Banking On Drug Cartels
Even though there are no surprises, it turns out the illegal drug business is more interesting than normally thought. Most people know drug dealers, large and small, must somehow transfer their illegally gained money into a legally accepted form in order to use it. The process is known as money-laundering. Bloomberg News reporter Michael Smith recently reported on Mexican drug cartels using large United States banks for this purpose. In particular he cites Bank of America and Wachovia/Wells Fargo. Mr. Smith reports the process very well but as his is a report, there are opinions left unstated and conclusions to be drawn which need airing.
First and foremost is the fact that US bank employees are never indicted for these actions. The bank is charged and pays a fine, while promising to never do it again. Unstated is that ‘they’ll never do it again until the next time’. One must question why bank employees are never charged. What is the relationship between the banks and the DEA or more generally the US government? One must also notice that it is the bank stockholders who pay the fine, not those who commit the crimes. What makes this inaction all the more curious is that the US Justice Department indicts and seeks extradition of Mexican bankers doing the same thing. Why can’t they just pay a fine? Why the special or more accurately the lack of treatment for the US bankers? Something reeks.
Second is the fact the banks are complicit in working to provide illegal drugs to the US. They know it, the drug cartels know it, the Mexican and United States governments know it and nothing is done. We are told that no big US bank has ever been indicted for violating the Bank Secrecy Act. The Justice Department settles cases by exacting a fine and getting that meaningful promise. Yet millions of young men and women spend time in jail for minor infractions of marijuana laws. The stench gets stronger.
Third is most interesting. Among the drugs that the cartels supply to the United States are cocaine, marijuana and heroin. In general cocaine comes from South America, marijuana from anywhere you can grow corn or tomatoes, and heroin from the poppy fields of Afghanistan. So the small farmers of Afghanistan grow their poppies to make opium. Opium is converted to heroin, which is then distributed throughout the world by the drug cartels. The large US Banks launder the money of the drug cartels so the drug cartels can keep operating, thus indirectly supporting the poppy trade in Afghanistan. Concurrently the banks lend money and supply banking services to the weapons manufacturers who supply the US Armed Services. In essence, as typical of large international corporations, they are making money off of both sides of the war. Read that again: the banks are financing both sides of the war in Afghanistan. So they are complicit in the killing of American soldiers.
Personally, it seems there is some treason here; but as the morally bankrupt Federal Government is involved, who is surprised. Those at the top get rich from selling drugs, manufacturing drugs, fighting against drugs, fighting for drugs, moving money, selling equipment and building prisons in which to keep the low-level drugs dealers (the ones who aren’t politically connected).
This is an example of our government and how it does business with large corporations. Even better, it points out how our Federal Government doesn’t actually care about American soldiers.
We need your help! If you like PunditHouse, please consider donating to us. Even $5 a month can make a difference!
Short URL: https://pundithouse.com/?p=2545
