Word: banco
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Tacho greatly expanded the family's wealth, although he did not always manage it well; some of his companies were so poorly run that they failed to turn a profit. Moving into the banking field with ownership of the Banco de Centroamerica, he heavily mortgaged his properties in Nicaragua in order to make available large amounts of cash. These funds were then shuttled through a network of interlocking companies in the U.S. and the Caribbean. Through such maneuvering, Somoza acquired his mansion in Miami Beach, which is officially owned by a company based in the Virgin Islands, two posh...
...many narcotics crackdowns. The main action took place in hushed financial offices and on a silent computer terminal screen, as a task force of some 30 DEA and FBI agents, aided by two undercover informants, traced the enormous sums of money generated by the drug running. Dubbed Operation Banco, the investigation scrutinized thousands of financial transactions, hunting for suspicious deposits and investments and then following the funds as they were laundered and transferred to Florida banks...
...result of its success, Operation Banco may become a prototype for narcotics investigations across the nation. DEA agents in New York City are already working with the IRS and the Federal Reserve Bank. The Government hopes that the ubiquitous computer will prove to be the best sleuth yet in tracking illegal drug traders...
...country seemed relieved that the inauguration had taken place without violence. "Now back to work," remarked Banco Popular Dominicano President Alejandro Grullón. "The country has been paralyzed for the past three months." But Balaguer did not exactly retire without managing a few flicks of petty malice. His electoral commission arbitrarily awarded four Senate seats that had been won by Guzmán's party to the opposition, thereby giving Balaguer's Reformists a majority in the Senate. In perhaps the meanest stroke, Balaguer's sanitation workers suspended trash pickups during inauguration week, forcing Guzm...
...before they get better. Basket-case industries like textile mills and electronics may be allowed to go under. Further import controls may be imposed, accompanied by a large devaluation of the escudo. "This country has to learn to work again," says Raul de Almeida Capela, a director of the Banco Portuguès do Atlántico. After the two-year political free-for-all, that may not be an easy task...