Reports & analysis by award-winning investigative journalist Lucy Komisar “”

Archive for the Category ‘Debt & Development’

Offshore Banking: The Secret Threat To America

Offshore Banking: The Secret Threat To America

Hound-Dogs, March 2004
(Same title but not same article as in Dissent 2003)

This is a story about a massive money-laundering operation run by the world’s biggest banks. It hides behind the “eyes-glazing over” technicalities of the international financial system. But it could be one of the biggest illicit money-moving operations anyone has ever seen. And it’s allowed to exist by the financial regulators who answer to Western governments.

In these days of global markets, individuals and companies may be buying stocks, bonds or derivatives from a seller who is Clearstreamhalfway across the world. Clearstream, based in Luxembourg, is one of two international clearinghouses that keep track of the “paperwork” for the transactions.

Behind the faces of Annan’s finance and development gurus

Behind the faces of Annan’s finance and development gurus

Earth Times News Service, Dec 19, 2002.

There is no little irony in United Nations Secretary General Kofi Annan appointing Robert Rubin (shown here), Robert Rubina chairman of Citibank, to serve on an advisory panel that will propose how to help poor countries where over a billion people suffer abject poverty. He might have some interesting conversations with another panel member, David Bryer, director of Oxfam. Oxfam recently condemned practices of banks such as Citibank as a major part of developing countries’ problems.