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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
Minimum number of nuclear weapons in the oceans as a result of U.S. and Soviet accidents:
Excessive use of computers and other technological devices can cause people to suffer a loss of I.Q. more than twice that observed in marijuana users.
A Florida massage therapist revealed that she had had surgery to implant a third breast. “I got it because I wanted to make myself unattractive to men,” she said. “If this doesn’t work, I’m through.”
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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.”