Limbaugh bank withdrawals under fire

New York Daily News ^ | 11/19/03 | DEREK ROSE

[kattracks]

Authorities are investigating whether radio host Rush Limbaugh skirted banking laws in getting cash to buy his illegal prescription painkillers, it was reported last night. Limbaugh made between 30 and 40 cash withdrawals from his account at U.S. Trust in amounts just under $10,000, ABC News quoted law enforcement officials as saying.

At one point, a U.S. Trust employee delivered about $9,900 in cash to Limbaugh at his New York studio, ABC reported. Banks must report withdrawals of $10,000 or more to the federal government.

Law enforcement officials will decide this week whether to prosecute Limbaugh on the felony money-laundering charges, ABC News also revealed.

"There's no basis for these charges. He has not committed any acts of money laundering and he absolutely denies it," Limbaugh's lawyer, Roy Black, told ABC. "I can assure you - and Rush assures the listeners to his radio station - when we can, we will tell the story, and he will tell it himself. Everybody will see what has really gone on here."

Black could not be reached for further comment last night.

ABC's report also said that officials in New York, in addition to Limbaugh's home state of Florida, are handling the probe.

Representatives for New York State Attorney General Eliot Spitzer and the New York State Banking Office said they were not aware of any investigation.

Limbaugh returned to the WABC radio airwaves Monday after checking himself into a painkiller detox program five weeks ago.

Originally published on November 19, 2003

[4everontheRight]

How dare Rush withdraw money that has the words "In God we trust" written on it"???????

[onyx]

Thank you for the info and for a great laugh "Mary Jo the teller = special agent." More and more evidence that Orwell's 1984 came to pass.

[StriperSniper]

There is no reason to buy $9,999 in pills at a time, the only reason to do that is if you were dealing.

Not necessarily, two reasons could be bulk discount(Rush didn't need) or to reduce risk with fewer transactions. I don't know(nobody does yet) what Rush's buying habits were, but those are two reasons for large purchases.

[DixieCapricorn]

Reading Atlas Shrugged changed my outlook on life for the better just as listening to Rush has. They both point out the failures of liberalism.

[webstersII]

"The younger generation 20-something and under responds to this BS with "whatever."

And the older generation says, "well, if you aren't doing anything illegal then you don't have anything to worry about."

[Torie]

A pattern and practice of taking out between 5 and 10 K, or taking out just under 10K as a pattern and practice, must also be reported by the banks.

[richtig_faust]

Banks must report withdrawals of $10,000 or more to the federal government.


I didn't know that..... talk about big brother...

[Protagoras]

Limbaugh supports Bush. Bush administration passed the "know your customer" law in stealth form as part of the "Patriot" act. It had been beaten back several times by ordinary Americans .

I guess Rush should be careful who he supports.

[scannell]

Ok, so if he didn't take out $10,000 or more he didn't need to be reported.

Exactly and further, the law was enacted to thwart the "laundering" of illegally obtained (Drug Trading) funds. I have NO doubt that Rush actually earned this money and paid taxes on it. It is not laundering when the source of the funds are accounted for. The only difference between transactions of cash exceeding $10,000 and not exceeding $10,000 is the reporting requirement. Neither is laundering unless the funds were illegally obtained.

No banking irregularity here.

[Protagoras]

It would also put the banks out of business because most banks don't keep enough cash on hand to cover deposits.

We have a banking system that addresses such things.

[Torie]

The law also pertains to the illegal use of money.

[Protagoras]

Talk to the Republicans. They love this stuff, they enacted most of it. The "Patriot" act is jammed with this stuff. I guess Rush is a terrorist.

[Snuffington]

Why, if everyone took $10,000 out of the bank, it would drive the Feds nuts!

Escpecially those of us who don't have $10,000 deposited.

Seriously, a friend of mine told me about these regulations a few years ago, and at first, I thought he was mistaken. Why would the federal government care if you legally withdrew your own money from the bank? But they do.

Presumption of innocence may still be the rule in court, but not before the rest of the federal government.

[Hillary's Lovely Legs]

Roy Black-was he the slime that got the kennedy kid to slide on the rape charge?

Roy Black, defense attorney for Manuel Noriega.

[1Old Pro]

LOL, this is a total NON-STORY because the allegations are preposterous. It does reveal the anti-Limbaugh and anti-conservative bias of the paper though.

[mountaineer]

Of course, they have to prove that your motive was evil.

In practice, the way this stupid law is applied, it seems it's up to you to prove your motive wasn't evil - not exactly what the framers of the Constitution envisioned.

[mountaineer]

Bush administration passed the "know your customer" law in stealth form as part of the "Patriot" act.

The $10K reporting requirement was enacted decades ago.

[wotan]

"If you take out lower amounts (<$10,000) in multiple transactions, for the express purpose of not having the transaction get reported, that is called "structuring" and is a "problem"."

If Limbaugh at no time paid more than $10,000 in cash for his drugs, I think he would have a case that he was simply structuring payments to match his drug purchasing activity, not to avoid reporting requirements, but that seems unlikely.

[Protagoras]

The $10K reporting requirement was enacted decades ago.

Yep and it was recently made much worse with the "Patriot" act. One of the ways they justify this crap is by saying, "we have been doing this for decades", as if precedents are always good things.

[MileHi]

And the older generation says, "well, if you aren't doing anything illegal then you don't have anything to worry about."

And they would be wrong.