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$1.5 bn in money laundering violations, no criminal prosecutions

saddle-river-valley-bank

Saddle River Valley Bank, which has since been absorbed by another bank, will pay $8.2 million in fines for money laundering violations and of course no one got indicted because the Obama Administration doesn’t indict banksters. Rule of Law is, of course, just for the little people.

“It’s pretty remarkable that a small community bank in suburban New Jersey was attracting more than a billion dollars in transactions with customers in Mexico and the Dominican Republic, and nobody thought it was too good to be true,” FinCEN Director Jennifer Shasky Calvery said in a statement.

It’s also pretty remarkable the extent to which our banking system is corrupt. The federal government does little about it except collect fines. This is essentially the same thing as protection money. Banks pay fines, no one goes to prison, the US govt makes a few pretend changes, and the money laundering continues.

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