As Silicon Valley funds lawsuits to protect their cheap foreign labor, Amazon comes clean on breaking U.S. sanctions with Iran
As the Trump administration begins to learn that much of the money going to organizations who are submitting lawsuits in court to try to stop his lawful immigration restrictions has come from Silicon Valley corporations like Google and Facebook, one of these tech giants appears to be sweating a bit over a potential investigation that could end up being quite costly.
This is because the online retail giant Amazon.com has come out publicly in their most recent quarterly report to state that they broke the law for years in doing business with the nation of Iran while under U.S. sanctions.
In a 10-K filed on Friday afternoon, Amazon disclosed that certain transactions and business ties with Iran may have violated U.S. sanctions, warning that it may be penalized after a regulatory review of the activities.
In the “Other Contingencies” section of its 10-K, Jeff Bezos’ company had determined that, between January 2012 and December 2016 it had “processed and delivered orders of consumer products for certain individuals and entities located outside Iran covered by the Iran Threat Reduction and Syria Human Rights Act or other United States sanctions and export control laws. The consumer products included books, music, other media, apparel, home and kitchen, health and beauty, jewelry, office, consumer electronics, software, lawn and patio, grocery, and automotive products.”
The world’s biggest online retailer also said that it has “voluntarily reported these orders to the United States Treasury Departmentâ€™s Office of Foreign Assets Control and the United States Department of Commerceâ€™s Bureau of Industry and Security.” and said it will cooperate with a review by the agencies, “which may result in the imposition of penalties.”
As Bloomberg, which first spotted the violation, explains, the violations are the result of then-President Barack Obama’s signature of the ITRA in 2012, meant to strengthen trade restrictions on Iran and try to persuade the country to stop its nuclear activities. This law imposes civil penalties and takes other action against foreign subsidiaries of U.S. companies engaging in transactions with Iran. In January 2016, the U.S. lifted many of the economic sanctions tied to the nuclear program. – Zerohedge
Amazon.com’s CEO Jeff Bezos is one of the most vitriolic anti-Trump supporters, who used his newspaper (The Washington Post) to publish fake news stories throughout the campaign, including accusing the President of being an agent of Russia. Â And as anyone knows who has done business with Donald Trump in the past, he is someone who rewards loyalty greatly, and is without mercy on those who attack his businesses, his family, or his character.
In the end there are any number of things President Trump could do beyond simply having the SEC, DOJ, or other government agency fine or indict the company and its CEO for breaking U.S. foreign policy by doing business with Iran. Â And perhaps the most significant revenge could be to take out his ire against the shareholders of Amazon, by opening U.S. markets even greater to their biggest global competitor in Jack Ma and Alibaba.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.