April 2011
30 posts
How a big US bank laundered billions from Mexico's murderous drug gangs - The Guardian →
guardian.co.uk
Simply a must-read.
On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel.
Since when is $100 million in confiscated cocaine only the preamble? The real story came from tracing the ownership of the plane. That paper trail and a 22-month investigation that followed lead to stunning revelations about one of America’s biggest banks.
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“
When I first started working on this story, one of Sanders’s aides was careful to point out the ABC loans. Later, I took a closer look at the company and found that it was 59% owned by the Central Bank of Libya, which I found very odd, even by the generally insane standards of the bailout era. Why, I wondered, would the Federal Reserve be giving Muammar Qaddafi $26 billion in near-zero interest loans? Exactly how does that address America’s financial problems? What bailout plan could that possibly be part of? It gets weirder from there. Sanders’s office subsequently found out that ABC is not only exempt from Obama’s sanctions, it has two functioning branches here in New York City. In a letter he sent yesterday evening to Ben Bernanke, Treasury Secretary Timothy Geithner, and Office of the Comptroller of the Currency chief John Walsh (the banking regulator with purview over the New York branches), Sanders put it this way:
‘Why would the U.S. government allow a bank that is predominantly owned by the Central Bank of Libya – an institution on which the U.S. has imposed strict economic sanctions – to operate two banking branches within our own borders?’
Neither the Fed nor Treasury so far has offered explanations for these loans; the Treasury has so far only explained why ABC was not subject to sanctions and pointed to the March 4th order when I contacted them.
” —Why is the Fed Bailing Out Qaddafi? | Rolling Stone Politics | Taibblog | Matt Taibbi on Politics and the Economy (via ronmarks)
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