Big Banks Are Knee-Deep in the Dirty Money-Laundering Business

By Michael Hudson

May 2, 2013  |  Money-laundering issues at U.S. and UK financial firms shed light on role of rich nations and elite banks in the offshore world.

 

In the summer of 2009, Jennifer Sharkey was moving in select company. As a Manhattan-based vice president at JPMorgan Chase & Co.'s Private Wealth Management group, she juggled relationships with 75 "high net worth" clients with assets totaling more than half a billion dollars.

Things changed for her, she claims, after she raised doubts about a "suspect" foreign client who had millions stashed in various accounts at the bank.