We know that the global banking system is riddled with corruption (‘vulnerable’ to corruption may be more polite), some authored by its own principals, some embraced opportunistically by financial insiders to snatch sudden profits, a great deal ushered into the world’s financial system by bankers in search of the commissions and corporate profits that ‘high net-worth customers’ (in many cases, money launderers) bring in. And sometimes the bad guys exploit legitimate financial service providers. But the question remains, and it turns on the distinction between deregulation and irregularity, between fair play and laissez-faire, between the right of the ‘haves’ to have still more, and the right of the people to real economic protection under the law.
At what point does financial entrepreneurship turn criminal, and how blind an eye is the US prepared to turn toward banking practices that clearly prosper the powerful and imperil the growing ranks of the poor, in the United States and across the world?
Maxine Waters and OneUnited Bank: Some Minority and Community-Owned Banks Fail to Pay Dividends to Treasury
How much more of the $378 billion transmitted via the casa de cambios and inserted into Wachovia accounts represents criminal revenue is anyone’s guess, because no further inquiries into the origin of these funds has been undertaken.
The bank, now a unit of Wells Fargo, leads a list of firms that have moved dirty money for Mexico’s narcotics cartels–helping a $39 billion trade that has killed more than 22,000 people since 2006. –Michael Smith, Bloomberg Markets Magazine, July7, 2010
“Transnational crime” suggests new answers to an old question: what is the relationship between organized crime and terrorist funding?
Antonio Maria Costa, the UN Drug Czar, is a modest man, so when he stands up, as he did on June 23, and tells an audience at Johns Hopkins-SAIS, in Washington, DC, that we have to start thinking about transnational crime in an entirely different way—it’s news. Costa, whose degrees, from UC-Berkeley and the University […]
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