How The Government Set Up A Fake Bank To Launder Drug Money – not HSBC :)
One day in the early 1990s, a man walked into the U.S. embassy in Ecuador. He said he had information somebody would want to hear — information on how to go after some of the most powerful drug traffickers in the world.
The man worked as a money changer. He said he was getting a lot of requests from traffickers who had a problem: They had so much cash that they didn’t know what to do with it. They couldn’t figure out how to launder their money.
In his 2021 year-end letter, Baupost's Seth Klarman looked at the year in review and how COVID-19 swept through every part of our lives. He blamed much of the ills of the pandemic on those who choose not to get vaccinated while also expressing a dislike for the social division COVID-19 has caused. Q4 2021 Read More
What they needed was an offshore bank to help them. On today’s show, we hear what happened when two U.S. agents — one IRS, one DEA — got the wild idea to create a fake offshore bank to catch drug traffickers.
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