BANKS PAY RECORD FINES FOR ILLEGAL FOREIGN EXCHANGE

     WSJ - Sanctions enforced  by the U.S. Treasury Department's Office of Foreign  Assets Control against foreign banks for "moving" sums of money without disclosure to the Treasury have resulted in big fines to several banks.  The Wall Street Journal announced the ING Bank, a unit of ING Group NV (a large Netherland bank) "stripped" mention of some foreign countries when moving large sums through the processing by the U. S. Treasury in Manhattan where most dollar payments are "filtered" to spot terrorists and those involved in money laundering.  ING agreed to a penalty of $619 MILLION.  The Credit Suisse Group AG bank paid $536 MILLION and  Lloyd's Banking Group forked over $350 Million in 2009.  In 2010, Barclays PLC Bank was fined $298 MILLION.  One of the common money routings used Cuba and Iran to get around clearing through Manhattan.  By stripping "little white lies", forming shell companies and other  devices, transactions were most difficult to trace.  So you think "banking" is an honorable profession?  Only sometimes!!!