By using aliases, LIMMT fooled U.S. banks into processing dozens of illegal transactions, Morgenthau said. “Our banks have high standards and sophisticated systems to stop these transactions, but this conduct was specifically designed to defeat their systems,” he said.
Some of the U.S. banks involved were Bank of New York Mellon Corp., Bank of America Corp. and JPMorgan Chase & Co., Morgenthau said.
The U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned LIMMT in 2006 for its role in the proliferation of weapons of mass destruction to Iran, Morgenthau said.
Chinese Firm Indicted for Misusing Banks, Aiding Iran [Bloomberg]
FOX Business Network has won a victory against the Treasury Department in its Freedom of Information Act request for details about the government’s bailout plan.
Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York said in a decision Friday that the government is directed to comply with FOX Business’s request under the FOIA “within 30 days and to produce a Vaughn index with 45 days.”
[...]
The initial request, filed on Nov. 25, sought actual data on the use of the bailout funds for American International Group and the Bank of New York Mellon, and an additional request, filed on Dec. 1, sought similar data on the bailout funds for Citigroup.
FBN asked the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for their participation in this program.
Cody must be thrilled.
FOX Business Wins FOIA Lawsuit Against Treasury [FBN]
