Edmunds Members - Cars and Conversations

Michaell · April 4

pensfan83 said:

Michaell said:

pensfan83 said:
It occurs in industries and businesses people don't give a second thought about. In South Florida it's cell phone stores, in the NYC metro area it's delis and precious metals dealers. It cannot always be prevented, but financial institutions are under tremendous pressure to have robust internal controls and detective measures in place.
It also helps to have good systems in place. Read about a situation where Citi credited $7B (yes, billion) into a customer account accidently and it took them 90 minutes to spot and reverse the error.
Yep, then read about what happens to those that don't. TD Bank, USAA, Wells Fargo (still!), Bank of America, etc. We have an internal working group that I am part of that assesses enforcement actions to gauge whether we have exposure to any of the citations, whether we need to enhance controls, etc.

Yeah, I don't think I'd ever bank with Wells Fargo after the shennanigans they've been up to.

oldfarmer50 · April 4

explorerx4 said:
There are some thoughts that the crazy prices paid at car auctions are related to money laundering.

That would explain a lot.

oldfarmer50 · April 4

stickguy said:
Big part of casino business too. And car washes!

Damn right!

stickguy · April 4

Reminds me to go check my storage unit (that was also just a joke)

I do still have a checking account at Wells Fargo I need to close out though.

jmonroe1 · April 4

stickguy said:
Big part of casino business too. And car washes!

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I can’t speak to Casinos but I’m positive they don’t know about my 2 car washes.

jmonroe

jmonroe1 · April 4

oldfarmer50 said:

explorerx4 said:
There are some thoughts that the crazy prices paid at car auctions are related to money laundering.
That would explain a lot.

————————————————
If I invent fireproof mattresses, do I risk being shut down?

jmonroe

ab348 · April 4

Michaell said:

pensfan83 said:
It occurs in industries and businesses people don't give a second thought about. In South Florida it's cell phone stores, in the NYC metro area it's delis and precious metals dealers. It cannot always be prevented, but financial institutions are under tremendous pressure to have robust internal controls and detective measures in place.
It also helps to have good systems in place. Read about a situation where Citi credited $7B (yes, billion) into a customer account accidently and it took them 90 minutes to spot and reverse the error.

Would these laundering operations mostly be involved cleaning up large volumes of cash?

pensfan83 · April 4

Not always, often times activity occurs through peer to peer (Venmo, Zelle, CashApp) applications, wires, ACH, etc. Convertible virtual currencies are another method that's exploded in popularity when it comes to laundering illicit proceeds. Weak safeguards allow cyber operations to steal cryptocurrency from digital wallets, service providers, and more to fund laundering operations.

abacomike · April 4

Had a $1.00 movie from my cable provider so I was able to watch “A Complete Unknown” last night with Timothee Chalamet as Bob Dylan and Ed Norton as Pete Seeger. I found it to be outstanding performances by the above actors and the supporting actors.

What impressed me most was Timothee Chalemet’s ability to portray Bob Dylan’s metamorphosis from an innocent musician with a guitar rambling New York City’s Greenwich Village to an American Idol in possession of the usual star struck avoidance behaviors for his fans.

It sure brought back memories of my college years at NYU and my love of The Village life and Bob Dylan and his style and his composing abilities. Definitely worth seeing it last night. Now I know why Timothee Chalamet was nominated for an Oscar.

ab348 · April 5

pensfan83 said:
Not always, often times activity occurs through peer to peer (Venmo, Zelle, CashApp) applications, wires, ACH, etc. Convertible virtual currencies are another method that's exploded in popularity when it comes to laundering illicit proceeds. Weak safeguards allow cyber operations to steal cryptocurrency from digital wallets, service providers, and more to fund laundering operations.

You might have posted this written in Sanskrit so I might have understood it better.

I don’t grasp any of it. If I was a mobster back in the ‘60s skimming from the tables at a Vegas casino it was at least understandable.

oldfarmer50 · April 5

ab348 said:

pensfan83 said:
Not always, often times activity occurs through peer to peer (Venmo, Zelle, CashApp) applications, wires, ACH, etc. Convertible virtual currencies are another method that's exploded in popularity when it comes to laundering illicit proceeds. Weak safeguards allow cyber operations to steal cryptocurrency from digital wallets, service providers, and more to fund laundering operations.
You might have posted this written in Sanskrit so I might have understood it better. I don’t grasp any of it. If I was a mobster back in the ‘60s skimming from the tables at a Vegas casino it was at least understandable.

Ditto. So if I take $10k out of the coffee can in the back yard I have to get a colonoscopy from the IRS because some hacker from the third world is laundering money with bitcoin. I’ve lived too long.

qbrozen · April 6

@abacomike said:
Had a $1.00 movie from my cable provider so I was able to watch “A Complete Unknown” last night with Timothee Chalamet as Bob Dylan and Ed Norton as Pete Seeger. I found it to be outstanding performances by the above actors and the supporting actors.

What impressed me most was Timothee Chalemet’s ability to portray Bob Dylan’s metamorphosis from an innocent musician with a guitar rambling New York City’s Greenwich Village to an American Idol in possession of the usual star struck avoidance behaviors for his fans.

It sure brought back memories of my college years at NYU and my love of The Village life and Bob Dylan and his style and his composing abilities. Definitely worth seeing it last night. Now I know why Timothee Chalamet was nominated for an Oscar.

I enjoyed it, but I was disappointed with the lack of detail. We saw nearly nothing of the process of creating the music. And how they avoided hinting to any drug or alcohol use is beyond me. My older son was very interested in seeing it but when I told him about it, he lost interest. He wanted to see the artistic journey, not a “love” triangle.

suydam · April 6

For a lark we’re going to watch the remastered Heartbreakers Beach Party sometime this week. Cameron Crowe’s directorial debut, now streaming on Paramount.

fintail · April 6

pensfan83 said:
Not always, often times activity occurs through peer to peer (Venmo, Zelle, CashApp) applications, wires, ACH, etc. Convertible virtual currencies are another method that's exploded in popularity when it comes to laundering illicit proceeds. Weak safeguards allow cyber operations to steal cryptocurrency from digital wallets, service providers, and more to fund laundering operations.

I remember way back when being told because of "blockchain" that crypto would be transparent and free from shenanigans. Funny how that worked out.

I suspect "golden ticket" purchasers will be just as vetted.

sda · April 6

My RCA girl. Sadly she has to wear the cone. Boo boo toe which will need to have a procedure on 4.17 and then two more weeks of the cone. Not good.

jmonroe1 · April 6

sda said:
My RCA girl. Sadly she has to wear the cone. Boo boo toe which will need to have a procedure on 4.17 and then two more weeks of the cone. Not good.

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Why so long to get the procedure? It seems like they could prevent a lot of discomfort for your pooch if it could be done a lot sooner. Especially having to wear the cone for so long afterwards.

jmonroe

sda · April 6

jmonroe1 said:

sda said:
My RCA girl. Sadly she has to wear the cone. Boo boo toe which will need to have a procedure on 4.17 and then two more weeks of the cone. Not good.

————————————————
Why so long to get the procedure? It seems like they could prevent a lot of discomfort for your pooch if it could be done a lot sooner. Especially having to wear the cone for so long afterwards.

jmonroe

She has to take antibiotics, then blood test. Soonest appointment was 4.17. I hate it for her. I try to have a cone free zone when I can watch her and when she goes outside, which we monitor. It is to prevent her from licking her toe and making it worse.

corvette · April 6

A few years back, Scooter had a lesion on her rump that was really bothering her. The vet wanted me to do a trial with a cone to see whether it would resolve if she weren't licking and biting at it all the time. She constantly ran into things wearing a cone. I got one of those inflatable things that goes around her neck, and that mostly prevented her from bothering that area, although she could if she contorted herself that hard. Anyway, that didn't help, and we got the lesion surgically removed. She never tried to bother the incision--I'm sure the mild soreness of that was a relief, by comparison to a constantly inflamed cyst.

stickguy · April 6

our granddog had something on his foot that needed to heal but of course he wanted to shew on it. Instead of a cone they had a bootie for him (had a velcro strap to keep it secure). That actually worked pretty well.

snakeweasel · April 6

sda said:
My RCA girl. Sadly she has to wear the cone. Boo boo toe which will need to have a procedure on 4.17 and then two more weeks of the cone. Not good.

I see you like "The Curly Shuffle".

Oh and I hope all goes well for your puppy.

explorerx4 · April 6

UConn WBB ran through the tournament like the men did last year.
Even with a 20 point lead going into the 4th quarter, I was still nervous.

jmonroe1 · April 6

explorerx4 said:
UConn WBB ran through the tournament like the men did last year.
Even with a 20 point lead going into the 4th quarter, I was still nervous.

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It sounds like the men’s Duke vs Houston game scared you. Like the man said, “it ain’t over till it’s over”.

jmonroe

explorerx4 · April 6

@jmonroe1,
I had a bad feeling about the Duke/Houston game, had Duke in my pool, so I went to bed at halftime for that one.

jmonroe1 · April 6

explorerx4 said:
@jmonroe1,
I had a bad feeling about the Duke/Houston game, had Duke in my pool, so I went to bed at halftime for that one.

————————————————-
Really? I guess you didn’t hear the one about the fat lady singing either.

jmonroe

roadburner · April 6

Like he does every year, my son is at the Final Four meeting with other bloggers and such. He had picked Houston right after the Elite Eight finished up. Then he let me know he interviewed for a job in the motorsport field. It's nice to be 30 and single.

roadburner · April 7

I heard from my son; he’s well and truly p*ssed off- he got to San Antonio and his Airbnb had been cancelled. On top of that, today his rental car died. He’s going to get a refund from Airbnb but it will take a while. He’s suspecting the owner received a better offer. Up to now he’s never had an issue but it’s a royal mess.

laurasdada · April 7

She's done it to me again; I've missed the Greenwich Concours d' Elegance the last couple of years as her SF family has come to visit and stay with us that week. She said she'd ensure they visit at other times going forward.
Unfortunately, she seems to have fallen in love with Vegas (read: Venetian and Canyon Ranch after our March visit) and we leave that same weekend for a week (she also wants to see Rod Stewart and so she shall) there.

So, I guess I'll just have to go to the Imperial Palace and see what they have there this year... what's that you say? No, can't be, really?

roadburner · April 7

So I’m digging the latest BMW steering wheel design; it brings back fond memories of my father’s 1972 Caprice.

abacomike · April 7

@roadburner said:
So I’m digging the latest BMW steering wheel design; it brings back fond memories of my father’s 1972 Caprice.

Roadburner, you know I have tremendous respect for your opinions on a multitude of issues and topics - however my memories are in no way jarred or reawakened by comparing the current BMW steering wheel with your Dad’s or “my own” 1972 Chevrolet Caprice coupe. The BMW’s steering wheel has a flat bottom look to it whereby the Caprice steering wheel is circular. The Caprice’s wheel is plain with a diameter line-look that is simple and horizontal when the BMW’s is not.

I’m going to chalk it up to the fact that our minds are stimulated by uncommon “stimuli” or some other neuron/synapse rationale.

All kidding aside, they don’t look anything like each other’s steering wheel - but that’s my opinion and I respect the fact that you are more than entitled to your own opinion. 🤪😜

roadburner · April 7

BMW has lost the plot when it comes to attractive and driver-focused interior design. A tacked-on digital display? A toggle switch for gear selection? And don't get me started on their ambient lighting fiasco. Remember how the gaudy digital displays in '80s Japanese cars were often referred to as "Tokyo by Night"? Well, I think that "Vegas Strip Club" describes BMW's new ambient lighting.

fintail · April 7

roadburner said:
BMW has lost the plot when it comes to attractive and driver-focused interior design. A tacked-on digital display? A toggle switch for gear selection? And don't get me started on their ambient lighting fiasco. Remember how the gaudy digital displays in '80s Japanese cars were often referred to as "Tokyo by Night"? Well, I think that "Vegas Strip Club" describes BMW's new ambient lighting.

My Christmastime 5er rental had the same steering wheel, a two spoke squircle. One can pretend they are in a nice 61 Imperial. I suspect the tacked on screens are a fad now. I saw an iX on the road today, rare here - some plot was lost on exterior design as well. What would BMW designers of 1983 think of all this

laurasdada · April 8

No new Audis for you!

roadburner · April 9

The C43 went in for the Service A today. At 44,000 miles the brakes were good but the rear Contis were shot; 24,000 miles is apparently the best you can hope for due to the negative camber of the AMG suspension calibration. Nothing else other than new plugs.

roadburner · April 9

Paging @fintail :

explorerx4 · April 9

Today, another episode in 'As the Tariffs Turn'.

abacomike · April 9

@explorerx4 said:
Today, another episode in 'As the Tariffs Turn'.

The last several weeks remind me of my childhood and teenage years when I would ride the “Tornado” rollercoaster at Coney Island in Brooklyn.

fintail · April 9

roadburner said:
Paging @fintail

Was that at the dealer? Nice model but somewhat dear (maybe $150?), I think those are made by Norev.

roadburner · April 9

fintail said:

roadburner said:
Paging @fintail
Was that at the dealer? Nice model but somewhat dear (maybe $150?), I think those are made by Norev.

Yes, at the dealer.

graphicguy · April 10

oldfarmer50 said:

explorerx4 said:
There are some thoughts that the crazy prices paid at car auctions are related to money laundering.
That would explain a lot.

The ex wife I know of a BHPH lot used to hang in our friend circles. She said people came to her husband to "run money through" (her words). The husband would go to auction, buy a bunch of beaters, pay cash. And then, accept cash from his customers for payments. He took a "fee" for his services. So, instead of using a bank, his cash flow was made up of money that was either "laundered" or was about to be laundered.

He's since passed away. But, I've often wondered if the person who took over that business is doing the same thing.

For @kyfdx reference, it was the BHPH lots where the "Big Indian" sign was/is in I think the Carthage area.

tjc78 · April 10

It must be getting harder to launder money as cash only businesses are slim these days. Heck even most vending takes cards these days

stickguy · April 10

That’s why casinos were so popular for it. Still plenty of cash flowing through there.

oldfarmer50 · April 10

tjc78 said:
It must be getting harder to launder money as cash only businesses are slim these days. Heck even most vending takes cards these days

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs. I don’t think my cash deposits set off any red flags although I have read some horror stories of larger businesses who deposited larger amounts of cash being harassed by the IRS for “structuring”.

sda · April 10

Twin rainbows, never seen them before. Cool.

ab348 · April 11

oldfarmer50 said:

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs.

Plus, that would have allowed all those coffee cans full of cash to be buried on the back 40 and avoid the need for those pesky IRS audits.

oldfarmer50 · April 11

ab348 said:

oldfarmer50 said:

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs.
Plus, that would have allowed all those coffee cans full of cash to be buried on the back 40 and avoid the need for those pesky IRS audits.

If only I had made enough money in any form to fill a coffee can I would have been happy.😃

abacomike · April 11

@ab348 said:
Plus, that would have allowed all those coffee cans full of cash to be buried on the back 40 and avoid the need for those pesky IRS audits.

Back in the 1960’s, my Dad opened a Junior Miss clothing store which was next door to his parent’s women’s lingerie and clothing store. It was an architecturally beautiful store. Everything was on hangers or in large cubbies and it was white and royal blue in color contrasts. I believe it was the first such concept shop of its kind in the New York’s 5 boroughs.

In those days, it was a 95% cash business as Chase Manhattan Bank had just inaugurated its CMCB credit card. I remember that my Dad made at least one walk to the Chase bank across the street to make cash deposits per day. During Christmas shopping weeks, he often had to make 3-4 such trips due to the large amounts of cash involved each day. Same at Easter and Mothers Day. He even had a Smith & Wesson .38 caliber police special revolver during those walks to the bank due to the large quantities of cash that he was taking for deposit. Usually $5,000 to $8,000 each trip. Back then, that was a lot of money.

I am sure he could have held back on reporting such large amounts of cash generated from cash sales to the IRS, but when I asked him about it, he said quite vociferously that he made enough income from the business that he lived quite comfortably and sent two boys to NYU and bought a new Cadillac every two years. He felt that the government deserved the taxes he paid. I assumed he was being forthright regarding reporting all his income to the IRS. 🤪😜

jmonroe1 · April 11

oldfarmer50 said:

ab348 said:

oldfarmer50 said:

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs.
Plus, that would have allowed all those coffee cans full of cash to be buried on the back 40 and avoid the need for those pesky IRS audits.
If only I had made enough money in any form to fill a coffee can I would have been happy.😃

————————————————
I can let you have one of mine. One of the small ones.

jmonroe

pensfan83 · April 11

oldfarmer50 said:

tjc78 said:
It must be getting harder to launder money as cash only businesses are slim these days. Heck even most vending takes cards these days

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs. I don’t think my cash deposits set off any red flags although I have read some horror stories of larger businesses who deposited larger amounts of cash being harassed by the IRS for “structuring”.

Structuring is the deliberate act of avoiding the CTR reporting threshold and involves breaking up those larger amounts of cash into smaller ones to avoid said threshold. It is not the act of depositing said cash in large and reportable amounts.

There is also generally no harassment by the IRS unless their financial crimes division elects to pursue a criminal investigation and subsequent indictment.

oldfarmer50 · April 11

jmonroe1 said:

oldfarmer50 said:

ab348 said:

oldfarmer50 said:

When I was in business it was cash only. I chose to keep my prices lower by not involving another layer of electronics with the fees and set up costs.
Plus, that would have allowed all those coffee cans full of cash to be buried on the back 40 and avoid the need for those pesky IRS audits.
If only I had made enough money in any form to fill a coffee can I would have been happy.😃
————————————————
I can let you have one of mine. One of the small ones.

jmonroe

Deal! I’ll take the one that’s full of hundreds.👍

roadburner · April 11

@pensfan83 said:
Structuring is the deliberate act of avoiding the CTR reporting threshold and involves breaking up those larger amounts of cash into smaller ones to avoid said threshold. It is not the act of depositing said cash in large and reportable amounts.

There is also generally no harassment by the IRS unless their financial crimes division elects to pursue a criminal investigation and subsequent indictment.

I was trying to prosecute a gangbanger and allegedly a gangsta rapper for laundering money and he had not filed a return for several years. I contacted the IRS and they couldn’t be bothered.

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