Rick Gates

When EconoMan Does the Laundry....


...his ill-gotten money skidmarks remain his little secret. That lays the cost of thugs on taxpayers. Drug money creates a huge pile of dirty laundry, and so does the global economy's offshore banking and tax havens. (Estimates range from $800 billion to $2 trillion). The US indictment against Paul Manafort and RIck Gates unsealed this week says they used classic financial detergent to make Ukrainian and Russian mobsters look spic and span. Oh, and RICH. 

How?  Money laundering takes cash and deposits it in banks and company shells without reporting it as income. You or your "smurf" do this in amounts less than $10,000 so the bank won't be required to report it to the IRS. You wire money across borders, the more borders the better.  You then  write checks to buy real estate, life insurance, oriental rugs, art, or other big ticket items like stocks and bonds. Maybe you co-mingle it with legitimate money to cover your tracks. All makes it harder for state and federal prosecutors  to untangle your sources. 

Reports Kevin McCoy in USA Today: www.usatoday.com/story/money/2017/10/30/follow-money-heres-how-money-laundering-works/813379001/“The indictment filed by Mueller's investment team lists 17 domestic businesses or limited liability companies allegedly owned or controlled by Manafort and Gates. The indictment also identifies 12 entities in Cyprus, and three others in the United Kingdom or the Caribbean islands of the Grenadines. [It] also identifies scores of transactions from 2008-2014 in which Manafort allegedly wired more than $12 million from the foreign accounts to vendors for personal expenses without paying taxes on the income.” 

Meanwhile, YOU are doing the real laundry, and paying for the privilege. Unlike Manafort's play book, Screwnomics will put you at the center of economic change. Aren't you  tired of money's dirty secrets?  Pre-order Screwnomics at your local bookstore, and ask your friends to like our Facebook page. Help us make change!