Posted on 10/10/2024 7:55:37 PM PDT by jerod
TD has $370.33 Billion in assets, so $3 billion should be easy enough to come up with... And they likely made way more while laundering the cash.
For the managers that allowed this to happen, I know they understand that they can personally have been charged under the statute. I know the bank is “taking the hit” but it is one of those crimes where there is a personal liability if the government thinks it’s appropriate. That’s a lot of risk for a branch manager to take. But, their incentives are based on the growth in deposits.
I worked at a bank that TD Bank took over. I wonder if any of my old friends were accepting suitcases full of cash. I doubt it…but this really surprises me.
CBS News fined $3B US after pleading guilty in historic U.S. election interference case
maybe it’s not money laundering at all. Possibly they didn’t follow some insane law down to the letter like snitching on a legitimate business making regular deposits in regular basis which the government deems suspicious but the bank found to be harmless. That’s happened before here in the states. Nothing illegal but the IRS didn’t like it and seized a restaurants legal deposits.
If the bank employees were doing that, they should be put in jail. Not the bank.
Why should organization pay for criminal acts committed by the employees?
Why should Church or Boy Scouts pay for the sins of priests or Scout leaders?
Offset by $323.97 billion in liabilities. So it has 'only' $47.35 billion to play with.
Of course, that's only TD Bank, N.A. Then there is TD Bank USA N.A.
TD BankNorth and TD Bank USA F.S.B. don't appear to be active at this time.
Because the organization - and its shareholders - profited from the criminal activity.
My proposal for corporate criminals is to have the equivalent of a jail term for the company - place it in conservatorship for a period of years, with the dividends going to the taxpayers, not the shareholders. At the end of the prison term, the company would be returned to the shareholders of record at the time of the 'incarceration'.
Joe didn’t get ‘his 10%’....
I wonder if Justin got his share.
and the canadian truckers cheered ...
Straight from the oratory of so many American corporate executives:
Bharat Masrani, CEO of TD Bank Group, said in a statement that the bank has "taken full responsibility," and will be making "the investments, changes and enhancements required to deliver on our commitments."
. . . word salad generator . . .
And to think my ATM pukes if I try to take out more than $300 per day. Who in IT at TD Bank overrode the controls on daily limits for cash deposits and withdrawals? What level of exec sign-off is required to override these controls?
Great controls at the bank. Don't tell me these shenanigans are going on without lots of top-brass knowing about it and turning a blind eye to it.
The drug cartels aren't going to be happy with this turn of events. They no doubt worked a long time to get TD Bank to do their laundry for them.
Fraud at banks is one thing. Election fraud is a whole ‘nother kettle of fish.
If NO, just normal business.
Made enough to cover the fines and still make bonuses.
I’m sure Biden’s handlers will make sure the billions in fines will go to Dim PAC “nonprofits”. Obama was makings fines go to them.
Makes one wonder how bad it’s in Canada.
He needs to resign in disgrace!
Considering all the reports and audits required, damn, Joe Biden and his minions want banks reporting deposits and withdrawals of $600 now, who in the GOVERNMENT should take the fall for YEARS and YEARS of crap going on?
They probably already know who, and are ignoring it.
Can’t have banks competing with the government.
Probably every Christmas, the members of the Mexican Cartel, send cards to each other and to the Mexican government[s]; and in the cards, the same message:
We have “taken full responsibility,” and will be making “the investments, changes and enhancements required to deliver on our commitments.”
When I read the article I was interested to see what branches were involved. None were named so I’m guessing at least some, if not all, were in New Jersey since Attorney Philip R. Sellinger for the District of New Jersey is referenced.
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