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Infinite money glitch (lemmy.world)
submitted 3 weeks ago by to c/politicalmemes@lemmy.world
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[–] 29 points 3 weeks ago* (last edited 3 weeks ago) (5 children)

This "Bark" person in Twitter has literally no fucking clue whatsoever, I mean ZERO clue, the level of knowledge of a particularly dumb stone which somehow managed to end up in the shoe of a statue thus being the most useless meaningless shoe stone ever.

In the context of money laundering, "$5 billion in suspicious transactions" means that $5 billion in customer money moved into, out of or through BofA accounts and said customers or the transactions are suspicious (legally that would be things like "terrorism funding", "proceedings of crime", "proceedings of corruption", "money belonging to sanctioned entities" and so on).

It does NOT mean BofA made $5 billion

Of all the fucked up ways Bank Of America (like all big banks) scams, pillages, swindles and even forcefully extracts (with the help of their bought and paid for political minions) money out of society, this ain't it.

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  • [–] 4 points 3 weeks ago (2 children)

    Laundering 5B is worth more than 5B

    You are brushing of it being crime money, when crime money is what makes them billions

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  • [–] 5 points 3 weeks ago* (last edited 3 weeks ago) (1 child)

    Laundering 5B is worth more than 5B

    That's literally saying that a money launderer makes more money that the total amount of money that passed through their hands in the money laundering.

    I don't know who taught you Mathematics, but if you paid for it, you're entitled to a refund.

    As for what makes them billions, most of it is totally legal stuff because they bought the fucking laws.

    I worked in the Finance Industry for a decade or so and the fucking legislators have been passing laws to benefit these fuckers for decades now ("help the rent-seeking fat-cats" is pretty much the de facto core of fucking Neoliberalism) and the sons of a bitch "regulators" are so bought and paid for it's not even funny.

    It's the single biggest legal scam in existence, and if it's not, then it's the second biggest legal scam just after the Oil Industry.

    Sure, these fuckers won't refrain themselves from a little criminality if there's money to be made and their risk analysis spreadsheets tell them that probability-of-getting-caught * chance-of-enforcement-action * average-fine < expected-profitability * (1 - safety-margin) (and no, I'm not exaggerating - whilst my formula is representative rather than exact, they definitely do risk analysis for "opportunities" involving law-breaking same as they do for all other), but it's not as if they need to break the law to make billions, it's more a "why leave money on the table?" philosophy - as the (pure sociopath) saying in the industry goes "If I can profit from it but don't do it, somebody else will do it instead, so better I do it and get the gains" - plus in the current environment the chance-of-enforcement-action is minuscule and the fines are ridiculously small on account of the industry owning politicians and regulators.

    Maybe you were still in kindergarten when that shit went on, but I saw the 2008 Crash and aftermath on the front-seat row and these fuckers got unconditionally saved by politicians from the consequences of their own GIANT fuck-up, and said politicians turned around and made every-fucking-body whose income comes from their work pay for it - sometimes even openly so with Austerity for the poor - whilst the value of the Assets of the Rich and Upper Middle Class was propped up.

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