Dennis Hastert Charged with Structuring Bank withdrawals

[Red Oak]

OK do y'all prefer the term Homosexual Predator of young boys ?

[planosteve]

I didn't know Republicans buggered.

[Red Oak]

Well the RINOs have been buffering theIR base for decades.

[grouchy]

Well the RINOs have been buffering theIR base for decades.

Yep.

[BillB]

The "structuring" offense should not exist.
If I have $100,000 in the bank, I should be able to withdraw it in any increments I choose.

You can.

You can't without breaking the law.
That's part of what Hastert's in trouble for.
Banks are required to report withdrawals of $10,000 or more.
If you make periodic withdrawals just short of that, you can be charged with structuring your withdrawals to avoid them being reported.
Your buddy, Rush, got into trouble for the same thing.

[LibraryLady]

per the news:
Former Speaker of the House Dennis Hastert was paying a former student to keep quiet about allegations of sexual misconduct from the time when Hastert was a teacher and wrestling coach in Illinois, two sources with knowledge of the federal investigation say.

Hastert was a teacher and wrestling coach in Yorkville, Illinois, between 1965 and 1981, before entering politics. Hastert was indicted on Thursday on charges of lying to the FBI about $3.5 million he allegedly agreed to pay to an undisclosed person to "cover up past misconduct."

[BigTex]

It's just about sex. Nothing to see here. Move on.

[Red Oak]

May be he can replace Gates at the Boy Scouts ?

[GFB]

The "structuring" offense should not exist.
If I have $100,000 in the bank, I should be able to withdraw it in any increments I choose.

You can.

You can't without breaking the law.
That's part of what Hastert's in trouble for.
Banks are required to report withdrawals of $10,000 or more.
If you make periodic withdrawals just short of that, you can be charged with structuring your withdrawals to avoid them being reported.
Your buddy, Rush, got into trouble for the same thing.

You said people should be able to withdraw $100,000 whenever they want.

You can.

It's just that the IRS and Homeland Security know about it.

If you continually with draw 9,999 dollars..you're a walking red flag.

[GFB]

By definition, they know you're up to no good.

[ralph]

why would you be assumed to be up to no good , you just want the money in the house . Other than being different , whats the problem .

[LibraryLady]

why would you be assumed to be up to no good , you just want the money in the house . Other than being different , whats the problem .

Leads one to speculate:
drug money?
money to criminal element?
money to overseas enemies? etc.

[planosteve]

why would you be assumed to be up to no good , you just want the money in the house . Other than being different , whats the problem .

The problem is when you have the money in the bank, they can lend out 10 times that amount and make money off of it, while paying you a pittance, if they pay anything. When you take the money home, they don't make anything at all.

[ralph]

agree Library Lady , I understand the speculation but in my thinking its really no ones business but the moneys owner . Heck , I've heard stories of old people , usually ladies [hotel workers] with a hundred thousand or so stuffed in their mattress . They die and the money is found .

[ralph]

think that also makes sense Steve !!

[Red Oak]

why would you be assumed to be up to no good , you just want the money in the house . Other than being different , whats the problem .

Leads one to speculate:
drug money?
money to criminal element?
money to overseas enemies? etc.

Or the Tulsa Gunshow !

[GFB]

why would you be assumed to be up to no good , you just want the money in the house . Other than being different , whats the problem .

When they made the "any deposit or withdrawal over $10,000 must be reported to several factions of the government" rule, they set people up that make lots of withdrawals for $9900.

Once, no big deal...regularly, yeah, you're being pretty darn suspicious.

[BillB]

why would you be assumed to be up to no good , you just want the money in the house . Other than being different , whats the problem .

When they made the "any deposit or withdrawal over $10,000 must be reported to several factions of the government" rule, they set people up that make lots of withdrawals for $9900.

Once, no big deal...regularly, yeah, you're being pretty darn suspicious.

A person has every right to act suspiciously. So what?
The problem is that such withdrawals, in and of themselves, are a crime. That is pure BS.

The law against lying to a federal official is another piece of BS. (Title 18, United States Code, Section 1001)
Under that law, if a postman waves and asks "how are you?" and you say "fine" when you really have a headache,you are subject to 5 years in prison.

A people who lets these type of laws exist and even defends them, do not deserve their freedom.

[ralph]

actually HEARD that the new number is 5 thousand dollars , whole thing is crazy , same as asset forfeiture because you have cash , imo .

[GFB]

actually HEARD that the new number is 5 thousand dollars , whole thing is crazy , same as asset forfeiture because you have cash , imo .

I agree