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Monday, October 14th
The banks! The bloodsucking vampire squids that Matt Taibbi wrote about. The institutions that create catastrophe after catastrophe, and then get saved by an ever increasing amount of government aid.
The truth is, you don’t hate the banks enough. You might think you do, but you don’t. Because they play by different rules and dance to a tune that is out of hearing range for you and I.
Just look at the latest example — TD Bank. Maybe this is your personal bank. Or maybe you trade on ThinkOrSwim, which was previously owed by TD prior to its acquisition by Schwab. Either way, TD Bank is the 10th largest bank in the United States.
And last week, they just plead guilty to conspiracy to commit money laundering. At $3 billion, the settlement is one of the largest in history. And looking at the charges TD plead guilty too, it’s absolutely incredible:
According to the Justice Department, the bank allegedly allowed at least three different money laundering networks to move over $670 million through the bank over several years. The money was linked to everything from fentanyl and other narco-trafficking, to terrorist financing and even human trafficking.
High-level executives allegedly knew what was going on, and actually even joked about it. But only two lower-level employees are going to jail; certainly not the head honchos. The stock is down 12% since the news broke.
Which brings me to another, different type of bloodsucking vampire squid — politicians. Rep. Jared Moskowitz of Florida was the only member of Congress invested in TD. But guess what? A month before the lawsuit, he just happened to sell off his shares.
Pretty good timing, right? The fact is, politicians and their corporate insiders often have exceptionally good timing with their investments. It makes you ask questions. I don’t accuse or point fingers, I just ask questions.
And on Wednesday, October 16th at 2PM, I’m holding a free training to teach people how to track the investments of the American 1%...and even follow-along with their investments, if they want.
Be sure to register for that here. | | | | |
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