UN Advisor Says Drug Money Lent A Hand In Saving Lenders

December 13, 2009

World (ChattahBox) – Antonio Maria Costa, the U.N’s Office of Drug and Crime head, has said that he has seen evidence that points to drug money from organized crime working as a major part of keeping large banks from failing.

According to his report, the majority of the $352 billion known in drug profits was reabsorbed into the economy, saving banks that were teetering on the edge, close to failing.

“In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor,” Costa said in a statement.

“That was the moment when the system was basically paralyzed because of the unwillingness of banks to lend money to one another. The progressive liquidization to the system and the progressive improvement by some banks of their share values has meant that the problem of illegal money has become much less serious than it was.”

Many banking institutions around the world have denied these claims, saying that they have heard no proof of such occurrences, and that until they do it is an unfounded and ridiculous theory.

However, Costa has filed the report as sent it out in an official capacity to various financial and world leaders, including President Barack Obama, and British Prime Minister Gordan Brown.

Source


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4 Responses to “UN Advisor Says Drug Money Lent A Hand In Saving Lenders”

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    […] UN Advisor Says Drug Money Lent A Hand In Saving Lenders – Chattahbox.comWorld (ChattahBox) – Antonio Maria Costa, the U.N’s Office of Drug and Crime head, has said that he has seen evidence that points to drug money from organized crime working as a major part of keeping large banks from failing. According to his […]

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