The collapse of the Bank of Credit and Commerce International (BCCI) will rob tens of thousands of their life savings and livelihood.
Local authorities are losing over £100m of poll tax money. As in previous giant banking frauds, most notoriously Bernie Cornfeld's Investors Overseas Services (IOS) in the 1970s, the rich and famous are deeply involved - Lord Callaghan, Tory MPs Julien Amery and Julian Ridsdale and former US President Jimmy Carter were al friends of the bank's owner activist about town!
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Address Agha Hassan Abedi. Fraud is endemic to the operations of finance capital -for the simple reason that finance capital, by definition, is basea on usuary ana traua. Ine distinction between 'respectable' banking operations and fraudulent ones is impossible to draw. Most leading international banks are go to great lengths to get despite of 'flight capital' -hot 1%e0 the US giant Chase Manhatten became the first of many US banks to go searching Subscribe to the new Socialist Ensure your copy of Socialist Outlook. An essential accessory for the well-dressed Yes! I want to subscribe to the new Socialist Outlook. Please send me: 1 years subscription (24 issues): £13 • Six months subscription (12 issues): £7 O Please return to Socialist Outlook, PO Box 1109, London N4 2UU for hot money - rather than let it all go to the Swiss gnomes. The money comes drug barons corrupt government officials and the tax-evading rich world wide.
Fraud is at the heart of the capitalist system. BCCI got caught in 1988 laundering drug money, especially Panamanian dictator General Noriega. Their crime was serious indeed - to get caught.
While the IMF and the World Bank impose harsh austerity on the world's debtor nations, unable to pay huge interest rates, Printed by Tridant Press, Edenbridge, Kent. Published by Idolrare Ltd, 377 City Road, London ECIV Wall Street their buddies in the private banks everywhere are recycling huge amounts of hot money.
The trick is to maintain a front of solemnity and propriety. This front helps the banks lecture poor countries and poor cusomers about thrift, while charging huge interest rates and exorbitant bank charges - and extending the hand friendship to gangsters big and small worldwide.
There are no effective controls on the profits which banks can make out of the poor. Provided there is enough cash to cover withdrawals, any bank can stay afloat, using the money from millions of depositors to for dodgy deals at high interest rates.
Legality or illegality is not the point. The point is that the poor pay and the rich make more profits. If you've got a £100 overdraft you can expect hassle. But a £100m of drúgs money will get you nothing but respect and co-operation.