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.

[evets]

Always use PayPimp.

[paratrooper82]

He had been doing this for more than a year, and only now someone became concerned he might be the “victim” of blackmail, or some other criminal matter?

[tsmith130]

Or maybe PayGal?

[Enterprise]

Interesting to say the least. He made a lot of enemies, and that probably included the banking industry. Maybe someone told someone who told someone and someone dropped a dime. Payback.

[catbertz]

Hi,

Could you explain structuring more. Does that mean they view it as bad if you have money spread around in different banks. I have four accounts with different banks, due to the FDIC limits. Is this a red flag to the IRS now?

[OESY]

The question is where did the $5,000 come from before it went into Spitzer's bank account? I noted that last week I received notice that the assessed value of my house increased by 41% and my side lot by 110%. Did I, or another New York taxpayer, buy Spitzer's membership in the Emperor's Club?

.

[WoofDog123]

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

[Centurion2000]

Which means that pretty much anyone could become the subject of an IRS investigation and the paperwork for banks is going to be huge. The US is morphing into a police state before our eyes.

Morph(ing)?? Try morphed.

[mysterio]

I'm uncomfortable with banks ratting out customers who they think might possibly be breaking the law.

[Petronski]

He structured the cash transfers to avoid the reporting requirements. The Governor of New York - didn't know what the law said? He was really dumb.

That's second-year law school stuff.

As I think you're insinuating, you can be damn sure he knew the law on this. Absofrigginlutely.

[Williams]

Maybe that's the reason (taking risk) but I doubt it. Everything about it sounds like a pure pleasure release for high rollers ("Emperors Club") seeking to unwind and do what they want with no questions asked.

And I have to ask all the "shocked" lib friends of Spitzer, WHY would anyone be surprised a leftist engages in immorality? They don't believe in God, fight for every sexual variation, and always consider themselves above the law. Just which liberal value did he violate? The atheist's code?

[monday]

“I know it’s required by law and I know they fill these forms out for a lot of people BUT not every name at the top of the form is the Governor of NEW YORK STATE! Had to be nerve wracking for the bank.”

As anti business as he was, they probably enjoyed it. Probably still having a good laugh in fact.

[avacado]

"Man, someone had a large set of nads at that bank! Can you imagine turning in the Governor of NY?"

If it was a Conservative then he/she is celebrating big time right now with complete utter joy and overwhelming satisfaction!

[popdonnelly]

On the other hand, think of how nerve-wracking it could get for the bank if they didn’t fill the form out. The bank gets an unpleasant visit from the IRS, possibly subject to prosecution, and various people at the bank lose their jobs.

[highball]

But banks are turning you in for the way your gonna handle you own money. Silly. Why not drop it to $1000. This is getting crazy.

Yeah, it is.

I'm glad he's toast, but I'm really uncomfortable with requiring banks to report their customers to the Feds.

[WoofDog123]

“Does anyone doubt that a Democrat administration will use the Patriot act via the IRS to attack it’s political enemies?”

Been saying it for years, but it is pretty lonely here. Not likely the patriot act under Hillary’s control is not a popular view here.

[Proud_USA_Republican]

These girls are on the model level of looks and body. They aren’t your standard streetwalkers.

[Williams]

I suspect the bank reports these electronically from a data base of all suspicious accounts, could be wrong but I doubt the image of gleeful or coourageous bank officers is accurate. Just mindless compliance activity.