Word: raul
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Dates: during 1990-1999
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...your report on Citibank's close relationship with Raul Salinas, brother of former Mexican President Carlos Salinas [BUSINESS, Dec. 14], there were a few points I did not understand. You said Raul Salinas' wife, using an alias, carried cashier's checks to Citibank Mexico City. Since these were for very large sums of money, I should think someone in Citibank's private-banking unit would have asked immediately about the origin of that money. Further, you noted that once Citibank had the funds, "no documents linked that money to Salinas." That shows an extraordinary amount of trust on Salinas' part...
...largest merger in history, creating a $751 billion financial colossus, a piece of unfinished business kept resurfacing like a bad odor amid the 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...
...problem for Amy Elliott at Citibank was not so much what she did but whom she did it for--at least in the view of the Mexican authorities who have brought criminal charges against Raul Salinas. In addition to getting Salinas Broadway theater tickets and managing his portfolio, she employed sophisticated asset-concealment techniques on his behalf. These techniques are used quite legally by wealthy individuals--say, a surgeon who wants to secure her life savings from potential malpractice suits or an estranged husband. Elliott was helping Salinas conceal his large transfers out of the country ostensibly because...
...General Accounting Office, Congress's investigative arm, is not usually known for producing page-turning whodunits. But the agency's report on Friday recounting Citibank's money dealings with Raul Salinas, the Mexican presidential brother who's been rumored to have links with drug lords, comes close. "The report is stark, unvarnished, and best of all a good read filled with details," says TIME correspondent S.C. Gwynne. "It tells how investigators believe the bank showed Salinas how to hide $100 million...
...contributor Jack E. White says this latest evidencedoesn't ring true. "My guess is that this won't hold up," he says. "Why is this FBI agent coming forward now, after 30 years? Ray has never named Ruby as part of this, and there's no proof yet that Raul ever existed." There are plenty of reasons, White says, to believe that Ray did not act alone. But these slips of paper may not be among them...