Blog article
See all stories ยป

Banks bailed out with drug money?

Amongst all the snowfall and avalanche of layoffs and closures, I found a real intriguing nugget of a news item.

The Executive Director of UNODC claims in an interview that some banks have been 'kept afloat' by drug money flowing into the financial system.

See this news link here -

If this is a grain a truth in this news, then it looks like our financial infrastructure has really sunk to depths beyond retrieval. We know that many banks have been penalised by OFAC for assisting criminals in money laundering. But it looks like the 'customers' are repaying the compliment and saving some of these banks in return!

I really wonder  what motivates the drug smugglers to bail out banks? Perhaps they want to protect their money stashed there; or else they think that bailing out banks is the safest way to 'wash' their money!

I am sure a lot of us would like to know which are these banks who were part of this 'reverse bailout'.




Comments: (0)

Now hiring