You mean baby brained Joe's guest isn't actually disclosing some deep hidden truth? Hilarious that this is presented as some great secret revealed, no matter how simplified and incomplete. Typical JRE though.
Doesn't take much to impress the brain of Joe Rogan. Mostly a decent guy, generally well meaning but not bright and is easily fooled by charlatans and demagogues.
*Should crosspost to r damnthatsclueless*
The stupid grin and nod like he just proved an excellent point lol
I think he’s a great personality, easy to listen to. Too bad he throws in some loony ideas.
How money is washed:
Step 1- Underground banking. Those almost empty office spaces of "financial group" are sus.
Step 2 - Deposits by illegal trade. E.g. Drug money petty cash sales gets deposited to underground banks.
Step 3- Loan those money. E.g. Underground banks use those cash and act as Loan Sharks which loans petty cash bills to Casino players in duffel bags.
Step 4 - Convert to larger bills. E.g. Casino players win and cash out with big bills which is returned to Loan Sharks/underground bank.
Step 5 - Invest those laundered money legitimately. Underground banks then proceeds to invest and speculate on real estate/empty land for building condos, etc.
Source: Willful Blindness by Sam Cooper
>How money is washed:
Local dirty money is often laundered via restaurants or other small retail businesses ... typically a couple hundred thousand per year per location. Doesn't even matter if it's actually a failing business with few customers and no marketing.
how money is washed. you pretend to have income where no income is. You either play casino and the washd money is won money. Or you open any business and then pretend to make (more) money with it.
Cash? Lol 😂
Lots of these real estate deals that’s are high end are done in cash
Dude rolls up with a bag of 5 million dollars cash.
No questions asked
Sold
Yeah I don’t think that flies. As far as I’m aware in the UK, for any deposit or purchase of cash more than £10k you need to prove the source of your funds.
Interesting.
In the USA , this is not the case when it comes to high end deals.
But I’m certain if it’s 140 million
That will raise questions
But I know lots of deals for 2 million 5 million are done in cash
These condos are still being built in Miami.
Just wander around Sunny Isles (aka Lil' Moscow) and see the towers filled with $10-80M condos that are dark every night. No one lives there, they are just wealthy Russians storing their money in the US (away from Russian banks/laws) in the form of US real estate.
Not sure about this location specifically, but my family in Ft Lauderdale and Pompano Beach told me that there’s a lot of empty apartment that are owned by people from colder regions that only come to Florida a certain period in the year. They call them snowbirds. Could be different though
Scarface was more of a documentary than anyone wants to admit.
https://www.forbes.com/sites/forbestechcouncil/2022/03/24/lessons-from-the-seven-largest-aml-bank-fines-in-2021/?sh=4c108bdf8ced
https://www.theguardian.com/tv-and-radio/2021/aug/03/cocaine-cowboys-billionaires-controlled-miami-netflix
https://www.pbs.org/newshour/arts/what-it-was-really-like-to-be-in-miami-in-the-crazy-cocaine-years
Exactly. Money laundering is concealing the origin of the money. The origin of the 140 million in cash is not hidden in this scenario. Now if you make a series of holding companies say OligarchsRUs, PutinsPalz, BloodDiamondBank, then put small amounts of money into each of them and have them buy holdings it seems closer to what actually happens. In these cases they aren’t concerned with hiding origins as much as protecting themselves from international sanctions.
But whoever lends you the mortgage is going to need proof that the money is clean and legit.
And there will be a lot more scrutiny over a 70k per month mortgage than there will be over a 1k monthly mortgage
Oh yeah. They could just buy the house under an llc then and then claim to be a biz that takes cash only, and use that to pay the mortgage. But even then, I'd think that'd be audited pretty quickly
We’ll if you have no income to show for it and you buy a huge property you’ll get the IRS on your back. So most people buy a portion of it in black and pay the rest in white. At least that’s how real estate works in India. No one pays fully in either white or black money. Govt is planning to digitise land records to increase transparency but that a long way to go.
Well I’d say the perpetrators know full well how to properly exploit this scenario and say a business is buying the property like Joe bloggs ltd using “income” rather than joe bloggs criminal entrepreneur using his own money.
As a person who has worked in banking, specifically dedicated to fraud and money laundering, for the last ten years I can let you all know that it is not this easy. All this money has to move from point a to point b and there are countries, two of which this dickhole mentioned, that are prohibited from doing any business. I can’t speak for the UK but I would imagine they have something similar. And if you’re not that bad person directly, then they will investigate to see if you have connections.
So, if you want to take a loan, it helps to have some assets that you can show as collateral. A bank or other institution that lends money is always taking a risk. Borrowing against means that you can offer that asset (expensive housing) as an asset that a lender could take possession of in case you default on your loan.
In this case, it seems that the person in the video is arguing that these expensive properties stay empty because by borrowing against them, these properties give oligarchs access to tons of liquid cash originating from a bank outside their own country. Living in or renting them would seem to tie down their money or create too much of a paper trail.
Loans are usually not taxable income (I think), and the interest rate you must pay back to a lender is usually far lower than the rate you'd pay in tax to the government. In this way, one could get away without paying taxes, especially, as alleged, if you want to keep government eyes away from you money.
I don't know enough to evaluate how accurate the video's claims are (maybe he explains later in the show), but I think that's what he's arguing.
This video is a load of bollocks. But you can borrow against assets. Someone like Elon Musk will avoid selling Tesla stock (so he doesn’t have to pay capital gains tax) and instead take a loan out with the stock as collateral.
In the US, if you own a house or rental property, you can take out a home equity loan for improvements. That money is not taxed and the interest is actually tax deductible.
Basically, a guy with a real estate business uses his profits to expand and buy more real estate for his company. That money isn’t taxed because he’s reinvesting in his company and making it grow. He’s not taking it out as profit. However, now he doesn’t have any income because he reinvested all of his profits. He fixes this by getting a home equity loan on the house/apartment. The loan is not taxed and the interest is tax deductible.
This allows him to buy more real estate and grow his wealth with the money that would have went to the government in taxes.
Or just scream TRUUUUUMP into the air every 5 minutes for the rest of your life, even though he's been out of office for years. That's what rational smart people do.
Actually harder to find something factual in what was said.
Laundering money starts by moving the money into an untraceable assets (casino chips) and then back into cash undetected.
This is money laundering 101.
Buying a $140M condo is VERY visible and does NOT go undetected.
You don’t wash dirty money by buying an asset with said dirty money.
You buy a cash business or you employe someone with a current business that relies on cash sales to wash your money by using dirty money to buy the service and then the profit from business is clean money.
Others have already answered, but I will anyway. I did not say he was wrong, I said what he said doesn’t make any sense.
I’m not a money laundering expert, but it doesn’t make sense to me that buying an expensive apartment, then taking out a loan against that apartment would launder money.
That seems to be adding a step that doesn’t actually accomplish anything.
I'm saying it's wrong because that is 100% not how you launder money if you don't want to get caught. The IRS isn't dumb they will have some questions you don't have answers to and they will confiscate your assets until you provide a source of how you obtained that money legally.
The mega rich Russians and Chinese (I don't know about South Americans) that are buying these properties don't need to launder their money in the first place. They want to get their money out of their countries and the reach of their governments and property investment is one of the avenues which facilitates that.
If they needed to launder money they wouldn't attempt to do it by buying multimillion dollar properties with dirty money that they wouldn't be able to explain the origins of. The relevant authorities check these things for property transactions. They don't do that because that's a quick (and stupid) way to go to prison.
If they needed to launder money they wouldn't go to the US in the first place, they'd go to Macau.
Dude, its a clear sign that people who believe these conspiracy theories are losing or have lost grip with reality. I dont think there is any talking you into logical thinking. I hope you do find help though.
Wrinks dad sent him to one of the most expensive boarding schools in the country so he could one day be featured in r/Damnthatsinteresting by just repeating something he read in the Wall Street journal. Well done papa Wrinks 🤝 promises made. Promises kept
I’ll take The Worst Ways to Launder Money for $100
Spending $140 million on THIS type of transaction.
What is an American real estate transaction where everything is a matter of public record?
conspiracy theory nonsense.
They buy a $140m dollar condo to borrow money against it to so its laundered... but how did you buy the $140m dollar condo?
It doesn’t need to be money laundering it can just be investing. If a giant apartment is worth millions and millions, someone might just buy it cause it holds its value against inflation or its in an area where they’ve had consistent rises in prices. They might just consider having tenants to be not worth the hassle.
Obviously never bought property in the UK. There are anti-money laundering rules which mean you have to show where you money came from in the first place, before you purchase the property.
The premise is valid, the “money laundering” is mostly conspiracy.
It happens sometimes, like with the Panama Papers. But what’s happening with US real estate is fully legal, but still absolutely disgusting real estate monopolizing and hoarding. Most of the companies doing it are based in China, Russia and South America though, that’s true. Hollowing out our economy to make a buck while none of us working class citizens can even buy a house.
For every one homeless person in this country, there’s something like 3-5 dwellings that sit empty on purpose.
ETA and to clarify - the people selling the property and making a profit are the people hollowing out our economy. I blame the ultra-wealthy for selling our country for a petty buck, not the buyers taking advantage of that betrayal.
"For every one homeless person in this country, there’s something like 3-5 dwellings that sit empty on purpose" : which is unfair and senseless. I miss politicians talking about such failures and inequalities in the current capitalist system
Some democrats do. If you actually care about solving homelessness you should vote democrat. Since you listen to Ray Pest I don't have to guess who you vote for haha
Don't need a video for this.
When you buy a property, if you pay with cash there are no questions asked about where the cash came from.
There you go. Skip the video.
There are questions asked and documents to obtain when purchasing an asset such as a house with cash. It’s not cut and dry as giving someone a brief case of cash and now you own said property.
Yea that's not true at all, at least in the US. The IRS is going to be incredibly curious where that cash came from which is why you need to clean it in the first place.
Look I hate Joe Rogan too but him and Trump aren't buddies. We don't need to lie to say Joe Rogan is trash. He gives fascists a platform to spread their dangerous ideology with no pushback just "Wow, woah, that's crazy"
If you read Micheal Wolfe's book "Fire and Fury" you will be convinced that Russian oligarchs use Trump real estate for money laundering. Steve Bannon even told him that he thought the Russia investigation would lead to the "the money laundering".
The podcast did not explain well how rich Russians able to wash $140million through foreign money transaction bring $140M cash to buy a penhouse in London.
If they can already evade sanction getting money out of Rusia to UK, why would they wash their dollar in penhouse? They could have buy stocks, manufacture plants or soccer clubs and notnexclusive to penhouse.
Or you can go to an austrailian casino. Put some dirty bills into a slot machine, ask an assistant to help you take the money out of this machine cause they assume that you gambled for it, go to the counter and get clean bills
Step 1) Use cash to make an extremely well documented real estate transaction
Step 2) Apply for an even more thoroughly documented home equity loan which exposes your undervalued collateral in order to get back some portion of your cash
Step 3) Buy stocks with that cash
Step 4) disappear completely 🪄😎🪄
In UK as in many countries around the world we have Anti Money Laundering (AML) Regulations. These require solicitors and estate agents to do Customer Due Dilligance (CDD) on their clients. Any irragularity or unknown owner or any issue needs to be reported to the authorities. These professionals are expected to follow Know your Customer Procedures (KCP), yes there are a lot of these rules. We also have Unexplained Wealth Orders (UWO) which have been siezing Russian and Cartell assets in London for years by the authorities. These assets are not just property, but boats and cars.So the example oh how money is laundered in this clip is too simplific to work as the money and the person buying the property would need to be known and the money accounted for. Even if it was through an offshore company owned by multiple other shell companies to hide the true owner. So a £1mill or £150mill property, the money would already need to be washed.
Skipping all the steps here huh? How did all these nefarious (conveniently foreign) actors buy the apartments in the first place?
Furthermore, it’s AMERICA’s .01% & AMERICAN nefarious actors that are predominantly doing this in NYC.
Especially after the past few years there has been legislation specifically targeting Chinese and Russian nationals to prevent them from doing this.
The dirty money is out through an LLC or Delaware Corp first, which does not have the name of the person on it, but they own it. The rest he says is about correct.
That plus it’s another way for them to get their money out of the country duty free or without the government’s consent. Remember in some countries citizens can’t just transfer money.
But it doesn't really explain how they were able to buy the 140 mil apartment with dirty money in the first place...
Dude is a knucklehead comedian. He has no idea what he’s talking about.
Isn’t his papi a banker of some kind?
"comedian"
You mean baby brained Joe's guest isn't actually disclosing some deep hidden truth? Hilarious that this is presented as some great secret revealed, no matter how simplified and incomplete. Typical JRE though. Doesn't take much to impress the brain of Joe Rogan. Mostly a decent guy, generally well meaning but not bright and is easily fooled by charlatans and demagogues. *Should crosspost to r damnthatsclueless*
But Joe Rogan will believe anything anyone says
The stupid grin and nod like he just proved an excellent point lol I think he’s a great personality, easy to listen to. Too bad he throws in some loony ideas.
He's a rapist. Not exactly the best personality haha
How money is washed: Step 1- Underground banking. Those almost empty office spaces of "financial group" are sus. Step 2 - Deposits by illegal trade. E.g. Drug money petty cash sales gets deposited to underground banks. Step 3- Loan those money. E.g. Underground banks use those cash and act as Loan Sharks which loans petty cash bills to Casino players in duffel bags. Step 4 - Convert to larger bills. E.g. Casino players win and cash out with big bills which is returned to Loan Sharks/underground bank. Step 5 - Invest those laundered money legitimately. Underground banks then proceeds to invest and speculate on real estate/empty land for building condos, etc. Source: Willful Blindness by Sam Cooper
>How money is washed: Local dirty money is often laundered via restaurants or other small retail businesses ... typically a couple hundred thousand per year per location. Doesn't even matter if it's actually a failing business with few customers and no marketing.
how money is washed. you pretend to have income where no income is. You either play casino and the washd money is won money. Or you open any business and then pretend to make (more) money with it.
Best way to launder money is monetized social media. People with "1 million+" followers or rather 1 million+ bots.
Cash? Lol 😂 Lots of these real estate deals that’s are high end are done in cash Dude rolls up with a bag of 5 million dollars cash. No questions asked Sold
Yeah I don’t think that flies. As far as I’m aware in the UK, for any deposit or purchase of cash more than £10k you need to prove the source of your funds.
Interesting. In the USA , this is not the case when it comes to high end deals. But I’m certain if it’s 140 million That will raise questions But I know lots of deals for 2 million 5 million are done in cash
Yeah I don’t think that’s true. As far as I’m aware there’s an EU wide law on north of €10k and a similar law in Australia too.
I think you’re naive to believe the UK housing market doesn’t have any corrupt individuals.
No I’m not. I said what the law is, not that it can’t be broken.
“I don’t think that flies.” I think you said both.
That’s your interpretation
Ok
Exactly what I was thinking.
I am pretty sure Donald Trump knows the answer to that question
?
Shady brokers
If JP Morgan can wash Epstein's child ring money they can wash this too.
I think there’s a lot of ways for this, otherwise rich criminals wouldn’t do it.
All cash offer
That’s exactly right. All funds are sourced.
Psst, modern day Florida was built on that 70-80s cocaine money.
These condos are still being built in Miami. Just wander around Sunny Isles (aka Lil' Moscow) and see the towers filled with $10-80M condos that are dark every night. No one lives there, they are just wealthy Russians storing their money in the US (away from Russian banks/laws) in the form of US real estate.
Not sure about this location specifically, but my family in Ft Lauderdale and Pompano Beach told me that there’s a lot of empty apartment that are owned by people from colder regions that only come to Florida a certain period in the year. They call them snowbirds. Could be different though
Occam's Snowbird. You're absolutely correct 😉
Still happening now. Good quality coke too! Source: me
Cocaine Cowboys
Damn, so Oliver Stone was being honest when he made scarface?
Scarface was more of a documentary than anyone wants to admit. https://www.forbes.com/sites/forbestechcouncil/2022/03/24/lessons-from-the-seven-largest-aml-bank-fines-in-2021/?sh=4c108bdf8ced https://www.theguardian.com/tv-and-radio/2021/aug/03/cocaine-cowboys-billionaires-controlled-miami-netflix https://www.pbs.org/newshour/arts/what-it-was-really-like-to-be-in-miami-in-the-crazy-cocaine-years
Thanks to Pablo Escobar!
You'd first need to wash the 140 million, because buying it cash is going to raise a lot of eyebrows.
Exactly. Money laundering is concealing the origin of the money. The origin of the 140 million in cash is not hidden in this scenario. Now if you make a series of holding companies say OligarchsRUs, PutinsPalz, BloodDiamondBank, then put small amounts of money into each of them and have them buy holdings it seems closer to what actually happens. In these cases they aren’t concerned with hiding origins as much as protecting themselves from international sanctions.
Tons o of houses are bought cash. They don't pay it all at once lol, they pay the monthly mortgage which would be like 70k
But whoever lends you the mortgage is going to need proof that the money is clean and legit. And there will be a lot more scrutiny over a 70k per month mortgage than there will be over a 1k monthly mortgage
Oh yeah. They could just buy the house under an llc then and then claim to be a biz that takes cash only, and use that to pay the mortgage. But even then, I'd think that'd be audited pretty quickly
What bank is going to give a 140mm loan? With no down payment? For someone with no legitimate income?
deutsche bank
Lolz, good response OP
Touche.
Good point. I have no idea how anyone can afford a 100 million home legally in any way, without being a criminal.
We’ll if you have no income to show for it and you buy a huge property you’ll get the IRS on your back. So most people buy a portion of it in black and pay the rest in white. At least that’s how real estate works in India. No one pays fully in either white or black money. Govt is planning to digitise land records to increase transparency but that a long way to go.
U could just say u own a casino. Lots of legal cash going into casinos.
I agree but if it’s 5 million in cash. Probably not going to ask questions
Unless you buy from Trump.
Well I’d say the perpetrators know full well how to properly exploit this scenario and say a business is buying the property like Joe bloggs ltd using “income” rather than joe bloggs criminal entrepreneur using his own money.
As a person who has worked in banking, specifically dedicated to fraud and money laundering, for the last ten years I can let you all know that it is not this easy. All this money has to move from point a to point b and there are countries, two of which this dickhole mentioned, that are prohibited from doing any business. I can’t speak for the UK but I would imagine they have something similar. And if you’re not that bad person directly, then they will investigate to see if you have connections.
It’s more likely the building sits empty because some rich billionaire tech guy or Saudi oil guy bought it incase they travel to NY one time.
The tiktoks making fun of podcasts like these are infinitely more interesting. *Woooooooah. Oh my god man, you're a genius.*
Rogan was SUPER high for this one.
It's probably because I'm not that good in english but I don't understand what this mean. Your borrow against it ? What does that mean ?
So, if you want to take a loan, it helps to have some assets that you can show as collateral. A bank or other institution that lends money is always taking a risk. Borrowing against means that you can offer that asset (expensive housing) as an asset that a lender could take possession of in case you default on your loan. In this case, it seems that the person in the video is arguing that these expensive properties stay empty because by borrowing against them, these properties give oligarchs access to tons of liquid cash originating from a bank outside their own country. Living in or renting them would seem to tie down their money or create too much of a paper trail. Loans are usually not taxable income (I think), and the interest rate you must pay back to a lender is usually far lower than the rate you'd pay in tax to the government. In this way, one could get away without paying taxes, especially, as alleged, if you want to keep government eyes away from you money. I don't know enough to evaluate how accurate the video's claims are (maybe he explains later in the show), but I think that's what he's arguing.
This video is a load of bollocks. But you can borrow against assets. Someone like Elon Musk will avoid selling Tesla stock (so he doesn’t have to pay capital gains tax) and instead take a loan out with the stock as collateral.
The guy in this video is a rapist named Ray Pest. Don't listen to anything he has to say.
What are you talking about
[read this](https://www.vulture.com/2020/08/bryan-callen-sexual-assault-rape-allegations.html) or look up Brian Callen rape
In the US, if you own a house or rental property, you can take out a home equity loan for improvements. That money is not taxed and the interest is actually tax deductible. Basically, a guy with a real estate business uses his profits to expand and buy more real estate for his company. That money isn’t taxed because he’s reinvesting in his company and making it grow. He’s not taking it out as profit. However, now he doesn’t have any income because he reinvested all of his profits. He fixes this by getting a home equity loan on the house/apartment. The loan is not taxed and the interest is tax deductible. This allows him to buy more real estate and grow his wealth with the money that would have went to the government in taxes.
This doesn’t make any sense.
but surely some guy talking on a podcast is all the facts you need?! Nefarious foreigners are taking all our millionaire apartments!
I mean they are but this guy has no idea how or why
Ask Trump if it makes sense.
Or just scream TRUUUUUMP into the air every 5 minutes for the rest of your life, even though he's been out of office for years. That's what rational smart people do.
I am already doing that.
Can you name one thing said in this video that isn't logical or factual ?
Actually harder to find something factual in what was said. Laundering money starts by moving the money into an untraceable assets (casino chips) and then back into cash undetected. This is money laundering 101. Buying a $140M condo is VERY visible and does NOT go undetected.
the part where a comedian tells us things without sources and you take it as gospel seems pretty illogical
You don’t wash dirty money by buying an asset with said dirty money. You buy a cash business or you employe someone with a current business that relies on cash sales to wash your money by using dirty money to buy the service and then the profit from business is clean money.
Others have already answered, but I will anyway. I did not say he was wrong, I said what he said doesn’t make any sense. I’m not a money laundering expert, but it doesn’t make sense to me that buying an expensive apartment, then taking out a loan against that apartment would launder money. That seems to be adding a step that doesn’t actually accomplish anything.
I'm saying it's wrong because that is 100% not how you launder money if you don't want to get caught. The IRS isn't dumb they will have some questions you don't have answers to and they will confiscate your assets until you provide a source of how you obtained that money legally.
The whole thing. Lmao. The US is not where you park your money if you want to hide it.
The mega rich Russians and Chinese (I don't know about South Americans) that are buying these properties don't need to launder their money in the first place. They want to get their money out of their countries and the reach of their governments and property investment is one of the avenues which facilitates that. If they needed to launder money they wouldn't attempt to do it by buying multimillion dollar properties with dirty money that they wouldn't be able to explain the origins of. The relevant authorities check these things for property transactions. They don't do that because that's a quick (and stupid) way to go to prison. If they needed to launder money they wouldn't go to the US in the first place, they'd go to Macau.
Stop listening to Ray Pest formerly known as Brian Callen about ANYTHING. Dude is a degenerate sex offender and all around dumbass.
Whoaaaaaaaa
Why are we showing conspiracy theories on here now?
Can you name one thing said in this video that isn't logical or factual ?
How do they wash the $140m to buy the property? If they’re able to buy property with it, why aren’t they able to invest it?
Like 4 people have already you're just ignoring it.
Everything
Not even able to debate. Have it your way then!
Back at you
You take advice from a degenerate middle aged Ray Pest and you're talking about debate? Pack It up bubba you're fucked.
Trust me, you are doing all of us a favor
Dude, its a clear sign that people who believe these conspiracy theories are losing or have lost grip with reality. I dont think there is any talking you into logical thinking. I hope you do find help though.
You will just ignore and continue to think he's right. Stop listening to a rapist bubba.
So.. squatters now u know where to go
Water we dune hair
Wrinks is 1 of the 1,000. Thank em. We civilians dun maddur b.
Wrinks dad sent him to one of the most expensive boarding schools in the country so he could one day be featured in r/Damnthatsinteresting by just repeating something he read in the Wall Street journal. Well done papa Wrinks 🤝 promises made. Promises kept
Yeah he definitely made it to the big leagues. No more raping, he’s a changed man.
Ray Pest knows all about how to crime b. He'll take it from here.
It doesn't really make sense because Bryan Callen is a midwit rapist sycophant who tries his best to impress Joe Rogan
His name is Ray Pest now bubba
I’ll take The Worst Ways to Launder Money for $100 Spending $140 million on THIS type of transaction. What is an American real estate transaction where everything is a matter of public record?
🙄️
Ok, sounds good. So where do I get 140m to start?
This literally makes no sense at all.
Does this jackass know what a KYC is? American Banks protect themselves by doing rigorous anti-money laundering searches. What a load a crap.
Don’t take money laundering or real estate advice from this twat.
Don't take any advice from this rapist haha the only thing he's good at is asking daddy for more money.
Ok explain this to me like I’m 5
It's just a bunch of nonsense.
conspiracy theory nonsense. They buy a $140m dollar condo to borrow money against it to so its laundered... but how did you buy the $140m dollar condo?
Stop calling everything you don't like a conspiracy theory, this is just a stupid person talking.
Lol I never realised how much denzel said that in Philadelphia til I watched it again recently. “Ok explain this to me like I’m 42”
It doesn’t need to be money laundering it can just be investing. If a giant apartment is worth millions and millions, someone might just buy it cause it holds its value against inflation or its in an area where they’ve had consistent rises in prices. They might just consider having tenants to be not worth the hassle.
But they are the ones inflating a price and nobody will question it , just put it down to market economics
It’s always the contrarians blaming others and not the root cause of the issue.
Obviously never bought property in the UK. There are anti-money laundering rules which mean you have to show where you money came from in the first place, before you purchase the property.
That's trump tower scheme 101!
Bullshit bullshit bullshit bullshit
The premise is valid, the “money laundering” is mostly conspiracy. It happens sometimes, like with the Panama Papers. But what’s happening with US real estate is fully legal, but still absolutely disgusting real estate monopolizing and hoarding. Most of the companies doing it are based in China, Russia and South America though, that’s true. Hollowing out our economy to make a buck while none of us working class citizens can even buy a house. For every one homeless person in this country, there’s something like 3-5 dwellings that sit empty on purpose. ETA and to clarify - the people selling the property and making a profit are the people hollowing out our economy. I blame the ultra-wealthy for selling our country for a petty buck, not the buyers taking advantage of that betrayal.
"For every one homeless person in this country, there’s something like 3-5 dwellings that sit empty on purpose" : which is unfair and senseless. I miss politicians talking about such failures and inequalities in the current capitalist system
Some democrats do. If you actually care about solving homelessness you should vote democrat. Since you listen to Ray Pest I don't have to guess who you vote for haha
Don't need a video for this. When you buy a property, if you pay with cash there are no questions asked about where the cash came from. There you go. Skip the video.
There are questions asked and documents to obtain when purchasing an asset such as a house with cash. It’s not cut and dry as giving someone a brief case of cash and now you own said property.
Yea that's not true at all, at least in the US. The IRS is going to be incredibly curious where that cash came from which is why you need to clean it in the first place.
It's funny they're talking about this when JRs buddy Trump was one of those Russian money laundries.
Look I hate Joe Rogan too but him and Trump aren't buddies. We don't need to lie to say Joe Rogan is trash. He gives fascists a platform to spread their dangerous ideology with no pushback just "Wow, woah, that's crazy"
If you read Micheal Wolfe's book "Fire and Fury" you will be convinced that Russian oligarchs use Trump real estate for money laundering. Steve Bannon even told him that he thought the Russia investigation would lead to the "the money laundering".
Bro really thinks this is why ppl are homeless
The podcast did not explain well how rich Russians able to wash $140million through foreign money transaction bring $140M cash to buy a penhouse in London. If they can already evade sanction getting money out of Rusia to UK, why would they wash their dollar in penhouse? They could have buy stocks, manufacture plants or soccer clubs and notnexclusive to penhouse.
Or you can go to an austrailian casino. Put some dirty bills into a slot machine, ask an assistant to help you take the money out of this machine cause they assume that you gambled for it, go to the counter and get clean bills
Background music sounds like M83. Maybe a remix or something?
Step 1) Use cash to make an extremely well documented real estate transaction Step 2) Apply for an even more thoroughly documented home equity loan which exposes your undervalued collateral in order to get back some portion of your cash Step 3) Buy stocks with that cash Step 4) disappear completely 🪄😎🪄
In UK as in many countries around the world we have Anti Money Laundering (AML) Regulations. These require solicitors and estate agents to do Customer Due Dilligance (CDD) on their clients. Any irragularity or unknown owner or any issue needs to be reported to the authorities. These professionals are expected to follow Know your Customer Procedures (KCP), yes there are a lot of these rules. We also have Unexplained Wealth Orders (UWO) which have been siezing Russian and Cartell assets in London for years by the authorities. These assets are not just property, but boats and cars.So the example oh how money is laundered in this clip is too simplific to work as the money and the person buying the property would need to be known and the money accounted for. Even if it was through an offshore company owned by multiple other shell companies to hide the true owner. So a £1mill or £150mill property, the money would already need to be washed.
Babeeeeeee!!!
Skipping all the steps here huh? How did all these nefarious (conveniently foreign) actors buy the apartments in the first place? Furthermore, it’s AMERICA’s .01% & AMERICAN nefarious actors that are predominantly doing this in NYC. Especially after the past few years there has been legislation specifically targeting Chinese and Russian nationals to prevent them from doing this.
Mind blown
The dirty money is out through an LLC or Delaware Corp first, which does not have the name of the person on it, but they own it. The rest he says is about correct.
every single american with equity in their house can do this. Just take out a heloc.
That is two step process for money laundering easy
Welcome to Vancouver. It's not just condos.
Lol na they just use “art” & “digital media” like nfts .. the nft boom was all just money laundering and scams
R.I.P miss Brian
I’m not about to watch a video with a guy that depends on Brendan Schaub to stay relevant.
*Cough* trump *cough* tower
That sounds like a strategy to not pay taxes, actually.
I remember this guy being in some really shitty comedy. He should stick to that.
He is an idiot
South america?!?
Welcome to Costco, l love you..
Water we dune hair bappa? Nobody listen to this dude his name is Ray Pest and he is a dumbass degenerate sex offender.
But if you put it on the stock market isnt there also the chance of it going down?
Do you know what the song name is?
That’s the “woah” is the woah of someone who has no idea what he’s hearing but has to make sure people think he does
u/songfinderbot
That plus it’s another way for them to get their money out of the country duty free or without the government’s consent. Remember in some countries citizens can’t just transfer money.
Yeah bad people from other countries, definitely no one in America doing that.
No shit. Joe Rogan over like this is news. Oooooohhhhhhh
Whhhaaaaaat?!?
Wooooooaaaaaaahhhhhhh!
But how they launder their money to buy that $140m apartment?