Limbaugh bank withdrawals under fire

New York Daily News ^ | 11/19/03 | DEREK ROSE

[GodBlessRonaldReagan]

I've not read any Ayn works as I thought it was all pro communism

Maybe on Bizarro World...

[G.Mason]

"I've not initiated a similar transaction in over a decade, so I have no idea what their policy is nowadays, but I venture to say, that I would change banks, unless all banks operate the same."

The Feds have made "Mary Joe" the teller their little "special agent" in charge of watching out for what they, [the teller] think may be an illicit transaction.

"Bank Secrecy Act:
To comply with the requirements set forth under the Bank Secrecy Act, the Bank is required to report any customer cash transaction or multiple cash transactions totaling more than Ten Thousand Dollars ($10,000) to the Internal Revenue Service. The Bank also retains the right to report any “suspicious” transaction(s), which it feels, should be reported to comply with the provisions of the Act."

[onyx]

Rush has amitted to being a drug addict since '95-'96 --- addiction increases the amount imbibed --- NO medical doctor would write scripts for any given length of time in quantities above the standard number normally prescribed.


Argue with me. You're wrong. I'm married to a medical doctor.

[G.Mason]

Please see post #42

[MarkL]

Banks must report withdrawals of $10,000 or more to the federal government.

We can't have this! People taking 10,000 out of the bank! Why, if everyone took $10,000 out of the bank, it would drive the Feds nuts!

It's not just banks. If businesses handle $10,000 or more from an individual, it has to be reported to the authorities too. Back in 1990, I paid cash for a car (wrote an $11,000 check, actually). I had to fill out both state and federal forms, which included a statement that the money was NOT illegally gotten!

Mark

[joyce11111]

How is this money laundering?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Kattracks.

When I read this I wondered the same.....this story does have the klintoon finger prints all over it.

[MarkL]

I've not read any Ayn works as I thought it was all pro communism.

Huh? Rand is completely pro individual, which is the opposite of communism (suppression of self for the good of the community). Libertarianism is about as far from communism as you can get! In fact, most "conservatives" are uncomfortable with the level of capitalism that Libertarians support.

Mark

[Jimmy Valentine]

It isn't. In and of itself, withdrawing any amount of cash over $10,000 is not a crime. It is routinely reported on a currency transaction form but that is all.

These people need to get their act together and stop trying to convict Limbaugh of a trumped up crime. SHHEESH!

[gracex7]

I've always thought she was extreme capitalism without Judeo-Christian ethics.

In Michigan, we're currently going through another 2 week phase of 'Click It Or Ticket It'. When seatbelt laws were first passed, cops couldn't pull you over just for not wearing your belt, it had to be in conjunction with another infraction. Now, they've got foot-patrol officers looking into vehicles at stop lights and radioing to patrol cars so they can pull you over and hand out a $65 ticket (oh yeah, they just raised the price from $50). The powers that be are not happy with an 85% compliance rate and are going for 90% (at least that's the number for today).

The gov't seems bound and determined to make everyone a lawbreaker in one way or another.

[MarkL]

It is NO ONE's business what I do with MY MONEY.

No, it's not... It's the Gubmint's money, it's just on loan to you... Remember, it'll illegal to deface or destroy money.

And while I hate the idea that the Gubmint wants to know what you do with your money, remember the aborted attempt to get that "Know your Depositor" banking rule, where banks were told they had to profile all of their clients, and report any deviations to the government?

All governments will seek to increase their power.

Mark

[beaureguard]

I'm reading Atlas Shrugged for the first time (taking quite a while, btw), and just got to that section the other night. Very appropriate for what's happening today.

[Ron in Acreage]

So if you consistently drive 69 mph on a highway with a 70mph speed limit, you are intentionally obeying the law to avoid a ticket. By withdrawing less than $10k you are "intentionally" OBEYING the law to avoid red flags at the feds. What's the crime? If they want the law to be $9,900, they should change it. By not drinking and driving you are also "intentionally" OBEYING the law to avoid a DUI. This is a load of crap.

[goldstategop]

Money Laundering is an attempt to conceal the financial fruits of a crime by making it look legal. Its not the reporting of the transaction that has Rush in trouble; its the structuring of the withdrawals to avoid the bank's reporting duty that might sink him. You can withdraw maybe one time under $10,000 and that's not "structuring" but if you do $30 or $40 as has been alleged here, a red flag goes up. Rush and his attorney better having a convincing explanation of what he did shouldn't so that it won't be viewed as a felony. And structuring deposits and withdrawals to avoid triggering the $10,000 requirement is obstruction of the law and illegal. This isn't a state issue but a Fed one and to all practical intents and purposes, every financial institution in America is a government agent when it comes to determining whether financial transactions are conducted in the furtherance of a crime or other possible violation of the law.

[SW6906]

"Better yet, take out $10,000, turn around and redeposit it, take it back out, deposit it . . .

Methinks I might just go do that very thing today.......armed, of course.

[goldstategop]

Correction $8 or $9,000 in deposits/withdrawals over a period of time that is designed to avoid being reported and you do it to get the bank to NOT report it to the Feds. That's the issue here with the structuring matter.

[winodog]

Do you think those drugs (which are from companies overseas) are just a scam?. I wonder if they have the correct dose if any at all of the important ingrediants?
Also I am sure it is illegal to have these drugs shipped to you.

[SW6906]

Welcome to Free Republic. Thanks for crapping in our house.

You can leave now.

[af_vet_1981]

It is NO ONE's business what I do with MY MONEY.

Shew me a penny. Whose image and superscription hath it?

[lightning]

How can a man's private, legal banking transactions be made public? His bank ought to feel some heat.