0bama admin accuses Vatican of money laundering; makes JP Morgan close their acc
#11
It sounds similar to what they were accused of with Roberto Calvi and Cardinal Marcinkus. In that one it is alleged that Calvi closed the bank and wired the money to the Vatican, which then wired it to offshore accounts, which then lent it to Large American Corps. for liquidity over the weekend. Then the money is returned the first of the week with interest, and wired back to the Vatican, which takes their cut, and wires the rest to Calvi at Banco Ambrosiano. Voila ! Usury ?

tim
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#12
(03-20-2012, 01:29 PM)per_passionem_eius Wrote: I've never understood exactly what money-laundering is. A google search was no help. For some reason it doesn't sink in to me how it's done. I also don't understand how money can be printed and treated as valuable, so maybe it's some kind of block in me about money. I don't want to change the subject, only to see if this time it might be profitable, so to speak, for me to ask.

Money laundering is different than conterfeiting, though it can help counterfiters get their product in circulation.  Let's say you are a mobster, who has extorted $100,000 from various people.  You can't just put that in the bank, as the IRS would be suspicous.  So what you do is take a cash-heavy bussiness, such as a casino, and funnel the money through it as legitimate revenue.  People walk in with untraceable money, bussiness comes away with tax-legit income.  So to say that a bussiness is involved in laundering money means that they are somehow complicit in takin ill-gotten gains and making them look legitimate for tax purposes.
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#13
Thanks a lot for answering. If you don't mind, what are other cash-heavy businesses? I can understand a casino, but I can't think of other examples of businesses that accept cash without having to provide a receipt.
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#14
(03-20-2012, 05:45 PM)per_passionem_eius Wrote: Thanks a lot for answering. If you don't mind, what are other cash-heavy businesses? I can understand a casino, but I can't think of other examples of businesses that accept cash without having to provide a receipt.

Resteraunts of all kinds (there are many ways of doing this, including overcharging for a meal).  Laundromats, ironically enough.  Barber shops.  Pretty much everwhere that uses cash can be used for this purpose.

I don't know what the deal is with the Vatican Bank, but they have been in trouble before for shady dealings, so who knows?
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#15
Thanks again. I think I'm getting it finally.
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#16
(03-20-2012, 11:27 AM)Pilgrim Wrote: Ummm, where does the article mention the Obama Administration?

That particular article doesn't seem to, really, but this one does: http://www.thegatewaypundit.com/2012/03/...ic-church/. Basically, Obama (or his administration) put the Vatican on the Money Laundering List, setting the ball rolling for investigation and closure of bank accounts.
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#17
(03-20-2012, 01:23 PM)Starry Plough Wrote: What the Vatican is guilty of is being naive and trusting in the people who handle their finances.

Give them a chance.  They have only had 2000 years to practice and learn the financial ropes.

Money laundering laws are a joke.  You can fall foul of them just going about your normal everyday business.

They have assumed guilt baked into them.
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