One of the lawyers, David Boies, said after the hearing that the case “was a wake-up call for banks” that they must keep track of who their clients are.
Try being black and getting a home mortgage loan. They keep track of who their clients are.
This sets a horrible precedence. The guy was a total sleaze bag but banks are going to want criminal background checks on all clients. Who do you think this will effect the most?
Take it further. Except in outlier cases, is the bank really expected to know all the details of some sleezy guy?
The two banks settled to the tune of $365 million?! Wonder what they did wrong to be so culpable. I mean, how did the banks participate in the assaults and trafficking?
It’s called being an accomplice.
They participated by moving the money to pay for sex trafficking underage girls.
If Deutsche Bank had to screen all their rich clients for criminal activity they wouldn’t have any left.
They’ve been a bank of last resort for criminals for many years.
