Their Role Wasn’t to Question Customers, Just as a Sewage Company Doesn’t Ask What You Ate for Dinner
•February 6, 2026
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Why It Matters
Understanding Patman’s legacy clarifies why today’s banks are compelled to combat money laundering, a cornerstone of global financial integrity. As illicit capital flows threaten democracy and widen inequality, the episode’s insights are crucial for anyone concerned about the health of the financial system and the effectiveness of regulatory reforms.
Their role wasn’t to question customers, just as a sewage company doesn’t ask what you ate for dinner
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Banks: Just Pipes for Cash?
Everybody Loves Our Dollars by Oliver Bullough explores the hidden world of global money laundering and offshore finance. Through real-life examples, Bullough shows how criminals and elites move dirty money through secretive systems, often aided by major institutions, and how this undermines democracy and deepens inequality.
The Man From Patman’s Switch
Chapter 1 kicks off with The Man From Patman’s Switch (a small, historic settlement located in Cass County, Texas, USA) and a first look at regulation seeking to tackle money laundering.
Wright Patman was a longtime U.S. congressman from Texas (serving from 1929 to 1976) who helped shape modern financial regulation.
Known for his distrust of powerful banks, he pushed for greater transparency and accountability, particularly in efforts to combat money laundering and secrecy.
His work helped transform banks into active participants in monitoring financial activity.
Money went in at one end and came out at the other
Before Patman, the financial system was seen as something simple and passive, like plumbing: money went in at one end and came out at the other, and banks weren’t expected to care much about where it originated. Their role wasn’t to question customers, just as a sewage company doesn’t ask what you ate for dinner.
After Patman, banking became something very different — more like a fortified castle. He surrounded the system with defences, like a medieval ruler.
Where enemies once could enter and leave freely, now everyone had to account for their movements. Banks were effectively turned into reluctant gatekeepers, required to monitor activity and share information with law enforcement.
Financial institutions were being reshaped into tools for gathering evidence on behalf of the police.
Everybody Loves Our Dollars
Oliver Bullough
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