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Archive for May, 2018

Banks are watching…

Thursday, May 17th, 2018

This article [newyorker.com] in the New Yorker is depressing in third world corruption stench of the whole thing, but there is some silver lining: The fact that banks are submitting such detailed reports about possible fraudulent activities, and beyond just money movement they are paying attention to the context. This is heartening, if a bit Big Brother scary.

Banks are legally mandated to file suspicious-activity reports with the government in order to call attention to activity that resembles money laundering, fraud, and other criminal conduct

In paperwork filed with the bank, [Cohen] said that the company would be devoted to using “his experience in real estate to consult on commercial and residential” deals. Cohen told the bank that his transactions would be modest, and based within the United States. In fact, the compliance officers wrote, “a significant portion of the target account deposits continue to originate from entities that have no apparent connection to real estate or apparent need to engage Cohen as a real estate consultant.” Likewise, “a significant portion of the deposits continues to be derived from foreign entities.”

Ronan Farrow, in Missing Files Motivated the Leak of Michael Cohen’s Financial Records [newyorker.com]

Money-humping

Thursday, May 10th, 2018

New favorite term: Money-Humping. Ah Gizmodo:

“When the rich and ethically disinclined are busy money-humping each other, all kinds of weird connections are bound to pop up.”

Tom McKay, in It’s Sure Weird That the Russian-Linked Firm That Paid Michael Cohen $500,000 Also Registered Alt-Right Websites [gizmodo.com]