Word: cayman
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Dates: during 1990-1999
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...celebrations and predictions of imminent world dominion. This was the so-called Salinas affair, the curious tale of how a resourceful Citibanker named Amy Elliott helped Raul Salinas move some $100 million into untraceable accounts owned by offshore "trusts" that were in turn owned by dummy corporations in the Cayman Islands...
...will be interesting to see whether this true perpetrator, once located, also happens to have been in the company of the Cayman Islands banker who disappeared after a 1996 meeting with Sante Kimes in the Bahamas--or of David Kazdin, 63, a Southern California businessman who turned up dead two weeks after telling a friend he was in a jam involving Sante Kimes...
What are the risks associated with a brave new world of Cayman Island trust funds and retirement accounts built on leverage? No one yet knows. But some suspect. Sholom Rosen, vice president of emerging technologies at Citibank, has what may be the perfect mantra: "It's definitely new, it's revolutionary--and we should be scared as hell...
...urge for offshore banking but not the cash to try it? Rather than saving up for a plane ticket to Grand Cayman, check out a new online bank opening its virtual doors this week. Sicherheit und Privat (Security and Privacy) is an Austrian bank that offers encrypted communications, digital cash transactions and a privacy-protected MasterCard for a minimum deposit of $1,000 (as opposed to $10K to $50K in a typical Swiss bank). Could be just the thing for low rollers trying to hide cash from a spouse's divorce lawyers...
...Couriers then flew or drove the funds back to the U.S. and deposited them in the exchange's bank account in McAllen, Texas. Then, with the help of two directors at the American Express Bank International in Beverly Hills, California, the money was wired to the Manhattan accounts of Cayman Islands holding companies, and from there to investments stretching from Texas to Switzerland. In this way, the real owners of the money were hidden from tax men and regulators...