In a story about how to handle the tax revenues from marijuana sales in Washington state the Treasurer was quoted as saying “I’m not too worried about it,” Treasurer Jim McIntire said. “It’s actually one of the advantages of having Bank of America as your contractor. It’s unlikely, I think, that the federal government would raid them. And they’re big enough to look out for themselves on this.” ( OLYMPIA, Wash.: Washington shops for a bank to handle pot money | State | The Olympian )
Think about that. Rather then change the law and give all banks, even the small ones a level field to compete for business, state officials are publicly stating that since the B of A is too big for the feds to mess with they will get even more business which will make them even bigger.
I support Washington State’s legalization but to use that to reward criminal outfits that have engaged in mortgage fraud, illegal foreclosures and market manipulation leaves a rank taste.
If any bank is raided for marijuana money and the B of A is left to lord its immunity from the rule of law over its lesser competitors is a flagrant abuse of prosecutorial discretion and a further undermining of what little remains of our democracy.
Photo by Matthew Kenwrick under Creative Commons license