You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Reply #75: The BFEE Qualifies as a Transnational Criminal Enterprise [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (Through 2005) Donate to DU
Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-06-05 08:40 PM
Response to Reply #71
75. The BFEE Qualifies as a Transnational Criminal Enterprise
Thanks for the great article, Zorra. I couldn't get to that web site, but I found what seems the same article here:

In addition to the "laundering" of dirty money, the fiscal paradises are used to avoid taxes, so they are a point of contact between those who govern, CEO's and capos of organized crime. High technology, applied to finances permits the rapid circulation of money and the disappearance of illegal profits. "The legal and illegal businesses overlap more and more, they introduce a fundamental change in the structures of capitalism of the post-war era. The Mafiosi invest in legal businesses, and inversely, they channel financial resources towards the criminal economy, through the control of banks and commercial companies implicated I the laundering of dirty money or which have relations with criminal organizations. The banks pretend that the transactions are carried out I good faith and their directors ignore the origin of the funds deposited. The rule is to ask no questions, the bank secretary and the anonymity of transactions, all this guarantee the interests of organized crime, the y protect the banking institution from public investigations and from blame. Not only do the large banks accept laundered money, in view of their heavy commissions, but they also concede credits to at high interest rates to the Mafiosi, to the detriment of productive industrial or agricultural investments." (M. Chossudovsky, Op. City.).

Here's the link to the first installment. Dynamite writer he really is that subcommandante. NPR said he was writing a novel or doing a screenplay, if I recall, with one of Mexico's leading novelists.

As a kid I wondered what the Mob was doing with all the cash. My cop buddy told me they were investing it in legitimate businesses. Holy cat. He was very right. They've moved trillions.

Money Laundering By US Banks

By Syed A. Mateen
March 25, 2002

According to James Petras, Professor of Sociology, Binghamton University, New York, there is a consensus among the US congressional investigators, former bankers and international banking experts that the US and the European banks launder between $500 billion and $1 trillion of dirty money each year, half of which is laundered by the US banks alone.

Senator Carl Levin, while summarising the record says: "Estimates are that $500 billion to $1 trillion of international criminal proceeds are moved internationally and deposited into bank accounts annually. It is estimated that half of that money comes to the United States".

Over a decade, between $2.5 and $5 trillion criminal proceeds have been laundered by US banks and circulated in the US financial circuits. Senator Levin's statement, however, only covers criminal proceeds, according to US laws. It does not include illegal transfers and capital flows from corrupt political leaders, or tax evasion by overseas businesses.

A leading US scholar who is an expert on international finance associated with the prestigious Brookings Institute estimates that "the flow of corrupt money out of developing (Third World) and transitional (ex-Communist) economies into Western coffers at $20 to $40 billion a year and the flow stemming from mis-priced trade at $80 billion a year or more.

My lowest estimate is $100 billion per year by these two means by which we facilitated a trillion dollars in the decade, at least half to the United States. Including the other elements of illegal flight capital would produce much higher figures. The Brookings expert also did not include illegal shifts of real estate and securities titles, wire fraud, etc.


Printer Friendly | Permalink |  | Top

Home » Discuss » Archives » General Discussion (Through 2005) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC