2008: Drug money kept system afloat

[GlassSteagallfan]

HSBC Dope Money Laundering Charges Corroborated

May 18, 2012 • 7:24AM

A well-placed U.S. intelligence source has confirmed that several government law enforcement and intelligence agencies have corroborated many of the charges made against HSBC's New York office by former bank vice-president- turned-whistle-blower, John Cruz. According to the source, the Cruz allegations have "significant merit," and, in fact, some of the specific documents provided by Cruz to federal authorities have been investigated and proven accurate. The evidence that HSBC established dummy accounts through which as much as $1 trillion in Mexican drug cartel profits were laundered, had been established, according to the source, through U.S. intelligence agencies probes of the operations of the Mexican cartels. The 1,000 pages of documents from HSBC provided by Cruz corroborated details in those intelligence reports.

The source, who was involved earlier in his career in some of the investigations in Mexico, agreed with the West Virginia U.S. Attorney who said that the infamous Riggs National Bank money-laundering case was small-time compared to the magnitude of money laundered through HSBC.

Asked explicitly about evidence that the 2008 Obama presidential campaign was financed by Mexican cartel drug money, the intelligence official could neither confirm nor deny the charges. However, he freely acknowledged that the Obama campaign had received large amounts of illegal cash from overseas, including significant amounts of money from Asia. Most of those funds were funneled through Mexico into U.S. banks — including HSBC.

The source explained that the Mexican cartels' arrangements with the major Wall Street banks were so solid that they were the primary conduit for much of the money laundering from around the world into the U.S. banking system. These reports conform to statements in a recent EIR interview with Antonio Maria Costa, former head of the UN Office on Drugs and Crime, who said that, during the 2008 banking crisis, when interbank lending had frozen up, it was only the flow of drug money that kept the system from a full meltdown.

Source: http://larouchepac.com/node/22729

[danceblackcatdance]

max says similar :) KiK9ht9HwdA

[Praxis]

Way late to the party on this one in terms of reporting facts. Furthermore, you do not need some abstract intelligence source to tell what you should know intuitively is going on, and you can take it straight from the horses mouth http://www.gpo.gov/fdsys/pkg/CHRG-107shrg71166/pdf/CHRG-107shrg71166.pdf Give that a read from 2001 about how major banks launder drug money.
As a personal aside: I met a lady in Las Cruces who has worked for USAID, and met Mrs. Clinton personally, who told me a story about her family being extorted in a small town in northern mexico by drug cartels. The way this was done was: They would call you and tell you that bad things were going to happen if they did not put money into a bank account and the person is given a bank account number in which to deposit. Lets say it is Azteca bank. Most of these banks are correspondent banks with large American ones. Now ask yourself: What does it take to get a bank account number?

Also, the US goverment gave a money for something, i can't remember what, to a man named Carlos Slimm who is one of the richest men in Mexico. What does he do you ask? He owns telecomms. How is it that the richest man in Mexico is a telecomms person? Seems to be only the tail of the beast