[popdonnelly]

The IRS requires banks and other businesses to report cash transactions of $10,000 and up. One way for drug dealers and other criminals to get around this was to break up their cash deposits to different banks, for example, $5,000 to Bank A, $5,000 to Bank B. Dividing up criminal proceeds in this manner is called “structuring”. To deal with this practice, banks are required to report multiple transactions to the IRS. I don’t know all the particulars of what they have to report.

Now, even assuming my rich uncle gave me $10,000 in cash for my birthday, and I took it down to the bank to deposit, they’d still have to report it to the IRS. Doesn’t mean I did anything wrong, just means the IRS wants to know about it, and may or may not keep an eye on me.

[TruthConquers]

“Now, even assuming my rich uncle gave me $10,000 in cash for my birthday, and I took it down to the bank to deposit, they’d still have to report it to the IRS. Doesn’t mean I did anything wrong, just means the IRS wants to know about it, and may or may not keep an eye on me.”

I think the problem there is that amount might be in the gift tax range. Just the IRS making sure it gets its fair share. I have heard of some grandparents who would disperse their money before they died, and the IRS didn’t like them doing that, of course. Not allowed to escape that death tax.

[Ernest_at_the_Beach]

A billionaire told CNBC that Spitzer was spotted in line at the post office getting 2800$ worth of mail orders....

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,.....

[catbertz]

thank you both for your comments. I'm not comfortable with so much oversight.

I pray we don't slide further into the big brother realm..especially under a democratic administration wielding the Patriot act.