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Rush Limbaugh attacks ABC money-laundering story in connection with his drug-pill addiction
PHXnews ^
| 11/19/03
| Joe Kovacs
Posted on 11/19/2003 3:28:38 PM PST by Tumbleweed_Connection
Radio talk-show host Rush Limbaugh is blasting an ABC News report that suggests he may have used laundered money to finance his admitted addiction to pain-killing drugs. Rush Limbaugh
"I have never, I have not laundered any money," Limbaugh said today on his daily broadcast. "I know who's behind it; I know what the intent is."
Limbaugh was responding to a report on "World News Tonight" stating the broadcaster "may have violated state money-laundering laws in the way he handled the money he used to buy the prescription drugs to which he was addicted," citing law enforcement sources.
Limbaugh returned to his top-rated show Monday following five weeks of rehabilitation after admitting his addiction.
According to the ABC report, "Authorities say they became aware two years ago, during an investigation of New York bank US Trust, that Limbaugh had taken between 30 and 40 cash withdrawals from his account in amounts just under $10,000. Banks must file a report to the government if someone withdraws more than $10,000 at once."
The network quoted Jack Blum, an expert on financial crimes, who said, "That in itself is a suspicious activity: They are structuring their transaction to avoid reporting to the government, and the bank is required to file with the federal government something called a suspicious activity report."
"Now the problem will be: Did he then assist his drug supplier in hiding the proceeds from the government?" said Blum.
ABC reported a decision on whether to prosecute Rush on money-laundering charges would be made in the next few weeks.
Limbaugh wasted no time addressing the allegation, using the first segment of his program to explain the situation.
"I was not laundering money. I was withdrawing money for crying out loud," he said.
Limbaugh says US Trust had suggested to him and other customers that cash withdrawals be made in amounts less than $10,000, so the bank would avoid the federal paperwork, and there was no other reason. He also denied the allegation of 30 to 40 withdrawals, saying it was perhaps four or five at the most.
US Trust paid a $10 million fine in 2001 for urging customers to avoid the $10,000 threshold.
"The account that I have is the account that I pay bills out of," Limbaugh said, citing expenses for travel, food, gratuities and a home-remodeling project.
He stressed it was US Trust, and not himself, that was under investigation for wrongdoing, and he cooperated fully with the probe.
"I complied with every request that was made of me," Limbaugh said.
While Limbaugh did not mention any names, he said he knew who was behind the ABC report.
"It's being reported to create a picture that is false," he said. "I know where this is coming from. This is not a leak. It is the purposeful release of false information."
"I'm not bothered by it, 'cause I know what the truth is," he added.
On his Monday broadcast, the first since he entered rehab, Limbaugh summed up this personal lesson he learned during his time off the air.
"I can no longer try to live my life by making other people happy," he said. "I can no longer turn over the power of my feelings to anybody else, which is what I have done a lot of my life. I have thought I had to be this way or that way in order to be liked or appreciated or understood, and in the process I denied myself who I was, and I denied the other people who I was talking to and relating with who I really am. And that isn't good."
TOPICS: News/Current Events
KEYWORDS: abcnews; rush; wodlist
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To: oceanview
The U.S. Bank Secrecy Act, under which the Suspicious Activity Reporting regulations are issued, makes it a crime to "structure" currency transactions "for the purpose of evading the reporting requirements" of the BSA (Title 31, USC Sec. 5322 and 5324). Structuring normally involves multiple cash deposits or withdrawals at amounts below the $10,000 currency transaction reporting threshold prescribed by BSA regulations (31 CFR 103.22). Structuring can also involve conducting a transaction in a way that causes the filing of a report that contains "a material omission or misstatement of fact."
41
posted on
11/20/2003 3:20:28 AM PST
by
NY.SS-Bar9
(BOYCOTT HALLMARK)
To: Rudder
If this ain't typical psychobabble of the govt-sponsored 'recovery programs,' I don't know what is.
What is wrong with his admission? There comes a time in the lives of most of us when we do or should acknowlege the same thing.
To: lelio
Not that I think Rush is guilty of money laundering, but you can launder money that you legally earn.
If it's money that comes in the manner you suggest, it's really not earned, nor would it appear to be 'legal'. There has to be a better example of what happened.
To: lelio
Not that I think Rush is guilty of money laundering, but you can launder money that you legally earn.
And besides, I don't think ABC network, or whoever the radio syndicate is he works for is in need of hiding income.
To: deport
I have thought I had to be this way or that way in order to be liked or appreciated or understood, and in the process I denied myself who I was, and I denied the other people who I was talking to and relating with who I really am. And that isn't good."
He was talking about his personal relationships with people. Not the libs. Think about it, he's been married what? 3 or 4 times? That's usally a sign there is an issue you need to solve on YOUR end.
Comment #46 Removed by Moderator
To: NY.SS-Bar9
so I am guilty too, taking $1000 per month for 12 months, I could have taken it all at the beginning of the year in one withdrawal. I guess I should turn myself in.
Comment #48 Removed by Moderator
To: No King but Jesus
well, I agree, Rush was nuts to say that. But looking at how this is worded, how do you prove it? The gov't could easily say that anyone that withdraws over $10K in cash, over any period of time, has "structured" those withdrawals to evade the reporting law.
To: Tumbleweed_Connection
Unfortunately for Rush, it is impossible to buy hundreds of thousands of dollars in illegal drugs for cash without running afoul of financial disclosure and money laundering laws. He never seemed to care about that before he got caught.
Though to Rush's credit, I do seem to remember him coming out against the "Know Your Customer" rules.
50
posted on
11/20/2003 7:38:53 AM PST
by
gridlock
(OK, so I was wrong about Hillary! announcing on Nov. 19th. Sue me!)
Comment #51 Removed by Moderator
To: No King but Jesus
Wow, I've never heard that line before.
Comment #53 Removed by Moderator
To: beelzepug
Satisfaction isn't ALL I'd like to see oozing out of Jennings
You're a braver man than I...
To: ClintonBeGone
Blum's suggestion is not that Rush is guilty of laundering money because he is concealing income to himself, but rather that Rush is laundering money because he is aiding his supplier in concealing income from Rush's illegal drug purchases. The fact that Rush paid large sums in cash, instead of using a traceable credit card or check, aided the drug supplier in carrying out his illegal activity.
At least that seems to be the suggestion of Blum. How much water that holds in the real world, or if any Prosecutor in the land would ever put a man on trial for it, is another matter altogether.
55
posted on
11/20/2003 7:50:45 AM PST
by
gridlock
(OK, so I was wrong about Hillary! announcing on Nov. 19th. Sue me!)
To: No King but Jesus
"Is it your position that truths ought never be repeated?"
LOL! Of course not. And I'm not even opposed to people posting their pro-dope propaganda repeatedly.
To: Tumbleweed_Connection
"I can no longer try to live my life by making other people happy," he said. "I can no longer turn over the power of my feelings to anybody else, which is what I have done a lot of my life. I have thought I had to be this way or that way in order to be liked or appreciated or understood, and in the process I denied myself who I was, and I denied the other people who I was talking to and relating with who I really am. And that isn't good." This line bothers me. It has the ring of psychobabble. I hope they haven't gotten into his head.
57
posted on
11/20/2003 7:56:15 AM PST
by
Aquinasfan
(Isaiah 22:22, Rev 3:7, Mat 16:19)
To: Tumbleweed_Connection
Jennings is an Elite from the Media/Journalistic ranks and like his brethern is partially reponsible for the calamities of world affairs. Additionally, he was born in 1938 and the world is no longer about or for him. He and his like minded brethern have made a mess of things.
58
posted on
11/20/2003 8:00:58 AM PST
by
Helms
(Just Who Are The "Elites "?)
To: No King but Jesus
Actually a seperate law defines structuring as any deposit or withdrawal to avoid reporting laws for the purpose of laundering money.
Comment #60 Removed by Moderator
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