Monday, June 15, 2009

Legal Money Laundering

This article in the Huffington Post highlights how Republican Jim Bunning might have found a "legal" way to launder money. It is not legal to accept money for signing baseballs, but Jim Bunning, ex-baseball pitcher, has set up a foundation that pays himself a total of $155,000 a year in profits from signing baseballs. His foundation donates less than $20,000 a year to charities. The post gives us this definition of money laundering:

a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money.

Even though technically it is legal, do you think the government should step in to regulate this?

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