Rep. Donalds: As a Former Banker, I Know the Only Reason to Setup So Many Shell Companies Is to ‘Conceal’ Payments

EXCERPT:

DONALDS: "That is the entire purpose here. Here's an example of what I mean. You have Rosemont Seneca Partners, Rosemont Seneca Advisers, Rosemont Seneca Technology Partners, RSP holdings, RSTP  Alpha, RSTP 2 Bravo Rosemont Seneca Thornton, Rosemont Seneca Bohai, I want to make sure I pronounced it right. Bohai -- B-O-H-A-I. And the list goes on and on. Cycling through this many companies serves no legitimate purpose. And as somebody who actually worked in banking, I did that long before I came here, whenever there was like this, many companies just laying all over the place, and you see wire transfers, cashier checks over here, going to random members of the family for no apparent purpose, at the size and velocity at which all of this was being conducted, the only logical conclusion of a financial professional is you are concealing money. Let me restate this, you are concealing money from either the IRS or from credit agencies or from other people in general. That's the only reason you set up a structure like this.”