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It would be impossible for the drug trade to exist to the degree it does without legitimate banks laundering the money. This article points to an example of what is not only going on, but is being supported by our government. While we are bankrupting our State budgets in prison costs for small time drug offenders, Wall St, banisters, and the politicians they purchase, are making obscene amounts of money worry free at the top of the illegal drug hierarchy. This is a problem that has gone on for decades with the full cooperation of both political parties. So who are the real drug dealers, and who are you voting for?
Well, you have to remember that the wealthy elite don't want to put too much pressure on the drug trade. Aside from the fact that many of them use illegal drugs recreationally, drug money is a large and useful source of hidden liquidity as well as profits.
It finances (directly or indirectly) everything from political campaigns to social charities, and as long as it is done "right," no one ever has to know.
OP, I think what you mean to say was "The drug trade could not exist without a stupid US drug policy that enriches bankers and foreign drug lords at the expense of our safety"
It could exiswt without crooks in many palces;your joking right.That inclkudes crook nbankers; layers;judges;and the common man who is a co-conspirator i the crime. I fact the one item that would killit is fif the demand dried up.Main street to wall street once again.
There is always demand; demand is a "constant." Our drug policy has to be designed to manage that constant. And I'd certainly disagree that "the common man" is "as much" to blame for this as a bank official.
The common man may pay for drugs, but he has absolutely zero influence or control over whether or not the well-paid professional upper-level managers of a bank adopt protocols which they know will facilitate the transfer of drug money.
It would be impossible for the drug trade to exist to the degree it does without legitimate banks laundering the money. This article points to an example of what is not only going on, but is being supported by our government. While we are bankrupting our State budgets in prison costs for small time drug offenders, Wall St, banisters, and the politicians they purchase, are making obscene amounts of money worry free at the top of the illegal drug hierarchy. This is a problem that has gone on for decades with the full cooperation of both political parties. So who are the real drug dealers, and who are you voting for?
Most of the laundering is done through foreign countries whose banking practices are designed specifically to make them attractive to *ahem* investment. Caymans, Bermuda, Switzerland...and it's not just for drug money.....Europe with their high tax rates has a lot of trouble with people hiding money there as they also do in divorce cases.
While it does occur in the US it can be quite difficult to detect when using legitimate businesses as fronts.
So basically, a US outfit did it and got caught and prosecuted....and the irony being that you use that information to lambaste the US bankers as being the culprit when most drug cartels are smart enough to never go near the US banking system because it's actually monitored lol.
Most of the laundering is done through foreign countries whose banking practices are designed specifically to make them attractive to *ahem* investment. Caymans, Bermuda, Switzerland...and it's not just for drug money.....Europe with their high tax rates has a lot of trouble with people hiding money there as they also do in divorce cases.
While it does occur in the US it can be quite difficult to detect when using legitimate businesses as fronts.
So basically, a US outfit did it and got caught and prosecuted....and the irony being that you use that information to lambaste the US bankers as being the culprit when most drug cartels are smart enough to never go near the US banking system because it's actually monitored lol.
Annual income from illegal drugs is estimated at $400 billion dollars per year. That sum is more than the annual budgets of all but the top 11 countries in the world. It is ridiculous to think for one moment that that kind of money could be laundered without the cooperation of worlds largest banks. Wachovia alone is accused of laundering $380 billion over the years. U.S. banks laundering Mexican cartels' drug money
Although to be fair it is not the solely the banks who are responsible for the money laundering it is also American Insurance Companies as is outlined in this article.. "Operation Capstone" Cracks Sophisticated $80 Million Money Laundering Scheme that Exploited the International Life Insurance Industry - CBP.gov (http://www.cbp.gov/xp/cgov/newsroom/news_releases/archives/legacy/2002/122002/12062002.xml - broken link)
As well as some of America's largest corporations..
"Quietly, privately in June of 2000, an exclusive group of 20 people representing Hewlett Packard, Ford, Sony, General Motors, Whirlpool, General Electric and their trade associations gathered in Washington DC to meet with Attorney General Janet Reno and Deputy Treasury Secretary Stuart Eizenstat. The press was neither invited nor notified.
The reason for the low profile meeting, and follow up sessions through the summer, was neither anti-trust policy nor some new tax proposal. Federal law enforcement was sharpening its focus on the flow of billions in narcotics money into legitimate commerce and trade. And for the first time, corporate America was worried about becoming targets in the thirty year War on Drugs."
FRONTLINE
Tobacco companies and even US Government agencies have been implicated in helping international drug cartels launder drug money. And yet how many corporate executives have we seen on the nightly news doing the perp walk?
There is a terrible double standard in this country when it comes to the “War on drugs”. It is time to shine light on it and call it what it is.. a scam.
Annual income from illegal drugs is estimated at $400 billion dollars per year. That sum is more than the annual budgets of all but the top 11 countries in the world. It is ridiculous to think for one moment that that kind of money could be laundered without the cooperation of worlds largest banks. Wachovia alone is accused of laundering $380 billion over the years. U.S. banks laundering Mexican cartels' drug money
Although to be fair it is not the solely the banks who are responsible for the money laundering it is also American Insurance Companies as is outlined in this article.. "Operation Capstone" Cracks Sophisticated $80 Million Money Laundering Scheme that Exploited the International Life Insurance Industry - CBP.gov (http://www.cbp.gov/xp/cgov/newsroom/news_releases/archives/legacy/2002/122002/12062002.xml - broken link)
As well as some of America's largest corporations..
"Quietly, privately in June of 2000, an exclusive group of 20 people representing Hewlett Packard, Ford, Sony, General Motors, Whirlpool, General Electric and their trade associations gathered in Washington DC to meet with Attorney General Janet Reno and Deputy Treasury Secretary Stuart Eizenstat. The press was neither invited nor notified.
The reason for the low profile meeting, and follow up sessions through the summer, was neither anti-trust policy nor some new tax proposal. Federal law enforcement was sharpening its focus on the flow of billions in narcotics money into legitimate commerce and trade. And for the first time, corporate America was worried about becoming targets in the thirty year War on Drugs."
FRONTLINE
Tobacco companies and even US Government agencies have been implicated in helping international drug cartels launder drug money. And yet how many corporate executives have we seen on the nightly news doing the perp walk?
There is a terrible double standard in this country when it comes to the “War on drugs”. It is time to shine light on it and call it what it is.. a scam.
I am not doubting there has been money laundering by US banks....innocent or otherwise. However, none of your comments seem to address whom is doing most of it.
I do not "res ipso facto" your worlds largest banks = worlds largest money laundering argument since well....it's horrible logic. Open to actual facts though.
P.S. Accused <> guilt and 80million is pocket change in the numbers above. I'm interested in actual KNOWN or otherwise PREVENTABLE fraud. It's hard to spot laundered monies even in the US. For example, restaurant selling drugs out of the kitchen? How does a bank spot that?
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