Bank of America, Deutsche Bank and J.P. Morgan moved money OUT of Danske and in to dollar denominated accounts elsewhere. But that is only half the story.
By David Malone and cross-posted from his blog, Golem XIV
A couple of days ago the always good Francis Coppola wrote a piece for Forbes entitled,
The Banks That Helped Danske Bank Estonia Launder Russian Money
In it she made the simple but essential point that while Danske Bank, through its Estonian branch, had laundered $234 billion,
…Danske Bank Estonia couldn’t do this by itself. Much of the money was paid in U.S. dollars, and for that, it needed help from other banks. Banks that had access to Fedwire, the Federal Reserve’s electronic settlement system. Big banks, in other words.
Coppola then named the banks involved.
J.P. Morgan, Bank of America and Deutsche Bank AG all made dollar transfers on behalf of…
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