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London-based Global Witness has just put out a good report on how some major international banks, including Citibank, “have been dealing with some of the world’s most corrupt regimes.” Gavin Hayman, the group’s Campaigns Director, said, “The same lax regulation that created the credit crunch has let some of the world’s biggest banks facilitate the looting of natural resource wealth from poor countries.”
Among the findings:
Barclays kept open an account for the son of the dictator of oil-rich Equatorial Guinea
long after clear evidence emerged that his family were heavily involved in substantial
looting of state oil revenues.
A British tax haven and a Hong Kong bank helped the son of the president of
Republic of Congo, another oil-rich African country, spend hundreds of thousands of
dollars of his country’s oil revenues on designer shopping sprees.
Citigroup facilitated the funding of two vicious civil wars in Sierra Leone and Liberia
by enabling the warlord Charles Taylor, now on trial for war crimes in the Hague, to
loot timber revenues.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Estimated total calories members of Congress burned giving Bush’s 2002 State of the Union standing ovations:
A fertility scientist named Panayiotis Zavos announced that he had created human-cow embryos that were theoretically viable, but denied that he planned to allow such a hybrid to be implanted in a woman’s womb. “We are not trying to create monsters,” he said.
A statistician determined that the five most common first names among New York City taxi drivers are Md, Mohammad, Mohammed, Muhammad, and Mohamed.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”