Posted on 03/11/2008 12:35:04 PM PDT by 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.
(Excerpt) Read more at newsday.com ...
You bet. I’ve said it for a while, too, but pretty much no one will listen.
Imagine Hillary Clinton with powers of the Patriot Act.
I like your idea.
It should not be of their concern. The Bank is merely holding my money, awaiting a transaction or investment.
What I choose to do with my money is not a crime.
“Imagine Hillary Clinton with powers of the Patriot Act.”
Bush is such a moron.
We can tell the folks at DU we’ve found the center of the vast right wing conspiracy - Spitzer’s bank branch.
They think Spitzer’s being framed.
A few years back I was paid for some timber with a check that was over the 10k limit and wondered why the bank wanted me to fill out a bunch of forms to cash it.
I told them to stuff it and took the check back. I called the company and had them pay me in $100’s.
That is a silly law if you aren’t doing something illegal.
When to File a SAR
An MSB must file a SAR when it knows or suspects that:
The funds come from illegal activity or disguise funds from illegal activity;
The transaction is structured to evade BSA requirements or appears to serve no known business or apparent lawful purpose; or,
The MSB is being used to facilitate criminal activity.
There are two different dollar thresholds that require a SAR. They depend on the stage of discovery and the type of transaction involved. A $2,000 threshold applies if a customer is conducting or attempting to conduct a transaction(s) that aggregates to $2,000 or more. A threshold of $5,000 applies for transactions identified by issuers of money orders or traveler’s checks from a review of clearance records. These thresholds are known as the $2,000 front door/$5,000 back door rule. The $2,000 front door transactions are face-to-face with the customer. The $5,000 rule applies after the records have been processed at the issuer level, thus the back door.
http://www.irs.gov/businesses/small/article/0,,id=154555,00.html
It’s their concern if they want to stay in business. Not following banking regulations will get one put behind bars and not those of the teller’s cage.
See this:
Ex-NYSE Director Langone on Spitzer:
*********************embedded in the thread*****************
The revelations about Eliot Spitzer's illegal dalliances with a high-priced prostitute have got plenty of his former targets coming out of the woodwork to wish him, er, not well. Last night CNBC found ex-NYSE director Ken Langone — a former Spitz target in the matter of Dick Grasso's giant pay package, for which Spitzer blamed Langone for greasing it through and Langone vowed eternal enmity on Spitzer — and got a few of his thoughts on the matter. The interview aired this morning on Squawk Box, and it's a doozy — not only does Langone call Spitzer a "hypocrite" who "destroyed reputations" and should resign,.....
A friend of mine had the FBI show up at his house a couple years back. He opened his first bank account with a $65,000 cash deposit. LOL
He’s a single man who lives in the house his parents left to him and has worked the same job since getting out of high school. He realized just how much cash he had in his house and decided that all his guns wouldn’t protect him if someone really wanted the money so he opened a bank account.
The feds were absolutely astounded that he had never had a loan or gotten a credit card. Some people do live simple. He’s one of them and it’s none of the feds business what he does with his hard earned money.
AS long as you've got your finances in order, it's really fun to play with the IRS. The last time I was shopping for a new car, I took the cash from my savings and broke it down into three 10K increments knowing they would report me. LOL The credit union cashier was hilarious. She took my request and went into the managers office. I could tell they were talking about me. I don't look like a criminal but they sure thought I was doing something illegal.
When my transaction was complete, I leaned up and whispered to her that I was going shopping for a new car and that cash gets you a much better deal. I knew they still had to report me, but I enjoyed knowing the IRS would be doing back flips when they were notified of my transaction. They couldn't do anything because I hadn't broken any laws. ;o)
While I can sympathize with the sentiment of an arrogant a$$ get his just deserts proclaiming that the IRS are Americas finest is a bit much.
However, if you dislike having others know your business, working outside the banking industry by employing cash is still the best way to go.
I'm glad this pompous, self-righteous, sack of liberal excrement has destroyed himself, it's a kind of poetic justice, but each and every one of you is under the same kind of scrutiny by busy bodies at the bank.
Cashing your paycheck and keeping the money locked up at home may not be possible for everyone, but I wouldn't have it any other way. I use cash for everything that I possibly can, even though I'm not a drug dealer or whore monger, I like my privacy.
The RATs are always squealing about the divide between rich and poor - I wonder how many hungry children could have gone to bed with supper on the money Spitzer spent on whores? I wonder how many well-child checks that could have bought? Who could have had their heating bills paid?
I pray we don't slide further into the big brother realm..especially under a democratic administration wielding the Patriot act.
According to the article, Spitzer actually called the bank to request his name be taken off the transactions. Talk about raising suspicions, and that will look terrible if this goes to trial.
HF
That is what probably set off the alarm.
Returning to the scene of the crime like an ordinary criminal.
Akin to 9/11 when Afghanistan was the first country to offer its condolences just hours after the attacks.
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