“How Many Billions Have To Be Laundered For Drug Lords Before We Consider Shutting Down A Bank?”

Posted: May 24, 2013 in Covert Operations, Drug Trafficking
Tags: , , , , , , ,

March 21, 2013

“If you’re caught with an ounce of cocaine, the chances are you’ll go to jail. If it happens repeatedly, you may go to jail for the rest of your life. But evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night. Every single individual associated with this, and I just think it’s just fundamentally wrong.”

Elizabeth Warren is still waiting for an answer.

During Senate testimony Liz Warren asks how much drug-laundered money it takes before banking regulators consider shutting down a bank. Hilarity ensues. And no one ever answers the question.

Witnesses were:

1. David Cohen, Sec. for Terrorism and Financial Intelligence, U.S. Treasury

2. Thomas Curry, Comptroller, Office of the Comptroller of the Currency

3. Jerome H. Powell, Governor, Federal Reserve System

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