U.S. Bancorp Fined $613 Million for Money-Laundering Violations: DealBook Briefing
- 6 years ago
U.S. Bancorp Fined $613 Million for Money-Laundering Violations: DealBook Briefing
Here’s what Dara Khosrowshahi said of the company’s deep-pocketed new backer yesterday at Goldman Sachs’s annual tech conference:
“Rather than having their capital cannon facing me, I’d rather have their capital cannon behind me, all right?”
He added that SoftBank’s Masa Son “is a visionary — if a visionary wants to make a bet on you, let’s make it happen.”
He also offered this ambition: “I want you to be able to take an Uber
and get into the subway — if the trains are running on time, you’ve got real-time data — get in the subway, get out and have an Uber waiting for you for right now.
Michael Feroli, an economist at JPMorgan Chase, said that the January increase “probably overstates the underlying trend.”
Still, even though there are reasons to believe that while the U. S. economy is breaking out of its recent rut — thanks to big tax cuts
and a revival of the global economy — it may not be as vibrant as it looks.
The prosecutors highlighted the bank’s handling of a high-profile customer who, they asserted, should have set off alarm bells:
From October 2011 through November 2013, the Bank willfully failed to timely report suspicious banking activities of Scott Tucker, its longtime customer, despite being on notice
that Tucker had been using the Bank to launder proceeds from an illegal and fraudulent payday lending scheme using a series of sham bank accounts opened under the name of companies nominally owned by various Native American tribes (the “Tribal Companies”).
“We’ve built a lot of infrastructure at Harry’s that we think we can leverage into new
categories,” Jeff Raider, one of Harry’s founders, said in a telephone interview.
Here’s what Dara Khosrowshahi said of the company’s deep-pocketed new backer yesterday at Goldman Sachs’s annual tech conference:
“Rather than having their capital cannon facing me, I’d rather have their capital cannon behind me, all right?”
He added that SoftBank’s Masa Son “is a visionary — if a visionary wants to make a bet on you, let’s make it happen.”
He also offered this ambition: “I want you to be able to take an Uber
and get into the subway — if the trains are running on time, you’ve got real-time data — get in the subway, get out and have an Uber waiting for you for right now.
Michael Feroli, an economist at JPMorgan Chase, said that the January increase “probably overstates the underlying trend.”
Still, even though there are reasons to believe that while the U. S. economy is breaking out of its recent rut — thanks to big tax cuts
and a revival of the global economy — it may not be as vibrant as it looks.
The prosecutors highlighted the bank’s handling of a high-profile customer who, they asserted, should have set off alarm bells:
From October 2011 through November 2013, the Bank willfully failed to timely report suspicious banking activities of Scott Tucker, its longtime customer, despite being on notice
that Tucker had been using the Bank to launder proceeds from an illegal and fraudulent payday lending scheme using a series of sham bank accounts opened under the name of companies nominally owned by various Native American tribes (the “Tribal Companies”).
“We’ve built a lot of infrastructure at Harry’s that we think we can leverage into new
categories,” Jeff Raider, one of Harry’s founders, said in a telephone interview.