VEB not a real bank!? Rachel Maddow

[Catmusicfan]

Anyone else watching? Did I hear that right? Did Trump get a Loan from VEB? I know she was talking about Jerad but I thought she mention Trump with VEB in one of her stories.

[SummerSnow]

1. I heard her loud and clear

[Catmusicfan]

3. ...

[unblock]

2. vnesheconombank is a real bank, albeit state-owned.

it has been subject to sanctions since shortly after the russian meddling in ukraine (2014).

it would not have been illegal, in and of itself, to do business with veb prior to the sanctions being imposed, but it would be illegal after that point in time.

[avebury]

5. From what Rachel reportd, VEB

1) is not licensed as a bank
2) is not regulated as a bank
3) has no capitol to operate as a bank
4) Board is made up of Russian Govt officials
5) VEB #2 guy just got out of prison after serving time for spying
6) VEB guy Kushner met with is a KGB trained agent.

VEB is not a bank in any type of normal sense.

[Ilsa]

6. You got it. That's what I heard RM say.

VEB must be a cover for passing out money or laundering it.
Way to go, Jared!

[unblock]

7. It's as licensed and regulated as it needs to be in a kleptocracy like russia

It has had massive losses since sanctions were imposed, but the Russian government has been bailing it out, so it still has capital to operate.

The board is Russian government officials? Yup, that's how they roll there.

So it's a real bank.

A real shady bank, true, but a real bank.

[Hekate]

4. You heard right. Jared is a real piece of work.

[MedusaX]

8. It is actually a "development funding" institution... not a consumer bank...

>snip<
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity.

Vnesheconombank is not a commercial bank, its activity is governed by special Law № 82-FZ which came into force on June 4, 2007.

VEB does not compete with commercial credit institutions and participates only in those projects that cannot receive funding from private investors. Under the Memorandum on Financial Policies, Vnesheconombank is to extend credits, guarantees and sureties under projects a payback period of which exceed 5 years and a total value is more than 2 billion rubles.

At present, Vnesheconombank Group* has been set up, it is comprised of VEB’s subsidiary institutions whose activities are designed to implement various provisions of the Law “On the Bank for Development”.


*This definition does not have a legal status and is not in line with the definition “the banking group” or “financial industrial group” in accordance with the Russian laws.
>snip<
http://www.veb.ru/en/about/today/