Tuesday, December 8, 2009

KingCast GAO pictogram of how Citibank deliberately aided drug money laundering by suspected murderer.

OSI-99-1 Private Banking: Raul Salinas, Citibank, and Alleged Money Laundering.


  1. US Bank Money Laundering -
    Enormous By Any Measure
    By James Petras
    Professor of Sociology, Binghamton University

    For example, in the case of Raul Salinas, PB personnel at Citibank helped Salinas transfer $90 to $100 million out of Mexico in a manner that effectively disguised the funds' sources and destination thus breaking the funds' paper trail.

    In routine fashion, Citibank set up a dummy offshore corporation, provided Salinas with a secret code name, provided an alias for a third party intermediary who deposited the money in a Citibank account in Mexico and transferred the money in a concentration account to New York where it was then moved to Switzerland and London.

    The PICs are designed by the big banks for the purpose of holding and hiding a person's assets. The nominal officers, trustees and shareholder of these shell corporations are themselves shell corporations controlled by the PB. The PIC then becomes the holder of the various bank and investment accounts and the ownership of the private bank clients is buried in the records of so-called jurisdiction such as the Cayman Islands.

    Private bankers of the big banks like Citibank keep pre-packaged PICs on the shelf awaiting activation when a private bank client wants one. The system works like Russian Matryoshka dolls, shells within shells within shells, which in the end can be impenetrable to a legal process.

    The complicity of the state in big bank money laundering is evident when one reviews the historic record. Big bank money laundering has been investigated, audited, criticized and subject to legislation; the banks have written procedures to comply. Yet banks like Citibank and the other big ten banks ignore the procedures and laws and the government ignores the non-compliance.

  2. I know Sam is reading the final Surreply so I will tell him that Version 2.0 included a reference to the Russian fiasco as well.

    9th December 2009 09:23:37
    Exit Link


    Another GOA investigation on Citibank again helping to launder money. People associated with haters like Citibank and their legal counsel no doubt want to put me in prison but it is they who should have gone to prison, you bet.