Eliot Spitzer's bank turned him in to the IRS

Newsday.com ^ | 3-11-08 | ROBERT E. KESSLER

[JOAT]

Gov. Eliot Spitzer ended up as the subject of an investigation into a prostitution ring because his bank branch in Manhattan turned him in to the Internal Revenue Service as someone who might be engaged in suspicious currency transactions, according to sources familiar with the investigation.

[eleni121]

sometimes, a cigar is just a cigar.

---

Not when we are at war with Islam..and Cheney is going begging to the Saudis

[montag813]

Anyone who has ever worked as a bank teller knows about these IRS reports. I once discovered a money-laundering ring run out of a client’s Chinese restaurant because they kept coming in depositing amounts just under the limits. I reported it to my manager, and it turned out they were laundering heroin money to the tune of $3 million a year between 5 banks. So banks take this stuff very seriously.

[GovernmentShrinker]

I don’t really think it’s anything to worry about at this point. I’m not seeing innocent people having problems as a result, and it’s really the only way to reduce the flow of cash to terrorist and drug-dealing organizations (which in many cases are one and the same).

[JOAT]

They think Spitzer’s being framed.

The DUmp is so predictable.

[unixfox]

Corrupt politicians getting nailed by corrupt agency they have created and nurtured.

SWEEEEEEEEEEEEEEET!!!!!!

[KarlInOhio]

I like that. Reverse structuring the withdrawl so that you get three times the paperwork for the IRS instead of just one $30k withdrawl. That's like when I'm in a pissy mood on April 15 and have some time I'll take my perfectly printed Turbo Tax version of tax forms and hand write the information on blank forms just to make the IRS waste time typing my taxes. Believe me, OCR won't work on my hand writing.

[JOAT]

I'm not a drug dealer or whore monger, I like my privacy.

Same here, although I am a moonshiner and gun-runner.

BATFE morons, that was just a joke.

[JOAT]

Anyone who has ever worked as a bank teller knows about these IRS reports.

Or a car salesman.

As attorney general, Spitzer certainly would have known about the limits. He's just an arrogant SOB.

[Dr.Zoidberg]

although I am a moonshiner and gun-runner.

It's nice to meet the competition. I wonder, have you ever considered a partnership?

Heh.

[JOAT]

Corrupt politicians getting nailed by corrupt agency they have created and nurtured.

Poetic justice indeed.

[Clemenza]

You forgot to mention that blood was not flowing to his brain when he made his decision. When it comes to sex and drugs, even some of the brainiest people make dumb decisions.

If I ever see Dick Grasso, I will buy him a drink in celebration.

[RightOnTheLeftCoast]

"I had no idea prevailing wages for this type of work were so high."

Have you gotten a look at Spitzer? It'd be like shagging a Ferengi. No room is dark enough.

[Clemenza]

Nice, but Dina McGreevey was hotter.

[b4its2late]

SAR can be filed for whatever. CTR is the currency report. I would say it was and SAR as the article states but not because of the dollar amount. More in line with laundering or structuring.

[BusterBear]

I suspect the IRS had to get the go-ahead from SecTreas to actually go ahead on the wiretap order.

The IRS called in the FBI and they had to get approval from the US Attorney General since a high-level government official was the subject.

[goodnesswins]

I know a guy who was the executor for his Aunt’s estate.....she lived a humble life somewhere, I think Nebraska, worked as a waitress in her later years....anyway....the funeral is over, he goes back to her house....decides he should start looking around and deciding what to do with her things.....starts checking drawers.....comes upon a wad of cash....opens another drawer....another “hidden” wad of cash.....decides to shut the curtains.....ends up on a plane back home the next day with something like $65,000 cash in a bag sitting on his lap!

[blau993]

Nailed by Patriot Act.

Actually no. This currency transaction reporting regulation has been around for years. As the article points out, millions of these reports are filed by banks every day, and the vast majority of those are completely innocuous. I expect my bank has to file one on me every month when the firm that manages my pension funds wires cash into my bank account.

[blau993]

5K for a lay? I had no idea prevailing wages for this type of work were so high.

Yes, don't expect to hear about these ladies when Hillary and NOW start pushing their "gender equality" initiative.

[I_like_good_things_too]

It’s very easy— the limit is $10k, if they are either withdrawing or depositing or otherwise converting 10K, you fill out a form. If they try to avoid the form by structuring the conversions to be less than 10K, you fill out a form. This was put in place to find drug dealers, tax avoiders & other money launderers. And trust me, working at a bank in Miami many years ago, there was quite a lot of that going on.

[BusterBear]

I wonder who the owners of this “club” are?

One of the guests on IMUS said he had reports that the club was connected to the Gambino crime family.

Still a lot we don't know.