Wednesday in Whitewater will be partly cloudy with a high of seventy-seven. Sunrise is 6:44 AM and sunset 6:48 PM, for 12h 03m 46s of daytime. The moon is a waxing crescent with 43.4% of its visible disk illuminated.
Recommended for reading in full —
Tory Newmyer reports Global banks process trillions in dirty money despite suspicions, investigation finds:
Trillions of dollars in money connected to criminal activity are sloshing through global banks. The banks and U.S. authorities know it, and they’re not doing nearly enough to stop it.
These revelations come from the bombshell leak of more than 2,500 secret documents, most of which banks provided to the federal government over the past two decades.
BuzzFeed got hold of the records — the so-called “FinCEN Files,” referencing the nickname for the U.S. Financial Crimes Investigation Network, the Treasury Department office that collected them in the first place. The outlet then shared them with 108 other news organizations around the world.
Taken together, the files depict a stunningly widespread phenomenon of criminals, corrupt officials and terrorists taking advantage of lax banking oversight. “These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which criminals have exploited them,” BuzzFeed’s team writes. “Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees.”
And five banks in particular — JPMorgan Chase, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — “kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money,” the International Consortium of Investigative Journalists writes.
(Emphasis in original.)
John Cassidy writes How Boeing and the F.A.A. Created the 737 MAX Catastrophe:
The basic outlines of the Boeing 737 max tragedy are already well known—or should be well known. Even so, a detailed new report that the House Committee on Transportation and Infrastructure released on Wednesday morning is a remarkable document. In two hundred and thirty-eight pages of clearly written prose, it goes a long way toward explaining not only what went so wrong at Boeing but what has gone badly askew with the American corporation in general, and with American governance.
Thanks to the official crash reports and some excellent investigative journalism, this much we already knew. Based on an eighteen-month investigation, the new report adds a wealth of new details—and it points the finger in the right places. It illustrates how Boeing’s management prioritized the company’s profitability and stock price over everything else, including passenger safety. Perhaps even more alarmingly, the report shows how the F.A.A., which once had a sterling reputation for independence and integrity, acted as a virtual agent for the company it was supposed to be overseeing.
In 2011, when Boeing’s board of directors approved the development of the 737 max, the company was racing to compete with Airbus’s A320neo, an innovative and fuel-efficient line of aircraft that had been launched the previous year.