Ahhh, yes the good ole days when Hank Greenberg called the shots at Citigroup. But, has anything changed? How's our "War on Drugs" faring? Are we winning this war? Here's an editorial capsule covering the enemy in this war for America.
It's been 13 years since Grasso's visit with FARC. Grasso later later became embroiled in controversies and lawsuits about his excessive pay package and $140 million golden parachute from the NYSE. Americans have set aside their outrage content with the establishment explanation that he "earned it". All is well.
Now, hear tell, Grasso is back with old friends Gristedes, billionaire John Catsimatidis and financiers Ken Langone and Hank Greenberg are among those involved with NYC politics.
Morals, integrity and honesty have not been the common sinew threading the bankers. A man can know ethically what is right from wrong, but a moral person lives it.
If your congressman can live with his conscience, what are you going to do about it?
Grasso, however, wasn't the only American big-money representative to cozy up to Colombian drug terrorists. Several months after Grasso's visit, two wealthy members of the American Council on Foreign Relations (CFR) captured world headlines by flying to a FARC redoubt in the Colombian jungles to palaver with the terrorists' founder, 70-year-old Manuel Marulanda. After meeting with the drug terrorist, James Kimsey, co-founder and chairman emeritus of America Online Inc., and Joseph Robert, head of J.E. Robert Company, a global real estate empire, flew to Bogota to consult with Colombian president Pastrana. On returning to Washington, the CFR representatives said they were convinced that Marulanda and FARC were sincere in their claims of wanting peace and economic reform.
It may seem hard to believe that U.S. banks and corporations would be involved in laundering drug money from South American terrorists. Even the supine media have had to report some of this criminal behavior. A 1983 ABC News "Close up" on drugs and money laundering fingered Citibank, Marine Midland, Chase Manhattan, and most of the 250 banks and branches in Miami. When Ramon Milian Rodriguez, a top accountant and money launderer for the Medellin Cartel, testified before a Senate subcommittee in 1988, he implicated a veritable "Who's Who" in U.S. finance:
- Bank of America
- First National Bank of Boston
Narco-Dollars For Dummies (Part 3)
Part 3 in a 13 Part Series
How The Money Works In The Illicit Drug Trade
By Catherine Austin Fitts First published in the Narco News Bulletin EARLIER PARTS TO THIS SERIAL...
Part 1 - Narco Dollars For Dummies
Part 2 - Sam & Dave Do White Substances
A Real World Example:
NYSE's Richard Grasso and the Ultimate New Business "Cold Call"
Lest you think that my comment about the New York Stock Exchange is too strong, let's look at one event that occurred before our "war on drugs" went into high gear through Plan Colombia, banging heads over narco dollar market share in Latin America.
The purpose of the trip was "to bring a message of cooperation from U.S. financial services" and to discuss foreign investment and the future role of U.S. businesses in Colombia.
Some reading in between the lines said to me that Grasso's mission related to the continued circulation of cocaine capital through the US financial system. FARC, the Colombian rebels, were circulating their profits back into local development without the assistance of the American banking and investment system. Worse yet for the outlook for the US stock market's strength from $500 billion - $1 trillion in annual money laundering - FARC was calling for the decriminalization of cocaine.
To understand the threat of decriminalization of the drug trade, just go back to your Sam and Dave estimate and recalculate the numbers given what decriminalization does to drive BIG PERCENT back to SLIM PERCENT and what that means to Wall Street and Washington's cash flows. No narco dollars, no reinvestment into the stock markets, no campaign contributions.
It was only a few days after Grasso's trip that BBC News reported a General Accounting Office (GAO) report to Congress as saying: "Colombia's cocaine and heroin production is set to rise by as much as 50 percent as the U.S. backed drug war flounders, due largely to the growing strength of Marxist rebels"
I deduced from this incident that the liquidity of the NY Stock Exchange was sufficiently dependent on high margin cocaine profits (BIG PERCENT) that the Chairman of the New York Stock Exchange was willing for Associated Press to acknowledge he is making "cold calls" in rebel controlled peace zones in Colombian villages. "Cold calls" is what we used to call new business visits we would pay to people we had not yet done business with when I was on Wall Street.
I presume Grasso's trip was not successful in turning the cash flow tide. Hence, Plan Colombia is proceeding apace to try to move narco deposits out of FARC's control and back to the control of our traditional allies and, even if that does not work, to move Citibank's market share and that of the other large US banks and financial institutions steadily up in Latin America.
Buy Banamex anyone?
- AUTHOR NOTE: Catherine Austin Fitts, author of Scoop's "The Real Deal" column, is a former managing director and member of the board of directors of Dillon Read & Co, Inc, a former Assistant Secretary of Housing-Federal Housing Commissioner in the first Bush Administration, and the former President of The Hamilton Securities Group, Inc. She is the President of Solari, Inc, an investment advisory firm. Solari provides risk management services to investors through Sanders Research Associates in London.
Anti©opyright Solari 2002
Source: The Real Deal: The Ultimate New Business Cold Call