The Treasury fined Bank of America more than $1.2 billion this week for anti-money-laundering and sanctions failures. The bank admitted it willfully violated the Bank Secrecy Act. Regulators said it failed for years to report over $5 billion in suspicious transactions, including activity tied to Chinese money laundering networks.
No Justice Department case came with it. Scott Melker’s point is that Binance drew a larger penalty and a prison sentence for its founder, and that this gap is the reason crypto exists.
He also covers a blazing hot PPI print, the MSCI index panic around Strategy, and Google’s latest quantum result.
Timestamps
0:00 A hot PPI print lands and rate-hike odds collapse anyway
2:19 Which inflation number is anyone supposed to believe
4:10 The MSCI index panic around Strategy, and why $3 billion is small
5:52 Google’s quantum result, and what it does not change
7:55 Kraken’s parent moves to buy a European bank
9:35 Bank of America is fined $1.2 billion for money laundering failures
11:00 Binance went to prison. The banks pay fines.
11:21 Every major bank penalty since 2000, in one chart
12:24 How Not To Invest: the Ledger spy chip
13:10 The Tesla clip worth watching
#BankOfAmerica #MoneyLaundering #Bitcoin #Binance #PPI #DailyWolf #YahooFinance
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