Dec 14, 2009

Did drug money save banks in global crisis?

From the Guardian: Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. He said that a majority of the $352bn of drugs profits was absorbed into the economic system as a result…Some banks were rescued that way!

ht: Trebesch

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