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View Full Version : U.N. crime chief says drug money flowed into banks



Myra Bronstein
01-28-2009, 03:18 AM
Interesting little blurb on "liquid capital." :smokin:

http://www.iht.com/articles/reuters/2009/01/25/europe/OUKWD-UK-FINANCIAL-UN-DRUGS.php

VIENNA: The United Nations' crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.

Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview released by Austrian weekly Profil that drug money often became the only available capital when the crisis spiralled out of control last year.

"In many instances, drug money is currently the only liquid investment capital," Costa was quoted as saying by Profil. "In the second half of 2008, liquidity was the banking system's main problem and hence liquid capital became an important factor."

The United Nations Office on Drugs and Crime had found evidence that "interbank loans were funded by money that originated from drug trade and other illegal activities," Costa was quoted as saying. There were "signs that some banks were rescued in that way."

Profil said Costa declined to identify countries or banks which may have received drug money and gave no indication how much cash might be involved. He only said Austria was not on top of his list, Profil said.

Magda Hassan
01-28-2009, 04:24 AM
I'm glad you posted this. I was going to do it last night but it was too late by that stage.

Well, I suppose they will now use that as a justification for keeping it illegal. :idea:

David Guyatt
01-28-2009, 12:24 PM
He only said Austria was not on the top of his list.

Snigger.

A few years ago, the City of London, with over 400 banks, was listed as number 8 on the money laundering list - whereas the Vatican that has just one bank, the IOR was listed in seventh place. :dontknow:

But, of course, if you were to bring into this equation all the Brit off-shore places and protectorates like the Channel Islands, Cayman Islands, Bermuda, Isle of Man and many others that "do" for the City, then the UK would be at the top of the list by a country mile, I suspect.

Laundering drug money is a fact of banking life and has been for decades now and is understood and accepted to be "business as usual" at every level of government and finance.

That is why, I think, crooks have the run of the banking system as has been amply demonstrated in the naked short selling that has brought disaster to the markets in the last year. And now those same crooks are getting our tax dollars for the next 20 years as part of the global banking system bail out.

What was it Lord Rothschild said about government and banking (well over 100 years ago too):


"Give me control of a nation's money and I care not who makes the laws."

Magda Hassan
01-28-2009, 12:41 PM
Well, the formerly respectable banking fraternity are looking like they couldn't organise a fuck in a brothel or a piss up in a brewery these days.

David Guyatt
01-28-2009, 03:20 PM
On the other hand they appear to have run off with several trillion dollars of our money and no one i government is doing a damn thing about it (nor will they!).

From my time in their domain I soon learned that all that guff about being prudent and respectable was simply PR veneer. They're ferociously greedy and ruthless. Dealing rooms are full of spivs who once upon time would have wheeled a barrow along Petticoat Lane for a living...

Keith Millea
01-30-2009, 07:10 PM
Well, the formerly respectable banking fraternity are looking like they couldn't organise a fuck in a brothel or a piss up in a brewery these days.
:rofl: :rofl: :rofl:

Hey,I'm just trying to laugh my poverty away............
:laugh:

Keith

Jan Klimkowski
01-30-2009, 08:31 PM
We on Deep Politics Forum do of course know this. :elefant:

However, it's pretty amazing to witness a senior UN official come out and say it.

What next?

Will George W Bush end up like his granddaddy, being prosecuted for Trading with the Enemy?

Or perhaps, more appropriately, Bankrolling and Inventing the Enemy?

Myra Bronstein
01-30-2009, 08:52 PM
Well, the formerly respectable banking fraternity are looking like they couldn't organise a fuck in a brothel or a piss up in a brewery these days. :rofl: :rofl: :rofl:

Hey,I'm just trying to laugh my poverty away............
:laugh:

Keith

Please let me know if that works for you Keith. If so I'll give it a try.

Myra Bronstein
01-30-2009, 08:55 PM
We on Deep Politics Forum do of course know this. :elefant:

However, it's pretty amazing to witness a senior UN official come out and say it.

...

Yes. Senior UN official, by name, on the record.

The deep stuff is coming to the surface. Floating to the top as it were.

Jan Klimkowski
01-30-2009, 09:01 PM
We on Deep Politics Forum do of course know this. :elefant:

However, it's pretty amazing to witness a senior UN official come out and say it.

...

Yes. Senior UN official, by name, on the record.

The deep stuff is coming to the surface. Floating to the top as it were.

There are times when only an emoticon will do....

:toilet:

Myra Bronstein
01-30-2009, 09:20 PM
We on Deep Politics Forum do of course know this. :elefant:

However, it's pretty amazing to witness a senior UN official come out and say it.

...

Yes. Senior UN official, by name, on the record.

The deep stuff is coming to the surface. Floating to the top as it were.

There are times when only an emoticon will do....

:toilet:

Oh! That is SO graphic!