our futures, all crushed
9:07
Speaker 1: under their five thousand dollars foot heel, and nobody went
9:11
Speaker 1: to jail. Well, now Congress has a chance to fix it.
9:17
Speaker 1: The question is will they or will they continue to
9:21
Speaker 1: let people like Jeffrey Epstein skate the system, launder money,
9:26
Speaker 1: and use those laundered funds to facilitate their crimes. There
9:32
Speaker 1: is a stark choice here of folks, and Congress needs
9:37
Speaker 1: to do the right thing. The final push comes as
9:41
Speaker 1: BuzzFeed News and the International Consortium of Investigated Journalists in
9:46
Speaker 1: the Fins and Files investigation have exposed the vast amounts
9:50
Speaker 1: of dirty money washing through the US economy and how
9:53
Speaker 1: shell companies help foster that flow. And you know, you
9:56
Speaker 1: would think, right, you hear shell companies and you're thinking criminals.
9:59
Speaker 1: For me, before I really dove into this, I thought
10:02
Speaker 1: about shell companies. I figured, you know, rich people obviously,
10:05
Speaker 1: But I never knew the scope of what was going
10:08
Speaker 1: on in my own country, right. I was so focused
10:11
Speaker 1: on other things, the Near East, meaning the Middle East.
10:14
Speaker 1: That was where my whole entire focus was for the
10:16
Speaker 1: past two decades. That's all I really focused on. And
10:20
Speaker 1: then when I started to really zero in on what
10:24
Speaker 1: was going on in my own backyard, I was just
10:27
Speaker 1: blown away by how many shell companies are set up,
10:30
Speaker 1: how many politicians, current and former are involved in this
10:34
Speaker 1: sort of shit, and just how pervasive financial crimes are
10:39
Speaker 1: in this country. It blew me away, folks, and it's
10:43
Speaker 1: time to stop it. It is time for it to end.
10:46
Speaker 1: We've discussed how bad and how harmful money laundering is
10:50
Speaker 1: on the poorest amongst us, and I'm sure that's a
10:53
Speaker 1: lot of our friends and family. Right. Look, it's not
10:56
Speaker 1: easy to get ahead if you're not born ahead. Right,
10:59
Speaker 1: It's possible in the United States. There's no doubt that
11:02
Speaker 1: if you work hard in the United States and you
11:04
Speaker 1: focus on you, and you make good decisions, you can
11:07
Speaker 1: drag yourself up from nothing and become successful. I watched
11:11
Speaker 1: my own father do it when I was a child.
11:14
Speaker 1: We first moved to Las Vegas. My grandmother was dying
11:16
Speaker 1: of lung cancer. We had nothing, my dad had just
11:19
Speaker 1: graduated from audio school. There was fifteen of us in
11:23
Speaker 1: a one bedroom apartment, and I watched my pops get
11:26
Speaker 1: up every single day four point thirty in the morning
11:29
Speaker 1: and walk up to the Las Vegas Strip looking for
11:31
Speaker 1: a job. And then finally he scored a good, good
11:35
Speaker 1: gig and worked his way up and became a pretty
11:41
Speaker 1: high powered person in the entertainment field in Las Vegas.
11:45
Speaker 1: And I'm proud of him for that, right, But he
11:48
Speaker 1: did that himself with no help. So it's definitely possible,
11:51
Speaker 1: And there are stories of like that like that. I'm
11:53
Speaker 1: sure all of us have them in our family for
11:55
Speaker 1: the most part. But we can't let Congress get in
12:02
Speaker 1: the way of that kind of stuff. We can't let
12:04
Speaker 1: these laws stop people from achieving those sort of goals
12:09
Speaker 1: and let these sort of money laundering schemes and plots
12:13
Speaker 1: keep people in poverty. And we've seen how it works,
12:17
Speaker 1: We've seen what money laundering does, and we have seen
12:20
Speaker 1: the effects it has on the community as a whole.
12:26
Speaker 1: I don't think people think about it. Not enough of
12:28
Speaker 1: my colleagues do, said Democratic Senator Charad Brown. It's bigger
12:33
Speaker 1: all the time. There's more money swashing around all the time,
12:36
Speaker 1: and all kinds of nefarious ways, organized crime, elections, Everything's
12:42
Speaker 1: no doubt about it. Look, Sharrod Brown is one hundred
12:45
Speaker 1: percent right. There is so much money swishing and swashing
12:48
Speaker 1: and go and moving around that it is almost impossible
12:53
Speaker 1: to track it, especially when you have the compliance divisions
12:58
Speaker 1: of these institutions in on it. Seen with some of
13:01
Speaker 1: the bigger situations with Jeffrey Epstein. So it is up
13:06
Speaker 1: to Congress to put their foot down. But how could
13:09
Speaker 1: Congress put their foot down If we have Congress populated
13:12
Speaker 1: by bipedal serpents like Elaine Maxwell, people who are writing
13:16
Speaker 1: laws so that they can avoid this kind of shit.
13:21
Speaker 1: It is a never ending circle of madness. You know,
13:25
Speaker 1: the wheel needs to be broken, not just to spoke,
13:29
Speaker 1: but the whole entire wheel needs to be broken. Senate
13:34
Speaker 1: Banking Committee Chair Mike Crapo and Brown, the ranking member,
13:38
Speaker 1: co authored legislation that would force limited liability companies every
13:43
Speaker 1: year to reveal their true beneficial ownership. The person who
13:47
Speaker 1: controls the company owns at least twenty five percent of
13:50
Speaker 1: it or receives economic benefits from the company's assets. Such
13:54
Speaker 1: disclosures would make it harder to run these companies anonymously,
13:58
Speaker 1: removing one of the reasons these companies are employed for
14:01
Speaker 1: moving money around the globe. Look, we enough is enough?
14:05
Speaker 1: All right? With the anonymous ownership? And if I have to,
14:10
Speaker 1: I mean, if you're driving an uber, you have to
14:12
Speaker 1: go through all kinds of loopholes and get a ten identification,
14:16
Speaker 1: all sorts of shit. You mean to tell me that
14:19
Speaker 1: if you're running one of these shell companies, nobody has
14:21
Speaker 1: to know anything about it? There's no there's no checks
14:24
Speaker 1: and balances, there's no I mean, come on, you see, folks,
14:29
Speaker 1: how the game is rigged, and you see how it's
14:31
Speaker 1: not rigged in your favor. Those with power and wealth
14:34
Speaker 1: continue to build power and wealth while you and I
14:38
Speaker 1: are left to straight buy and we're forced and turned
14:42
Speaker 1: to hate each other. That is the game that they play.
14:46
Speaker 1: That is the game that they rely on, and that
14:48
Speaker 1: is how their system stays intact by keeping us at
14:52
Speaker 1: each other's throats with their bs nonsense on a regular basis. Well,
14:56
Speaker 1: I'm not buying it. I'm not being gas lit by them.
14:59
Speaker 1: And if they think that I'm going to sit by
15:02
Speaker 1: and keep quiet, they are absolutely in for a big
15:06
Speaker 1: old shock. Ownership information would be shared with the Financial
15:12
Speaker 1: Crimes Enforcement Network or FINSEN, an agency within the Department
15:16
Speaker 1: of Treasury that combat money laundering, terrorist financing, and other
15:20
Speaker 1: financial crimes. Crepo's legislation would also require the Government Accountability
15:26
Speaker 1: Office to study the availability of true beneficial ownership information
15:31
Speaker 1: for other legal entities. Look, this is good stuff, right,
15:34
Speaker 1: If they can get this through, If Brown and CREPO
15:37
Speaker 1: can move this ball and get the other scuzzballs to
15:41
Speaker 1: sign on to it, I think it's a good start, right.
15:45
Speaker 1: I'm not a big fan of regulation for the most part,
15:48
Speaker 1: especially over regulation. It's burdensome to business. But what these
15:53
Speaker 1: people have proven is that they can't be trusted. It's
15:56
Speaker 1: like having a child and you give them a little
15:58
Speaker 1: leeway and then they sneak out. Well, now we know
16:01
Speaker 1: you like to sneak out, so you're grounded. And that's
16:04
Speaker 1: how it is with these institutions. They were given great
16:07
Speaker 1: lateral ability to operate without any oversight basically, and they
16:13
Speaker 1: screwed up. So now oversight and repercussions. Companies with over
16:20
Speaker 1: twenty employees and at least five million in annual sales,
16:23
Speaker 1: as well as physical presence in the United States would
16:26
Speaker 1: be exempt under the assumption they're legitimate businesses rather than
16:30
Speaker 1: shell companies. The legislation also would take steps to improve
16:34
Speaker 1: how banks communicate with finsen, require federal regulators to undergo
16:39
Speaker 1: training and detecting money laundering, and establish a new finc
16:42
Speaker 1: in whistleblower program. Ah back to the loopholes. Huh. Companies
16:48
Speaker 1: with over twenty employees and at least five million annual
16:51
Speaker 1: sales they're exempt though, because there's the assumption that they're legitimate.
16:55
Speaker 1: That's probably because they're fellow Congress people. Those are the
16:58
Speaker 1: kind of companies that they own, right, so they got
17:00
Speaker 1: to have that exemption slipped in there for them. So
17:03
Speaker 1: again we're right back where we started. Crapo and Brown.
17:07
Speaker 1: This is just lip service, folks. This doesn't reach far enough.
17:10
Speaker 1: This does not reach far enough at all. Don't get
17:13
Speaker 1: me wrong. It's a good starting point. It's nice to
17:15
Speaker 1: see Congress taking a look. But at the end of
17:17
Speaker 1: the day, I'm tired of Congress quote unquote taking a look.
17:21
Speaker 1: How about some action. Linda Lacewell, superintendent of the New
17:27
Speaker 1: York Department of Financial Services, recently wrote in Law three p.
17:30
Speaker 1: Sixty that the reports file to the federal government by
17:33
Speaker 1: banks about suspicious financial activity are frequently riddled with the
17:38
Speaker 1: names of anonymous shell companies that make it practically impossible
17:42
Speaker 1: to determine the identity of the perpetrator. It basically negates
17:48
Speaker 1: all of the safeguards. If you don't know who's in
17:50
Speaker 1: control of the company, how can you follow the money.
17:53
Speaker 1: How can you be sure that that money isn't being
17:55
Speaker 1: used to, say, fund the sex trafficking operation. You can't
18:00
Speaker 1: be sure and that's part of it. They want that
18:03
Speaker 1: plausible deniability, right, so they wrote these laws so these
18:06
Speaker 1: people can stay anonymous. It is an absolute joke. In
18:12
Speaker 1: that essay, prompted by the Fence and Files investigation, she
18:16
Speaker 1: also wrote, Therefore, as a first step, we must all
18:19
Speaker 1: move to require disclosure of beneficial owners of corporations and
18:24
Speaker 1: limited liability companies and financial transactions. Yes, one hundred percent.
18:30
Speaker 1: I agree. There needs to be disclosure and it needs
18:34
Speaker 1: to be complete. There can be no bs and around.
18:37
Speaker 1: We can't be This is not something to joke around with, folks.
18:41
Speaker 1: This is literally them stealing our future from us and
18:46
Speaker 1: then using those funds to commit the most heinous crimes
18:50
Speaker 1: you could possibly imagine, everything from genocide to sex trafficking. Banks,
18:57
Speaker 1: law enforcement, human rights groups, labor unions, and state attorneys
19:01
Speaker 1: generals are among the coalitions supporting the legislation. Even the
19:05
Speaker 1: US Chamber of Commerces on board. But there is one
19:09
Speaker 1: influential force pushing back small business now. I am usually
19:14
Speaker 1: a champion of small business mom and pop stores. I
19:17
Speaker 1: shop there if I can. I know, I spend as
19:21
Speaker 1: much money possible at mom and pop stores. But there
19:25
Speaker 1: has to be accountability here. I'm sorry. There has to
19:28
Speaker 1: be regulation and accountability in this sector of our lives
19:32
Speaker 1: because it is so crucial to how everything else functions.
19:35
Speaker 1: It is literally the lifeblood of our society. The difficulty is,
19:41
Speaker 1: in order to do the reporting that we need to
19:43
Speaker 1: get past the shell companies, it requires all of our legitimate,
19:46
Speaker 1: honest businesses to disclose lots of information and do significant reporting,
19:52
Speaker 1: said Crapo, the Senate Banking Community Community Chair. Well, why
19:56
Speaker 1: is that a big deal. If these banks aren't doing
19:58
Speaker 1: anything illegal or untowards, then they should have no problem
20:03
Speaker 1: reporting all of this stuff. I know I had no
20:06
Speaker 1: problem filling out stars when I was in a position
20:08
Speaker 1: that called for it. That's my job, Like Bill Belichick says,
20:14
Speaker 1: do your job. The National Federation of Independent Business, the
20:21
Speaker 1: largest and most influential small business group in the country,
20:25
Speaker 1: is leading the charge to block the legislation. We just
20:28
Speaker 1: don't believe it's worth criminalizing a new paperwork burden. It's
20:31
Speaker 1: a scary thing for small business owners who don't have
20:34
Speaker 1: the time, resources or bandwidth, said Kevin Cooman, the group's
20:38
Speaker 1: vice president of Federal government Relations. Eh. I don't know.
20:42
Speaker 1: That doesn't sit well with me. You don't have the
20:44
Speaker 1: time or the resources to make sure that there's no
20:47
Speaker 1: money laundering occurring, to make sure that the lifeblood of
20:51
Speaker 1: the Western civilization is flowing with good, clean money. I
20:55
Speaker 1: think that's something we should all be concerned about and
20:58
Speaker 1: something we should all be putting resource is towards to stop.
21:04
Speaker 1: Coleman argues the legislation would inflict small businesses with burdensome
21:08
Speaker 1: reporting obligations under threat of find your jail time. The
21:11
Speaker 1: House legislation, authored by Representative Representative Carolyn Maloney, outlines fines
21:16
Speaker 1: of up to ten thousand dollars and up to three
21:19
Speaker 1: years in prison for owners of companies that provide false
21:22
Speaker 1: information or refuse to comply. Coleman also raised the possibility
21:27
Speaker 1: of hackers accessing the Vincent data. Oh yeah, of course
21:30
Speaker 1: that's it, right, Oh hackers, let me guess, Gooseifer two
21:33
Speaker 1: point zero is going to show up and hack this too.
21:36
Speaker 1: Give me an absolute break with a hacker nonsense. I
21:39
Speaker 1: am so tired of that bullshit. Okay, it's got to
21:43
Speaker 1: got hacked. Well, employ better defensive specialists when it comes
21:50
Speaker 1: to your Internet and your your protection of people's information.
21:54
Speaker 1: How about that invest a little bit more money for
22:00
Speaker 1: most legislation in Washington, it's obvious in advance whether it
22:03
Speaker 1: will pass or not. But this is a rare case
22:06
Speaker 1: where the legislation is close to the finish line and
22:09
Speaker 1: no one knows what will happen. Usually we have an idea,
22:12
Speaker 1: right Usually there's some leaks we hear from one side
22:15
Speaker 1: or the other. People are talking about the bills, and
22:18
Speaker 1: we understand one way or the other what's going to occur.
22:21
Speaker 1: That is something that policy wonks like myself are used
22:26
Speaker 1: to seeing. But I really haven't heard much about this bill.
22:30
Speaker 1: This is not a bill that has really been talked about. Obviously,
22:33
Speaker 1: coronavirus and the election and all of that jazz is
22:36
Speaker 1: eating up the news cycle, but this is a bill
22:39
Speaker 1: that you think would be talked about a little bit. No.
22:43
Speaker 1: To get a bill like this through Congress, you typically
22:46
Speaker 1: need support from the four corners, the top Republican and
22:49
Speaker 1: Democrat on both the Senate Banking Committee and the House
22:52
Speaker 1: Financial Services Committee. The bill has support from only three
22:57
Speaker 1: political aids and outside stakeholders, say Representative Patrick McHenry, the
23:02
Speaker 1: ranking Republican on the House side, is the main force
23:06
Speaker 1: of opposition, with him opposed passage of the bill. Is
23:09
Speaker 1: in jeopardy. I think it is probably fifty to fifty.
23:12
Speaker 1: Coolman said of the bill's chances. All right, so, Representative
23:16
Speaker 1: Patrick McHenry, I highly doubt you're listening to this podcast.
23:20
Speaker 1: But if you are, come on, man, get your shit together, bro.
23:23
Speaker 1: This isn't a partisan issue. This isn't the time to
23:27
Speaker 1: dig in. All right, Let's get some accountability for these banksters, dude,
23:32
Speaker 1: Let's get these guys in line. You talk about how
23:35
Speaker 1: you're a conservative and how you want to save money
23:37
Speaker 1: and this that the other thing, but yet you're letting
23:40
Speaker 1: these banks literally steal not only from your constituents but
23:44
Speaker 1: from others, and you're gonna be the impediment holding this
23:48
Speaker 1: bill up. Unacceptable, sir, unacceptable, and you should be challenged
23:54
Speaker 1: on the floor to defend your position like the old days.
23:59
Speaker 1: If I was in Congress, forget it, you folks would
24:02
Speaker 1: be tuning into c SPAN on a regular basis because
24:04
Speaker 1: I would be letting all of these idiots have it.
24:07
Speaker 1: What an absolute clown show. The conclusion will not come
24:13
Speaker 1: down to a dramatic vote on the floor of Congress. Rather,
24:17
Speaker 1: it likely will be worked out in closed door negotiations.
24:20
Speaker 1: Proponents want to include the legislation and the NDAA and
24:24
Speaker 1: the NDAA National Defense or Authorization Act, a must pass
24:28
Speaker 1: bill that funds the military. The Democrat controlled House included
24:33
Speaker 1: it in its version of the NDAA. Nope, I don't
24:36
Speaker 1: like that. I don't want to pork in. Let's make
24:38
Speaker 1: the bills for what they are. Okay, Let's make this
24:41
Speaker 1: a standalone bill and let it stand on its own
24:43
Speaker 1: merits and let these politicians hang themselves with their shit votes,
24:49
Speaker 1: and then, like I talked about earlier, vote them out,
24:53
Speaker 1: hold them accountable. There's people listening to this podcast from
24:56
Speaker 1: all over the country. If all all of us voted
25:00
Speaker 1: out these incumbents and actually sent our neighbors to DC
25:04
Speaker 1: to do the people's work, do you really think we'd
25:07
Speaker 1: be worse off? I know there's people out there. Oh,
25:10
Speaker 1: we need lawyers and we need No, we don't, No,
25:13
Speaker 1: we don't. Okay, where has that gotten us? It's time
25:18
Speaker 1: to try something new. Crepo and Brown proposed their legislation,
25:23
Speaker 1: which is almost identical to the House version, as an
25:26
Speaker 1: amendment to the Senate's NDAA, but it was not adopted.
25:30
Speaker 1: Crepo said he believes there is enough bipartisan support in
25:33
Speaker 1: the Senate to pass the legislation. The problem, he said,
25:37
Speaker 1: was that so many Senators were proposing controversial add ons
25:40
Speaker 1: to the NDAA that Senate leadership ended up cutting almost
25:44
Speaker 1: all of them out, including the money laundering provision, so
25:48
Speaker 1: as not to sync the overall bill. That's why stuffing
25:52
Speaker 1: pork into these bills makes me crazy. I don't want
25:54
Speaker 1: to go off on a policy wonk tangent here because
25:57
Speaker 1: that's not what you folks are listening for. But but
26:01
Speaker 1: this is right in my wheelhouse, this kind of thing.
26:03
Speaker 1: This is what I went to school for political science,
26:06
Speaker 1: and it just makes me mental when they shove pork
26:09
Speaker 1: in these bills and they don't let them stand on
26:11
Speaker 1: their own merit. It is a big problem in DC, folks,
26:15
Speaker 1: and it's both sides. Enough with your pet projects. Can
26:18
Speaker 1: we do the work of the people for once, please.
26:23
Speaker 1: It was not wanting to kill the overall NDAA by
26:25
Speaker 1: having it amended to death, said Crepo. There's a dozen
26:28
Speaker 1: controversial amendments and need to let one amendment go then
26:31
Speaker 1: the floodgates open. But with the House including money laundering
26:35
Speaker 1: provisions in its version, Crepo said that gives congressional negotiators
26:39
Speaker 1: an opening to include some version in the final bill
26:43
Speaker 1: that will have to pass both chambers, the House and Senate.
26:46
Speaker 1: They have already begun those negotiations. The next several weeks
26:50
Speaker 1: will be critical, with their dueling industries lobbying for their interests. Again,
26:54
Speaker 1: lobbyists f K Street two. If I had my druthers,
26:58
Speaker 1: there would be no more lobbyists. Send them all home.
27:01
Speaker 1: And as far as our senators and congress people, it's
27:04
Speaker 1: obvious that they can do their job remotely. So how
27:06
Speaker 1: about they go back to their districts and start doing
27:09
Speaker 1: the work of the people as opposed to the work
27:12
Speaker 1: of the people that give them money. Banks are lobbying
27:17
Speaker 1: for Crapo's legislation because they say they need help thwarting
27:20
Speaker 1: money laundering. They are required to report clients questionable transactions
27:25
Speaker 1: by filing Suspicious Activity Reports or stars to Finsen, and
27:30
Speaker 1: the injur industry sees this as an onerous and expensive burden.
27:34
Speaker 1: Oh yeah, real expensive. I'll tell you what. Why don't
27:37
Speaker 1: you just use some of the money that you've taken
27:39
Speaker 1: from me when I was younger with those predatory loans
27:41
Speaker 1: you like to slap on people without a credit score
27:44
Speaker 1: or people who might have bad credit. Why don't you
27:46
Speaker 1: take the money from there, you bunch of e f
27:49
Speaker 1: and crooks. The Banking Policy Institute, whose members include both
27:56
Speaker 1: domestic banks and large foreign banks doing business in the US,
28:00
Speaker 1: said these financial institutions employ fourteen thousand people dedicated to compliance,
28:05
Speaker 1: and it only takes a couple of those people in
28:07
Speaker 1: compliance to be on the losing team right to be cheating.
28:13
Speaker 1: A BPI survey from twenty seventeen found member banks reviewed
28:17
Speaker 1: sixteen million alerts and filed six hundred and forty thousand stars,
28:21
Speaker 1: but they reported that only four percent of stars received
28:24
Speaker 1: follow up inquiries from law enforcement. Banks also filed five
28:28
Speaker 1: point two million currency transaction reports, which law enforcement followed
28:33
Speaker 1: up less than half of one percent of the time,
28:36
Speaker 1: according to BPI. In other words, folks in language we
28:40
Speaker 1: can explain, they let these people do whatever they want,
28:44
Speaker 1: no oversight, and the stars are a joke, pretty much
28:47
Speaker 1: what they're saying. Forcing companies to disclose their true beneficial
28:52
Speaker 1: ownership was first proposed in Congress back in two thousand
28:56
Speaker 1: and eight. It's gone through different versions since then. Earlier
29:00
Speaker 1: proposals would have forced companies to disclose their own ownership
29:03
Speaker 1: publicly but both the House and Senate versions of the
29:06
Speaker 1: bill would only require disclosure to fins in. Well, that's
29:09
Speaker 1: interesting that it came up in two thousand. Back in
29:12
Speaker 1: two thousand and eight, after Obama won, he had the
29:15
Speaker 1: House and the Senate plus the presidency. I really wonder
29:18
Speaker 1: why they didn't shove it through then they had the
29:21
Speaker 1: power to do so. Could it be that some of
29:23
Speaker 1: the senators and congress people were benefiting from it so
29:27
Speaker 1: they didn't bother hmm, I wonder the politically powerful Koch
29:33
Speaker 1: family previously opposed the legislation and had bobbied Congress to
29:36
Speaker 1: make changes. Shocking. The Koch family a bunch of scumbags
29:41
Speaker 1: who have money to burn, and they inject themselves into
29:45
Speaker 1: politics on a regular basis. The Rights version of George Soros,
29:50
Speaker 1: basically in response the Senate version, was massage to expand
29:56
Speaker 1: exemptions for nonprofit organizations nonprofit organizations again right, which are
30:01
Speaker 1: used as part of the Kochs political operations. The Kochs
30:05
Speaker 1: have now dropped their objections to the legislation, according to
30:08
Speaker 1: Congressional Aids with knowledge of the talks. I wonder how
30:11
Speaker 1: they were massaged into doing that. What sort of backroom
30:14
Speaker 1: deals did they make with these congress people. This type
30:18
Speaker 1: of bipartisan cooperation doesn't come around every day, said BPI
30:22
Speaker 1: Head of Government Affairs Mike Lee, and represents years of
30:26
Speaker 1: stakeholders negotiations and scrutiny. Well look again, it doesn't go
30:32
Speaker 1: far enough, it's not strong enough, but at least it's something.
30:36
Speaker 1: It's a starting point. It gives us a place to
30:40
Speaker 1: start and to point and say to politicians who want
30:44
Speaker 1: our vote, Look, this is important to us. This money
30:47
Speaker 1: laundering issue is important to us. The fact that Jeffrey
30:50
Speaker 1: Epstein was able to run a sex trafficking ring where
30:53
Speaker 1: he trafficked children using this system and this money is
30:57
Speaker 1: important to us. And you must fix it. That is
31:02
Speaker 1: why we're sending you to DC. Fix this, protect our children.
31:08
Speaker 1: Very basic shit here, and yet they have failed for decades. So, folks,
31:13
Speaker 1: I ask you, what are you going to do when
31:15
Speaker 1: it's election day? Are you going to vote for the
31:18
Speaker 1: same old shit, the same old garbage, or are you
31:23
Speaker 1: going to make a change. And I'm not talking about
31:28
Speaker 1: making a change from R to D or D to R.
31:31
Speaker 1: I'm talking about voting for a people who actually care.
31:36
Speaker 1: And the only way that's ever going to happen is
31:40
Speaker 1: if we force the issue. No more career politicians, no
31:45
Speaker 1: more political class. If you're going to Washington, d C.
31:52
Speaker 1: You should be going there to do the people's work,
31:55
Speaker 1: not enrich yourself, and certainly not to protect people like
32:00
Speaker 1: Jeffrey Epstein. If you like to contact me, you can
32:05
Speaker 1: do that at Bobby Kapuci at ProtonMail dot com. That's
32:08
Speaker 1: bo Bby c ap u Cci at protonmeil dot com.
32:14
Speaker 1: You can also find me on Twitter at Bobby underscore
32:18
Speaker 1: c ap u Cci. What's up everyone, and welcome back
32:23
Speaker 1: to the Epstein Chronicles. Every single time one of these
32:28
Speaker 1: banks gets penalized, we hear from people how it's going
32:31
Speaker 1: to change things and how the banks are going to
32:34
Speaker 1: learn their lesson this time around. Well, the facts are
32:38
Speaker 1: that the banks never learn their lessons, and no matter
32:41
Speaker 1: how many financial penalties they get tossed on them, they're
32:45
Speaker 1: not going to change their behavior. They're going to be
32:48
Speaker 1: what they are and who they are, and nothing about
32:51
Speaker 1: the way they operate is ever going to change. That
32:54
Speaker 1: is until somebody goes to prison. But we know that's
32:57
Speaker 1: not going to happen because when you're the one calling
33:00
Speaker 1: the shots in the financial sector. Everybody's dancing to your tune,
33:05
Speaker 1: including all of those politicians that some of you love
33:08
Speaker 1: so much. Today's article is from the Financial Review and
33:13
Speaker 1: the headline JP Morgan's Epstein settlement will change how all
33:17
Speaker 1: banks act? Yeah, okay, sure, and I just got drafted
33:21
Speaker 1: by the Las Vegas Golden Knights to play center. This
33:24
Speaker 1: article was authored by Karen Mayley. Already under fire for
33:30
Speaker 1: jipping their customers on deposit rates and overcharging them for
33:33
Speaker 1: international money transfers, the country's big four banks are now
33:37
Speaker 1: facing the daunting prospect of being held responsible for crimes
33:42
Speaker 1: committed by their clients. But are they though? Are they
33:45
Speaker 1: really all they're doing is getting slapped with more penalties
33:48
Speaker 1: of a financial nature. It's not like any of these
33:51
Speaker 1: people that ever had the bracelets slapped on them and
33:54
Speaker 1: put into a jail cell. So does she really think
33:57
Speaker 1: that this is going to deter banks in the future
34:00
Speaker 1: from making these kinds of moves or are they just
34:03
Speaker 1: going to be smarter about it and more clandestine. This
34:09
Speaker 1: follows the tentative agreement by JP Morgan Chase, the largest
34:12
Speaker 1: bank in the US, to pay two hundred and ninety
34:15
Speaker 1: million dollars four hundred and twenty two million Australian to
34:18
Speaker 1: settle a lawsuit on behalf of victims of the late
34:22
Speaker 1: sexual predator Jeffrey Epstein amid claims that the bank turned
34:26
Speaker 1: a blind eye to internal warnings and overlook red flags
34:30
Speaker 1: about him because he was such a lucrative customer. Are
34:34
Speaker 1: those claims at this point or is it just reality
34:37
Speaker 1: for me? It's reality. They can call them claims all
34:39
Speaker 1: they want, but we've seen the emails, We've seen how
34:42
Speaker 1: JP Morgan executives we're talking about Epstein behind the scenes,
34:47
Speaker 1: and for them to come out and act like they
34:48
Speaker 1: have no idea who this numb nut is, that's just
34:51
Speaker 1: ridiculous and I don't know anyone who's buying it. The
34:55
Speaker 1: proposed deal would settle the lawsuit filed last November by
34:58
Speaker 1: an unidentified women on behalf of potentially more than one
35:02
Speaker 1: hundred survivors who were sexually abused by Epstein over a
35:06
Speaker 1: fifteen year period when they were teenage girls and young women.
35:11
Speaker 1: So where they get that number from is from the
35:13
Speaker 1: compensation fund. Now, the women who drew settlements from that
35:18
Speaker 1: compensation fund more than likely will be in line to
35:21
Speaker 1: get themselves some compensation here as well, and they should
35:25
Speaker 1: get it. Every one of these women who were abused
35:28
Speaker 1: by Epstein should have a Brinks truck back up onto
35:31
Speaker 1: their lawn and dump out a bunch of dough. It
35:33
Speaker 1: would seem, however, that that brinkstruck got lost in transit
35:37
Speaker 1: and ended up in the US Virgin Islands, dumping a
35:40
Speaker 1: bunch of bags of dough on the lawn of the
35:43
Speaker 1: US Virgin Island government. The lawsuit claim that JP Morgan
35:47
Speaker 1: ignored repeated warnings that Epstein had been trafficking teenage girls
35:51
Speaker 1: and young women for sex, even after he registered as
35:55
Speaker 1: a sex offender and pleaded guilty in a two thousand
35:58
Speaker 1: and eight Florida case to soliciting prostitution from a teenage girl. Yeah,
36:03
Speaker 1: because you know, that's exactly what happened. He made a mistake.
36:06
Speaker 1: He was out one night drunk and he just happened
36:09
Speaker 1: to try and pick up a prostitute who was underage.
36:12
Speaker 1: That's the way they try and spin the story. But
36:14
Speaker 1: the reality is he was looking for girls that were underage.
36:17
Speaker 1: That was one of the parameters that had to be
36:20
Speaker 1: met when these girls were bringing other girls to them.
36:23
Speaker 1: So the whole narrative that it was solicitation of an
36:26
Speaker 1: underage prostitute is enough to make me want to throw up.
36:30
Speaker 1: First of all, as we've said a bazillion times, an
36:33
Speaker 1: underage girl can't be a prostitute. And to act like
36:36
Speaker 1: it was no big deal, like all of these people did,
36:39
Speaker 1: is just beyond the pill and all of them should
36:42
Speaker 1: be called out for it. It alleged to the US
36:44
Speaker 1: banking Giant had overlooked red flags in Epstein's activity because
36:48
Speaker 1: it valued him as a wealthy client who helped recruit
36:51
Speaker 1: other extremely affluent people as clients for the bank. Sounds
36:55
Speaker 1: like a Ponzi scheme to me, Wait a minute, didn't
36:58
Speaker 1: JP Morgan get an bed with Bernie Meydoff as well?
37:02
Speaker 1: Oh yeah, that's right they did. So how many disgusting
37:05
Speaker 1: scumbags is JP Morgan going to get down into the
37:08
Speaker 1: muck with before somebody says, you know what, somebody has
37:12
Speaker 1: to be held responsible, and I don't mean financially. The
37:15
Speaker 1: unidentified plaintiff said she was sexually abused by Epstein from
37:19
Speaker 1: two thousand and six to twenty and thirteen and traffick
37:23
Speaker 1: to his friends Epstein, Peter and other victims with cash
37:27
Speaker 1: which was with John from JP Morgan. So it always
37:30
Speaker 1: says with friends, lent her to friends, gave her to friends.
37:33
Speaker 1: Who are these friends? And why are these people not
37:36
Speaker 1: being exposed and gone after? You mean to tell me,
37:40
Speaker 1: you're an agent of the law, you're a prosecutor, an
37:43
Speaker 1: attorney general, and you see all these friends and all
37:47
Speaker 1: these other people that you're telling us he was giving
37:50
Speaker 1: these girls too. But we don't see a criminal case
37:52
Speaker 1: on your end. Why is it only sicco down in
37:55
Speaker 1: the Virgin Islands if he was giving these girls to
37:57
Speaker 1: all these other people like you're alleging, shouldn't that be Rico,
38:01
Speaker 1: shouldn't that be all of these people who are getting
38:03
Speaker 1: these girls and abusing them getting caught up too. But
38:06
Speaker 1: instead it's nothing more than diversion and trying to secure
38:10
Speaker 1: another gigantic bag of money. Epstein paid her and other
38:15
Speaker 1: victims with cash which was with John from JP Morgan.
38:19
Speaker 1: The plaintiff accused the bank of profiting from Epstein's activities
38:23
Speaker 1: and assisting in his alleged sex trafficking by enabling him
38:27
Speaker 1: to make payments to his sexual victims. All of that
38:30
Speaker 1: is factual. And as much as I've been talking about
38:34
Speaker 1: JP Morgan being right about the US Virgin Islands. It
38:37
Speaker 1: doesn't give them any kind of covery here. All they've
38:41
Speaker 1: done is honestly help further the conversation that the US
38:45
Speaker 1: Virgin Islands was complicit. They haven't made themselves look better
38:49
Speaker 1: by outing the US Virgin Islands. All they've engaged in
38:53
Speaker 1: is somewhat about ism. So anyone who thinks that JP
38:56
Speaker 1: Morgan isn't culpable here isn't paying attention either. P and
39:01
Speaker 1: the US Virgin Islands share responsibility for what happened down
39:06
Speaker 1: in this territory amid media reports. Court documents show that
39:11
Speaker 1: JP Morgan continued its relationship with Epstein even though bank
39:15
Speaker 1: employees filed numerous suspicious activity reports flagging Epstein's repeated large
39:21
Speaker 1: cash withdrawals. They also showed that although the bank designated
39:25
Speaker 1: Epstein a high risk client in two thousand and six,
39:28
Speaker 1: it retained them as a customer despite media reports of
39:31
Speaker 1: alleged sexual abuse of teenage girls and evidence that some
39:35
Speaker 1: cash withdrawals were used to pay young women. Some evidence
39:39
Speaker 1: a ton of evidence, and not only young women, but
39:42
Speaker 1: other co conspirators. How much money was moved to Glenn Maxwell,
39:45
Speaker 1: How much money was moved to Sarah Kelln Vickers or
39:49
Speaker 1: Adriana Ross or Leslie Groff or John Luke Brunel or
39:53
Speaker 1: I can go on forever. See the problem is they
39:56
Speaker 1: never really went hard in the pain here to try
39:58
Speaker 1: and connect all these dots, because they understood where it
40:01
Speaker 1: would lead them, and that was the no go from
40:03
Speaker 1: the very beginning. Court documents from a related lawsuit by
40:07
Speaker 1: the government of the US Virgin Islands show that some
40:11
Speaker 1: senior JP Morgan employees had long argued that the bank
40:14
Speaker 1: should sever its ties with Epstein. In July twenty eleven,
40:19
Speaker 1: Stephen Cutler, who was then the bank's general counsel, wrote
40:22
Speaker 1: in an email, this is not an honorable person in
40:26
Speaker 1: any way. He should not be a client. Right then
40:28
Speaker 1: and there, he should have been dropped. Your head of
40:30
Speaker 1: legal is telling you to drop this dude, and you
40:33
Speaker 1: decide not to. So, yeah, you deserve to pay two
40:36
Speaker 1: hundred and ninety million dollars to the survivors. After JP
40:40
Speaker 1: Morgan finally cut off ties in twenty thirteen, Epstein shifted
40:44
Speaker 1: his banking business to Deutsche Bank, where compliance officers raised
40:48
Speaker 1: concerns about what they saw as suspicious transactions, only to
40:53
Speaker 1: be overruled last month Deutsche agreed to pay seventy five
40:57
Speaker 1: million to settle a lawsuit accusing the German bank of
41:01
Speaker 1: enabling sex trafficking by Epstein, who killed himself allegedly in
41:06
Speaker 1: August of twenty nineteen in a Manhattan jail cell while
41:09
Speaker 1: awaiting trial for sex trafficking when he was a client
41:12
Speaker 1: at JP Morgan between the years of twenty thirteen and
41:16
Speaker 1: twenty eighteen. Of course, bankers are now ruing their decision
41:22
Speaker 1: to have any association with Epstein. We would never have
41:25
Speaker 1: continued to do business with him if we believed he
41:28
Speaker 1: was using our bank in any way to help commit
41:31
Speaker 1: Han's crimes, a spokeswoman for JP Morgan said last week.
41:35
Speaker 1: Such revisionist history, especially considering they all knew at the
41:39
Speaker 1: time in real time and we're talking about it in emails.
41:44
Speaker 1: But many bankers believe that JP Morgan settlement, which if
41:48
Speaker 1: approved by the court, will be one of the largest
41:50
Speaker 1: yet for a civil trafficking case, has set an important
41:54
Speaker 1: precedent that has huge implications for the banking industry. I
41:58
Speaker 1: just don't agree with that these guys are never going
42:00
Speaker 1: to learn their lesson until people are sent to prison.
42:03
Speaker 1: Two hundred ninety million dollars means nothing to them. They
42:06
Speaker 1: believe it greatly ramps up the onus on bankers to
42:09
Speaker 1: ensure that the financial services they provide are in not
42:13
Speaker 1: any way used to facilitate any crimes committed by their customers.
42:17
Speaker 1: At present, AUSTRAC requires banks to report individual transactions of
42:23
Speaker 1: ten thousand dollars or more and also to lodge suspicious
42:26
Speaker 1: matter reports if they suspect that a person or transaction
42:30
Speaker 1: is linked to a crime. So OSTRAC is Finsen for Australia.
42:35
Speaker 1: They're in charge of regulating all of these transactions and
42:39
Speaker 1: the financial sector interest. In September twenty twenty, Westpac came
42:44
Speaker 1: to an agreement with ASTRAC to pay one point three billion,
42:47
Speaker 1: the largest civil penalty in Australian corporate history, civil liability
42:53
Speaker 1: for the crimes. The Sydney Base Bank admitted it failed
42:57
Speaker 1: to properly report more than nineteen point six million in
43:00
Speaker 1: international transfers and that it failed to carry out appropriate
43:04
Speaker 1: due diligence on its customers, with two hundred and eighty
43:07
Speaker 1: four clients making transactions indicative of suspicious activity, including child
43:13
Speaker 1: exploitation in Southeast Asian countries and when I say Epstein
43:17
Speaker 1: was the tip of the iceberg. That's what I mean.
43:19
Speaker 1: This shit is happening all over the world, and there's
43:22
Speaker 1: a lot of sick people engaging in the same exact
43:24
Speaker 1: behavior that Jeffrey Epstein was engaging in. But bankers believe
43:29
Speaker 1: the JP Morgan settlement extends the scope of their accountability
43:33
Speaker 1: even further. They now appear to have civil liability for
43:37
Speaker 1: the crimes committed by their customers if those crimes are
43:40
Speaker 1: facilitated by otherwise ordinary banking services. Wait, you mean they're
43:45
Speaker 1: going to be held to account like everybody else. Well,
43:47
Speaker 1: wouldn't that be nice? At the very least, bankers now
43:52
Speaker 1: have a duty to interrogate the underlying purpose of cash
43:55
Speaker 1: transactions and perhaps other unusual transactions that their clients undertake.
44:01
Speaker 1: It is, of course impractical for bankers to monitor individual
44:04
Speaker 1: cash transactions to ensure that these are not in some
44:07
Speaker 1: way helping to facilitate a crime. Look, you don't need
44:10
Speaker 1: to go that far, Okay, just don't be complicit, don't
44:14
Speaker 1: enable it, and if you see it, make sure that
44:16
Speaker 1: it gets brought to the right authorities and it gets handled.
44:20
Speaker 1: The far easier course of action is for bankers to
44:22
Speaker 1: decide that it's far too risky to provide banking services
44:26
Speaker 1: to high risk clients, including people with criminal records or
44:29
Speaker 1: those who they suspect might be engaged in criminal activities. Yeah,
44:33
Speaker 1: I'm not a fan of that. They can arbitrarily apply
44:36
Speaker 1: that to anybody and use it to keep people out
44:38
Speaker 1: of the banking sector, which is absolute bullshit as well.
44:41
Speaker 1: So here's an idea. Hold your executives accountable and the
44:46
Speaker 1: people working for your companies accountable, and leave everybody else alone.
44:50
Speaker 1: Because now they risk being held accountable for the sex trafficking,
44:53
Speaker 1: the drug dealing, or other felonies committed by their clients.
44:57
Speaker 1: Bankers will be a lot more careful about whom they
45:00
Speaker 1: do business with. I can't say that I agree with that,
45:03
Speaker 1: considering that this isn't the first time we've seen scandal,
45:06
Speaker 1: This isn't the first time a bank's been caught up.
45:09
Speaker 1: What makes anyone think that this is going to be
45:12
Speaker 1: the pivotal moment where the banks finally figure it out
45:15
Speaker 1: Because it's not going to be, And that's never gonna
45:18
Speaker 1: happen until you hold people accountable at a personal level.
45:22
Speaker 1: And I don't mean just financially, I mean criminally as well.
45:26
Speaker 1: Long sentences doing hard time for these financial crimes. If
45:30
Speaker 1: you want to clean things up, well, that'll get their attention.
45:34
Speaker 1: Telling them that they have to pay a few bucks.
45:36
Speaker 1: That's just an annoyance, all right, folks. That's gonna do
45:39
Speaker 1: it for this one. All of the information that goes
45:41
Speaker 1: with the episode can be found in the description box.