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Big Banks Launder Hundreds of Billions of Illegal Drug Cartel Money … But Refuse to Provide Services for Legal Marijuana
The big banks have laundered hundreds of billions of dollars for drug cartels. See this, this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis).
The HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says said: “America is losing the drug war because our banks are [still] financing the cartels“, and “Banks financing drug cartels … affects every single American“.
And see this.)
And yet the banks refuse to provide banking services for LEGAL marijuana in states like Colorado which have blessed the sale of pot.
The Feds are a big part of the problem. After all, they support some ruthless, criminal drug cartels.
On the other hand, the sale of marijuana is still illegal under Federal law pursuant to the Controlled Substances Act, 21 U.S.C. § 801 et seq.
This is true even in California and other states which have allow medical or recreational marijuana. U.S. v. Oakland Cannabis Buyers’ Co-op (2001) 532 U.S. 483 (medical necessity is not an exception to 21 U.S.C., §841(a)(1) governing the federal prohibition against manufacture and distribution of marijuana).
As the New York Times reported in May of 2011:
Marijuana remains illegal under federal law, but that has not stopped a fuzzy industry of marijuana farms and dispensaries from rising to serve the 15 states that allow the drug to be used for medical purposes. Under President Obama, the federal government had seemed to make a point of paying little attention — until now.
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As some states seek to increase regulation but also further protect and institutionalize medical marijuana, federal prosecutors are suddenly asserting themselves, authorizing raids and sending strongly worded letters that have cast new uncertainty on an issue that has long brimmed with tension between federal and state law.
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In Washington, Ms. Gregoire asked for guidance from the state’s two United States attorneys, Mike Ormsby and Jenny Durkan. In a reply to the governor last month, they said the federal government would prosecute “vigorously against individuals and organizations that participate in unlawful manufacturing and distribution activity involving marijuana, even if such activities are permitted under state law.”
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When the Legislature was drafting the bill it passed in its most recent regular session, Mr. Ormsby said, “No one consulted with me about what I thought of what they were going to do and did I think it ran afoul of federal law.”
Of the state’s current medical marijuana law, he added, “We believe, of course, under federal law no part of the state law is legal.”
***
Ms. Smith noted that the 2009 memo “says definitively that distribution continues to be a federal offense.”
Indeed, the federal government appears to be escalating its crackdowns of medical marijuana dispensaries in California.
What hypocrisy …
Postscript: The big banks have also been laundering money for terrorists (the HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still laundering money, saying: “The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.” He also said: “It is disgusting that our banks are STILL financing terror on 9/11 2013“. And see this)
But since the American government has backed the most dangerous and violent Muslim terrorists for decades – in order to “contain” rival Muslim factions – the government is partially to blame for this banking abomination as well.
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You must have a dumptruck to carry all that stupid around.
He's so full of shit that it is coming out of his fingers. He keeps citing the results of prohibition as reason to keep prohibition-
"And are you saying that the cartels aren't killing people in increasing numbers now in the drug trade? Are you that stoned --"
If that isn't someone with their head up their ass, I don't know what is. Of course they are killing in increasing numbers. And as long as retards like this guy don't get it and insist on keeping it illegal and profitable for cartels, the numbers will continue to increase. And it will be entirely the fault of people like him.
It doesn't take a rocket scientist to figure it out, but some people are hopeless.
Actually if you think about it, wouldn't it be kind of nice for a bank to refuse your business?
george - you have said some important things in your article but there is much more to the story....the war on drugs was a war on competitor drug cartels to the bush crime syndicate.....the bcs has amassed a fortune in the trillions - and i did not mistype - from its wars of drug cartel consolidation since the vietnam war running through afghanistan, pakistan, columbia, and who knows where.
nato's number 1 business is running drugs from afghanistan to the huge us bases in eastern europe for further distribution in europe and the americas....the us coast guard as a matter of practice and policy escorts drug running ships throughout the eastern seaboard.
daddy bush bailed out bank of america in 2010 with his massive hoard of drug money. he probably owns the bank now - certainly controls it....the dea only goes after very small dealers or anyone who would pose a threat the bcs drug trade, which i estimate it controls 70-80% world wide.
the us government is deeply involved in the drug trade and is one reason the banks feel safe laundering drug money - just like the criminal vatican does...
therefore, drug laws will be viciously enforced in order maintain the profits of the bcs.....drug decriminalization would be the biggest blow one could make against the bcs and banksters generally as it would deflate the risk premium in drugs.
Blah .... Blah ... Bush .... Blah... Blah ... Bush. It runs deeper than Shrub Sr. and Shrub Jr. whatever or whomever runs both parties (blue team and red team) to continue the illusion of choice and to divide and conquer.
Heroin contrubutes very substantially to Afrganistan's economy and also its proxmity to Iran makes Iran the largest per-capita consumer of heroin in the world. Win-win, looks like to me.
Isn't it funny that we went into Afghanistan shortly after the Taliban eliminated the poppy growing fields? But Im sure it's just one of "those" coincidences.
See that video of the DEA agent who shot himself in the middle of a firearm safety demonstration? Cracks me up every time. What a dumb ads. Wish he would have aimed better though (at his own head).
'I beeze da onla one I knows dat is pwofess-anal enuff dat iah know of ta carry a Glock 40.' BANG
http://www.youtube.com/watch?v=am-Qdx6vky0&feature=youtu.be
Damn,
Tax dollars are finally getting spent properly.
Did you know that the stupid bastard sued the DEA and the judge laughed him out of court?
http://www.thesmokinggun.com/buster/dea/judge-bounces-lawsuit-filed-dea-...
Great value we get for our hard earned money, eh?
BTW It's a Glock model 22, .40 caliber. I know, because I've carried one for 10 years, and I'm not even a "pwofess-anal'.
Yup
Legal pot dispensaries compete with the illegal drug trade. The drug cartels are the big client. You piss off the big client for the little client.
Bingo!
Nothing hypocritical about it. They're looking out for their own interests. This is the same reason cartel money gets funneled into Washington. No money in it if it's legal.
Well, it's not like all those sociopaths and psychopaths haven't been doing all kinds of incredibly criminal and hypocritical things every day, which has been happening since the military/industrial coup of 1962. As that mastermind of the coup, Allen Dulles, said, 'the american people don't read.'
btw, i'd update his comment to 'the american people don't know how to think.'
So how long was HSBC's money laundering in the news? People who get their 'news' from the MSM want to live their fantasy life. Just try talking to them about building 7 and ae911truth.org. It takes too much individuality and effort to think for themselves.
More credible sources like Rolling Stone, LA Times and of course 'Twitter'........ The ONLY credible, source cited was the youtube of the whistle-blower.
Now, can anyone get GW to Cite sources that are credible? The premise may be true but don't cite NY Times, LA Times, HuffPost, Rolling Stone and yourself.
it's all Bush's fault........I read it on twitter and Tony Bonn said it (again, and again, and again - didn't know Bush was more powerful than God) so it gotta be true
Interesting I pointed this little fact out in another thread. Either way great minds think alike GW.
Stunning hypocracy indeed!
CK: A giant, belated hat tip.
Your post was, indeed, the inspiration for this post.
Thanks! Great point ...
I'm honored GW. Thanks for the acknowledgement. +1
You are right CK, it is a little fact, when compared to the money that the Administration pours into terrorist organiztions to have them overthrow a dictator and that our men then have to fight a few years later.
if George had never written an article about terrorism or other large internationally corrupt systems you might have a point burried somehwere. As a veteran of the criminal justice system, marijuana has always been and remains an excellent example of the system's double standard. George is merely pointing out the continuing theme, the rules apply to the little guys. The fact that the MSM picks up an issue that has many sources elsewhere or is well known to the criminal justice complex means little
DJ, I get that. I have been trying to point out that, no matter how good the story seems to be, it is only as good as the information it is based upon. GW seems to have a habit of citing him/her-self in every post. And certainly there must be other sources besides the NY Time, LA Times, Huffpost, Twitter and Rolling Stone.
When I did a "The sky is falling, the sky is falling" post on GW's post about Fucashima, I got nothing but negative votes. My point was lost on GWeeple. None of the chickens believed CL because there was no credible proof. It is like crying wolf. Don't cry worlf because you just cried wolf, or you heard it from someone else. Cry wolf because you have a picture of the wolf. Pictures may be hard to come by, so find a whistle-blower, the wolfs cousin or friend. Everything else is 'hearsay' and is not admissable as evidence. Whether I agree with the GW post or not, I want the post to be supported by credible sources so nobody (me included) can deny the truth.
I don't have the time to do the research but apparently GW does. I am trying to get GW to refine the research.
Please let me know when you're a contributor to ZH. Until then I think GW has some good points to make.
And for the record, marijuana is much less destructive to society than alcohol! Yet one is legal, whereas the other is not. It's all about taxes and control. It's harder to distill your own spirits, it's much easier to grow a weed. And yet government discourages both.
So true Klink. I have a running joke in the system that we should develop a "reverse drug court" where violent folks are forced to smoke pot. So when you go into the probation office for a piss test and you're clean, they report you to jail. It's really no different than any other defendant on his "meds." In 23 years I have yet to see or meet a cop or prosecutor or judge or defense attorney who has seen a case where someone smokes pot then gets violent. Can't say that for any other substance...including coffee, sports and politics
Yep! Couldn't agree more. Funny they discourage "brown man" drugs but "white man" drugs (pharmaceuticals) are perfectly fine. Even if the side effects are suicide or violence.
I had a case about two years ago where my client, with no prior history, was put on five medications following a huge work injury. Buried in the PDR (physician's desk reference) was a contraindication that stated "ten percent" of the individuals who take it may have severe violent reactions. He went out to dinner, lost all control and almost got himself killed by the local police.
Assuming it was an SSRI?
The New York Times, Huffington Post and Washington Blog are credible sources? Ask me if I give rats ass if BofA or Wells Fargo or any other bank does not want to deal with the MJ industry. There is a little thing having to do with Federal Law. Blah blah blah..... they laundered money from the Cartel. Really? Tell on them! Another GW gweeple just love it, BS piece..... Go ahead, - me.... Do something important for Gods sake! I like it hot!
1951 is the year of your birth right?
Dipshit, I mean x, go onto HSBC's website and you will find a press release that they published which reveals that they admit laundering money and agree to pay hundreds of millions of US dollars. You can do the same for bof a w wachovia, and one or two more. This isn't conspiracy nonsense. It is fact.
Keep your dipshit head cozy in your dipshit ass all you want.
The reason they won't do the deal with mj is they don't want to wreck their high laundering margins. Could you imagine? The cartel would say, "why am I paying you 20 points to launder my money when you will do mj's for 3?"
Like paying hundreds of millions in fines to make hundreds of billions in fees, it is just good business...
You got it in one. It really is all about the money, honey. The risk/reward is so much greater for the banking cartels when dealing with real dope. I note that no bank buildings, other real property, other property, etc. have been seized in connection with drug laundering convictions, as they would be when dealing with the common folk. Although that is, of course, always an option for the Feds, and our property, as has been noted previously, once deposited within the confines of these scum, literally becomes theirs now... Something to ponder, especially since some are now demanding 5 bucks per deposit, and other fees...http://www.stevequayle.com/index.php?s=604
Let the little people buy bitcoin...
Yes the banks were laundering but about those fines they are pretty much a joke...
David Dayen: Elizabeth Warren, Tom Coburn Introduce “Naked Capitalism Was Right About the Corruption of Financial Regulators Act” (Not Actually Called That)snip...
Well first of all, considering that shareholders effectively pay the fines and nobody in the executive suites has to go to jail, I’d say taking it in stride is a pretty proper reaction. But just as important is that $20 billion is a FAKE NUMBER.
more
http://www.nakedcapitalism.com/2014/01/david-dayen-warren-coburn-introdu...
The hypocrisy is never stunning until the blood boils.