U.N. crime chief says drug money flowed into banks

[Forkbender]

U.N. crime chief says drug money flowed into banks
Reuters
Sunday, January 25, 2009

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.

(Reporting by Boris Groendahl; Editing by Charles Dick)

Source

 

[Forkbender]

Better use drug money than taxes, methinks.

 

[Mycophile]

Banks in Switzerland are on the edge right now, which means Switzerland itself is on the edge...

If those banks kick out all their dealers with their black market money, Switzerland would be bankrupt tomorrow...

Hell yeah, those institutions need drugs desperately...

 

[Jelleb]

drugs drugs drugs, we need more (& better) drugs.

 

[Forkbender]

For those who read German: full article

 

[restin]

Banks in Switzerland are on the edge right now, which means Switzerland itself is on the edge...

If those banks kick out all their dealers with their black market money, Switzerland would be bankrupt tomorrow...

Hell yeah, those institutions need drugs desperately... Smile

Hmmm don't be to optimistic/pessimistic about the issue. The banks will have absolutely no problem in getting out of the crysis. And btw, the crysis comes from the US...

 

[????????]

people! we need to save the economy, buy more illegal drugs!

 

[flashmasterfong]

lol these drug dealersin my area got busted with 1000 80's of oxycotin

 

[Mycophile]

Hmmm don't be to optimistic/pessimistic about the issue. The banks will have absolutely no problem in getting out of the crysis. And btw, the crysis comes from the US...

Mmm... Are you sure? Banks in Switzerland are just as much in trouble as other banks, that's no secret. What's Switzerland gonna do if those banks fall? The US can back up their banks, kind of. Switzerland is just too small for that. I think Switzerland has all the reasons on this planet to be very pessimistic.
And yes, the crisis comes from the US. But that doesn't mean it doesn't have any influence on Switzerland or whatever other country then the US.

Don't worry about me and my accounts though. I love Switzerland and I will never close my accounts over there

 

[GOD]

I have invested in pornos as the demand will never drop........

 

[Mycophile]

aah, thanks, that reminds me to open an account for that also...

 

[restin]

Mmm... Are you sure? Banks in Switzerland are just as much in trouble as other banks, that's no secret. What's Switzerland gonna do if those banks fall? The US can back up their banks, kind of. Switzerland is just too small for that. I think Switzerland has all the reasons on this planet to be very pessimistic.
And yes, the crisis comes from the US. But that doesn't mean it doesn't have any influence on Switzerland or whatever other country then the US.

Don't worry about me and my accounts though. I love Switzerland and I will never close my accounts over there Wink

I didn't see it as an attack The thing is, if (!!) the banks shall go bankrupt, which they are simply too large for, the government will support it. What do you mean small? Norway is a very small country but according to statistics the most developed one. So is Switzerland - Do you know how much money Sw. got from dead Jews and Nazis? Bin Laden, Bush and all terrorists have they billions here, I think the banks are safe Nothing can kill the mafia.......

 

[Pheromone]

The banks use our tax dollars to pay the debt they owe to the federal reserve for loans. Are they using the drug money to get ahead or just pocketing it?

 

[GOD]

Being a member of "The riot re-enactment society" i am enjying the events of the day in paris . Firts the icelanders then the french and the bad times havent even started yet . Imagine the amis , and they all have a house full of weapons and the wal mart arsenal department next to the toys and sweets .


Luckily i have a recepie telling how to prepare "Long Pig" , a big heavy doshing stick and can run real fast .

 

[BlimeyGrimey]

If the money was being used to keep the global economy afloat then what's the problem?

The CIA used drug money to fund tons of things in the past, *cough* Bay of Pigs *cough*.

Exactly how do they define drug money anyways? I mean, if I go to the store and I get a $5 bill as change how do I know that money has never been spent on drugs?

Money is money, drug dealers don't print the money. If drug money can help the economy and help prevent me and many others from being laid off then so be it.

At least SOMEONE is doing something about this crisis. I'd never thought it'd be drug money that saved us, hehe.

 

[significationof?!?]

In fact, lots of bank notes in the US (and probably some all around the world) show traces of cocaine. So most of US paper currency is drug money.

But of course, this crisis doesn't come from the money that exists. It comes from the virtual money that this whole systems relies on until it Kraches, then rebuilds itself all the same.