Whaaaat?!

Launderer-in-chief Bharat Masrani

On page one of 'The Globe and Mail' there is a shocking article about how Bharat Masrani, president of TD Bank, had laundered more than $670 million for US criminals through a slush fund for which American Senator Elizabeth Warren wants him and other senior bank executives heavily fined and charged.

From what I've read, jailed would be a more appropriate penalty; the funds laundered came mainly from fentanyl trafficking.  

"Between January, 2014, and October, 2023, TD Bank leadership knowingly presided over a criminally deficient anti-money laundering program while growing the bank such that its risk profile increased significantly," she wrote to the US department of justice (DOJ).

To date, attorney general Merrick Garland says only two employees have been charged.  All senior executives -- including the big boss Masrani -- have escaped the criminal snare.

Ms. Warren says that prosecutors allowed TD to evade criminal charges that would have triggered a "death penalty" provision which would have given the Office of the Comptroller of the Currency the authority to revoke the lender's charter, forcing it to terminate its US operations.

Not only have bank employees escaped jail, Masrani himself has not been fired, nor has he resigned -- in spite of the fact that the whole operation spanned the time he has been president and CEO.  What he is doing is retiring, but will stay on as a "consultant" for another year, collecting a few more million for his crimes.

Last year, Masrani collected $13 million and, with stock options, will pocket another $125 million when he leaves.  Raymond Chun will take over as president, but will continue to report to Masrani.

As I said, "Whaaaaat??!!" 

Masrani, an Indian citizen from Uganda, appears to have been basically a career criminal who hid under the bank's blanket of respectability for decades.  From my personal experience, many Indians operate within a culture of criminality.  It's inbred, perhaps as a result of the need to survive in a country rife with corruption from top to bottom.  Frankly, it's official government policy and the Indian government's murderous actions on Canadian soil prove it.

Chun, who is of Asian background, is also from a culture tinged with corruption.  Again I am only speaking from my experience, but criminal election interference, for example, appears to be also official government policy and has been happening for decades.  

A couple of personal examples:  Once on a business trip to Halifax, one of the Asian housekeepers stole a silver bracelet from my room.  Upon being told by the manager that unless it was returned immediately, all housekeeping staff would be penalized.  

It appeared back in my room later that day, exactly where I had left it.

Another instance that I remember was a Chinese restaurant in Ottawa that never closed its cash register, so sales were not included for tax purposes.  This happened every time we dined there and, working for RevCan at the time, I always noticed it.  

Don't call me racist, these are culturally-accepted practice.  Of course we have corruption in Canada, but it's not officially institutionalized.  It's hidden and prosecuted when uncovered (just not if you're Justin Trudeau).    

Growing up, B's grandmother in India employed native servants who pilfered and stole with gay abandon.  In fact, she would regularly have to pad the family's budget to cover the thefts.  This was all very normal in that culture.   

But for the Canadian and US governments to do nothing is an outrage.  All Trudeau said when confronted was that the government was "very concerned". 

I guess ho-hum is all that's going to happen.