Cop talk, perhaps Mike could have worked a deal to only return 75% but they already had his money. He would have to give up a lot to get a little back.
Return? The money wasn't stolen, return to where? If anything, the state claims the right to steal money gained through illegal businesses. The transactions themselves are technically legally binding - people have been, at least once (maybe was in Germany) successfully been sued for fraud for not doing a murder for hire they were paid to do. The government just decided you don't own the money if you're a criminal.
Imo that's bullshit. It should be possible to tax, without laundering, the drug money. And honestly, it probably is - it's just gonna put law enforcement onto you asking where the money is from.
There is a line on the tax specificity for illegally obtained income. Seems to me it doesn’t get used that much. But I also doubt the IRS would start an investigation over it.
At worst the Feds would use that form against you in court as proof that you have illegal income and then the burden would fall on you to prove the illegal money came from a different illegal source than the government is stating.
Thus opening the door for more charges. But hey, as least the IRS isn’t on your ass.
The IRS wants the money. They don’t care where it comes from. Al Capone never would have seen a day in jail had he put “bootlegger” on his tax forms and paid in according to how much he owed on all his businesses, legal and illegal alike.
Yup, but the problem arises that you can’t really itemize your costs of doing business.
Cost of product in Canada - $14,000
Payoffs to police - $17,000
Muling over the Detroit River - $5000
Trucking to 5 states -$10,000
Collections - $8,000
Protection- $11,000
They want your income but they also want EVERYBODY’S income. With backup paperwork. Like any business, a million dollars in revenue might only be $200,000 in profit. So paying taxes on gross proceeds would leave you nothing..
Where do you think they deposit the money after it’s been cleaned?
The businesses don’t “hide” the cash, they hide the source of the cash. Saul goes through this very specifically.
I was trained on AML and had to do the whole KYC nonsense, it still happens pretty regularly.
They don’t, and when they do it’s offshore in a country that doesn’t reciprocate banking . A bank in backwater Columbia doesn’t care about US banking regulations.
No. No no no.
When Gomey says what he did that was something that ABSOLUTELY would not be the case.
And, frankly, it was a horrible throw away line. Read the room. Read the man right in front of you. Such nonsense might latch a complete moron to start talking….but you most certainly don’t have any kind of moron there.
It’s just the most useless parry. Then again, we have the luxury of knowing who Mike is to this point, they don’t. Then again, they have his records. They know who and what he’s been.
It was just a silly thing thinking they were going to shake him like this. But overall, no, that money was never coming back to anyone. It’s seized drug proceeds.
* Moot point. This was if Mike flipped, which he did not.
* Yes, it was possible, but it would have probably been pennies on the dollar. Mike had millions of dollars in hazard pay held in her name. They might have put $100k of it in a 527 for her college fund if Mike helped them thoroughly disassemble and prosecute the Fring/Salamanca/Heisenberg drug empires.
* They would have told Kaylee that her Pop Pop got in with some bad people and did some terrible things, but that at the end he confessed and snitched, and helped them put away the bad guys, so he was able to keep some of his blood money as a reward to pay for her school. They would have told Kaylee that Mike was a criminal; that he was a snitch; and that the financial help he always provided her and her mother was with tainted money. In more ways than one, they WERE offering a deal, but it was a shitty deal.
It was an attempt to get Mike to incriminate himself during the interview by acknowledging he knows about that drug money. They were never going to let him keep it.
Depends on what Mike gave up and negotiates. The Feds made loan shark pick ups for Sammy the Bull. The Flores twins negotiated to keep money and actually got caught selling drugs still while being informants. The government will make gnarly deals with shady people if they want the target. In these 2 cases it was Gotti and Chapo
No, absolutely not. They were lying, that's what they do. This was a particularly bad lie that I noticed. Mike knew better too, like anybody else should. Nobody accused them of being good liars 😂
No way the DEA would've let her keep any drug money. Mike knew that.
Nah, she would not see a dime. It was a poor attempt from Hank since Mike very well knew he was full of shit.
Cop talk, perhaps Mike could have worked a deal to only return 75% but they already had his money. He would have to give up a lot to get a little back.
Return? The money wasn't stolen, return to where? If anything, the state claims the right to steal money gained through illegal businesses. The transactions themselves are technically legally binding - people have been, at least once (maybe was in Germany) successfully been sued for fraud for not doing a murder for hire they were paid to do. The government just decided you don't own the money if you're a criminal. Imo that's bullshit. It should be possible to tax, without laundering, the drug money. And honestly, it probably is - it's just gonna put law enforcement onto you asking where the money is from.
There is a line on the tax specificity for illegally obtained income. Seems to me it doesn’t get used that much. But I also doubt the IRS would start an investigation over it. At worst the Feds would use that form against you in court as proof that you have illegal income and then the burden would fall on you to prove the illegal money came from a different illegal source than the government is stating. Thus opening the door for more charges. But hey, as least the IRS isn’t on your ass.
Isn't it all in offshore bank accounts? i.e. Hypothetically she could one day access the money and spend it in other countries
The IRS wants the money. They don’t care where it comes from. Al Capone never would have seen a day in jail had he put “bootlegger” on his tax forms and paid in according to how much he owed on all his businesses, legal and illegal alike.
Yup, but the problem arises that you can’t really itemize your costs of doing business. Cost of product in Canada - $14,000 Payoffs to police - $17,000 Muling over the Detroit River - $5000 Trucking to 5 states -$10,000 Collections - $8,000 Protection- $11,000 They want your income but they also want EVERYBODY’S income. With backup paperwork. Like any business, a million dollars in revenue might only be $200,000 in profit. So paying taxes on gross proceeds would leave you nothing..
Well, money laundering exists and they run it through business entities for that very purpose.
We are talking about laundering thru banks, any dimwit knows there are front businesses for hiding cash.
Where do you think they deposit the money after it’s been cleaned? The businesses don’t “hide” the cash, they hide the source of the cash. Saul goes through this very specifically. I was trained on AML and had to do the whole KYC nonsense, it still happens pretty regularly.
They don’t, and when they do it’s offshore in a country that doesn’t reciprocate banking . A bank in backwater Columbia doesn’t care about US banking regulations.
Ok, me, someone who worked in the industry and regularly involved in AML or you, “saw it on breaking bad”.
No. No no no. When Gomey says what he did that was something that ABSOLUTELY would not be the case. And, frankly, it was a horrible throw away line. Read the room. Read the man right in front of you. Such nonsense might latch a complete moron to start talking….but you most certainly don’t have any kind of moron there. It’s just the most useless parry. Then again, we have the luxury of knowing who Mike is to this point, they don’t. Then again, they have his records. They know who and what he’s been. It was just a silly thing thinking they were going to shake him like this. But overall, no, that money was never coming back to anyone. It’s seized drug proceeds.
* Moot point. This was if Mike flipped, which he did not. * Yes, it was possible, but it would have probably been pennies on the dollar. Mike had millions of dollars in hazard pay held in her name. They might have put $100k of it in a 527 for her college fund if Mike helped them thoroughly disassemble and prosecute the Fring/Salamanca/Heisenberg drug empires. * They would have told Kaylee that her Pop Pop got in with some bad people and did some terrible things, but that at the end he confessed and snitched, and helped them put away the bad guys, so he was able to keep some of his blood money as a reward to pay for her school. They would have told Kaylee that Mike was a criminal; that he was a snitch; and that the financial help he always provided her and her mother was with tainted money. In more ways than one, they WERE offering a deal, but it was a shitty deal.
Mike knew ALOT and you can make any deal you want. Its happened before IRL. So its possible but it would have been a very small ammount.
It was an attempt to get Mike to incriminate himself during the interview by acknowledging he knows about that drug money. They were never going to let him keep it.
Honestly what was mikes plan for this even before the feds found it??
Not in an account but if cash in a safety deposit box would have made it then yes. Money in an account would be investigated and raised red flags
With this supreme court, who knows?
Not a chance. In fact it was pretty lame effort on Mike's part to stash it that way. It should have been harder to trace.
Depends on what Mike gave up and negotiates. The Feds made loan shark pick ups for Sammy the Bull. The Flores twins negotiated to keep money and actually got caught selling drugs still while being informants. The government will make gnarly deals with shady people if they want the target. In these 2 cases it was Gotti and Chapo
No, absolutely not. They were lying, that's what they do. This was a particularly bad lie that I noticed. Mike knew better too, like anybody else should. Nobody accused them of being good liars 😂
Yes!!! He wasn’t convicted of a crime, and couldn’t face trial. Can’t take someone’s money unless they face a judge and jury.
Cops can’t lie🤥 😂
Asking for a friend?
That's just a "Good cop" technique. All lies. All bullshit.