Word: cartellization
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Miller's Crossing is about friendship, character and ethics. GoodFellas is about friends who are colorful characters but left their ethics at the baptismal font. Even as a kid, Henry Hill (Ray Liotta) was crazy about the gangster life. He connives in murder one, runs a cocaine cartel, robs decent folks blind -- and, when he is caught, shrugs off all remorse. His patron is a stately Mafioso (Paul Sorvino) who warns him to stay out of the drug business; Henry jumps right in. His best friend is a wacko hoodlum (Joe Pesci) who gets whacked by his own family; Henry...
Colombian cocaine cartel leaders are apparently investing in precious gems. "Cash is a pain," says a DEA official. "It's bulky if you move it, traceable if you bank it, and it mildews if you bury it." Which may explain why Colombians have been reported buying up jewels -- principally diamonds -- in Antwerp, Amsterdam and Hong Kong. U.S. agents don't think these buyers are Christmas shopping. "You can transport millions of dollars' worth of diamonds in your back pocket," says an investigator. Furthermore, diamonds don't rot when stored in the underground caches favored by Colombian dons...
Even the most pessimistic forecasters were cheered when OPEC decided last week to allow its 13 members to increase production to make up the shortfall of roughly 4.6 million bbl. a day lost in the U.N.-mandated embargo on Iraqi and Kuwaiti crude. In the wake of the cartel's action -- Iraq and Libya did not attend the meeting in Vienna -- petroleum prices dropped about $2 in one day, to $26 per bbl. Toward week's end, however, traders began fretting once again about a possible gulf confrontation and a disruption in energy supplies; with that, the price for October...
Bush's mission was on behalf of America's domestic oil producers. But as a net importer, America has an overall national interest in paying as little as possible for oil. The oil price-fixing cartel is in flat violation of U.S. antitrust laws. American oil producers are, in effect, auxiliary members. If the OPEC ministers met in Houston, they could be arrested on the spot. Perhaps the fact that they meet in foreign countries makes them immune from our law, but it should not make them immune from our contempt. And American soldiers should not die in the desert...
...stage for a bigger rip-off tomorrow. It is impossible to say what price today minimizes the long-run cost of oil for consumers. What you can say for sure is that oil producers have exactly the opposite objective: maximum revenue in the long run. Letting a producer cartel fix the price cannot be good for consumers...