Word: launderers
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Like so many who breathe the intoxicating air of power, Durenberger thought he could get away with bending the rules. Limits on speaking fees? Launder the money by counting excess payments as book-promotion fees. Trips to a marriage counselor in Boston too expensive? Arrange business lunches and collect honorariums. Need some extra income? Bill the government rent for staying in a condominium you own. Not until after the committee issued its recommendation did Durenberger concede that "I have made serious mistakes. I acknowledge them and accept full responsibility...
...Sicilian Mafia "the Octopus," and justly so. As investigative reporter Claire Sterling shows, its tentacles have branched from Palermo over the past 30 years to get a global stranglehold on the $100 billion heroin market -- and a major stake in the new cocaine trade. With billions in profits to launder annually, the Sicilian Mafia also ranks as the world's most profitable multinational, showing a return of 1,600% on its investment...
Durenberger insists he cleared the deal through the Federal Election Commission and has broken no Senate rules. But the Senate ethics committee is investigating whether he used the arrangement to launder his speaking fees...
...world's prosperity depends on a fluid and unfettered financial system, yet the lack of supervision is producing a large shadow economy. The IRS estimates that tax cheats skim as much as $50 billion a year from legitimate cash-generating businesses and launder the money to avoid detection. Banking experts calculate that the private citizens of debt-choked Latin American countries have smuggled more than $200 billion of their savings abroad in the past decade...
...hauling cash out of the U.S. has its drawbacks. The interest revenue lost while cash is in transit pains a drug dealer as much as it would a corporate financial officer. And since narcotraffickers see America as a safe and profitable haven for their assets, they often launder and invest their cash in the U.S. The first and trickiest step is depositing the hot cash in a U.S. financial institution. Reason: the IRS requires all banks to file Currency Transaction Reports for deposits of $10,000 or more. During the early 1980s, launderers got around this scrutiny by employing couriers...